<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-820x547.jpg" alt="" class="wp-image-412371" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Uhuru Kenyatta, Kenya&#8217;s president, speaks during the independence celebrations on Jamhuri Day at Kasarani stadium in Nairobi, Kenya, on Tuesday, Dec. 12, 2017. Kenyas main opposition alliance postponed indefinitely plans to swear-in its leader as president of a so-called Peoples Assembly, after the government warned such a step would amount to treason. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, Oct 20 (Reuters) &#8211; Kenya lifted a nationwide curfew on Wednesday that has been in place since March 2020 to curb the spread of the coronavirus, President Uhuru Kenyatta announced.



The East African nation, which has a population of 54 million, has recorded 252,199 infections since the pandemic erupted and 5,233 COVID-19 deaths, health ministry data shows.



It has received 7.5 million doses of vaccines so far and 4.5 million people have had at least one dose, the data shows.



Kenyatta said infection rates had fallen, with less than 5% of tests each day proving positive.



&#8220;It is now time to shift our focus from survival to co-existing with the disease,&#8221; he said in a televised address to mark a national holiday.



<h2 class="wp-block-heading" id="h-read-more-kenya-extends-covid-19-curfew-by-60-days">Read more: <a href="https://www.cnbcafrica.com/2021/kenya-extends-covid-19-curfew-by-60-days/">Kenya extends COVID-19 curfew by 60 days</a></h2>



He said congregations attending churches and other religious institutions could rise to two thirds of capacity, up from a third previously, although everyone should still adhere to other rules, such as wearing facemasks.



&#8220;We are not yet out of the woods and we must therefore continue to observe the containment measures &#8230; to sustain the gains we are making and guarantee the full re-opening of our economy,&#8221; he said.



He told officials to ensure a fill-and-finish plant for COVID-19 vaccines started operating in Kenya by April next year.



He also unveiled measures to boost the economy, including the procurement of fertiliser for farmers by the government.



(Reporting by Duncan Miriri; Editing by Giles Elgood and Edmund Blair)

Kenyan President Uhuru Kenyatta Attends Jamhuri Day Celebrations

Kenya lifts COVID-19 curfew as infection rates ease, president says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/HPQKD343MFNFFNFS7LNV7DVG2E-820x547.jpg" alt="" class="wp-image-412897" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/HPQKD343MFNFFNFS7LNV7DVG2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/HPQKD343MFNFFNFS7LNV7DVG2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/HPQKD343MFNFFNFS7LNV7DVG2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/HPQKD343MFNFFNFS7LNV7DVG2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/HPQKD343MFNFFNFS7LNV7DVG2E.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A Credit Suisse sign is seen on the exterior of their Americas headquarters in the Manhattan borough of New York City, September 1, 2015. REUTERS/Mike Segar/File Photo</figcaption></figure>



WASHINGTON/ZURICH, Oct 19 (Reuters) &#8211; Credit Suisse Group AG will pay about $475 million to American and British authorities to resolve bribery and fraud charges relating to a $2 billion Mozambican corruption scandal, while its subsidiary pleaded guilty to a conspiracy charge in New York, U.S. and UK agencies said on Tuesday.



The settlement with the U.S. Securities and Exchange Commission (SEC), the Justice Department and Britain&#8217;s Financial Conduct Authority (FCA) is the latest blow for the <a href="https://www.reuters.com/article/us-mozambique-credit-suisse-banking-idUSKBN2762KS">scandal-plagued Swiss bank</a> and was announced just minutes before Switzerland&#8217;s financial regulator reprimanded it for a long-running corporate espionage saga.



The U.S. and British charges stem from nearly $1 billion in bond offerings and a syndicated loan Credit Suisse helped to arrange between 2013 to 2016 to finance a tuna fishing industry project in Mozambique. Much of the proceeds were diverted via kickbacks to Credit Suisse bankers and Mozambique officials.



The three former Credit Suisse bankers, along with two middlemen and three Mozambican government officials, were charged in 2018 for money laundering and defrauding U.S. investors who had invested in the loans. U.S. prosecutors said at least $200 million of the loans had been diverted to the eight defendants. The former bankers pleaded guilty in 2019.



Through the actions of its bankers, Credit Suisse fraudulently misled investors and violated U.S. bribery laws, the authorities alleged on Tuesday.



The bank will pay a $175 million criminal fine to the Justice Department, $99 million to the SEC, and $200 million to the British authorities, and will also forgive $200 million of debt owed by Mozambique. As a result, the bank said it expects to take $230 million in charges in the third quarter 2021.



Credit Suisse&#8217;s European subsidiary also pleaded guilty in a U.S. federal court to one criminal count of conspiracy to commit wire fraud, while the group has entered a three-year deferred prosecution agreement with the Justice Department.



That will require the bank to continue cooperating with any ongoing investigation and to improve its compliance systems.



Credit Suisse&#8217;s European subsidiary has also agreed with the Swiss regulator to appoint an independent third-party to monitor its transactions and risk controls.



&#8220;Credit Suisse is satisfied with the completion of the proceedings by U.S., UK and Swiss regulatory authorities into the bank&#8217;s arrangement of loan financing for Mozambique state enterprises,&#8221; the bank said in a statement.



<h2 class="wp-block-heading" id="h-snooping-scandal">SNOOPING SCANDAL</h2>



<a href="https://www.reuters.com/business/finance/credit-suisse-scandals-prompt-switzerland-think-unthinkable-punish-bankers-2021-05-28">The Swiss bank is already reeling from a string of scandals</a> including heavy losses from the collapse of U.S. family office Archegos, client-losses stemming from the collapse of supply chain finance company Greensill, and allegations that it snooped on its former top wealth management executive Iqbal Khan.



Chairman Antonio Horta-Osorio, who joined the bank in April from Britain&#8217;s Lloyds, has said the scandals are the gravest he has seen.



The Swiss Financial Market Supervisory Authority, FINMA, said on Tuesday that the bank was found to have had &#8220;serious organizational shortcomings&#8221; surrounding the corporate espionage that ultimately triggered the departure of Chief Executive Tidjane Thiam.



FINMA said it had reprimanded two individuals and opened enforcement proceedings against three additional individuals, without naming them.



Referring to the spying matter, Credit Suisse said it had &#8220;taken decisive steps to strengthen its relevant governance and processes.&#8221;



Tuesday&#8217;s resolution is the latest development in the multi-year <a href="https://www.reuters.com/article/us-mozambique-credit-suisse-banking-idUSKBN2762KS">Mozambique saga for Credit Suisse</a>, with private litigation ongoing. The African nation is suing Credit Suisse and shipbuilder Privinvest in London&#8217;s High Court over the missing money.



The corruption scandal prompted donors including the International Monetary Fund cut off support to Mozambique, triggering a currency collapse and debt default.



It has also embroiled other major lenders.



A London-based subsidiary of Russian bank VTB, which worked with Credit Suisse to arrange one of the bonds in 2016, also agreed on Tuesday to pay $6 million to settle SEC charges it misled investors.



&#8220;VTB takes today&#8217;s settlement seriously and fully cooperated with the SEC investigation,&#8221; the bank said.



(Reporting by Chris Prentice in Washington, Kanishka Singh in Bengaluru and John Revill in Zurich; additional reporting by Michael Shields and Rachel Armstrong; writing by Michelle Price; Editing by Jonathan Oatis, Will Dunham and Richard Pullin)

HPQKD343MFNFFNFS7LNV7DVG2E

Credit Suisse to pay $475 mln to resolve Mozambican scandal charges

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1304054499-820x547.jpg" alt="" class="wp-image-403287" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1304054499-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1304054499-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1304054499-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1304054499-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/GettyImages-1304054499-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>WASHINGTON, DC &#8211; FEBRUARY 25: Katherine Tai , nominee for US Trade Representative speaks at the Senate Finance Committee hearing at the US Capitol on February 25, 2021 in Washington, DC. Katherine Tai is President Joe Bidens pick for US Trade Representative. (Photo by Tasos Katopodis/Getty Images)</figcaption></figure>



GENEVA, Oct 14 (Reuters) &#8211; Katherine Tai, U.S. global trade representative, said Washington would &#8220;soon&#8221; decide on Ethiopia&#8217;s status under the African Growth and Opportunity Act (AGOA), an agreement which gives it duty-free access to the United States.



&#8220;Reports coming back to us through official channels and civil society are not encouraging. What is happening in Ethiopia is a humanitarian crisis,&#8221; said Tai, referring to fighting in northern Ethiopia and deepening famine in the region of Tigray.



Ethiopia exported about $237 million worth of goods duty-free to the United States under AGOA in 2020, according to U.S. commerce department data.



In August, her office issued a statement saying &#8220;ongoing violations of internationally recognised human rights amid the ongoing conflict and humanitarian crisis in northern Ethiopia&#8230; could affect Ethiopia&#8217;s future African Growth and Opportunity Act (AGOA) eligibility if unaddressed.&#8221;



Any suspension would deal a major blow to Ethiopia&#8217;s economy, which is already under immense pressure from the coronavirus pandemic, the 11-month-old conflict and inflation of nearly 35%.



<h3 class="wp-block-heading" id="h-read-more-u-s-trade-chief-tai-says-time-is-of-the-essence-in-addressing-vaccine-waiver-at-wto">Read more: <a href="https://www.cnbcafrica.com/2021/u-s-trade-chief-tai-says-time-is-of-the-essence-in-addressing-vaccine-waiver-at-wto/">U.S. trade chief Tai says ‘time is of the essence’ in addressing vaccine waiver at WTO</a></h3>



Billene Seyoum, the prime minister&#8217;s spokeswoman, sent a text message to Reuters saying: “No one is more committed than the Government of Ethiopia to the cause of addressing the ongoing humanitarian crisis in Tigray, Amhara and Afar regions with urgency.&#8221;



&#8220;Humanitarian crises don’t end by taking away jobs from low income women that AGOA enabled; rather the problem deepens. We must not go there.&#8221;



She previously said the suspension would take away 1 million jobs from the nation of 109 million people.



AGOA gives sub-Saharan African nations duty-free access to the United States if they meet certain eligibility requirements, such as eliminating barriers to U.S. trade and investment and making progress towards political pluralism. 



(Additional reporting by Katharine Houreld; writing by Katharine Houreld; Editing by Hugh Lawson and Giles Elgood)

Senate Finance Committee Examines Nomination Of Katherine Tai For US Trade Representative

U.S. trade chief: Ethiopia’s duty-free market status to be decided ‘soon’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="601" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/5887933760_b82505a45f_o-820x601.jpg" alt="" class="wp-image-412747" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/5887933760_b82505a45f_o-820x601.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/5887933760_b82505a45f_o-300x220.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/5887933760_b82505a45f_o-123x90.jpg 123w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/5887933760_b82505a45f_o-768x563.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/5887933760_b82505a45f_o-1536x1125.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/5887933760_b82505a45f_o-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>OECD Conference Centre Entrance OECD Conference Centre main entrance. Paris, France.  Source: OECD/Michael Dean</figcaption></figure>



NAIROBI, Oct 13 (Reuters) &#8211; Kenya refrained from signing a global tax deal because of concerns it would have to stop levying a digital services tax and worries about the agreement&#8217;s dispute resolution mechanism, officials said on Wednesday.



Last week, 136 countries agreed to a global deal that ensures big companies pay a minimum tax rate of 15% and makes it harder for them to avoid taxation.



The agreement also requires countries to repeal their digital service taxes.



Only four countries &#8211; Kenya, Nigeria, Pakistan, and Sri Lanka &#8211; did not endorse the deal.



The &#8220;numbers need some interrogation. You need to know exactly what you are getting for you to forego what you already have&#8221;, Terra Saidimu, a commissioner at the Kenya Revenue Authority, told a virtual conference.



In January, Kenya implemented a 1.5% digital service tax, which officials say has already helped curbed tax avoidance by some multinational companies.



<h3 class="wp-block-heading" id="h-read-more-world-court-sides-mostly-with-somalia-in-border-dispute-with-kenya">Read more: <a href="https://www.cnbcafrica.com/2021/world-court-sides-mostly-with-somalia-in-border-dispute-with-kenya/">World Court sides mostly with Somalia in border dispute with Kenya</a></h3>



Saidimu said 89 companies now pay such taxes. The new agreement, however, covers multinationals with global sales above 20 billion euros and profitability above 10%.



Saidimu said only 11 such companies operate in Kenya.



In Nigeria, only six global companies would fall under the new agreement, Matthew Gbonjubola, a Group Lead in Nigeria&#8217;s Federal Inland Revenue Service, told the conference.



The OECD, which steered the global negotiations, said the minimum rate would see countries collect around $150 billion in new revenues annually while taxing rights on more than $125 billion of profit would be shifted to countries where big multinationals earn their income.



&#8220;There are tens of millions of dollars at stake for Kenya and other African countries,&#8221; said Ben Dickson, Head of the Global Relations and Development Division at the OECD Centre for Tax Policy and Administration.



The agreement&#8217;s mandatory and binding dispute resolution was also a major sticking point for Kenya and Nigeria, Saidimu and Gbonjubola said. 



(Reporting by Ayenat Mersie; Editing by George Obulutsa and Giles Elgood)

OECD Conference Centre Entrance, New 50th Logo/Banner

Kenya spurns global tax deal, saying numbers need ‘interrogation’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="481" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-820x481.jpg" alt="" class="wp-image-411978" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-820x481.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-300x176.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-768x451.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-1536x901.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>NAIROBI, KENYA &#8211; 2020/06/11: Kenyas National Treasury and Planning Cabinet Secretary, Ukur Yatani with the budget briefcase before leaving to Parliament for budget reading 2020/2021.
The budget worth Kenya Shillings 3.2 Trillion seeks to jump start an economy ravaged by the Covid-19 pandemic. (Photo by Billy Mutai/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



NAIROBI, Oct 13 (Reuters) &#8211; Kenya expects its fiscal deficit to narrow in the 2022/23 (July-June) fiscal year, its finance minister said on Wednesday, reaffirming a forecast of 6% economic growth in 2021.



The East African nation, whose economy is still reeling from the effects of COVID-19, is bringing its budget-making timetable forward because of a general election due next August. The budget will be presented in March instead of the usual date in June.



Ukur Yatani said the fiscal deficit was expected to fall to 5.7% of gross domestic product in its 2022/23 (July-June) budget versus 7.4% in 2021/22.



&#8220;We remain committed to fiscal consolidation path so as to stabilise growth in public debt,&#8221; Yatani said at the start of public hearings on the budget.



In August, the ministry had projected a 5.6% deficit in 2022/23.



<h3 class="wp-block-heading" id="h-read-more-kenya-central-bank-governor-sees-higher-gdp-growth-in-2021">Read more: <a href="https://www.cnbcafrica.com/2021/kenya-central-bank-governor-sees-higher-gdp-growth-in-2021/">Kenya central bank governor sees higher GDP growth in 2021</a></h3>



Kenya&#8217;s economy contracted 0.3% in 2020, the first such shrinkage in three decades.



It has started recovering, but the pace could be slowed by a shortage of COVID-19 vaccines and new waves of infections, driven by the highly infectious Delta variant, and drought in various parts of the country.



&#8220;Leading indicators for the economy so far point to a robust economic recovery following the reopening of the service sectors and stronger global demand,&#8221; Yatani said.



&#8220;So it is going to be a major leap from (negative) 0.3 to 6% and that is clear that all sectors of the economy will actually take on that trajectory of growth.&#8221;



A Finance Ministry budget review and outlook paper seen by Reuters on Wednesday said that, to fill the budget gap, the ministry forecast net domestic financing of 408.1 billion shillings ($3.7 billion), or 3.0% of GDP, and net external financing of 367.8 billion shillings, or 2.7% of GDP.



Overall spending and net lending will stand at 3.23 trillion shillings in 2022/23 from 3.0 trillion shillings in the fiscal year to the end of June 2022, the document said. 



($1 = 110.6800 Kenyan shillings) 



(Reporting by George Obulutsa, Editing by William Maclean)

Kenyas National Treasury and Planning Cabinet Secretary,

Kenya sees narrower fiscal deficit 2022/23, upbeat on GDP growth

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-820x547.jpg" alt="" class="wp-image-412371" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-890982518-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Uhuru Kenyatta, Kenya&#8217;s president, speaks during the independence celebrations on Jamhuri Day at Kasarani stadium in Nairobi, Kenya, on Tuesday, Dec. 12, 2017. Kenyas main opposition alliance postponed indefinitely plans to swear-in its leader as president of a so-called Peoples Assembly, after the government warned such a step would amount to treason. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



WASHINGTON, Oct 12 (Reuters) &#8211; President Joe Biden will host Kenyan President Uhuru Kenyatta for a meeting in Washington on Thursday as the White House weighs sanctions against parties to the conflict in a northern region of the neighboring East African country of Ethiopia.



The meeting at the White House will mark Biden&#8217;s first as president with an African leader.



White House spokesperson Jen Psaki said in a statement that the two would discuss &#8220;efforts to defend democracy and human rights, advance peace and security, accelerate economic growth, and tackle climate change.&#8221;



Kenya holds the rotating presidency of the U.N. Security Council this month. The United States and Kenya have long cooperated on economic and security initiatives including counterterrorism.



The Biden administration is considering punitive action regarding the worsening crisis in northern Ethiopia, where thousands have been killed and millions are in need of humanitarian assistance.



Ethiopia&#8217;s national army launched a ground offensive against forces from the region of Tigray on Monday, the region&#8217;s ruling Tigray People&#8217;s Liberation Front (TPLF) said.



<h3 class="wp-block-heading" id="h-read-more-covid-19-pushes-kenya-s-economy-into-first-contraction-in-nearly-30-years">Read more: <a href="https://www.cnbcafrica.com/2021/covid-19-pushes-kenyas-economy-into-first-contraction-in-nearly-30-years/">COVID-19 pushes Kenya’s economy into first contraction in nearly 30 years</a></h3>



Fighting broke out in November 2020 between Ethiopia&#8217;s federal troops and forces loyal to the TPLF.



The conflict has made about 5.2 million people in Tigray &#8211; more than 90% of the population &#8211; and 1.7 million people in other regions dependent on food aid. The United Nations blames a government blockade for the deteriorating humanitarian situation. The government denies it is blocking aid.



Last month, Biden signed an executive order paving the way for possible sanctions, including against the Ethiopian government and the TPLF, if they play a role in prolonging the conflict, obstructing humanitarian access or committing serious human rights abuse.



The White House also said Biden and Kenyatta would discuss &#8220;the need to bring transparency and accountability to domestic and international financial systems.&#8221;



Kenyatta&#8217;s name appeared earlier this month in the &#8220;Pandora Papers&#8221; leak of what major news outlets called a secret trove of documents detailing what they said were efforts by many global leaders to stockpile money in tax havens.



Kenyatta has not responded to the allegations but has said he would do so later. 



(Reporting by Trevor Hunnicutt and Tyler Clifford; Editing by Chris Reese and Peter Cooney)

Biden, Kenya President Kenyatta to hold White House meeting

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-497673894-820x547.jpg" alt="" class="wp-image-412689" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-497673894-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-497673894-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-497673894-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-497673894-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-497673894-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-497673894-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>People gather around an MTN outlet in Kisoro district, about 480 km west of the capital Kampala, on November 18, 2015. MTN Uganda has appealed a court award of Shs 2.3 billion (around 662,000 dollars or 620,700 euro) to electronic money provider EzeeMoney for sabotaging its business. AFP PHOTO / ISAAC KASAMANI (Photo credit should read ISAAC KASAMANI/AFP via Getty Images)</figcaption></figure>



KAMPALA, Oct 11 (Reuters) &#8211; MTN Uganda said on Monday it had set the price of its initial public offering for the sale of a 20% stake at 200 Ugandan shillings ($0.0558) per share, as the East African nation&#8217;s biggest telecoms operator launched the country&#8217;s biggest IPO.



&#8220;The MTN IPO is officially open,&#8221; MTN Uganda Chief Executive Wim Vanhelleputte told a news conference in Kampala, saying the IPO would close on Nov. 22. Shares start trading on Dec. 6.



MTN Uganda is offering 4.5 billion shares, Vanhelleputte said, after the unit of South Africa&#8217;s MTN Group secured regulatory approval last week.



This would value the stake at 895.56 billion shillings ($250 million) and MTN Uganda at $1.25 billion, the company said.



Anne Juuko, chief executive of Stanbic Bank Uganda, which owns the sponsoring brokerage SBG Securities Uganda Ltd, said Ugandans would have first priority, followed by investors in East Africa and then investors from outside the region.



<h3 class="wp-block-heading" id="h-read-more-mtn-picks-partners-to-expand-mobile-openran-network-in-africa">Read more: <a href="https://www.cnbcafrica.com/2021/mtn-picks-partners-to-expand-mobile-openran-network-in-africa-2/">MTN picks partners to expand mobile OpenRAN network in Africa</a></h3>



The telecoms firm, which has 15 million subscribers, also offers mobile money financial services, which Vanhelleputte said was the firm&#8217;s biggest growth area as more people sought cashless transactions amid the COVID-19 pandemic.



The company&#8217;s main rival is a unit of India&#8217;s Bharti Airtel . It could build more subscribers after a smaller rival, Africell, said it was quitting the market.



MTN Uganda, which started operations in 1998, secured a 12-year renewal of its licence in June 2020 after paying $100 million and on condition it listed at least 20% of its shares on the local market, which now has 17 stocks.



MTN Uganda reported revenues in 2020 of 1.9 trillion Uganda shillings, up 9.3% from the previous year, and a pre-tax profit of 460.3 billion Ugandan shillings last year, up 21.3%.



&#8220;MTN Uganda will target in the medium term a dividend pay-out ratio of at least 60% of annual profits after tax,&#8221; the company said in its prospectus.



MTN Uganda said it would announce the allocation result on Dec. 3.



($1 = 3,585.0000 Ugandan shillings) 



(Reporting by Elias Biryabarema; Writing by Maggie Fick; Editing by George Obulutsa and Edmund Blair)

UGANDA-TELECOMMUNICATION-FINE-BUSINESS

MTN Uganda announces share price for biggest Ugandan IPO

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="508" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TSNCC4ZZ7NLT3NNX7CAHGREFXI-820x508.jpg" alt="" class="wp-image-412676" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TSNCC4ZZ7NLT3NNX7CAHGREFXI-820x508.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TSNCC4ZZ7NLT3NNX7CAHGREFXI-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TSNCC4ZZ7NLT3NNX7CAHGREFXI-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TSNCC4ZZ7NLT3NNX7CAHGREFXI-768x476.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TSNCC4ZZ7NLT3NNX7CAHGREFXI.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Malagasy children eat a meal at the Avotse feeding program that benefits malnourished children with hot meals in Maropia Nord village in the region of Anosy, southern Madagascar September 30, 2021. REUTERS/Joel Kouam</figcaption></figure>



AMBOASARY SUD, Madagascar, Oct 11 (Reuters) &#8211; Some days, all Tsimamorekm Aly eats is sugary water. He&#8217;s happy if there&#8217;s a handful of rice. But with six young kids and a wife to support, he often goes without.



This is the fourth year that drought has devastated Aly&#8217;s home in southern Madagascar. Now more than one million people, or two out of five residents, of his Grand Sud region require emergency food aid in what the United Nations is calling a &#8220;climate change famine.&#8221;



&#8220;In previous years there was rain, a lot of rain. I grew sweet potatoes and I had a lot of money&#8230; I even got married because I was rich,&#8221; said Aly, 44.



&#8220;Things have changed,&#8221; he said, standing on an expanse of ochre dirt where the only green to be seen is tall, spiky cacti.



Climate change is battering the Indian Ocean island and several U.N. agencies have warned in the past few months of a &#8220;climate change famine&#8221; here.



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&#8220;The situation in the south of the country is really worrying,&#8221; said Alice Rahmoun, a spokeswoman with the United Nations&#8217; World Food Programme in Madagascar. &#8220;I visited several districts&#8230; and heard from families how the changing climate has driven them to hunger.&#8221;



Rainfall patterns in Madagascar are growing more erratic – they&#8217;ve been below average for nearly six years, said researchers at the University of California at Santa Barbara.



&#8220;In some villages, the last proper rain was three years ago, in others, eight years ago or even 10 years ago,&#8221; said Rahmoun. &#8220;Fields are bare, seeds do not sprout and there is no food.&#8221;



Temperatures in southern Africa are rising at double the global rate, the Intergovernmental Panel on Climate Change says. Cyclones, already more frequent in Madagascar than any other African country, are likely getting stronger as the earth warms, the U.S. government says.



Conflict has been a central cause of famine and hunger in countries such as Ethiopia, South Sudan, Somalia and Yemen, when fighting stopped people moving to find food. But Madagascar is at peace.



&#8220;Climate change strongly impacts and strongly accentuates the famine in Madagascar,&#8221; President Andry Rajoelina said while visiting the worst-affected areas earlier this month. &#8220;Madagascar is a victim of climate change.&#8221;



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/insight-south-african-farmers-dream-of-drought-cover-on-climate-front-line/">South African farmers dream of drought cover on climate front line</a></h3>



The country produces less than 0.01% of global carbon dioxide emissions, the World Carbon Project says.



Half a million children are expected to be acutely malnourished in southern Madagascar, 110,000 severely so, the U.N. Children&#8217;s Fund says, causing developmental delays, disease and death.



Nutriset, a French company that produces emergency food Plumpy&#8217;Nut, opened a plant in southern Madagascar last week. It aims to annually produce 600 tonnes of therapeutic fortified food made of peanuts, sugar and milk for malnourished children.



The Malagasy government is also giving parcels of land to some families fleeing the worst-hit areas. Two hundred families received land with chickens and goats, which are more drought-resilient than cows. They were also encouraged to plant cassava, which is more drought-resilient than maize.



&#8220;It&#8217;s a natural disaster,&#8221; said Aly. &#8220;May God help us.&#8221; 



(Additional reporting and writing by Ayenat Mersie; Editing by Katharine Houreld and Susan Fenton)

TSNCC4ZZ7NLT3NNX7CAHGREFXI

Madagascar prays for rain as U.N. warns of ‘climate change famine’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-820x547.jpg" alt="" class="wp-image-411398" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1234616916-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Zambian presidential candidate for the opposition party United Party for National Development (UPND) Hakainde Hichilema gives a press conference at his residence, in Lusaka on August 11, 2021. &#8211; The UPND, the main rival to the ruling Patriotic Front (PF), is eager to tap into mounting disillusionment in the city&#8217;s poorest neighbourhoods, where dissent has grown since the last 2016 poll. (Photo by Patrick Meinhardt / AFP) (Photo by PATRICK MEINHARDT/AFP via Getty Images)</figcaption></figure>



LUSAKA, Oct 7 (Reuters) &#8211; Zambia&#8217;s government and state-owned companies owed more than $6 billion to Chinese creditors at the end of June, new debt figures published by the government on Thursday showed.



The copper-rich southern African country has been under pressure to publish updated debt numbers since a study released last month by the China Africa Research Initiative (CARI) said Zambia&#8217;s debt to Chinese lenders was $6.6 billion, around double the amount disclosed by the previous administration.



At the time of the CARI report the new government elected in August responded by saying its debt numbers were &#8220;broadly consistent&#8221; with the research group&#8217;s estimate.



In November last year Zambia became the first country on the African continent to default on its sovereign debt during the COVID-19 pandemic. It is in talks with the International Monetary Fund to try to secure a lending programme as a precursor to a debt restructuring.



According to a breakdown by the finance ministry on Thursday, Zambia&#8217;s central government owed $4.47 billion to Chinese creditors at the end of June, state companies owed $1.34 billion via facilities guaranteed by the government and state power utility Zesco owed a further $0.14 billion not guaranteed by the government.



An additional $225.5 million of interest arrears means total public sector exposure to Chinese creditors was $6.18 billion at the end of the second quarter, the ministry said in a statement.



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Earlier on Thursday, Vice President Mutale Nalumango said in parliament that Zambia owed Chinese creditors $5.75 billion, but the finance ministry statement made clear that figure was only debt arranged by Chinese institutions.



Some Chinese entities had participated in facilities arranged by other creditors, the ministry clarified.



The $6.18 billion total exposure to Chinese creditors represents more than 40% of Zambia&#8217;s total publicly guaranteed and non-guaranteed external debt, which the government put at $14.67 billion at the end of June.



Nalumango said Zambia would restructure its debt in a transparent fashion, without favouritism. As well as Chinese entities, Zambia&#8217;s external creditors include Eurobond holders, who are owed $3 billion, as well as multilateral lending agencies and foreign governments.



The vice president said the debt stock would be periodically audited and that one such audit was under way.



Asked whether the previous government had understated the debt, Finance Minister Situmbeko Musokotwane said loans amounting to $4.4 billion had been signed but not yet disbursed.



He said President Hakainde Hichilema&#8217;s administration was in discussions to try to cancel some of the undisbursed loans, without specifying with whom they were contracted. 



(Additional reporting and writing by Alexander Winning in Johannesburg; Editing by Alex Richardson, Steve Orlofsky and David Gregorio)

ZAMBIA-POLITICS-ELECTIONS-UPND

Zambia says it owed more than $6 bln to Chinese creditors in June

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/JAN6QJD2ZNPMLANNBVFBV5OSA4-820x547.jpg" alt="" class="wp-image-412612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/JAN6QJD2ZNPMLANNBVFBV5OSA4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/JAN6QJD2ZNPMLANNBVFBV5OSA4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/JAN6QJD2ZNPMLANNBVFBV5OSA4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/JAN6QJD2ZNPMLANNBVFBV5OSA4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/JAN6QJD2ZNPMLANNBVFBV5OSA4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>United Nations Secretary-General Antonio Guterres speaks during a meeting of the United Nations Security Council at the 76th Session of the U.N. General Assembly in New York, U.S. September 23, 2021. John Minchillo/Pool via REUTERS/File Photo</figcaption></figure>



UNITED NATIONS, Oct 6 (Reuters) &#8211; U.N. Secretary-General Antonio Guterres hit back at Ethiopia on Wednesday over the government&#8217;s expulsion of seven U.N. staff, demanding proof of accusations against them raised by Ethiopia&#8217;s U.N. ambassador during a Security Council meeting.



&#8220;It is my duty to defend the honor of the United Nations,&#8221; Guterres told reporters after the rare public exchange with Ethiopia&#8217;s U.N. ambassador, Taye Atske Selassie Amde, at the end of the council meeting on the situation in the country.



<a href="https://www.cnbcafrica.com/2021/u-n-security-council-to-discuss-ethiopia-expulsion-of-u-n-staff/">The Ethiopian government last week expelled seven senior U.N. officials for meddling in internal affairs.</a> Selassie expanded on that on Wednesday, accusing the U.N. staff of making up data, falsely claiming hunger was used as a weapon of war and that people had died from hunger, and of supporting government foe &#8211; the Tigrayan People&#8217;s Liberation Front (TPLF).



&#8220;To use their own words, they were looking to create a Darfur-like situation,&#8221; said Selassie. &#8220;They, suddenly and overnight, created one million victims of health disaster.&#8221;



Guterres responded in the council, saying he had not seen any information from Ethiopia about these claims. He said he told Ethiopian Prime Minister Abiy Ahmed twice that if there were any concerns about the impartiality of U.N. staff then Abiy should share the information so Guterres could investigate.



&#8220;Twice, I asked&#8230; the prime minister. Until now, I had no response to these requests,&#8221; Guterres said. &#8220;The people of Ethiopia are suffering. We have no other interest but to help stop that suffering.&#8221;



U.S. Ambassador to the U.N. Linda Thomas-Greenfield described the Ethiopian move to expel the U.N. officials as &#8220;reckless,&#8221; adding: &#8220;There&#8217;s no justification for the government of Ethiopia&#8217;s action, none at all.&#8221;



&#8220;The U.N. is impartial. The U.N. is neutral,&#8221; she told the 15-member council. &#8220;U.N. personnel barred from Ethiopia must be allowed to return immediately.&#8221;



<h2 class="wp-block-heading" id="h-children-are-starving">&#8216;CHILDREN ARE STARVING&#8217;</h2>



War broke out 11 months ago between Ethiopia&#8217;s federal troops and forces loyal to the TPLF, which controls Tigray. Thousands have died, millions have fled their homes and the conflict has spilled into neighboring Amhara and Afar.



Guterres said up to 7 million people in Tigray, Amhara and Afar need help, including 5 million in Tigray where some 400,000 people are estimated to be living in famine-like conditions.



&#8220;Our colleagues on the ground are sharing increasingly alarming eye-witness testimony of the suffering &#8211; including growing accounts of hunger-related deaths,&#8221; Guterres said earlier in the council meeting.



&#8220;In locations where screening has been possible, we are seeing acute malnutrition rates that remind us of the onset of the 2011 Somalia famine,&#8221; he said.



<h3 class="wp-block-heading"> Read more: <a href="https://www.cnbcafrica.com/2021/u-n-urges-ethiopia-egypt-and-sudan-to-recommit-to-dam-talks/">U.N. urges Ethiopia, Egypt and Sudan to recommit to dam talks</a></h3>



He called on the government to allow the urgent delivery of aid &#8220;without hindrance&#8221; and the &#8220;unrestricted movement of desperately needed fuel, cash, communications equipment and humanitarian supplies&#8221; into Tigray, Amhara and Afar.



&#8220;Ethiopian children are starving. People are dying because they cannot access food, water and basic health care. This is not a situation caused by natural disaster. It is caused by those who continue to choose the path of war,&#8221; Ireland&#8217;s U.N. Ambassador Geraldine Byrne Nason told the council.



Guterres urged the Security Council to back U.N. aid efforts. However, any strong action by the body &#8211; such as sanctions &#8211; is unlikely as Russia and China have made clear they believe the Tigray conflict is an internal affair for Ethiopia.



China&#8217;s U.N. Ambassador Zhang Jun on Wednesday called for &#8220;quiet diplomacy in order to prevent a deadlock&#8221; over the expulsion of the U.N. officials.



(Reporting by Michelle Nichols; Editing by Leslie Adler, Alistair Bell and Richard Pullin)

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U.N. chief takes on Ethiopia over expelled staff: show me proof

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-1344794982-820x548.jpg" alt="" class="wp-image-412514" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-1344794982-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-1344794982-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-1344794982-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-1344794982-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-1344794982-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-1344794982-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>ADDIS ABABA, ETHIOPIA &#8211; OCTOBER 04: Prime Minister Abiy Ahmed attends an inaugural celebration after Amhed was sworn in for a second five year term as Prime Minister of Ethiopia on October 04, 2021 in Addis Ababa, Ethiopia. Mr Abiy&#8217;s Prosperity Party was able to claim a majority after June&#8217;s initial round of voting, although the country&#8217;s election board postponed the vote in several dozen constituencies citing security and logistical concerns. Polls for dozens of those seats were held at the end of September, but there is no timeline for voting in several dozen remaining constituencies. (Photo by Jemal Countess/Getty Images)</figcaption></figure>



ADDIS ABABA, Oct 4 (Reuters) &#8211; Ethiopian Prime Minister Abiy Ahmed was sworn in for a new five-year term on Monday, telling a crowd of thousands he would protect the country from foreign interference, amid global criticism over the war in the northern region of Tigray.



His party scored a landslide victory in June&#8217;s election, cementing his power domestically despite international concern over his government&#8217;s handling of the conflict.



After parliament confirmed his appointment, between 30,000 and 40,000 people attended a public ceremony &#8211; unusual in Ethiopia &#8211; in the capital Addis Ababa.



Abiy spoke from a dais covered in yellow carpet in the newly refurbished Meskel Square, where brand new lights and stadium-style benches sit next to a crumbling museum dedicated to the murder and torture victims of a previous regime.



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In his speech, Abiy denounced the leadership in the northern region of Tigray, where rebellious forces are battling the central government and where the United Nations says hundreds of thousands of people are experiencing famine due to a government blockade of aid. The government denies it is preventing aid deliveries.



Abiy&#8217;s speech offered little hint as to whether he would pursue an offensive to claw back territory taken by Tigrayan forces. &#8220;In order to narrow our differences we will have a national dialogue,&#8221; he said, while also promising &#8220;a capable security and intelligence force will be built&#8221;.



Abiy also repeated warnings that Ethiopia would not accept foreign interference in its internal affairs.



Conflict broke out in Tigray 11 months ago between federal troops and forces loyal to the Tigrayan People&#8217;s Liberation Front (TPLF), the political party that controls Tigray. Thousands have died and more than 2 million people have been forced to flee their homes.



On Thursday, Ethiopia announced it was expelling seven senior U.N. officials, accusing them of diverting aid and communication equipment to the TPLF, failing to demand the return of aid trucks deployed to Tigray, violating security arrangements and spreading misinformation.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/u-n-security-council-to-discuss-ethiopia-expulsion-of-u-n-staff/">U.N. Security Council to discuss Ethiopia expulsion of U.N. staff</a></h3>



The United Nations said on Monday that it stands by the neutrality and professionalism of its staff and again reiterated that it does not accept Ethiopia&#8217;s declaration that the officials are personae non gratae.



However, U.N. spokesman Farhan Haq said the U.N. officials had &#8220;been moved from the country to ensure their safety.&#8221;



The United States has condemned the expulsions and threatened unilateral sanctions against those who obstructed humanitarian efforts.



&#8220;It is critical that these individuals be allowed to return to Ethiopia in order to carry out their important life-saving work and duties,&#8221; State Department spokesman Ned Price said of the U.N. officials on Monday.



Abiy was appointed prime minister by the then-governing coalition in 2018 and promised political and economic reforms.



Within months of taking office, he lifted a ban on opposition parties, released tens of thousands of political prisoners and took steps to open up one of Africa&#8217;s last untapped markets. But rights groups say those freedoms are now being rolled back. 



(Reporting by Dawit Endeshaw, additional reporting by Michelle Nichols in New York and Daphne Psaledakis in Washington; Writing by Giulia Paravicini; Editing by Katharine Houreld, Alex Richardson, Mark Heinrich and Sonya Hepinstall)

Abiy Marks Start Of New Government After Belated Elections

Sworn in for new term, Ethiopia leader promises to fend off foreign pressure

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="554" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/PGPKHRAYHZNV3C4WWLBTRWVMEA-820x554.jpg" alt="" class="wp-image-412188" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/PGPKHRAYHZNV3C4WWLBTRWVMEA-820x554.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/PGPKHRAYHZNV3C4WWLBTRWVMEA-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/PGPKHRAYHZNV3C4WWLBTRWVMEA-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/PGPKHRAYHZNV3C4WWLBTRWVMEA-768x519.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/PGPKHRAYHZNV3C4WWLBTRWVMEA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A man walks past a Safaricom shop, a mobile telecommunication provider in Kenya&#8217;s capital Nairobi November 15, 2015. REUTERS/Noor Khamis/File Photo</figcaption></figure>



NAIROBI, Sept 17 (Reuters) &#8211; Kenyan telecoms operator Safaricom,, said on Friday it had submitted a proposal to Kenya Power for the installation of a $300 million smart meter system at the utility, confirming documents seen by Reuters.



The telecoms company said it was now waiting for the utility&#8217;s response, adding that it would install and operate the smart meter system for eight years if the deal is approved, before transferring it to Kenya Power.



Kenya Power has said it had received the proposal from Safaricom and was reviewing it in line with internal processes.



The state-controlled utility, the main power distributor in the East African country, suffers from annual power system losses of 23.46% on its transmission network, well above the global benchmark of 15%.



The system proposed by Safaricom will use the Internet of Things, which allows real time monitoring of the grid, to cut the power system losses by eight percentage points in two years, the company said.



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&#8220;Technology has the potential to address many of our customers&#8217; business needs,&#8221; Safaricom said.



Safaricom proposes to split the additional revenue generated from lower system losses, projected at 71.7 billion Kenyan shillings ($651.23 million) over eight years, with 75% going to Safaricom and 25% to Kenya Power.



The telecoms operator will shoulder the cost of installing 330,000 consumer, transformer and feeder smart meters.



Kenya Power, which was once considered a blue chip on the Nairobi bourse, has slid into the red in recent years partly because of the power system losses, sending its shares close to their all time lows. The company also has a heavy debt burden.



The Kenya Private Sector Alliance (KEPSA), an umbrella lobby of private firms, supports a debt restructuring programme for the utility, and a substantial reduction of its system losses to improve its commercial performance, it said in a statement on Friday, citing Kenya Power&#8217;s strategic importance to the economy.



($1 = 110.1000 Kenyan shillings) 



(Reporting by Duncan Miriri; editing by Jason Neely, Alexander Smith and Jane Merriman)

PGPKHRAYHZNV3C4WWLBTRWVMEA

Safaricom confirms $300 mln Kenya Power smart meter proposal

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/800px-Zambia_3.jpg" alt="" class="wp-image-412116" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/800px-Zambia_3.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/800px-Zambia_3-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/800px-Zambia_3-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/800px-Zambia_3-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>Nchanga copper mine near Chingola, Zambi Photo: via Wikimedia Commons</figcaption></figure>



LUSAKA, Sept 14 (Reuters) &#8211; Zambia&#8217;s newly-appointed mines minister said on Tuesday that the government will ensure stability and predictability in the mining sector, seeking to allay fears of royalty hikes.



Paul Kabuswe also said the government must root out corruption in mining, which is the engine of Zambia&#8217;s economy.



&#8220;We may not do everything in the coming budget but I can assure you that sanity will be brought back to the mining sector before 2026,&#8221; Kabuswe said.



Zambian bonds and the kwacha currency rallied after the election of businessman President Hichilema, who named Kabuswe mines minister last week.



<h3 class="wp-block-heading" id="h-read-more-zambia-s-new-finance-minister-to-prioritise-imf-talks">Read more: <a href="https://www.cnbcafrica.com/2021/zambias-new-finance-minister-to-prioritise-imf-talks/">Zambia’s new finance minister to prioritise IMF talks</a></h3>



&#8220;We have to make policies that will not disadvantage the investors. We have to have stability in the economy so that the investor is happy,&#8221; Kabuswe told a press briefing.



Africa&#8217;s second-largest copper producer, which defaulted on its sovereign debt last year, has benefited from an increase in copper prices to record highs.



Kabuswe said Hichilema would oversee Zambia&#8217;s policy on Mopani Copper Mines and Konkola Copper Mines (KCM), two critical operations his new administration must tackle.



Zambia took on $1.5 billion in debt to buy Mopani from Glencore in January, and is yet to find a new investor for it.



The previous administration handed control of KCM to a provisional liquidator in May 2019, triggering an ongoing legal dispute with its former owner Vedanta. 



(Reporting by Chris Mfula in Lusaka; Writing by Helen Reid in Johannesburg; Editing by Alexander Smith)

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Zambia says it will restore ‘sanity’ to rattled mining sector

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="556" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GEMBJIUBG5O5FBB5GNO2BYNCNE-820x556.jpg" alt="" class="wp-image-412029" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GEMBJIUBG5O5FBB5GNO2BYNCNE-820x556.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GEMBJIUBG5O5FBB5GNO2BYNCNE-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GEMBJIUBG5O5FBB5GNO2BYNCNE-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GEMBJIUBG5O5FBB5GNO2BYNCNE-768x521.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GEMBJIUBG5O5FBB5GNO2BYNCNE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>President Hakainde Hichilema casts his ballot in Lusaka, Zambia, August 12, 2021. REUTERS/Jean Ndaisenga/File Photo</figcaption></figure>



LUSAKA, Sept 10 (Reuters) &#8211; Zambian President Hakainde Hichilema said on Friday his new government would implement policies to reduce the fiscal deficit, restore economic growth and review mining policies.



In his first address to a new session of parliament since his election in August, Hichilema said officials would also review agricultural policies, revise electricity prices and reform state power firm Zesco.



Last November Africa&#8217;s second-biggest copper producer became the first country on the continent to default on its sovereign debt during the pandemic, after failing to keep up with payments on its more than $12 billion of international debt.



&#8220;Rebuilding our economy is top on our agenda. We will implement policies to address the fiscal deficit while ensuring that confidence is restored in the markets,&#8221; Hichilema said.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/zambian-opposition-leader-hichilema-wins-2021-presidential-election/">Hichilema faces task of reviving Zambian economy after landslide win</a></h3>



&#8220;We have indeed inherited an economy that is in dire straits and requires bold and decisive action to be taken,&#8221; he said, adding that his government was committed to halting the accumulation of expensive public debt.



Zambia&#8217;s external debt includes about $3 billion in Eurobonds, $3.5 billion in bilateral debt, $2.1 billion owed to multilateral agencies and $2.9 billion in commercial bank debt.



Zambia also owes mining companies more than $1.5 billion in value-added tax (VAT) refunds, an issue that soured relations between the government and the mining sector.



The VAT refunds are the top priority for the industry, said Zambia&#8217;s Chamber of Mines CEO Godwin Beene, who represents mining companies including First Quantum Minerals&#8217; Kansanshi Mining and Barrick Gold&#8217;s Lumwana Mining.



<h2 class="wp-block-heading" id="h-game-changer-for-mining-companies">&#8216;GAME-CHANGER&#8217; FOR MINING COMPANIES</h2>



Hichilema&#8217;s market-friendly stance will attract new investment into Zambia&#8217;s mining sector and help boost the country&#8217;s copper production at a propitious time of near record-high copper prices, Beene said.



&#8220;This election was a game-changer for the industry,&#8221; he told Reuters.



Hichilema&#8217;s predecessor, Edgar Lungu, had pushed for greater state ownership of mines. State mining investment company ZCCM-IH took on $1.5 billion in debt in January to take over Glencore&#8217;s majority stake in the Mopani copper mine.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/zambias-new-finance-minister-to-prioritise-imf-talks/">Zambia’s new finance minister to prioritise IMF talks</a></h3>



The previous government was looking for an investor to fund the mine&#8217;s expansion, which would boost output from 34,000 tonnes of copper a year to 150,000 tonnes.



Zambia as a whole hopes to increase its annual copper output to 2 million tonnes by 2026, new finance minister Situmbeko Musokotwane said last month. The country produced 882,000 tonnes last year.



Hitting that target will require significant investment in Mopani and other mines across Zambia, as well as in exploration. 



(Reporting by Chris Mfula; Additional reporting by Helen Reid; Writing by Alexander Winning and MacDonald Dzirutwe; Editing by Edmund Blair and Gareth Jones)

GEMBJIUBG5O5FBB5GNO2BYNCNE

Zambian president promises to cut deficit, review mining policies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="481" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-820x481.jpg" alt="" class="wp-image-411978" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-820x481.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-300x176.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-768x451.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-1536x901.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1219327286-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>NAIROBI, KENYA &#8211; 2020/06/11: Kenyas National Treasury and Planning Cabinet Secretary, Ukur Yatani with the budget briefcase before leaving to Parliament for budget reading 2020/2021.
The budget worth Kenya Shillings 3.2 Trillion seeks to jump start an economy ravaged by the Covid-19 pandemic. (Photo by Billy Mutai/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



NAIROBI, Sept 9 (Reuters) &#8211; Kenya&#8217;s economic output contracted for the first time in nearly three decades last year, pummeled by the impact of the coronavirus crisis that hit key sectors like tourism, official data showed on Thursday.



Growth slid to -0.3% last year from 5.0% in 2019, the finance minister said at the release of the annual economic survey. The last time East Africa&#8217;s largest economy contracted was in 1992.



&#8220;The (coronavirus) containment measures constrained the economy,&#8221; Ukur Yatani said while launching the survey, whose release was delayed four months due to the pandemic and a rebasing exercise for calculating output.



<h3 class="wp-block-heading" id="h-read-more-kenya-central-bank-says-has-space-to-cut-rates-urges-more-measures">Read more: <a href="https://www.cnbcafrica.com/2021/kenya-central-bank-says-has-space-to-cut-rates-urges-more-measures/">Kenya central bank says has space to cut rates, urges more measures</a></h3>



Annual output as of the end of 2019 went up by 5.3% after the rebasing, the statistics office said, with the year for calculating output being moved to 2016 from 2009.



Economies around the world usually rebase their calculations every 5-10 years to take into account technological changes and other developments. The last rebasing in Kenya was in 2014.



Last year, earnings from tourism slumped 43.9%, Yatani said, while international visitor arrivals dropped by 71.5% on the back of COVID-19 lockdown measures.



Still, Kenya&#8217;s economy fared better than the wider Sub-Saharan Africa region, which recorded a 1.9% contraction in output during the same year.



Yatani attributed that better than average performance to robust expansion in the agriculture sector, which benefited from adequate rainfall that spurred production of food crops and tea.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/kenyas-economy-to-bounce-back-this-year-but-still-vulnerable-world-bank/">Kenya’s economy to bounce back this year but still vulnerable -World Bank</a></h3>



The construction sector also defied the pandemic gloom to grow by 11.8%, the data showed.



Overall growth is expected to rebound to more than 6% this year, Yatani said, as the impact of the crisis starts to ease.



But higher oil prices could curb the growth momentum, Yatani warned, saying that some inflationary pressure is expected to persist well into the second half of this year.



The emergence of new worrying variants of the coronavirus, like the especially contagious Delta, and shortages of vaccines were also casting a shadow on the outlook, the minister said.



&#8220;We are not yet out of the woods,&#8221; said Yatani.



(Reporting by Duncan Miriri Editing by Mark Heinrich)

COVID-19 pushes Kenya’s economy into first contraction in nearly 30 years

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="527" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-657649320-820x527.jpg" alt="" class="wp-image-411963" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-657649320-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-657649320-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-657649320-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-657649320-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-657649320-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-657649320-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Somali President Mohamed Abdullahi Mohamed attends the East Africa&#8217;s regional Intergovernmental Authority on Development (IGAD) Special Summit on Somali refugees on March 25, 2017 in Nairobi. / AFP PHOTO / SIMON MAINA (Photo credit should read SIMON MAINA/AFP via Getty Images)</figcaption></figure>



MOGADISHU, Sept 9 (Reuters) &#8211; Somalia&#8217;s two most powerful leaders were locked in a standoff on Wednesday after they named different men to head the intelligence service of the politically unstable nation in the Horn of Africa.



The row between President Mohamed Abdullahi Mohamed and Prime Minister Mohammed Hussein Roble, nominally over a murder investigation, marks an escalation of months of tension between them in a country riven by militant attacks and clan rivalries.



On Monday, Roble suspended Fahad Yasin, director of the National Intelligence Service Agency, saying he had failed to deliver a report on the case of an agent who disappeared in June.



Roble appointed another man, Bashir Mohamed Jama, as interim head of the agency.



<h3 class="wp-block-heading" id="h-read-more-somalia-reviving-ties-with-kenya-after-nearly-six-months">Read more: <a href="https://www.cnbcafrica.com/2021/somalia-reviving-ties-with-kenya-after-nearly-six-months/">Somalia reviving ties with Kenya after nearly six months</a></h3>



But the president called Roble&#8217;s move unconstitutional and named a third man, Yasin Abdullahi Mohamed, as head on Tuesday.



The president&#8217;s appointee took over at a handover ceremony on Wednesday, the agency said on Twitter. Security around its headquarters was tight, local residents said.



Later on Wednesday Roble appointed former finance minister Abullahi Mohamed Nur as the new internal security minister, his office said in a statement. Nur is currently a lawmaker who has been critical of the president.



Subsequently on Wednesday the president said in a statement that the dismissal of the minister and the appointment of a new one was unconstitutional, making the change &#8220;null and void&#8221;.



On Tuesday, the African Union, the United Nations and foreign donor nations, including Britain and the United States, had urged a de-escalation of the row, asking the two leaders to &#8220;avoid any actions that could lead to violence&#8221;.



Roble and Mohamed had clashed in April, when the president unilaterally extended his four-year term by two years, prompting army factions loyal to each man to seize rival positions in the capital, Mogadishu.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2020/somalia-expects-to-announce-winners-of-first-petroleum-auction-early-2021/">Somalia expects to announce winners of first petroleum auction early 2021</a></h3>



The confrontation was resolved when the president put Roble in charge of security and organising delayed legislative and presidential elections. That process was supposed to be concluded next month but several days ago was pushed back again.



In a statement on Tuesday, the president named Yasin, the man Roble had sacked, as his personal security adviser.



Also on Tuesday, Roble accused Mohamed of &#8220;obstructing effective investigation&#8221; of the case of Ikran Tahlil Farah, the agent who went missing while working in the cyber security department of the intelligence agency.



Her family have said publicly they believe she was murdered, and they hold the agency responsible.



The agency has not responded to the family&#8217;s accusation.



On Wednesday the family filed a case in a military court seeking an arrest warrant for four NISA officials, including the sacked boss Yasin, whom they hold responsible for Farah&#8217;s disappearance, lawmaker Mahad Mohamed Salad told Reuters. 



(Reporting by Abdi Sheikh; Writing by Duncan Miriri; Editing by Mark Porter and Clarence Fernandez)

KENYA-SOMALIA-IGAD-SUMMIT

Somalia on edge as president, PM clash over intelligence chief

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-820x547.jpg" alt="" class="wp-image-411043" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UKRAINE &#8211; 2021/05/21: In this photo illustration the International Monetary Fund (IMF) logo is seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



WASHINGTON, Sept 7 (Reuters) &#8211; The International Monetary Fund&#8217;s executive board on Tuesday approved $567 million in emergency support for Tanzania to help it finance a COVID-19 vaccination campaign and meet the health and social costs of the pandemic, the IMF said in a statement.



The IMF board approved a disbursement of $189 million to Tanzania under its Rapid Credit Facility (RCF), as well as $378 million under the Rapid Financing Instrument (RFI), the global lender said.



The COVID-19 outbreak and associated travel restrictions have led to the collapse of the tourism sector in the East African country, which had denied the existence of the pandemic under the late president, John Magufuli.



<h3 class="wp-block-heading" id="h-read-more-tanzania-turns-to-imf-loan-boosts-government-spending-by-4">Read more: <a href="https://www.cnbcafrica.com/2021/tanzania-turns-to-imf-loan-boosts-government-spending-by-4/">Tanzania turns to IMF loan, boosts government spending by 4%</a></h3>



After his death in March and the takeover by President Samia Suluhu Hassan, Tanzania has started acknowledging the crisis, which caused a major deceleration to 4.8 percent growth in 2020, with growth to remain subdued in 2021.



The IMF said Tanzania needs funds equal to about 1.5 percent of its gross domestic product as authorities implement a comprehensive plan to mitigate the effects of the pandemic, now in a third wave.



The new funding will allow Tanzanian officials to address &#8220;the urgent health, humanitarian, and economic costs&#8221; of the pandemic, the IMF said. It will also help Tanzanian officials mobilize additional support from development partners, it said.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/tanzania-to-request-to-join-covax-vaccine-sharing-facility-who/">Tanzania to request to join COVAX vaccine-sharing facility – WHO</a></h3>



&#8220;Tanzania requires urgent financial assistance,&#8221; said Bo Li, IMF deputy managing director, adding that authorities&#8217; plans for a vaccination campaign and increased health and social spending would help mitigate the impact of the pandemic.



He said it would be critical to ensure that the new funds are spent on fighting the pandemic, and to maintain fiscal and debt sustainability, while preserving financial stability.



It would also be important for authorities to monitor the banking system&#8217;s health in light of increased banking sector vulnerabilities, he said in a statement.



&#8220;Once the crisis abates, the authorities appropriately intend to resume implementing reforms to achieve sustainable and inclusive growth,&#8221; he said. 



(Reporting by Andrea Shalal; editing by Chris Reese and Richard Pullin)

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East Africa

Kenya lifts COVID-19 curfew as infection rates ease, president says

Credit Suisse to pay $475 mln to resolve Mozambican scandal charges

U.S. trade chief: Ethiopia’s duty-free market status to be decided ‘soon’

Kenya spurns global tax deal, saying numbers need ‘interrogation’

Kenya sees narrower fiscal deficit 2022/23, upbeat on GDP growth

Biden, Kenya President Kenyatta to hold White House meeting

MTN Uganda announces share price for biggest Ugandan IPO

Madagascar prays for rain as U.N. warns of ‘climate change famine’

Zambia says it owed more than $6 bln to Chinese creditors in June

U.N. chief takes on Ethiopia over expelled staff: show me proof

Sworn in for new term, Ethiopia leader promises to fend off foreign pressure

Safaricom confirms $300 mln Kenya Power smart meter proposal

Zambia says it will restore ‘sanity’ to rattled mining sector

Zambian president promises to cut deficit, review mining policies

COVID-19 pushes Kenya’s economy into first contraction in nearly 30 years

Somalia on edge as president, PM clash over intelligence chief

IMF approves $567 mln in emergency support for Tanzania

News Tips

Advertise With Us

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