<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-423609" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained on Monday, as markets welcomed rating agency S&amp;P&#8217;s decision to raise the country&#8217;s credit rating outlook.



At 0747 GMT, the rand traded at 18.12 against the dollar, 0.52% stronger than its previous close.



S&amp;P revised South Africa&#8217;s outlook to &#8220;positive&#8221; from &#8220;stable&#8221; on Friday, citing plans for accelerated economic reforms by the new coalition government and a pickup in private investments.



&#8220;The credit outlook boost may incentivise continued reforms and efforts by the government to solidify these gains, such as improvements in governance and infrastructure investments,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



Local investor focus this week will be on October inflation figures and an interest rate decision by the South African Reserve Bank (SARB).



The SARB is expected to cut rates by 25 basis points on Thursday.



&#8220;While a rate cut would align with easing global monetary policies, the SARB is likely to maintain a cautious approach to ensure currency stability and control inflation expectations amid recent ZAR volatility,&#8221; Cilliers added.



On the stock market, the Top-40 index was up 0.5%.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 5.5 basis points to 9.095%.



(Reporting by Bhargav Acharya; Editing by Mrigank Dhaniwala)

South African Rand coins are seen in this photo illustration

South African rand firms on S&P outlook upgrade

<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/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg" alt="" class="wp-image-555669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man prepares to cast his vote during the early legislative election, at a polling station in Parcelle, suburb of Dakar, Senegal, November 17, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



DAKAR, Nov 18 (Reuters) &#8211; A likely absolute majority for President Bassirou Diomaye Faye&#8217;s Pastef party in Senegal&#8217;s legislative election would empower him to pursue his ambitious 25-year agenda, though his first challenge will be coming up with a budget amid a fiscal crisis.



Faye sought a clear parliamentary majority in Sunday&#8217;s vote to implement the reform agenda that helped sweep him to power in a landslide election victory in March.



But analysts say creating a budget catering both to his voters&#8217; needs and to the International Monetary Fund (IMF), with which his government is currently in talks, will be challenging.



Former president Macky Sall, who headed an opposition coalition, on Monday congratulated Pastef on its win. Former prime minister Amadou Ba, who ran against Faye in the presidential election, also conceded defeat, as did other opposition leaders.



Senegal&#8217;s sovereign debt rose in price on Monday, Tradeweb data showed, while most other African nations&#8217; bonds lost ground. The yield on its 2033 dollar bond was down about 10 basis points by 1145 GMT at 9.28%.



&#8220;If confirmed by the electoral bodies, Pastef&#8217;s victory could give a free hand in passing budgets and implementing its programmatic reforms,&#8221; said Wendyam Lankoande, a consultant at Africa Practice.



But, he noted, voters are &#8220;looking for quick solutions to unemployment, rising cost of living, and limited reach of public services in remote rural areas in the hinterland&#8221;.



In September, a government audit revealed that Senegal&#8217;s debt and budget deficit were much wider than the previous administration had reported. A $1.9 billion IMF programme agreed in June 2023 has been on hold since.



Negotiations with the IMF to restart disbursements could last until mid-2025.



&#8220;We see Pastef&#8217;s majority as a positive development as it clears the path for President Faye and (Prime Minister Ousmane) Sonko to begin work on a budget for 2025 that aligns broadly with IMF requirements,&#8221; said Leeuwner Esterhuysen, senior economist at Oxford Economics Africa.



&#8220;That said, some of these requirements won&#8217;t necessarily go down well with Senegalese citizens.&#8221;



He said the Fund was likely to show some leniency, as it appears to have good relations with the new administration.



&#8220;We think the government may be able to delay the implementation of harsh measures such as removing VAT exemptions on farming inputs or increasing household electricity prices, while energy subsidies will be phased out gradually to limit the impact on consumers,&#8221; Esterhuysen said.



(Additional reporting by Libby George; Editing by Kevin Liffey)

Senegal holds early legislative election

Senegal’s president faces budget challenge after likely parliamentary win

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1245" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2J47EZ5UQBJOFPUZZQP3HAKCPE.avif" alt="" class="wp-image-554692"/><figcaption class="wp-element-caption">Protesters run from police during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Nov 15 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Uber driver Rofino Fiel said the post-election protests that have convulsed Mozambique for weeks have been disastrous not only because of the running battles on the streets of Maputo &#8211; internet shutdowns are bleeding his business dry.



Like many working in small and medium-sized businesses, often in the informal sector, successive blackouts have cost him dear and there is little relief in sight as the protests over allegations of vote-rigging look set to continue.



&#8220;This is too much. We are having a very negative experience and per week it costs us a loss of 8,000 meticais ($126),&#8221; the 25-year-old told the Thomson Reuters Foundation.



&#8220;Our activity has come to a complete halt.&#8221;



Protests have escalated since election authorities said the Frelimo party had won the Oct. 9 vote with a landslide victory, extending its 49-year rule. More than 56% of Mozambique&#8217;s 17 million eligible voters abstained.



The results have been widely disputed, fuelling clashes between the police and protesters which rights groups and local hospitals say have killed at least 30 people. Many young people supported independent candidate Venancio Mondlane, who says the vote was rigged and has encouraged demonstrations.



Amnesty International has condemned the government&#8217;s &#8220;violent and widespread crackdown on human rights&#8221;, saying it is the worst suppression of protests in the country in years.



Civil society groups and international observers said the vote did not meet democratic standards, and the Constitutional Council has requested clarification from the electoral commission on discrepancies in the vote count.



Digital rights groups say that there have been at least five mobile internet shutdowns since Oct. 25, alongside social media shutdowns lasting several hours.



According to the constitution, the government can force mobile phone operators to shut down internet services in cases of national emergency but the government has not declared the current unrest a national emergency.



The #KeepItOn coalition, a global network of over 334 human rights organisations working to end internet shutdowns, urged Mozambique&#8217;s authorities to end the increasing use of shutdowns.



&#8220;Mozambican authorities&#8217; regular practice of shutting down the internet around elections and in times of political unrest must not be allowed to continue,&#8221; the coalition said in a statement on Nov. 7.



Mateus Magala, minister of transport and communications, said the recurrent internet restrictions were aimed at preventing the destruction of the country.



&#8220;When we see violations that jeopardise the integrity of all Mozambicans in the nation we have to act as such, so that our means of communication are not used for the destruction of the country,&#8221; he said on Sunday.



For Edson Chiado, who manages a real estate business in the centre of Maputo, the shutdowns are hurting his livelihood.



&#8220;I need the internet to work and make sales and, as it is, many things are at a standstill,&#8221; said the 34-year-old,&nbsp;who has worked in the property sector for 10 years.



&#8220;You always have to separate the internet, which is key to our economic life, from political matters.&#8221;



LOST CLIENTS



The shutdowns have affected a wide range of professionals from financial market operators, or traders, to website programmers, who generally work remotely.



A trader who asked to remain anonymous due to safety concerns said the internet outages had cost him as much as $100 dollars a day in recent weeks.



Americo Marime, owner of a tech start-up that does network analysis, management systems programming, and web page monitoring, said there were days when he was unable to meet deadlines and ended up losing some clients.



He said some of the web pages he monitors also suffered routine failures and he was unable to fix them.



&#8220;Even clients, some of whom are outside Mozambique, couldn&#8217;t contact me to report the problem &#8230; So, in short, the internet blockage stopped programmers&#8217; work,&#8221; said Marime.



Some people have tried to use Virtual Private Networks (VPN) or free WiFi to keep their businesses going but connection was very slow and there are only three places in Maputo where free WiFi is available.



Celio Lazaro, an activist who works on social justice and economic inclusion, said mobile phone operators should be held criminally responsible &#8220;for contributing to the limitation of citizens&#8217; rights&#8221;, as well as jeopardising the livelihoods of those who depend on the internet to work.



The country&#8217;s three mobile phone operators &#8211; South Africa&#8217;s Vodacom, and Mozambique&#8217;s Tmcel and Movitel &#8211; have sent messages to users saying the outages were beyond their control. When contacted by the Thomson Reuters Foundation, Vodacom and Movitel declined to comment while Tmcel did not immediately reply to a request for a comment.



&#8220;This (the blocking of the internet) is not helping to end the protests, but rather is intensifying popular dissatisfaction,&#8221; Lazaro told journalists on Monday during a press conference in Beira, in central Mozambique.



Even as internet services are gradually being restored, Mondlane has called for a new round of demonstrations across the country, meaning there could be more economic pain in a country where around 65% of the population live in poverty.



The president of the Confederation of Economic Associations of Mozambique, Agostinho Vuma, said he was aware of the negative impact that the internet shutdowns were having on small businesses.



&#8220;There&#8217;s nothing we can do about it, but the situation does affect us,&#8221; he said.



($1 = 63.2700 meticais)



(Reporting by Samuel Come; Editing by Clar Ni Chonghaile and Ana Nicolaci da Costa.&nbsp;

2J47EZ5UQBJOFPUZZQP3HAKCPE

Internet cuts after Mozambique’s disputed vote hit businesses

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-554687" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained on Friday as the U.S. dollar slipped, but analysts said pressure could soon build again as bets on U.S. President-elect Donald Trump&#8217;s policies remain a key market driver.



At 1331 GMT, the rand traded at 18.1450 against the dollar&nbsp;ZAR=D3, about 0.6% stronger than its previous close.



&#8220;The rand is seeing a boost today as the U.S. dollar rally pauses. Profit-taking before the weekend might be influencing this, but it&#8217;s likely temporary,&#8221; said Zain Vawda, market analyst at MarketPulse by OANDA.



The rand endured five consecutive sessions of losses until Friday, losing about 5% against the dollar, as the U.S. currency surged following Trump&#8217;s election victory.



Global markets remain focused on the impact of Trump&#8217;s win, with the dominant view that after he takes office in January his policies could stoke U.S. inflation, meaning fewer Federal Reserve interest rate cuts.



Locally, investors will look to S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating on Friday.



Analysts expect Africa&#8217;s most industrialised economy to remain three notches into sub-investment grade at &#8216;BB-&#8216;, with a stable outlook.



&#8220;An upgrade is unlikely. As things stand, risk remains skewed toward further rand weakness,&#8221; Vawda added.



Next week, South Africa-focused investors will look to October&#8217;s inflation print&nbsp;ZACPIY=ECI&nbsp;on Wednesday and the South African Reserve Bank&#8217;s monetary policy decision&nbsp;ZAREPO=ECI&nbsp;a day later.



The central bank is expected to cut the repo rate by 25 basis points, the same size of cut as in September, according to a Reuters poll of economists published on Friday.



On the Johannesburg stock market, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;was up about 0.1%.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat, with the yield at 9.135%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Mark Potter)

AJ75STV5GFI2VAY6ECK3RA5YKM

South African rand firms as dollar rally cools; S&P review due

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="448" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7F4RVUNBANMQVOB43MHCRSGWA4.avif" alt="" class="wp-image-554652"/><figcaption class="wp-element-caption">A climate activist holds a placard as people call for climate justice resistance against oil and gas corporations and to end fossil fuels outside the Cape Town International Convention Centre during the Southern Africa Oil and Gas Conference in Cape Town, South Africa , September 13, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s revised carbon tax aims to balance the rival demands of climate activists and polluters by lowering tax-free allowances while letting companies make greater use of offsets, the Treasury&#8217;s acting tax chief said on Friday.



The changes, to come into effect in 2026, will help South Africa meet climate commitments but give &#8216;hard-to-abate&#8217; sectors more flexibility, said Chris Axelson, Acting Head of Tax and Financial Sector Policy at the Treasury.



South Africa is one of the world&#8217;s top 15 greenhouse gas emitters and the only country in Africa with a carbon tax.



&#8220;It definitely is a change to the previous structure (in which)…the offsets were quite a small percentage,&#8221; Axelson told Reuters in a videocall interview.



At COP29 talks in Azerbaijan, developing countries pressured their richer counterparts for up to $1 trillion in climate finance to help nations historically least responsible for the crisis to shift to greener energy and adapt.



A Treasury policy paper released on Wednesday shows the offset allowance for combustion emissions going up to 25%, from 10%, after 2026. But this is counterbalanced by slashing tax-free allowances from 60% currently to half in 2026, and by a further 2.5 percentage points annually until 2030.



South Africa enacted its carbon tax in May 2019 after nearly a decade of shelving it over objections from mining companies, steelmakers and state-owned power utility, Eskom. Since then, industry has complained the tax is too onerous while climate activists decry it as too generous.



&#8220;We&#8217;re in a place where they&#8217;re all shouting at us,&#8221; Axelson said. &#8220;We&#8217;re trying to find that balance &#8230; We don&#8217;t want one side to say, &#8216;well, you&#8217;re hurting us too much&#8217; and the other side to say, &#8216;well, you aren&#8217;t doing enough&#8217;.&#8221;



The proposal also replaces a 3.5 cent per kilowatt levy on non-renewable power with the carbon tax, which Axelson said would encourage Eskom &#8211; whose overreliance on coal has made South Africa a bigger emitter than Britain or France &#8211; to use renewables but &#8220;but without the potential of passing on costs to the consumers.&#8221;



(Reporting by Tim Cocks; Editing by Christina Fincher)

7F4RVUNBANMQVOB43MHCRSGWA4

South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O7N4FNTV2RJ2TCKFQSD3UV3FBQ.avif" alt="" class="wp-image-554613"/><figcaption class="wp-element-caption">The Orano logo is seen on a jacket of an employee on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, June 14, 2022. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



PARIS, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;French nuclear fuels company Orano warned on Friday of a &#8220;deteriorating financial situation&#8221; at its Somair uranium plant in Niger, as the West African nation increasingly looks to new partners such as Russia in its mining sector.



Niger is one of the world&#8217;s leading producers of uranium, the most widely used fuel for nuclear energy, with France&#8217;s Orano a major player in the sector.



However, the business climate for international companies in the country has become uncertain after a military coup last year.



Orano said in October it had been forced to suspend production at the Somair mine in the north of Niger following last year&#8217;s closure of the main export corridor.



In its statement on Friday it said the Somair board had sought a temporary halt on mining and ore processing expenditures to preserve cash to pay salaries.



Orano owns more than 60% of the Somair mine, while Niger&#8217;s state-owned Sopamin holds the rest.



&#8220;What is being announced is in no way a cessation of operations or closing of the site, but merely the decision to place a stop on all non-essential expenditure in the current configuration,&#8221; said Orano.



It added that recent comments made by Niger&#8217;s mining minister were &#8220;damaging&#8221;.



Speaking to Russian media RIA on Wednesday, Niger&#8217;s Minister of Mines Colonel Abarchi Ousmane questioned the future of French companies in the sector.



&#8220;The French state, through its head of state, has declared that it does not recognise the current authorities in Niger. Does it seem possible to you that we, the state of Niger, would allow French companies to continue extracting our natural resources?&#8221; said Ousmane.



The minister also told RT media in a separate interview earlier this week that Sopamin had not agreed with Orano&#8217;s decision to suspend production, and that production at Somair was &#8220;ongoing&#8221;.



Ousmane added that the junta would like to see increased cooperation with Russia in the uranium sector.



France&#8217;s influence in the country is fading after Paris withdrew the last of its troops late last year.



In June, Orano said Niger had removed a mining permit for its Imouraren project.



(Reporting by Sudip Kar-Gupta, Dominique Patton and Bate Felix; Editing by Jan Harvey and David Evans)

O7N4FNTV2RJ2TCKFQSD3UV3FBQ

France’s Orano warns of financial problems at Niger uranium plant

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/BIVKA6GHCZOQ5JES7QGJOKH65I.avif" alt="" class="wp-image-554610"/><figcaption class="wp-element-caption">Undated handout picture of a Bavarian Nordic research team member holding a test tube obtained by Reuters on August 16, 2024. Bavarian Nordic/Mikkel Inumineq/Handout via REUTERS/File Photo</figcaption></figure>



COPENHAGEN, Nov 15 (Reuters) &#8211; Vaccine maker Bavarian Nordic BAVA.COexpects the incoming Trump administration to boost biodefence funding despite the nomination of Robert F. Kennedy Jr., a vaccine sceptic, as health secretary, the company&#8217;s CEO said on Friday.



Shares in European vaccine makers fell on Friday after U.S. President-elect Donald Trump selected Kennedy, who has previously spread misinformation on vaccines, to lead the top health agency.



&#8220;Vaccine scepticism was part of Trump&#8217;s first administration,&#8221; Bavarian Nordic CEO Paul Chaplin told Reuters in an interview.



&#8220;When I look back at his first administration, it was some of the most successful years in terms of the public preparedness business with the U.S. government,&#8221; he said.



Biodefence is preparing for and responding to potential biological threats, from pandemics to potential biological warfare.



&#8220;The only thing I&#8217;ve ever seen with a Republican administration is that the biodefence business and funding goes up,&#8221; said Chaplin.



Bavarian Nordic is providing the U.S. government with a freeze-dried variant of its smallpox vaccine as part of America&#8217;s smallpox preparedness strategy. Its current contract with the U.S. government expires in 2027, Chaplin said.



The company&#8217;s smallpox vaccine is also approved for mpox in certain countries.



Chaplin said he is a bit more concerned how Kennedy will impact the spread of vaccine scepticism and sales for general vaccine programs, which include an anti-rabies treatment.



&#8220;It doesn&#8217;t help when you&#8217;ve got a health secretary who&#8217;s sceptical of vaccines in convincing the public to take vaccines,&#8221; Chaplin said.



Shares in Bavarian fell more than 16%, hurt by third-quarter results. Analysts at Sydbank and Kempen told Reuters that the nomination of Kennedy also weighed on the stock.



(Reporting by Jacob Gronholt-Pedersen; Editing by Stine Jacobsen and Angus MacSwan)

BIVKA6GHCZOQ5JES7QGJOKH65I

US expected to increase biodefence spending under Trump, says vaccine maker Bavarian Nordic

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7KVHJR6UA5PHZGXNL4DBLFNXXE.avif" alt="" class="wp-image-554607"/><figcaption class="wp-element-caption">People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja/File photo</figcaption></figure>



ABUJA, Nov 15 (Reuters) &#8211; Nigeria&#8217;s inflation rate rose for the second straight month in October, advancing to 33.88% in annual terms NGCPIY=ECI from 32.70% in September mainly due to higher food prices, official data showed on Friday.



Inflation quickened sharply in the second half of last year after President Bola Tinubu devalued the country&#8217;s naira currency&nbsp;NGN=D1&nbsp;and cut subsidies to try to lift economic growth and shore up public finances.



It started to ease in July this year as the impact of the naira devaluation began to fade, but a series of petrol price increases and severe flooding that has wiped out crops again spurred price pressures, exacerbating the worst cost-of-living crisis in decades in Africa&#8217;s most populous nation.



A report by the National Bureau of Statistics said food inflation reached 39.16% year-on-year in October from 37.77% the previous month&nbsp;NGFINF=ECI, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.



Torrential rain and floods in 29 of Nigeria&#8217;s 36 states this year have destroyed more than 1.5 million hectares of cropland, making millions go hungry and causing mass displacement.



The central bank has hiked interest rates five times this year to try to get inflation under control. It is due to announce its final rate decision&nbsp;NGCBIR=ECI&nbsp;of the year on Nov. 26.



(Reporting by Chijioke Ohuocha; Additional reporting by Mohd Edrees in Bengaluru; Editing by Alexander Winning)

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Nigeria inflation rises for second month, spurred by food

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="501" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Mpox-test.jpg" alt="" class="wp-image-554540" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Mpox-test.jpg 750w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Mpox-test-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Mpox-test-135x90.jpg 135w" sizes="auto, (max-width: 750px) 100vw, 750px" /><figcaption class="wp-element-caption">A test tube labelled &#8220;Mpox virus positive&#8221; is held in this illustration taken August 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



LONDON, Nov 15 (Reuters) &#8211; Global health advocates have written to the makers of a key mpox diagnostic test to call for its price to be cut from around $20 per test to $5, to help tackle low testing rates in poorer countries badly hit by the virus.



Medical diagnostics firm Cepheid&#8217;s GeneXpert mpox test is one of three approved for emergency use by the World Health Organization, but the price is prohibitive for countries like the hardest-hit Democratic Republic of Congo, activists said.



Mpox was declared a global public health emergency by the WHO this summer, when an outbreak in Congo began to spread to neighbouring countries. The virus typically causes flu-like symptoms and pus-filled lesions and can kill.



This week, WHO said cases in Africa showed a &#8220;general rising trend&#8221; although they may be levelling off in parts of Congo. But a lack of tests is hindering the capacity to confirm cases, particularly in Congo, one of the world&#8217;s poorest countries.



&#8220;We urge you to lower the price of the mpox test cartridges to $5 and prioritize supply for African countries fighting mpox outbreaks,&#8221; read the letter sent by groups including rights NGO Public Citizen and medical charity Medecins Sans Frontieres.



Cepheid&#8217;s test is particularly important because machines that process the results are available across Africa, as they are also used for tuberculosis testing.



Danaher DHR.N, the parent company of Cepheid, reduced its TB test prices to $7.97 last year after pressure from activists.



Asked for comment on the letter, a Cepheid spokesperson wrote: &#8220;We have worked quickly to ramp up production of our mpox test, including in response to an urgent request from the WHO.&#8221;



The company was prioritising orders from areas where the test was most needed and had an access programme providing a &#8220;significant&#8221; discount for orders made through the WHO and similar organizations, the statement said. It did not reveal what that discount was or make any other comment on price.



The $5 price tag proposed by advocates is based on research showing that the tests can be produced for less than that.



Public Citizen&#8217;s access to medicines director Peter Maybarduk said the recent WHO approval was an opportunity to ramp up testing. &#8220;Lower prices would help health agencies meet the moment,&#8221; he said.



(Reporting by Jennifer Rigby; Editing by Ros Russell and Philippa Fletcher)

Mpox test

Health advocates press Cepheid for cheaper mpox tests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-820x548.jpg" alt="" class="wp-image-554521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, file. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The rand eased early on Friday, extending a week of losses following Donald Trump&#8217;s U.S. election win, and ahead of S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating.



At 0705 GMT, the rand traded at 18.28 against the U.S. dollar&nbsp;ZAR=D3, about 0.2% weaker than its previous close.



The rand has endured five sessions of losses as the dollar rallied after Trump&#8217;s victory, while markets fretted over potential policies by the president-elect, which could include tariffs and tax cuts.



Investors will on Friday look to S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating.



Analysts expect Africa&#8217;s most industrialised economy to remain three notches into sub-investment grade at &#8216;BB-&#8216;, with a stable outlook.



On the Johannesburg stock market, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;was flat.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was little changed in early deals, with the yield at 9.155%.



(Reporting by Tannur Anders; Editing by Kirsten Donovan)

New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand extends losses; S&P rating review due

<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/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-820x429.jpg" alt="" class="wp-image-554238" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The head of Nigeria&#8217;s state oil company NNPC, Mele Kyari, speaks during an interview with Reuters in Abuja, Nigeria August 7, 2019. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s state oil firm NNPC said on Thursday it had increased oil production to 1.8 million barrels per day (bpd), with the possibility of getting to two million bpd by year-end.



Oil production at Africa&#8217;s top crude exporter was estimated at 1.3 million bpd in October, according to producer group OPEC&#8217;s latest report. Nigeria often counts condensate production of around 250,000 bpd as part of its production.



The NNPC said the increase was a result of collaborative efforts with its joint venture operators and its partners on production-sharing contracts, alongside security agencies and the government.



&#8220;The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders,&#8221; NNPC CEO Mele Kyari told a press briefing.



Nigeria has been battling crude theft in its Niger Delta production region, sabotage, and local unrest, which has hampered output growth.



In June, NNPC set up a &#8216;war room&#8217; to coordinate efforts of oil partners, the government and private security personnel to stem crude theft. Since then, several vessels used in stealing crude have been destroyed and some illegal refiners arrested.



Kyari said the interventions across every segment of the production chain, supported by rigorous pipeline monitoring from security agencies, had been critical to the recovery.



(Reporting by Camillus Eboh in Abuja and Isaac Anyaogu in Lagos. Writing by Chijioke Ohuocha. Editing by Tomasz Janowski and Mark Potter)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_UBA56WNMY5LWDEZ67BOH74TT2U

Nigeria lifts oil production to 1.8 mln barrels per day

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



JOHANNESBURG, Nov 14 (Reuters) &#8211; South Africa&#8217;s rand was stable early on Thursday after trading turbulently in the days after Donald Trump&#8217;s U.S. election win, ahead of September&#8217;s mining production data.



At 0803 GMT, the rand traded at 18.2400 against the dollar, near its previous close of 18.2450.



Mining data for September at 0930 GMT will give clues on the health of Africa&#8217;s most industrialised economy.



The rand has lost almost 5% against the greenback since the U.S. election last week as markets expect Trump&#8217;s policies to bring higher short-term economic growth but also potentially inflationary pressures.



&#8220;It&#8217;s not only the rand that has found itself in free fall, but all emerging markets,&#8221; said Rand Merchant Bank analysts in a research note.



&#8220;This sell off is by no means negative sentiment in South Africa but rather a very buoyant dollar,&#8221; the note added.



On the Johannesburg stock market, the blue-chip Top-40 index traded 0.1% down.



South Africa&#8217;s benchmark 2030 government bond was little changed in early deals, with the yield at 9.15%.



(Reporting by Tannur Anders; editing by Philippa Fletcher)

South African Rand coins are seen in this illustration picture

South African rand stable after big losses, mining data ahead

<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, Nov 14 (Reuters) &#8211; The Kenyan shilling weakened on Thursday due to increased demand for dollars across various sectors in the economy, one trader said.



At 0704 GMT, commercial banks quoted the shilling at 129.30/129.50 to the dollar, compared with Wednesday&#8217;s closing rate of 128.75/129.75.



(Reporting by Sonia Rao; Editing by George Obulutsa)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling weakens due to increased FX demand from various sectors

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4032" height="1960" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NB4Q7CHLRFODVLN7TXTDGJIBOY-1.avif" alt="" class="wp-image-554153"/><figcaption class="wp-element-caption">Homes are submerged in water after a massive flood in N&#8217;djamena, Chad, October 14, 2022. REUTERS/Mahamat Ramadane/File Photo</figcaption></figure>



N&#8217;DJAMENA, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;The deputy director of Chad&#8217;s National Meteorological Agency waggled his finger up and down to demonstrate how a motionless humidity gauge at the agency&#8217;s headquarters should have been working.



The broken hygrothermograph was among the dustblown outdoor equipment in the capital N&#8217;Djamena that is meant to help the agency known as ANAM to track weather patterns.



The situation in Chad is replicated across much of Africa, a continent sorely lacking the reliable forecasts that are a keystone of disaster management as climate change makes extreme weather more frequent.



At COP29 climate talks on Wednesday, U.N. Secretary-General Antonio Guterres called for urgent action to overcome a shortage of data and funding. The aim is to meet a target for universal protection by end-2027 from early warning systems to help preparation for extreme weather events.



For Chad, that appears a particularly ambitious goal.



Around 80% of the devices at the agency&#8217;s site in N&#8217;Djamena are not operational, Deputy Director Hamid Abakar Souleymane told Reuters in October, as Chad battled another season of devastating floods.



&#8220;The reliability of weather information depends on the resources invested in producing it,&#8221; he said, describing a relentless push for more funding and trained personnel.



Africa, a continent of 1.5 billion people, has the world’s least developed weather and climate observation network with fewer stations operating to global basic standards than Germany, according to the World Meteorological Organization.



&#8220;There are many declared stations that exist or may not exist. In fact, many of them are not sharing data,&#8221; said Albert Fischer, director of the WMO Integrated Global Observing System division.



As of the third quarter of 2024, only two out of 53 African WMO countries were compliant with basic requirements for ground-level observation stations, Fischer said.



Being unprepared has deadly consequences. Floods not only happen more often across Africa than in Europe and North America combined, but they kill four times more people on average due to a lack of preparedness and warnings, a 2023 article in the journal Nature said.



<h2 class="wp-block-heading" id="h-no-one-warned-us">&#8220;NO ONE WARNED US&#8221;</h2>



Good weather data alone is not enough, as evidenced by deadly floods in October in Spain when some local authorities were blamed for failing to raise the alarm in time.



Chad&#8217;s plight nevertheless shows the scale of what can happen when disaster strikes one of the most vulnerable and data-poor regions on earth.



Heavier-than-usual seasonal rains in parts of West and Central Africa drove rivers to break their banks in recent months, leading to floods in every one of Chad&#8217;s provinces with 1.9 million people affected, over 570 killed, and 72,000 heads of cattle swept away.



&#8220;Everywhere is flooded. We have lost our fields of sorrel, beans, and grain. Everything is destroyed now because no one warned us of such a catastrophe,&#8221; mother-of-four Josiane Allasra said, speaking at a makeshift camp for displaced people on the outskirts of N&#8217;Djamena in late October.



&#8220;We&#8217;re hungry and we have nowhere to shelter our children.&#8221;



ANAM did not have the resources to track the worsening conditions as the disaster unfolded across a country the size of France and Spain combined.



&#8220;We have significantly less than we need. We need stations and we need funding,&#8221; Souleymane said during a tour of ANAM&#8217;s N&#8217;Djamena facilities, where stacks of old weather data spilled out over the floor of the archive and packaged equipment gathered dust.



A 2023 review of Chad&#8217;s hydromet capacity, found that it had just two trained forecasters, making round-the-clock forecasting and warning impossible.



The agency also lacks the financial and technical means to maintain a network of new automatic weather stations from the U.N. Development Programme, which anyway only covered the south and centre of the country, the report said.



&#8220;There&#8217;s a lot of wasted investment and infrastructure that is scattered &#8230; around Africa,&#8221; said Ana Heureux, programme management officer at a U.N. fund that supports countries like Chad to close their vast data gaps.



Under a five-year programme, the Systematic Observations Financing Facility (SOFF) plans to help Chad upgrade or launch 34 weather stations to global observation standards. Chad currently has one surface-land weather station.



To avoid a situation in which authorities find themselves with technology they do not have the expertise and funds to maintain, SOFF&#8217;s strategy includes making use of advisers from developed countries. Once up-and-running, countries will continue to receive SOFF support provided they share their data internationally, Heureux said.



&#8220;Finally, we have one fund that&#8217;s really dedicated to long-term support,&#8221; said the WMO&#8217;s Fischer.



Since mid-2022, SOFF has supported 23 African countries. However, its own funding outlook is uncertain. Since 2020, it has raised $94 million out of a target of $200 million by 2025.



There &#8220;has been a bit of a challenging fundraising donor environment, with everything happening in the world,&#8221; said Heureux, adding that SOFF hoped to close the gap including via a big fundraising push at COP29.



(Editing by Barbara Lewis)

NB4Q7CHLRFODVLN7TXTDGJIBOY

Africa has world’s least developed weather observation network

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



JOHANNESBURG, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, equity and currency market moves may affect South African markets on Thursday.



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



September mining production data



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



MTN Group third quarter earnings



Gold Fields third quarter operational update



Sanlam third quarter operational update



Gary Arnold named Astral Foods chief executive officer, effective Feb. 1, 2025



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



South Africa&#8217;s rand staged a recovery on Wednesday after three days of heavy losses as markets fretted over what U.S. President-elect Donald Trump&#8217;s policies could mean for trade relations, while U.S. inflation rose as expected.



On the Johannesburg stock market, the blue-chip Top-40 index was down about 0.2%.



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



Weak China markets dragged broader Asian shares lower on Thursday, while longer-dated U.S. bond yields rose alongside the dollar as investors assessed the monetary policy and inflation outlook in the world&#8217;s largest economy.



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



The Dow and the S&amp;P 500 ended slightly higher on Wednesday while the Nasdaq lost ground after October data showed consumer prices rising in line with expectations, adding support to bets that the U.S. Federal Reserve will cut interest rates in December.



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



Gold fell for a fifth straight session on Thursday to hit its lowest level in eight weeks, pressured by a stronger U.S. dollar and rising Treasury yields amid uncertainty over the pace of the Federal Reserve&#8217;s 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; Government to cut state guarantees for IPPs



&#8211; Treasury releases proposal for second phase of carbon tax



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



&#8211; Carbon tax: Eskom to receive &#8216;price neutrality&#8217; in phase 2



(Compiled by Tannur Anders; Editing by Rashmi Aich)

Stock market report. 3d illustration

South African Markets – Factors to watch on Nov. 14

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



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



Weak China markets dragged broader Asian shares lower on Thursday, while longer-dated U.S. bond yields rose alongside the dollar as investors assessed the monetary policy and inflation outlook in the world&#8217;s largest economy.



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



Oil prices dropped slightly early on Thursday on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices.



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



South Africa&#8217;s rand staged a recovery on Wednesday after three days of heavy losses as markets fretted over what U.S. President-elect Donald Trump&#8217;s policies could mean for trade relations, while U.S. inflation rose as expected.



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



Nigeria&#8217;s state oil firm, NNPC Ltd said on Wednesday one of its subsidiaries has agreed to supply 100 million standard cubic feet of gas per day to the Dangote oil refinery for the next 10 years.



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



The Kenyan shilling weakened slightly against the dollar on Wednesday, one trader said, as the U.S. currency has strengthened globally following the presidential election, increasing local demand.



<h2 class="wp-block-heading" id="h-mauritius-election">MAURITIUS ELECTION</h2>



Veteran Mauritian politician Navin Ramgoolam was sworn in as prime minister for his fourth term on Wednesday, a decade after he last left power, following his coalition&#8217;s dramatic triumph in a general election.



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



The IMF on Wednesday said it had reached a staff-level agreement with the Democratic Republic of Congo for a new three-year, $1.77 billion economic and financial program as well as a new three-year $1.1 billion climate-focused program.



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



Ivory Coast will create a $500 million green finance fund to support sustainable growth initiatives, the International Monetary Fund (IMF) said in a statement. 



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



Zambia&#8217;s central bank raised its benchmark lending rate by 50 basis points on Wednesday, saying inflation risks were still skewed heavily to the upside.



((Compiled by Nairobi Newsroom))

istockphoto-1076949610-612×612-1

African Markets – Factors to watch on Nov 14

<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/UP2NUJ3FC5MHFCYLXSKRKTCMZA-820x547.jpg" alt="" class="wp-image-554111" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UP2NUJ3FC5MHFCYLXSKRKTCMZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A supporter of Senegal&#8217;s Prime Minister and the head of the ruling Pastef party Ousmane Sonko reacts as he attends a campaign rally for the upcoming early legislative election, in Guediawaye on the outskirts of Dakar, Senegal, November 13, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



DAKAR, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;Senegal will vote in legislative elections on Sunday that will determine whether the new president and government can gain control over the national assembly and push through their agenda for reforms.



The high stakes in the election are threatening to spark renewed unrest following a period of calm. The run-up to the presidential election in March saw some of the worst violence in the country&#8217;s recent history.



Campaigning has grown heated in recent days and comes at a precarious time for the new government, which is navigating a spiraling fiscal crisis that could undermine its ability to deliver on promises to boost the economy and create jobs.



Prime Minister Ousmane Sonko, known for his fiery rhetoric, said this week that his supporters had come under attack and urged them to take revenge. He has also warned that restraint should not be mistaken for weakness.



&#8220;Let them not say that we&#8217;ve changed and that since we came, everyone can do as they please,&#8221; he said on Tuesday evening. &#8220;We could have used our strength, but we didn&#8217;t.&#8221;



Top priorities for Senegalese voters are jobs and the economy, as inflation has squeezed livelihoods and the nation&#8217;s growing youth population struggle to find employment.



More than 7 million registered voters will have the chance to vote for candidates for the 165 seat-assembly, choosing between 41 registered parties or other entities. Polls open at 8 a.m. (0800 GMT) and close at 6 p.m.



&#8220;We want a lower cost of living, affordable water, electricity, and transport, so everyone can work and live decently,&#8221; said Cheikh Diagne, a street seller in downtown Dakar.



Babacar Ndiaye, research director at the think-tank WATHI, said that Senegalese have historically voted in favour of the president during previous parliamentary elections.



&#8220;When they choose a president, they then give that president the means to work and govern,&#8221; he said. &#8220;Every time a president has won, he has in due course also gained an absolute majority in the National Assembly.&#8221;



The West African country is plunging towards a debt crisis after the new government said it had discovered the budget deficit was much wider than reported by the previous government. A $1.9 billion IMF programme is on hold while the government audit is reviewed.



The main threat to the ruling party Pastef&#8217;s ambitions is the unexpected alliance of two opposition parties, including the Republic party (APR) headed by the former Prime Minister Macky Sall.



The race also includes two smaller opposition coalitions. The one led by Dakar&#8217;s mayor, Barthelemy Dias, has clashed with supporters of Pastef.



Mariam Wane Ly, a former parliamentarian and trailblazer for women in politics in Senegal, said the campaign period had given leaders a chance to explain their agendas and she expected Pastef to win the majority it is seeking.



&#8220;I think it&#8217;s going to make up for all the unhappiness,&#8221; she said.



(Additional reporting by Portia Crowe; Editing by Alex Richardson)

Reuters

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South African rand firms on S&P outlook upgrade

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France’s Orano warns of financial problems at Niger uranium plant

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