<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/G6G5NOTLSVLUDDBEN6SGCUY2BY-2-1-820x547.jpg" alt="" class="wp-image-450088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/G6G5NOTLSVLUDDBEN6SGCUY2BY-2-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/G6G5NOTLSVLUDDBEN6SGCUY2BY-2-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/G6G5NOTLSVLUDDBEN6SGCUY2BY-2-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/G6G5NOTLSVLUDDBEN6SGCUY2BY-2-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/G6G5NOTLSVLUDDBEN6SGCUY2BY-2-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/G6G5NOTLSVLUDDBEN6SGCUY2BY-2-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Israeli soldiers fire a mortar, as the conflict continues between Israel and the Palestinian Islamist group Hamas, on the border with the central Gaza, Israel January 22, 2024. REUTERS/Amir Cohen</figcaption></figure>



WASHINGTON, Jan 25 (Reuters)&nbsp;&#8211;&nbsp;U.S. Secretary of State Antony Blinken spoke on Thursday with South African Foreign Minister Naledi Pandor about the war in Gaza, a day ahead of a ruling at the World Court on urgent measures in a case in which Israel is accused of genocide.



<h2 class="wp-block-heading" id="h-why-it-is-important">WHY IT IS IMPORTANT</h2>



U.N. judges on Friday will rule on South Africa&#8217;s request for emergency measures against Israel, which is accused at the International Court of Justice of state-led genocide for its military operation in Gaza.



Friday&#8217;s ruling will not deal with the core accusation of the case &#8211; whether genocide occurred &#8211; but will focus on the urgent intervention sought by South Africa.



<h2 class="wp-block-heading" id="h-key-quotes">KEY QUOTES</h2>



In a call on Thursday, Blinken reaffirmed U.S. support &#8220;for Israel&#8217;s right to ensure the terrorist attacks of October 7 can never be repeated,&#8221; the U.S. State Department said in a statement.



Blinken and Pandor also discussed the need to protect civilian lives in Gaza, and ensure regional peace that &#8220;advances the establishment of an independent Palestinian state,&#8221; according to the State Department. It added the two also reaffirmed U.S.-South Africa bilateral ties.



<h2 class="wp-block-heading" id="h-context">CONTEXT</h2>



South Africa has requested an immediate halt to Israel&#8217;s military operation, which has laid waste to much of the enclave and killed more than 25,000 people or over 1% of Gaza&#8217;s 2.3 million population, according to the local health authorities.



Israel rejects the accusations from South Africa and says it has a right to defend itself following the Oct. 7 attack on Israel by Palestinian Islamist group Hamas, which governs Gaza. Israeli officials say that in that attack 1,200 people were killed and 240 taken hostage.



South Africa has asked for nine emergency measures, which act like a restraining order while the court hears the case in full, which could take years. The court is not bound to follow South Africa&#8217;s requests and could order its own measures if it finds it has jurisdiction at this stage of the case.



(Reporting by Kanishka Singh in Washington; Editing by Jacqueline Wong)

G6G5NOTLSVLUDDBEN6SGCUY2BY-2-1

US, South Africa discuss Gaza war ahead of ruling on measures in genocide case

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="598" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LYNXMPEG2U1ZJ-820x598.jpg" alt="" class="wp-image-449839" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LYNXMPEG2U1ZJ-820x598.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LYNXMPEG2U1ZJ-300x219.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LYNXMPEG2U1ZJ-123x90.jpg 123w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LYNXMPEG2U1ZJ-768x560.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LYNXMPEG2U1ZJ-1536x1120.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LYNXMPEG2U1ZJ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Opposition Movement for Democratic Change (MDC) leader Nelson Chamisa attends a media briefing in Harare, Zimbabwe, January 29, 2019. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Jan 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s main opposition leader Nelson Chamisa quit his Citizens Coalition for Change (CCC) party on Thursday, two years to the day after its formation, saying it had been hijacked by the ruling ZANU-PF in a power grab.



&#8220;Fellow citizens, this is to officially and under my hand inform you that, with immediate effect I no longer have anything to do with CCC,&#8221; Chamisa wrote in a lengthy statement posted on his X account.



The CCC party, which enjoys huge urban support, won 103 of the 280 seats in Zimbabwe&#8217;s main house of Parliament and swept most of the urban councils in last year&#8217;s general election.



However, several CCC lawmakers and councillors have been ejected from their seats by an official claiming to the party&#8217;s secretary general, but who Chamisa and the CCC say is an imposter.



Efforts to reverse the recalls in the courts have failed. The CCC accuses ZANU-PF, in power since independence in 1980, of using the courts to destroy the opposition.



ZANU-PF has dismissed the accusations, but has benefited from the recalls after winning most of the resultant by-elections.



&#8220;The CCC has to all intents and purposes been criminally handed over to ZANU-PF,&#8221; Chamisa said in his statement.



The ZANU-PF spokesperson could not immediately be reached for comment.



It was not immediately clear if lawmakers and councillors loyal to Chamisa would quit their posts in solidarity, a move which would trigger a wave of by-elections.



Chamisa&#8217;s emergence as successor to long-time opposition leader Morgan Tsvangirai, who died in 2018, triggered leadership battles and splits within Zimbabwe&#8217;s main opposition movement.



He formed the CCC in January 2022 after losing a series of court battles over control of the Movement for Democratic Change (MDC), which first emerged in 2000 as the biggest threat to ZANU-PF&#8217;s stranglehold on power.



The 45-year-old lawyer and pastor, who rejected his narrow losses in the last two presidential elections to President Emmerson Mnangagwa, did not give details of his next move, but hinted at forming a new opposition movement.



(Reporting by Nyasha Chingono; Editing by Olivia Kumwenda-Mtambo and Andrew Heavens)

FILE PHOTO: Opposition Movement for Democratic Change leader Nelson Chamisa attends a media briefing in Harare

Zimbabwe opposition leader Chamisa quits ‘hijacked’ party

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg" alt="" class="wp-image-425628" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-1536x1013.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, Jan 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s central bank maintained its key lending rate as economists expected on Thursday, saying it did not yet see a clear disinflation trend that would justify cutting rates.



It was the fourth meeting in a row that the bank&nbsp;left&nbsp;its repo rate&nbsp;ZAREPO=ECIon hold&nbsp;at 8.25%.



All&nbsp;20&nbsp;economists polled by Reuters had forecast that the rate would be left unchanged.



Thursday&#8217;s&nbsp;decision was unanimous, South African Reserve Bank (SARB) Governor Lesetja Kganyago told a news conference, introducing a new member of the Monetary Policy Committee, David Fowkes.



Inflation fell for a second month to 5.1% year on year in December from 5.5% in November, remaining within the central bank&#8217;s target range of 3%-6%.



The bank said&nbsp;previously that it wanted&nbsp;to see inflation sustainably around the midpoint of its target range, which is 4.5%, before considering rate cuts.



The central bank said&nbsp;on Thursday that the&nbsp;return to its inflation target had been slow.



&#8220;There isn&#8217;t a discernible trend that shows that inflation is declining towards (the midpoint of) our target,&#8221;&nbsp;Kganyagotold reporters.



Growth and&nbsp;inflation forecasts were little changed since the&nbsp;November rate meeting, with the bank flagging&nbsp;on Thursday&nbsp;that electricity, port, and rail constraints continued to pose serious risks to&nbsp;the economy.



Another potential source of uncertainty is this year&#8217;s national election, which will be the seventh since the dawn of democracy at the end of apartheid.



Political analysts say the governing African National Congress could lose its parliamentary majority for the first time since 1994 and have to enter into a coalition with other parties.



Economists from Alexforbes, Bank of America and HSBC all expect the SARB to begin cutting rates in July and ease policy gradually with between 75 basis points to 125 basis points of cuts this year. David Omojomolo at Capital Economics expects rates to be cut by 50 basis points this year.



(Additional reporting by Anait Miridzhanian and Olivia Kumwenda-Mtambo in JohannesburgEditing by Alexander Winning, Alexandra Hudson)

FILE PHOTO: South Africa’s central bank governor to delivers keynote address

South African central bank wants clearer disinflation trend before cutting rates

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ADWRYTY7WJPOLMGWKXWU6MGBEY-820x548.jpg" alt="" class="wp-image-449759" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ADWRYTY7WJPOLMGWKXWU6MGBEY-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ADWRYTY7WJPOLMGWKXWU6MGBEY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ADWRYTY7WJPOLMGWKXWU6MGBEY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ADWRYTY7WJPOLMGWKXWU6MGBEY-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ADWRYTY7WJPOLMGWKXWU6MGBEY-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ADWRYTY7WJPOLMGWKXWU6MGBEY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Containers are seen stacked up on the container ship MSC Maria Elena at the port of Antwerp, Belgium September 23, 2022. REUTERS/Yves Herman/File Photo</figcaption></figure>



Jan 25 (Reuters)&nbsp;&#8211;&nbsp;Australian mining giant BHP Group&nbsp;BHP.AX&nbsp;said on Thursday that the Red Sea disruptions are forcing some of its freight service providers to take alternative routes, such as Africa&#8217;s Cape of Good Hope, while others still prefer the Red Sea with additional controls.



&#8220;The Red Sea is one of the key shipping routes in the world, however, the majority of BHP&#8217;s shipments do not go through this route,&#8221; and there have been no major business disruptions so far, the world&#8217;s largest listed miner said in a statement.



The move follows reports from companies such as oil major BP&nbsp;BP.L&nbsp;and Shell&nbsp;SHEL.L&nbsp;that have paused transits through the Red Sea as strikes on commercial vessels by the Iran-aligned Houthis have stymied trade between Europe and Asia.



Some shipping companies have instructed vessels to reroute via a slower and more expensive Cape of Good Hope.



Some 320 million tons of bulk commodities sail through the Suez Canal and through the Red Sea, accounting for 7% of global dry bulk trade, Gerard Ang, BHP&#8217;s head of maritime iron ore, said at an industry conference in Singapore earlier on Thursday.



In the short term, this could lead to a squeeze in tonnage supply in the North Atlantic market which translates to a more volatile, dry bulk market for shipping, Ang added.



The Wall Street Journal earlier reported that BHP is diverting almost all of its shipments from Asia to Europe away from the Red Sea.



The miner, with operations spread across Australia, Chile, Brazil, the U.S. and Canada, primarily produces copper, iron ore and metallurgical coal. It generated $1.96 billion in revenue from Europe in 2023, around 3.6% of its total revenue of $53.82 billion.



&#8220;From a long-term perspective, we don&#8217;t really see a big profound impact on the trade,&#8221; Ang said.



(Reporting by Clara Denina, Florance Tan, Chandni Shah, Sameer Manekar and Swati Verma; Editing by Savio D&#8217;Souza, Sonia Cheema and Eileen Soreng)

FILE PHOTO: Activity at the port of Antwerp

Red sea attacks push BHP to divert some shipping via African coast

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="554" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ZD2R6PHEFBNJ7FZING5IMG2BXE-820x554.jpg" alt="" class="wp-image-449733" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ZD2R6PHEFBNJ7FZING5IMG2BXE-820x554.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ZD2R6PHEFBNJ7FZING5IMG2BXE-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ZD2R6PHEFBNJ7FZING5IMG2BXE-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ZD2R6PHEFBNJ7FZING5IMG2BXE-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ZD2R6PHEFBNJ7FZING5IMG2BXE-1536x1037.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/ZD2R6PHEFBNJ7FZING5IMG2BXE.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A demonstrator holds a sign during a protest as judges at The International Court of Justice (ICJ) in the Hague, hear a request for emergency measures to order Israel to stop its military actions in Gaza, in Amman Jordan January 11, 2024. REUTERS/Jehad Shelbak</figcaption></figure>



THE HAGUE, Jan 25 (Reuters) &#8211; The United Nations&#8217; top court will rule on Friday on whether it will grant emergency measures against Israel following accusations by South Africa that its military operation in Gaza is a state-led genocide against Palestinians.



The 15 judges at the International Court of Justice (ICJ), also known as the World Court, are joined for this case by a judge specially appointed by South Africa and one by Israel. Both are distinguished figures in their countries with extraordinary personal histories. The court&#8217;s legally-binding decisions are made by a simple majority but it has no way to enforce them.



<h2 class="wp-block-heading" id="h-dikgang-moseneke">DIKGANG MOSENEKE</h2>



&#8211; Moseneke, 76, is one of South Africa&#8217;s most senior retired judges who fought against apartheid and played a key role in the country&#8217;s transition to democracy.



&#8211; He was imprisoned at the age of 15 for protesting apartheid and spent 10 years in South Africa&#8217;s notorious Robben Island prison, where he befriended Nelson Mandela.



&#8211; Moseneke studied for his university degree while behind bars and worked as an attorney after his release. He was later asked by Mandela to help draft South Africa&#8217;s interim constitution and oversee its first democratic elections.- He was appointed to South Africa&#8217;s Constitutional Court in 2002. In 2005, he was appointed Deputy Chief Justice, a position he held until his retirement in 2016.



&#8211; In a 2021 interview with Oxford University about his autobiography he recalled he had a very deep sense of right and wrong as a child. &#8220;Apartheid was already a big teacher, like most states&#8230; it taught people inequality.&#8221;.



&#8211; He has a reputation as &#8220;a fair-minded and thorough judge who follows the facts of the case&#8221;, according to Frans Viljoen, a professor of international human rights law at the University of Pretoria.



<h2 class="wp-block-heading" id="h-aharon-barak">AHARON BARAK</h2>



&#8211; Barak, 87, is a Holocaust survivor born in Lithuania in 1936 who became a chief justice of Israel&#8217;s Supreme Court.



&#8211; He is one of few children to survive the Jewish ghetto in the central Lithuanian city of Kovno (Kaunas) during World War Two. He has called his survival a miracle. &#8220;Since that episode, I have never feared death,&#8221; he said.



&#8211; Barak was smuggled out of the ghetto by his mother who hid him in a bag of uniforms that were manufactured there. He immigrated to then-British Mandate Palestine in 1947, a year before it became Israel



&#8211; Between 1975 and 1978 Barak served as Israel&#8217;s Attorney General. In 1978 he was appointed to the Supreme Court and served as its president from 1995 to 2006 when he retired.



&#8211; Barak is known as a champion of Supreme Court activism and has been a vocal critic of Prime Minister Benjamin Netanyahu, whose judicial reform push last year bitterly polarized the public.



&#8211; In an interview last November with Canadian daily the Globe and Mail, Barak voiced support for Israel&#8217;s military actions in Gaza. &#8220;I agree totally with what the government is doing,&#8221; he said. Asked about accusations that Israel was conducting a genocidal war in Gaza, Barak said that term should be used to describe the Oct. 7 attacks on Israel by Hamas.



&#8220;What we are doing is to prevent them from doing it again,&#8221; he said.



(Reporting by Stephanie van den Berg and Anthony Deutsch, additional reporting by Nellie Peyton in Johannesburg and Dan Williams in Jerusalem, editing by Silvia Aloisi, Alexandra Hudson)

ZD2R6PHEFBNJ7FZING5IMG2BXE

Who are the veteran South African and Israeli judges hearing the Gaza genocide case?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Jan 25 (Reuters) &#8211; The South African rand was steady in early trade on Thursday, with investors awaiting release of producer price inflation data and the central bank&#8217;s rate decision later in the day.



At 0700 GMT the rand traded at 18.8800 against the U.S. dollar, little changed from the previous close.



The rand had strengthened on Wednesday after consumer inflation fell for a second consecutive month to 5.1% year on year in December, but analysts said it was unlikely to affect interest rates yet.



South African Reserve Bank (SARB) Governor Lesetja Kganyago has previously said he wants inflation to decline sustainably to about 4.5% before considering rate cuts.



Producer price inflation for December will be released at 0930 GMT and is expected to show a decline from 4.6% year on year in November.



The South African Reserve Bank (SARB) will announce its rate decision around 1300 GMT. All 20 economists polled by Reuters forecast that the rate will be left unchanged at 8.25%.



South Africa&#8217;s benchmark 2030 government bond was flat in early deals, with the yield at 9.750%. 



(Reporting by Nellie Peyton; Editing by David Goodman )

Illustration photo of South African rand

South African rand steady ahead of PPI and rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg" alt="" class="wp-image-449453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Jan 24 (Reuters) &#8211; Nigeria&#8217;s central bank aims for inflation to fall to about 21% and will work to strengthen the country&#8217;s undervalued naira currency, Governor Olayemi Cardoso said on Wednesday.



Cardoso faces pressure to raise interest rates when the Central Bank of Nigeria (CBN) holds a rate-setting meeting next month for the first time since he took office in September.



Inflation in December hit 28.92%, its highest level in more than 27 years.



&#8220;Inflationary pressures are expected to decline in 2024 due to the CBN&#8217;s inflation-targeting policy, which aims to rein in inflation to 21.4%,- Cardoso said in a speech, a copy of which the central bank shared by email.



He added that improved agricultural output and the easing of global supply chain pressures would boost consumer confidence and purchasing power.



Nigeria&#8217;s central bank is expected to pursue a more conventional monetary policy approach under Cardoso after years of unorthodox policies pursued by his predecessor, Godwin Emefiele.



In November, Cardoso announced the adoption of an inflation-targeting framework.



President Bola Tinubu made a series of reforms after becoming head of state last year, including scrapping a petrol subsidy and easing currency trading restrictions.



However the country still has a shortage of forex and suffers as a result of a wide gap between the official and parallel market exchange rates.



&#8220;We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term,- Cardoso said. &#8220;This coordinated approach will contribute to a more balanced and stable exchange rate.-



Cardoso said the CBN was trying to improve liquidity in the foreign exchange market, reiterating a pledge to clear outstanding FX obligations after paying at least $2 billion of the estimated $7 billion owed.



(Additional reporting by Camillus Eboh; Editing by Alexander Winning and Barbara Lewis)

Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja

Nigeria central bank aims for 21% inflation, seeks to support naira

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/7ILTARB2QRO4BHTZP2GXTU7U5I-820x543.jpg" alt="" class="wp-image-449428" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/7ILTARB2QRO4BHTZP2GXTU7U5I-820x543.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/7ILTARB2QRO4BHTZP2GXTU7U5I-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/7ILTARB2QRO4BHTZP2GXTU7U5I-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/7ILTARB2QRO4BHTZP2GXTU7U5I-768x509.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/7ILTARB2QRO4BHTZP2GXTU7U5I-1536x1017.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/7ILTARB2QRO4BHTZP2GXTU7U5I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People sit inside the International Court of Justice (ICJ) on the day of the trial to hear a request for emergency measures by South Africa, who asked the court to order Israel to stop its military actions in Gaza and to desist from what South Africa says are genocidal acts committed against Palestinians during the war with Hamas in Gaza, in The Hague, Netherlands, January 11, 2024. REUTERS/Thilo Schmuelgen</figcaption></figure>



JOHANNESBURG, Jan 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa expects the International Court of Justice (ICJ) to rule this Friday on whether it will grant emergency measures to stop the war in Gaza, South African news website News24 reported on Wednesday, citing two sources close to the matter.



In response to the news report, South Africa&#8217;s justice ministry spokespersonChrispin Phiri posted on X: &#8220;We do not have an official communication from the court as to when the judgment will be delivered.&#8221;



A spokesperson for Israel&#8217;s foreign ministry said he was not aware and was looking into it.



News24 said a South African government delegation had touched down in The Hague in anticipation of the judgment. Reuters was unable to immediately confirm the arrival.



Earlier this month South Africa asked the ICJ, also known as the World Court, to order an emergency suspension of Israel&#8217;s devastating military campaign in the Palestinian enclave, accusing it of carrying out a state-led genocide.



Israel dismissed the genocide allegations as &#8220;grossly distorted&#8221; and said it had a right to defend itself and was targeting Hamas, not Palestinians civilians.



In the initial ruling the ICJ will not deal with the main question of whether Israel is committing genocide. The court will just look at possible emergency measures, meant as a kind of restraining order while the court looks at the full case, which usually takes years.



(Reporting by Nellie Peyton and Olivia Kumwenda-Mtambo; Additional reporting by Dan Williams; Writing by Stephanie van den Berg and Nellie Peyton; Editing by Alexander Winning and Sharon Singleton)

People sit inside the International Court of Justice (ICJ) on the day of the trial to hear a request for emergency measures by South Africa, who asked the court to order Israel to stop its military actions in Gaza, in The Hague

South Africa expects ICJ judgment on Gaza emergency measures on Friday – News24 cites sources

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="525" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/WZJ3UCHGFZMMTAMGENQ7PE7ELA.jpg" alt="" class="wp-image-449414" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/WZJ3UCHGFZMMTAMGENQ7PE7ELA.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/WZJ3UCHGFZMMTAMGENQ7PE7ELA-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/WZJ3UCHGFZMMTAMGENQ7PE7ELA-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/WZJ3UCHGFZMMTAMGENQ7PE7ELA-768x504.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Boys help their father pack a vegetable and fruit stall in Soweto, South Africa, September 17, 2020. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Jan 24 (Reuters) &#8211; South Africa&#8217;s consumer inflation fell for the second month in a row in December, to 5.1% year on year from 5.5% in November, statistics agency data showed on Wednesday.



The latest reading takes headline inflation slightly closer to the mid-point of the central bank&#8217;s 3%-6% target range, or 4.5%, where the bank has said it wants to see inflation before contemplating interest rate cuts.



The average inflation rate for 2023 was 6.0%, lower than 6.9% in 2022, Statistics South Africa said. Inflation is expected to average 5% in 2024.



The South African Reserve Bank will announce a monetary policy decision on Thursday.



All 20 economists in a Reuters poll published last week predicted it would keep its main lending rate steady at 8.25%.



Analyst Annabel Bishop at Investec said Wednesday&#8217;s data was unlikely to change the bank&#8217;s view on this year&#8217;s inflation.



&#8220;MPC (Monetary Policy Committee) &#8230; will likely continue to have a hawkish tone, warning of inflation risks, although on balance is expected to keep interest rates unchanged,&#8221; Bishop said.



&#8220;The MPC&#8217;s last meeting forecast CPI inflation at 5.0% y/y for 2024 &#8230; today&#8217;s figure is unlikely to change its 2024 view.&#8221;



Core inflation, which excludes food and fuel prices, was unchanged in December at 4.5% in annual terms.



(Reporting by Nellie Peyton; Editing by Alexander Winning and Christina Fincher)

FILE PHOTO: Boys help their father pack a vegetable and fruit stall in Soweto, South Africa

South African inflation falls for second month in December

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-820x551.jpg" alt="" class="wp-image-449399" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-1536x1033.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The national flag of the Ivory Coast (Côte d&#8217;Ivoire). (Photo by: Education Images/Universal Images Group via Getty Images)</figcaption></figure>



ABIDJAN/LONDON, Jan 23 (Reuters) &#8211; Ivory Coast successfully raised $2.6 billion through two bonds with respective maturities of nine and 13 years in its first return to the international Eurobonds market after two years of absence, the government said in a statement on Tuesday.



It said the issuance drew interest from more than 400 investors, in a record-breaking operation that generated an order book exceeding $8 billion, representing the highest order level ever recorded by a sovereign in West Africa.



&#8220;This transaction witnessed historic mobilization from major global investors, including existing holders of Ivorian bonds and new benchmark investors,&#8221; the budget and finance ministry said in the statement.



The two new bonds carry respective interest rates of 6.30% and 6.85% upon execution, the statement said.



&#8220;Simultaneously with the bond issuance, a Dollar-Euro currency hedge operation covering the entire issued amount was executed, resulting in an average interest rate of 6.61%,&#8221; it added.



Many Sub-Saharan African economies were hit hard by COVID-19, the fallout from Russia&#8217;s war in Ukraine and rising global interest rates, which made foreign currency debt prohibitively expensive for most from early 2022 and locked them effectively out of international capital markets.



Ivory Coast&#8217;s finance ministry said in the statement that the funds will primarily be used to repurchase and refinance the country&#8217;s existing Eurobonds, as well as international bank loans.



&#8220;Through the proactive management of its public debt, Ivory Coast is providing flexibility and liquidity to the entire region,&#8221; the statement said.



The world&#8217;s largest cocoa producer, which operates within the West Africa Economic and Monetary Union (WAEMU) whose currency is pegged to the euro, had focussed on issuing bonds denominated in euros to reduce its currency exposure.



(Reporting by Loucoumane Coulibaly in Abidjan and Karin Strohecker in London; Writing by Bate Felix; Editing by Mark Potter and Sandra Maler)

The national flag of the Ivory Coast

Ivory Coast says it raised $2.6 bln in oversubscribed Eurobonds issuance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-820x547.jpg" alt="" class="wp-image-449241" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of the African Development Bank Group Akinwumi Adesina welcomes U.S. Secretary of State Antony Blinken at the AfricaRice Headquarters in Abidjan, Ivory Coast on January 23, 2024. ANDREW CABALLERO-REYNOLDS/Pool via REUTERS</figcaption></figure>



ABIDJAN, Jan 23 (Reuters)&nbsp;&#8211;&nbsp;U.S. Secretary of State Antony Blinken on Tuesday pledged $45 million in additional financing to help fight conflict and bring stability to coastal West Africa, where insecurity linked to jihadist insurgencies has increased in recent years.



Blinken is on the second stop of a four-nation tour of Africa taking him to Cape Verde, Ivory Coast, Nigeria and Angola from Jan. 21-26.



The purpose of the trip is to discuss U.S.-African partnerships over trade, climate, infrastructure, health, security and other issues. It follows a summit in Washington with African leaders in December 2022.



Security challenges in West Africa, the fallout of a coup in Niger last year and Russia&#8217;s growing influence in the region are among key topics during Blinken&#8217;s trip.



He arrived in Ivory Coast&#8217;s financial capital Abidjan on Monday evening and met President Alassane Ouattara on Tuesday morning, after which he announced the extra financing at a joint press briefing.



Ivory Coast is one of several coastal West African countries impacted in recent years by Islamist insurgencies that took root in Mali in 2012 and spread across the Sahel region despite costly, internationally backed military efforts to contain it.



&#8220;We spent a lot of time discussing mutual security challenges,&#8221; Blinken said. &#8220;We appreciate Ivory Coast&#8217;s leadership in the fight against extremism and violence.&#8221;



The funding will supplement $300 million the U.S. has already invested in coastal West Africa over the past two years.



&#8220;We have increased military training by 15 times and are investing in civil protection in Ivory Coast,&#8221; Blinken added.



Ouattara said security in the region remained a challenge.



&#8220;That is why we do appreciate the USA for their support in the area of intelligence and the fight against terrorism,&#8221; he said.



The U.S. faced a setback in its fight against militants in the Sahel when military officers toppled Niger&#8217;s President Mohamed Bazoum, a key ally, in July last year.



The coup in Niger was one of a series of military takeovers or attempted power grabs that occurred in West and Central Africa over the past three years.



The instability has raised concern, particularly as juntas have cut ties with traditional Western allies such as the European Union and France, which withdrew thousands of troops from the Sahel last year.



Blinken met Akinwumi Adesina, president of the African Development Bank, at a sub-regional rice research institute in the afternoon. He is scheduled to fly to Nigeria in the evening.



(Reporting by Loucoumane Coulibaly; Writing by Sofia Christensen; Editing by Bate Felix and Nick Macfie)

U.S. Secretary of State Antony Blinken visits Ivory Coast

Blinken pledges $45 mln to boost coastal West Africa security

<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>



Jan 23 (Reuters)&nbsp;&#8211;&nbsp;Equities in emerging markets regained ground on Tuesday, supported by news of potential steps by Chinese authorities to stabilise domestic stock markets, while regional currencies were mixed against a softer dollar.



MSCI&#8217;s index of emerging market equities&nbsp;.MSCIEF&nbsp;advanced 0.4% by 0900 GMT, with Hong Kong&#8217;s Hang Seng&nbsp;.HSI&nbsp;index leading the charge, jumping 2.6%.



Stocks in mainland China .CSI300 also ended higher after China&#8217;s cabinet said on Monday it will step up measures to stabilise market confidence. However the index was not far from five-year lows hit last week.



Policymakers are seeking to mobilise about 2 trillion yuan ($278.53 billion) as part of a stabilisation fund to buy shares onshore through the Hong Kong exchange link, according to a Bloomberg News report. China&#8217;s yuan CNY=CFXS firmed 0.3% against the dollar.



&#8220;This is a strong message that conveys Beijing’s intention to artificially support Chinese markets,&#8221; ING strategists said in a research note, but added it was only a temporary fix.



&#8220;Ultimately, stronger conviction on a Chinese economic rebound is likely necessary to drive a sustainable recovery in Chinese-linked stocks.&#8221;



Taiwan&nbsp;.TWII&nbsp;and South Korea&#8217;s&nbsp;.KS11&nbsp;tech-heavy stock indexes also rose, tracking a positive finish on Wall Street overnight. Equities in Turkey&nbsp;.XU100&nbsp;and South Africa&nbsp;.JTOPI&nbsp;gained over 1%.



Japanese shares .N225 surged to fresh 34-year highs as the Bank of Japan stood pat on ultra-loose monetary policy.



Assets in emerging markets (EM) have been under pressure this year due to concerns around China&#8217;s economic growth and reduced bets of U.S. interest rate cuts. Investors are now awaiting policy decisions from the European Central Bank (ECB) as well as South Africa and Turkey this week.



Indian shares .NSEI, .BSESN were among laggards on Tuesday, pulled down by a drop in shares of Zee EntertainmentZEE.NS.



Among currencies, the South African rand&nbsp;ZAR=&nbsp;came off three month lows to trade at 19.1161 to the dollar. However, the Israeli shekel&nbsp;ILS=&nbsp;and the Turkish lira&nbsp;TRYTOM=D3&nbsp;were weaker.



A broader gauge of EM currencies&nbsp;.MIEM00000CUS&nbsp;was muted.



Sri Lanka&#8217;s central bank kept interest rates steady on Tuesday, in line with market expectations as a new tax threatened upward pressure on expenses. The country&#8217;s CSE index .CSE dipped 1.0% while the local currency LKR= was flat.



(Reporting by Amruta Khandekar; Editing by Angus MacSwan)

World map with charts and graphs as symbols of global finance

China optimism props up stocks, currencies struggle

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-820x462.jpeg" alt="" class="wp-image-425257" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Imaginima | E+ | Getty Images oil</figcaption></figure>



SINGAPORE, Jan 23 (Reuters) &#8211; Oil prices were little changed on Tuesday as traders weighed a host of conflicting supply and demand worries, from rising tensions in the Middle East to cold weather woes disrupting production in the United States.



Brent crude futures added 2 cents to $80.08 a barrel by 0702 GMT, while U.S. West Texas Intermediate crude futures (WTI) climbed 3 cent to $74.79 a barrel.



Both the contracts had settled about 2% higher on Monday, as a Ukrainian drone strike on Novatek&#8217;s Ust-Luga fuel export terminal raised supply concerns and drove up prices. Analysts say Novatek is likely to resume large-scale operations there within weeks.



While damage to loading berths at the Ust-Luga terminal only &#8220;briefly impacted exports,&#8221; the move raises the prospect of the Russia-Ukraine war &#8220;moving into a new phase where parties target key energy infrastructure,&#8221; analysts at ANZ Research said in a note.



In the Middle East, U.S. and British forces have also carried out a fresh round of strikes targeting a Houthi underground storage site and missile and surveillance capabilities used by the Iran-aligned Houthi group.



The attacks by the Houthis on vessels in and around the Red Sea region have disrupted global shipping and stoked fears of inflation. The group has said their attacks are in solidarity with Palestinians as Israel strikes Gaza.



Some analysts also remained bullish on near-term market fundamentals because of these ongoing conflicts.



&#8220;Without any recession concerns, the impact of extreme weather on U.S. crude oil production and the escalation of geopolitical conflicts still support oil prices,&#8221; said CMC Markets&#8217; Shanghai-based analyst Leon Li.



In the U.S., 20% of North Dakota&#8217;s oil output remained shut in due to extreme cold and operational challenges, the state&#8217;s pipeline authority said on Monday.



Capping price gains, however, are concerns over China&#8217;s sputtering economic recovery, which is raising worries about global oil demand given the Asian giant is the world&#8217;s biggest crude oil importer.



Chinese policymakers have rolled out a raft of measures to shore up the economy but domestic consumption remains tepid, leaving oil traders on edge about demand prospects.



&#8220;Given conflicting fundamental factors right now in WTI crude (market), the momentum factor is likely to be the main driver in setting the stage for oil prices in the short term,&#8221; said OANDA senior markets analyst Kelvin Wong.



WTI crude prices managed to close above their 50-day moving average on Monday for the first time since Oct. 24 last year. The bullish close followed a similar daily close above the 20-day moving average last Thursday, he added.



A Reuters poll showing that U.S. crude oil inventories were forecast to fall by about 3 million barrels in the week to Jan. 19 also limited price weakness. Distillate stockpiles were expected to drop last week, while gasoline inventories were set to rise. Official government data is expected to be out on Jan. 24.



(Reporting by Emily Chow; Editing by Shri Navaratnam and Kim Coghill)

107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset

Oil steadies on mixed supply cues, cautious outlook on China

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



Jan 22 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks were dragged lower on Monday by concerns about China&#8217;s shaky economic recovery while currencies were subdued at the start of a week brimming with interest rate decisions from regional and major central banks.



MSCI&#8217;s index for emerging market equities&nbsp;.MSCIEF&nbsp;fell 0.6% by 0932 GMT following two straight days of gains. A measure of regional currencies&nbsp;.MIEM00000CUS&nbsp;was steady as the dollar struggled to hold on to recent gains.



After fading optimism around the likelihood of early U.S. interest rate cuts depressed sentiment towards risk-sensitive EM assets for most of last week, investors are on guard ahead of policy decisions from countries including South Africa and Turkey.



The European Central Bank (ECB) and the Bank of Japan are also due to give their verdicts on rates this week.



China&#8217;s blue-chip index .CSI300 fell 1.6%, while the yuan CNY=CFXS held steady against the dollar after the People&#8217;s Bank of China (PBOC) kept benchmark lending rates unchanged at their monthly fixing.



China&#8217;s major state-owned banks moved to tighten yuan liquidity in the offshore foreign exchange market on Monday, four sources with knowledge of the matter said.



China&#8217;s disappointing economic growth &#8220;is a drag on overall EM sentiment&#8221;, said Jon Harrison, managing director of emerging market macro strategy at TS Lombard.



&#8220;Overall, we prefer LatAm (Latin America), especially Brazil. The ongoing monetary easing will raise consumer sentiment and boost equity markets, which remain undervalued despite the gains late last year.&#8221;



Stocks in Taiwan&nbsp;.TWII&nbsp;remained a bright spot, rising 0.8% as technology shares received a boost from optimism around artificial intelligence.



Such enthusiasm, sparked by Taiwanese chipmaker TSMC&#8217;s upbeat forecast had also pushed the benchmark U.S. S&amp;P 500 .SPX index to a record high on Friday.



The South African rand&nbsp;ZAR=&nbsp;and the Israeli shekel&nbsp;ILS=&nbsp;dipped 0.9% and 0.7% against the dollar respectively.



Saudi Arabia&#8217;s sovereign wealth fund, the Public Investment Fund (PIF), has given initial price guidance for its benchmark-sized, dollar-denominated triple-tranche bonds, a bank document showed on Monday.



An International Monetary Fund team is currently in Cairo to discuss Egypt&#8217;s $3 billion IMF loan and reform program, an IMF spokesperson said on Friday.



(Reporting by Amruta Khandekar, editing by Ed Osmond)

istockphoto-1076949610-612×612-1

Stocks fall, FX muted as central bank-heavy week looms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-820x547.jpg" alt="" class="wp-image-448115" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Tourists walk past the glass Pyramid of the Louvre Museum in Paris, France, January 15, 2024. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



MADRID, Jan 19 (Reuters)&nbsp;&#8211;&nbsp;Global tourism is set to fully recover from the pandemic in 2024 as international tourist arrivals will likely be 2% more numerous than in 2019, the United Nations&#8217; World Tourism Organisation said on Friday.



Increased global air connectivity and a strong recovery of Asian markets will allow a full rebound of tourism activities worldwide this year, even though geopolitical instability in the Middle East and elsewhere constitutes a risk for the industry as it affects would-be travellers&#8217; confidence, the UN tourism body said.



In 2023, travel demand in Europe and Africa almost reached pre-pandemic levels, and surpassed them in the Middle East.



Some destinations, such as Mediterranean Europe, the Caribbean and the Central American and North African sub-regions, exceeded their 2019 international tourism arrivals last year.



The organization expects the Chinese market to soar in 2024, after the government allowed visa-free travel for citizens of France, Germany, Italy, the Netherlands, Spain and Malaysia until 30 November 2024. Flight capacity into and out of China is set to increase this year.



In 2023, international tourism ended at 88% of pre-pandemic levels, with an estimated 1.3 billion international travellers.



The overall industry contribution to the global economy in 2023 was $3.3 trillion, according to the report.



(Reporting by Corina Pons, editing by Inti Landauro)

Tourists at the Louvre Museum in Paris

United Nations sees international tourism fully recovering in 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg" alt="" class="wp-image-424734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Stock</figcaption></figure>



Jan 18 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks rebounded on Thursday after upbeat earnings from Taiwanese chipmaker TSMC lifted technology shares across Asia while currencies also edged higher against a subdued dollar as investors eyed the U.S. interest rate path.



MSCI&#8217;s index for emerging market equities&nbsp;.MSCIEF&nbsp;climbed 0.5% by 0926 GMT, with China&#8217;s blue-chip shares&nbsp;.CSI300&nbsp;bouncing off a five-year low.



Aiding sentiment towards technology stocks across the globe, the world&#8217;s largest contract chipmaker TSMC2330.TW beat quarterly profit estimates and projected upwards of 20% revenue growth this year.



Hong Kong&#8217;s technology shares&nbsp;.HSTECH&nbsp;rose 0.5%, while shares of South Korean chipmakers Samsung Electronics&nbsp;005930.KS&nbsp;and SK Hynix&nbsp;000660.KS&nbsp;gained 1.0% and 4.0%, respectively.



A gauge of EM currencies&nbsp;.MIEM00000CUS&nbsp;inched 0.2% higher against a muted dollar&nbsp;=USD.



EM stocks and currencies&nbsp;fell in the past three sessions&nbsp;while the dollar rallied after a slew of global central bankers pushed back against expectations of early interest rate cuts this year.



On Thursday, the South African rand&nbsp;ZAR=&nbsp;rose 0.4% against the dollar and regional stocks&nbsp;.JTOPI&nbsp;also added 1.1%.



The South Korean won&nbsp;KRW=&nbsp;outperformed other Asian currencies, rising 0.6%, while the Chinese yuan&nbsp;CNY=CFXS&nbsp;hovered close to a near two-month low.



&#8220;We expect yuan to underperform vs Asia FX and other EM blocs this year,&#8221; Alex Loo, FX and macro strategist at TD Securities, said in a note.



&#8220;China&#8217;s murky economic outlook isn&#8217;t favourable for the yuan,&#8221; said Loo, adding equities could see a further hit if authorities don&#8217;t step up intervention.



Pakistan&#8217;s international bonds fell after the foreign ministry said it conducted strikes inside Iran on Thursday, two days after Tehran said it had attacked the bases of another group within Pakistani territory. The country&#8217;s benchmark stock index .KSE slipped 0.9%.



Kenya intends to go to international bond markets as soon as the market situation allows, its finance minister and central bank governor said, a day after the East African nation secured the International Monetary Fund&#8217;s approval for a $941 million lending.



The Kenyan shilling&nbsp;KES=&nbsp;was down 0.5%, hitting fresh record lows against the dollar.



The Russian rouble RUBUTSTN=MCX held steady at around the 88 to the dollar mark.



(Reporting by Amruta Khandekar; Editing by Eileen Soreng)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-820x547.jpg" alt="" class="wp-image-447799" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A container ship is seen near Suez Canal Bridge which is known as the &#8220;Peace Bridge&#8221; following a Suez Canal tugboat sinking yesterday after colliding with a Hong Kong-flagged LPG tanker in the waterway of the Suez Canal, Egypt, August 6, 2023. Suez Canal Authority/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY/File Photo</figcaption></figure>



SINGAPORE/CAPE TOWN/LONDON, Jan 18 (Reuters)&nbsp;&#8211;&nbsp;The re-routing of a growing number of ships around Africa to avoid potential attacks in the Red Sea is altering refueling patterns and boosting demand for bunker fuel at far-flung ports, from the Mauritius to South Africa to the Canary Islands.



Ships are also expected to top up more at Singapore and Rotterdam, the two busiest bunkering ports and where fuel is competitively priced, as they try to hedge against uncertainty over route changes, traders and analysts said.



Attacks by Yemen&#8217;s Houthi militia on merchant ships in the Red Sea and retaliatory U.S. strikes have ratcheted-up tensions in the Middle East as the Gaza war rages on.



The attacks by the Iran-allied Houthis, which they say are in support of Palestinians, target a route that accounts for about 15% of the world&#8217;s shipping traffic and acts as a vital conduit between Europe and Asia.



Hundreds of large vessels have rerouted around the southern tip of Africa, adding 10-14 days of travel, to avoid drone and missile attacks by the Houthis.



&#8220;Ships are diverting away from the Red Sea and re-routing around the coast of South and West Africa – this increased traffic has created huge congestion in bunkering ports around Africa and placed significant pressure on port infrastructure,&#8221; John A. Bassadone, founder and CEO of independent bunker supplier Peninsula, told Reuters.



Bunker fuel demand has risen at ports including Mauritius&#8217; Port Louis, Gibraltar and ports in the Canary Islands and South Africa, said traders and industry sources, with sales jumping in Cape Town and Durban.



Prices of low-sulphur bunker fuel delivered at Cape Town have jumped 15% to almost $800 per metric ton since mid-November when the attacks started, data from bunker supplier Integr8 Fuels showed.



&#8220;We have seen an increase in bunker demand and fixtures in South Africa, particularly for bunker-only vessels lately,&#8221; said Philip Wang Balke, a senior bunker trader for Africa at Integr8, adding that supply is tightening as more shipowners and operators buy fuel in advance to ensure sufficient supplies.



<h2 class="wp-block-heading" id="h-tankers-and-bulkers">TANKERS AND BULKERS</h2>



Container ships were first to divert away from the Red Sea, and now oil tankers and dry bulk carriers are following suit, diverting bunker demand to West Mediterranean ports at the expense of East Mediterranean, industry sources said.



&#8220;We are anticipating increased demand in Las Palmas and Western Mediterranean ports as it&#8217;s likely the African ports will exceed capacity,&#8221; Peninsula&#8217;s Bassadone added.



Singapore and Rotterdam have yet to see a demand surge, though buying is poised to pick up in the next few weeks as ships lift more fuel at competitive prices, traders said.



&#8220;If the vessels are prone to higher ton-mileage or uncertainties, they are likely to fill up their tanks in case they ended up at expensive ports, and they can save a bit by buying less due to the extras they bought in Singapore,&#8221; said an Asia-based bunkering manager.



Spot premiums for prompt low-sulphur bunker fuel delivered at Singapore rose to $25 to $30 a metric ton above cargo quotes in mid-January, climbing from about $20 in early January, said industry sources.



(Reporting by Jeslyn Lerh and Florence Tan in Singapore, Wendell Roelf in Cape Town and Robert Harvey in London; Editing by Tony Munroe and Miral Fahmy)

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Reuters

US, South Africa discuss Gaza war ahead of ruling on measures in genocide case

Zimbabwe opposition leader Chamisa quits ‘hijacked’ party

South African central bank wants clearer disinflation trend before cutting rates

Red sea attacks push BHP to divert some shipping via African coast

Who are the veteran South African and Israeli judges hearing the Gaza genocide case?

South African rand steady ahead of PPI and rate decision

Nigeria central bank aims for 21% inflation, seeks to support naira

South Africa expects ICJ judgment on Gaza emergency measures on Friday – News24 cites sources

South African inflation falls for second month in December

Ivory Coast says it raised $2.6 bln in oversubscribed Eurobonds issuance

Blinken pledges $45 mln to boost coastal West Africa security

China optimism props up stocks, currencies struggle

Oil steadies on mixed supply cues, cautious outlook on China

Stocks fall, FX muted as central bank-heavy week looms

United Nations sees international tourism fully recovering in 2024

Stocks recover on technology boost, FX edges higher

Red Sea ship diversions boost bunker demand, prices in Africa, Mediterranean

News Tips

Advertise With Us

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