<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="482" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/JV4XLOORJRM7TOUBPUWIVCFSMY-820x482.jpg" alt="" class="wp-image-413708" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/JV4XLOORJRM7TOUBPUWIVCFSMY-820x482.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/JV4XLOORJRM7TOUBPUWIVCFSMY-300x176.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/JV4XLOORJRM7TOUBPUWIVCFSMY-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/JV4XLOORJRM7TOUBPUWIVCFSMY-768x451.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/JV4XLOORJRM7TOUBPUWIVCFSMY.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A part of the Tilwizembe, a former industrial copper-cobalt mine now occupied by artisanal miners, is seen outside of Kolwezi, the capital city of Lualaba Province in the south of the Democratic Republic of the Congo, June 11, 2016. REUTERS/Aaron Ross</figcaption></figure>



DAKAR, Nov 24 (Reuters) &#8211; Democratic Republic of Congo&#8217;s government said on Wednesday it would push to develop domestic battery manufacturing capacity to add value to its exports of minerals such as cobalt and copper.



Congo mines around two-thirds of the world&#8217;s cobalt, an ingredient in lithium-ion batteries, and is Africa&#8217;s leading producer of copper. Demand for the minerals is rising to power electric vehicles and electronic devices.



But Congo, which ranks among the world&#8217;s least developed countries, exports its minerals for only a fraction of the final cost of the batteries, which are mostly manufactured in Asia.



Speaking at a two-day business forum in the capital Kinshasa, Prime Minister Sama Lukonde announced a series of measures aimed at speeding the development of a battery manufacturing industry.



He announced the creation of a Battery Council with the aim of &#8220;piloting the government&#8217;s policy to develop a regional value chain around the electric battery industry.&#8221;



In addition, he said the government was committed to launching a special purpose vehicle that would mobilise private sector funding to support battery manufacturing.



<h3 class="wp-block-heading" id="h-read-more-imf-agrees-1-1-bln-loan-deal-with-congo-republic">Read more: <a href="https://www.cnbcafrica.com/2021/imf-agrees-1-1-bln-loan-deal-with-congo-republic/">IMF agrees $1.1 bln loan deal with Congo Republic</a></h3>



Neither Lukonde nor President Felix Tshisekedi, who also participated in the forum, provided specific details about how long these intiatives would take to set up or how they would be funded.



Weak governance, pervasive corruption and limited infrastructure have long deterred major investments in Congo beyond resource extraction.



President Hakainde Hichilema of neighbouring Zambia, Africa&#8217;s second-largest copper producer, told the forum his country was ready to work with Congo and others in the region to develop Africa&#8217;s industrial capacity.



&#8220;We need to synchronize our continental strategy and value chain,&#8221; he said.



Several development banks, including the African Development Bank, also signed a pledge to help develop Congo&#8217;s battery industry, but the text of the agreement was not immediately available. 



(Reporting by Aaron Ross; editing by David Evans)

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Cobalt-rich Congo tries to push into battery manufacturing

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU.jpg" alt="" class="wp-image-412065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-768x487.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



LONDON, Nov 19 (Reuters) &#8211; OPEC+ compliance with oil production cuts stood at 116% in October, up from 115% the previous month, internal data seen by Reuters showed, indicating the group continues to produce less than its agreed targets.



Compliance for participating OPEC members in the group rose from 115% in September to 121% in October, the highest since May, the data showed.



Compliance for non-OPEC participating producers stood at 106% in October, down from 114% in September. 



This is a developing story&#8230;



(Reporting by Ahmad Ghaddar in London and Olesya Astakhova in Moscow Editing by David Evans and Mark Potter)

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OPEC+ oil output below target again in Oct as members cut more than agreed – sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/7B5XNKVJHZKABJEQ2ELZML3OQ4-820x549.jpg" alt="" class="wp-image-413580" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/7B5XNKVJHZKABJEQ2ELZML3OQ4-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/7B5XNKVJHZKABJEQ2ELZML3OQ4-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/7B5XNKVJHZKABJEQ2ELZML3OQ4-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/7B5XNKVJHZKABJEQ2ELZML3OQ4-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/7B5XNKVJHZKABJEQ2ELZML3OQ4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, Nov 19 (Reuters) &#8211; South Africa&#8217;s rand strengthened early on Friday, recovering some ground lost a day earlier when the currency was caught up in emerging market contagion linked to a big Turkish rate cut.



At 0658 GMT, the rand traded at 15.5800 against the dollar, more than 0.4% stronger than its previous close.



The rand lost more than 1% on Thursday, when investors dumped emerging market assets after Turkey&#8217;s central bank cut rates by another 100 basis points, under pressure from President Tayyip Erdogan.



A 25 basis point rate hike by South Africa&#8217;s central bank, also on Thursday, offered little support. Traders instead focused on the monetary policy committee&#8217;s apparent preference for gradual policy tightening, as opposed to the steeper rate hikes some in the markets had expected.



<h3 class="wp-block-heading" id="h-read-more-south-africa-s-central-bank-raises-repo-rate-by-25-basis-points">Read more: <a href="https://www.cnbcafrica.com/2021/south-africas-central-bank-raises-repo-rate-by-25-basis-points/">South Africa’s central bank raises repo rate by 25 basis points.</a></h3>



&#8220;The decision to move higher this round gives the South African Reserve Bank some breathing room, but much will depend on external conditions and how domestic inflation behaves over the coming months,&#8221; analysts at Oxford Economics Africa said in a research note.



Late on Friday, ratings agencies S&amp;P Global and Moody&#8217;s are scheduled to review South Africa&#8217;s sovereign credit rating.



&#8220;Although the improvement in SA&#8217;s (South Africa&#8217;s) debt metrics could help generate improved reviews, this is already &#8230; largely priced into the market,&#8221; ETM Analytics said.



The yield on the government&#8217;s benchmark 2030 bond was 2.5 basis points higher at 9.48%, reflecting a slightly weaker price. 



(Reporting by Alexander Winning Editing by Mark Potter)

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South African rand recovers after Turkey-linked slump

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="817" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/download-26.jpg" alt="" class="wp-image-413564" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/download-26.jpg 817w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/download-26-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/download-26-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/download-26-768x512.jpg 768w" sizes="auto, (max-width: 817px) 100vw, 817px" /><figcaption>U.S. Secretary of State Antony Blinken, meets with Nigerian Vice President Yemi Osinbajo, and Nigerian Foreign Minister Geoffrey Onyeama, during a meeting at the Aso Rock Presidential Villa in Abuja, Nigeria, November 18, 2021. Andrew Harnik/Pool via REUTERS</figcaption></figure>



ABUJA, Nov 18 (Reuters) &#8211; U.S. Secretary of State Antony Blinken said on Thursday that Washington&#8217;s involvement in infrastructure in Africa was not about China, but intended to improve the standard of infrastructure without countries becoming burdened by debt.



On a visit to Africa&#8217;s most populous country, Blinken was asked about U.S.-China competition over infrastructure investment on the continent, where China has grown its influence in recent years through such investments.



&#8220;When it comes to infrastructure investment, again, this is not about China or anyone else, it is about what we would like to think of as a race to the top when it comes to those investments,&#8221; Blinken said at a joint news conference with Nigerian Foreign Affairs Minister Geoffrey Onyeama.



Blinken said investment from China in Africa was in principle a good thing, but that countries should not be left with &#8220;tremendous debt that they cannot repay&#8221;, adding that workers rights, environmental protections and safeguards against corruption should also be in place.



<h3 class="wp-block-heading" id="h-read-more-security-climate-dominate-as-u-s-secretary-of-state-kicks-off-africa-tour">Read more: <a href="https://www.cnbcafrica.com/2021/climate-and-security-to-dominate-u-s-secretary-of-states-maiden-africa-tour/">Security, climate dominate as U.S. Secretary of State kicks off Africa tour</a></h3>



Developed countries in the G7 would invest in Africa as part of the so-called Build Back Better World programme, he added.



Blinken signed a $2.17 billion development assistance program with Onyeama on Thursday and said Washington would also continue to invest in security in Nigeria.



Onyeama said Nigeria needed investment from China to tackle a severe infrastructure deficit, and said the debt it has taken on was &#8220;sustainable&#8221;.



China is one of the major bilateral lenders to Nigeria and has provided financing for infrastructure development such as roads, rail and gas pipelines. Nigeria&#8217;s public debt office says on its website that Chinese debt stood at $3.121 billion or 3.94% of the country&#8217;s total public debt stock as of March 2020.



&#8220;We saw a great opportunity with the Chinese,&#8221; Onyeama said. &#8220;They are used to a lot of these huge capital projects and infrastructure projects.&#8221; 



(Reporting by Felix Onuah in Abuja, Macdonald Dzirutwe in Harare, and Simon Lewis and Daphne Psaledakis in Washington; Editing by Franklin Paul Editing by Alex Richardson)

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U.S. wants ‘race to the top’ on Africa infrastructure amid China competition, says Blinken

<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106977055-1637184524134-gettyimages-466577752-84347905.jpeg?v=1637184751&amp;w=929&amp;h=523" alt="An oil pump at sunset in China"/><figcaption>An oil pump at sunset in Daqing, Heilongjiang province, China, on July 13, 2006. Lucas Schifres | Getty Images</figcaption></figure>



The Biden administration has asked some of the world’s largest oil-consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, according to several people familiar with the matter.



Global oil prices touched seven-year highs in late October as oil demand has rebounded nearly to pre-pandemic levels, faster than the pace of supply. The Organization of the Petroleum Exporting Countries and allied producers, led by Saudi Arabia and Russia, have been adding 400,000 barrels per day to the market on a monthly basis. They resisted calls this month from U.S. President Joe Biden for steeper boosts.



In recent weeks, Biden and top aides have raised the issue with close allies including Japan, South Korea and India, as well as with China, the sources said.



Several people familiar with the matter cautioned that such negotiations have not been finalized nor has any final decision been made about whether to pursue this or any other course of action on oil prices.



The White House declined to comment on the detailed content of specific conversations with other countries. “No decisions have been made,” said a spokesperson for the White House’s National Security Council.



The spokesperson added that the White House has said for weeks that it is “talking with other energy consumers to ensure global energy supply and prices do not imperil the global economic recovery. There is nothing to report beyond ongoing conversations and we consider a range of tools for if and when action is needed.”



OPEC and allies have been wary of boosting output dramatically, concerned the rebound in demand could be fragile and additional supply could overwhelm markets.



“The surplus is already beginning in December,” OPEC Secretary General Mohammad Barkindo said on Tuesday, when asked if he was sure there would be an excess in oil supply next year.



“These are signals that we have to be very, very careful,” he told reporters.



Rising oil prices have been an increasingly concerning political problem for Biden, a Democrat who took office in January. U.S. gasoline prices are $3.41 per gallon now, according to AAA, more than 60% higher than a year ago as the economy has rebounded from the Covid-19 pandemic.

U.S. asks Japan, China, others to consider tapping oil reserves, sources say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU.jpg" alt="" class="wp-image-412065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-768x487.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



ABU DHABI, Nov 16 (Reuters) &#8211; OPEC is seeing signs of an oil supply surplus building from next month so its members and allies will have to be &#8220;very, very cautious&#8221; when they review output policy at regular monthly meetings, the group&#8217;s secretary general said on Tuesday.



The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is gradually unwinding record production cuts made in 2020 by raising output 400,000 barrels per day per month. OPEC+ holds its next policy meeting on Dec. 2.



&#8220;The surplus is already beginning in December,&#8221; OPEC Secretary General Mohammad Barkindo said on the sidelines of an energy conference, when asked if he was sure there would be an excess in oil supply next year.



&#8220;These are signals that we have to be very, very careful,&#8221; he told reporters.



Barkindo declined to say if he thought OPEC+ would stick to existing policy when it meets on Dec. 2.



Brent crude was 52 cents, or 0.6%, higher at $82.57 a barrel, by 1135 GMT, and U.S. West Texas Intermediate (WTI) crude climbed 40 cents, or 0.5%, to $81.28.



On Monday, the energy minister for OPEC&#8217;s United Arab Emirates indicated that OPEC+ would probably stay the course, despite an expected first-quarter surplus.



<h3 class="wp-block-heading" id="h-read-more-opec-chief-in-upbeat-oil-outlook-sees-oil-stocks-falling-further">Read more: <a href="https://www.cnbcafrica.com/2021/opec-chief-in-upbeat-oil-outlook-sees-oil-stocks-falling-further/">OPEC chief, in upbeat oil outlook, sees oil stocks falling further</a></h3>



While world oil demand is recovering from the pandemic-induced collapse in 2020, OPEC forecasts that demand growth next year is expected to slow and supply from rival producers such as U.S. shale companies is expected to rise.



OPEC follows the level of oil inventories in members of the Organisation for Economic Co-operation and Development (OECD) closely as an indicator of oil market health and is wary of any renewed build up that might depress prices.



As of September, oil stocks in OECD member states stood at 2.8 billion barrels, 374 million barrels lower than the same time a year ago, according to OPEC data, reflecting the impact of the OPEC+ supply cuts.



&#8220;The projections, not only from OPEC but from the IEA (International Energy Agency) and other sources, show that throughout the quarters of next year there will be oversupply in the market using the metric of the OECD stocks,&#8221; Barkindo said.



&#8220;This is also further evidence why we should be very cautious and measured in the decisions we take every month.&#8221;



OPEC has a vested interest in ensuring the global economic recovery continues, Barkindo said.



&#8220;We think we are on a trajectory of recovery, and for us in OPEC we will continue to do whatever is necessary that this recovery is not faltered.&#8221; 



(Reporting by Alex Lawler; Writing by Nadine Awadalla; Editing by Kirsten Donovan and David Clarke)

OPEC chief urges output caution as signs of oil surplus grow

<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/WEACO3LK2RIADLS55UIYEWKZGI-820x547.jpg" alt="" class="wp-image-413053" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/WEACO3LK2RIADLS55UIYEWKZGI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/WEACO3LK2RIADLS55UIYEWKZGI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/WEACO3LK2RIADLS55UIYEWKZGI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/WEACO3LK2RIADLS55UIYEWKZGI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/WEACO3LK2RIADLS55UIYEWKZGI.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A man carries Nigerian naira banknotes at a livestock market in Abuja, Nigeria July 29, 2020. REUTERS/Afolabi Sotunde</figcaption></figure>



JOHANNESBURG, Oct 27 (Reuters) &#8211; Growth in sub-Saharan Africa&#8217;s big economies will be mixed into 2022, after a year of recovery from COVID-19 lockdowns, as life slowly returns to normal amid low vaccination rates, a Reuters poll found on Wednesday.



But the pace of recovery is largely positive, according to the poll, conducted from Oct. 19-26.



Growth in Nigeria &#8211; Africa&#8217;s biggest economy &#8211; was expected at 2.7% next year from 2.5% this year after a negative shock of almost 2% last year.



Kenya &#8211; east Africa&#8217;s biggest economy &#8211; will grow 5.3% next year from 5.1% this year, the poll found. The International Monetary Fund reckons it probably shrank 0.3% last year.



Ghana was expected to grow 5.1% next year from an estimated 4.2%. Like South Africa, Zambia was expected to slow, to 2.5% next year from an estimate of 3.2% in 2021.



Weighing on economic recoveries, Africa still needs to inoculate much of its 1.3 billion people, who have had far less access to vaccines than more prosperous regions.



Only about 8.4% of Africa&#8217;s population has received at least one dose, compared to the global average of 48.7%, according to the World Health Organization.



South Africa was estimated to have expanded 5% this year, but that will slow to 2.2% growth in 2022. It experienced one of the biggest contractions on the continent last year, which the IMF estimated at 6.4%.



The IMF expects sub-Saharan Africa to grow 3.7% in 2021 and 3.8% in 2022.



(Reporting and polling by Vuyani Ndaba; Editing by Nick Macfie)

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Sub-Saharan Africa to see mixed economic recovery into 2022

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU.jpg" alt="" class="wp-image-412065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-768x487.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



LONDON, Oct 18 (Reuters) &#8211; OPEC+ compliance with oil cuts fell slightly to 115% in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face challenges in pumping more oil.



The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the alliance is known, raised its output targets by 400,000 barrels per day (bpd) in September.



It has also agreed to raise them by a further 400,000 bpd in October and in November.



Underinvestment and maintenance problems have stymied efforts by Angola and Nigeria to raise output, an issue that is expected to continue impacting the West African producers in the near future.



<h3 class="wp-block-heading" id="h-read-more-opec-sees-delta-variant-weighing-on-oil-demand-before-2022-growth">Read more: <a href="https://www.cnbcafrica.com/2021/opec-sees-delta-variant-weighing-on-oil-demand-before-2022-growth/">OPEC sees Delta variant weighing on oil demand before 2022 growth</a></h3>



Last week, Saudi Arabia, the defacto leader of OPEC, defended the policy of gradual production increases from OPEC+ despite calls from major consumers like the United States to add more barrels as oil prices rise.



Asked about calls OPEC+ to increase production further, Saudi energy minister Prince Abdulaziz bin Salman: &#8220;I keep telling people we are increasing production.&#8221;



Brent crude prices were trading near $86 a barrel on Monday, a three-year high, buoyed by strong demand.



The International Energy Agency in its monthly report last week said OPEC+ spare capacity could fall to below 4 million bpd in the fourth quarter of 2022 from 9 million bpd in the first quarter of 2021.



Spare capacity will be concentrated in Middle East producers Saudi Arabia, the United Arab Emirates, Iraq and Kuwait, the IEA said.



OPEC+ meets next on Nov. 4 to set policy for December.



(Reporting by Ahmad Ghaddar and Alex Lawler in London and Olesya Astakhova in Moscow, Editing by Louise Heavens and David Evans)

OPEC+ misses target again, as some members struggle to raise oil output

<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/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Oct 18 (Reuters) &#8211; Emerging market stocks and currencies fell on Monday as data showing slower-than-expected Chinese economic growth dented sentiment, while investors also fretted over rising inflation pushing up interest rates in the developed world.



MSCI&#8217;s index of emerging market (EM) currencies fell 0.1%, as U.S. Treasury yields and the dollar rose, making risk-driven assets appear less attractive.



Recent gains in oil prices on hopes of recovering demand, fed further into inflation concerns.



In Europe, the Middle East, and Africa (EMEA), South Africa&#8217;s rand and Russia&#8217;s rouble shed 0.6% and 0.5%, respectively, while Turkey&#8217;s lira hit a record low for a seventh consecutive session, at 9.2932 to the dollar.



MSCI&#8217;s EM stock index fell 0.3%, with Hong Kong and Chinese stocks weighing the most after data showed the mainland economy hit its slowest pace of growth in a year during the third quarter.



China is a major trade destination for emerging markets, which is why an energy crunch in the country, coupled with a burgeoning debt crisis in its real estate sector, has hurt sentiment in recent weeks.



Most stock indexes in EMEA also fell, with Russian stocks 0.8% off recent record highs.



&#8220;There are two key downside risks to China&#8217;s economic growth&#8230; One is a more pronounced deceleration in real estate investment, and the other is disruptions from electricity shortage,&#8221; analysts at Credit Suisse wrote in a note.



&#8220;The effects of both are almost surely reflected in Q3 numbers,&#8221; they said, adding that the impact from the two shocks on annual GDP would be &#8220;modest&#8221;.



China&#8217;s real estate stocks sank 2.6%, as market expectations for a reserve requirement ratio cut were diminished, and as fears of a new property tax grew.



But property-linked bonds appeared to be faring better after a major rout last week.



In Turkey, the lira saw no respite from a more than one-week sell-down after data showed rising inflation and President Tayyip Erdogan dismissed three central bank policymakers on differences over policy views.



Investors now fear a possible interest rate cut this week, despite surging inflation.



In central Europe, the Czech crown fell 0.2% to the euro after data showed Czech industrial producer prices jumped at their highest pace since 1993 in September.



The Czech central bank, along with most of its regional peers, is expected to continue raising interest rates in the near future, to counter a spike in inflation.



For GRAPHIC on emerging market FX performance in 2021, see <a href="http://tmsnrt.rs/2egbfVh">http://tmsnrt.rs/2egbfVh</a> 



For GRAPHIC on MSCI emerging index performance in 2021, see <a href="https://tmsnrt.rs/2OusNdX">https://tmsnrt.rs/2OusNdX</a>



(Reporting by Ambar Warrick; Editing by Subhranshu Sahu)

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

Stocks, FX rattled by weak Chinese data, inflation jitters

<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/copper-1711056_1920-820x547.jpg" alt="" class="wp-image-403458" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Pixabay</figcaption></figure>



LONDON, Oct 13 (Reuters) &#8211; Major mining companies are looking to invest in countries they previously considered too risky, including Democratic Republic of Congo and Zambia, propelled by a dwindling pipeline of big copper mines elsewhere and record-high prices.



Investor wariness about uncertain regulatory environments, challenging working conditions and corruption have meant some listed companies favoured countries such as Australia or Canada, despite the higher costs of operating there.



But perceived improvements &#8211; and the impetus for more copper, a metal essential to the burgeoning electric vehicle industry &#8211; are starting to convince some miners that the possible reward could outweigh the risk.



&#8220;I am confident we have the capabilities to pursue opportunities in what some would see as tougher jurisdictions, but the size of the opportunity needs to be commensurate with the increase in management effort that is going to be required,&#8221; BHP CEO Mike Henry said last week.



BHP , the world&#8217;s biggest miner, hasn&#8217;t been active in Africa since it span off South32 in 2015.



In Congo, <a href="https://www.reuters.com/article/ozabs-us-ivanhoe-mines-congo-idAFKCN2D71DF-OZABS">the start up without hitches of big projects like Ivanhoe&#8217;s Kamoa-Kakula mine</a> provides reassurance for companies considering a project in the country, investors say.



&#8220;Mining companies take a longer-term view than regimes last. What is perceived as risky today might not be so in 10 years,&#8221; George Cheveley, portfolio manager at Ninety One in London, said.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2020/ivanhoe-mines-and-chinas-cnmc-announce-africa-partnership/">Ivanhoe Mines and China’s CNMC announce Africa partnership</a></h3>



&#8220;When BHP developed Escondida, Chile was considered riskier than it is now and look at the value of that project many years down the line. One of the advantages of diversified miners is their ability to manage risk rather than avoid risk,&#8221; Cheveley added. Escondida is the world&#8217;s largest copper mine.



In Zambia, the August election of President Hakainde Hichilema has been a &#8220;gamechanger&#8221;, said Nick Schirnding, chairman of exploration firm Arc Minerals, bringing a promise of more business-friendly policies after his predecessor was seen as antagonistic towards the mining industry.



&#8220;Going to places like Zambia has just become so much higher on anybody&#8217;s agenda,&#8221; said Schirnding, whose company owns five copper exploration licences in the country.



Arc Minerals hired investment bank Rothschild in March and Schirnding said the company has received expressions of interest from several majors, without giving further details.



Investors have become more tolerant in general, and the African copperbelt&#8217;s high-grade copper is a reward for the higher risk, said Ian Woodley, a fund manager at Old Mutual.



&#8220;You can get 3% to 4% copper in the DRC and Zambia; you can&#8217;t get that anywhere else,&#8221; he said.



<h2 class="wp-block-heading" id="h-horribly-wrong-risk">&#8216;HORRIBLY WRONG&#8217; RISK</h2>



Congo has the world&#8217;s biggest reserves of cobalt and is Africa&#8217;s largest copper producer, but it is ranked among the worst countries in the world for &#8220;corruption perceptions,&#8221; according to a Transparency International index.



A banking source who asked not to be named said Western majors who previously would not have considered the country were looking at it because of the shortage of new discoveries in relatively safe jurisdictions in North America and Australia.



With copper prices reaching their highest yet above $10,000 a tonne in May and Goldman Sachs forecasting they could hit $10,500 by the end of 2021 as the world thirsts for metals needed to power the energy transition, miners are looking far and wide.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/glencore-says-to-re-start-congos-mutanda-mine-towards-end-of-2021/">Glencore says to re-start Congo’s Mutanda mine towards end of 2021</a></h3>



But the dangers have not gone away.



&#8220;If you go in there transparently, you&#8217;re upfront and you follow all the rules, I think people will give you the benefit of the doubt &#8211; but you have to be careful,&#8221; said Old Mutual&#8217;s Woodley.



&#8220;We&#8217;ve seen miners going into different locations; sometimes they get it right and sometimes they get it horribly wrong.&#8221; 



(Reporting by Clara Denina in London, Melanie Burton in Melbourne, and Helen Reid in Johannesburg; editing by Barbara Lewis)

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Big miners reconsider Congo, Zambia risks as copper price surges

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="360" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1.jpg" alt="" class="wp-image-400524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1-300x169.jpg 300w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption>World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept seamless and loopable 3D rendering animation.</figcaption></figure>



WASHINGTON, Oct 11 (Reuters) &#8211; The debt burden of the world&#8217;s low-income countries rose 12% to a record $860 billion in 2020 as countries responded to the COVID-19 crisis with massive fiscal, monetary, and financial stimulus packages, the World Bank said in a report released Monday.



World Bank President David Malpass said the report showed a dramatic increase in the debt vulnerabilities facing low- and middle-income countries and called for urgent steps to help countries reach more sustainable debt levels.



&#8220;We need a comprehensive approach to the debt problem, including debt reduction, swifter restructuring and improved transparency,&#8221; Malpass said in a statement accompanying the new International Debt Statistics 2022 report.



&#8220;Sustainable debt levels are vital for economic recovery and poverty reduction,&#8221; he said.



The report said the external debt stocks of low- and middle-income countries combined rose 5.3% in 2020 to $8.7 trillion, affecting countries in all regions.



<h3 class="wp-block-heading" id="h-read-more-state-creditors-imf-say-chad-should-seek-similar-terms-from-private-lenders">Read more: <a href="https://www.cnbcafrica.com/2021/state-creditors-imf-say-chad-should-seek-similar-terms-from-private-lenders/">State creditors, IMF say Chad should seek similar terms from private lenders</a></h3>



It said the rise in external debt outpaced gross national income (GNI) and export growth, with the external debt-to-GNI ratio, excluding China, rising five percentage points to 42% in 2020, while their debt-to-export ratio surged to 154% in 2020 from 126% in 2019.



Malpass said debt restructuring efforts were urgently needed given the expiration at the end of this year of the Group of 20 major economies&#8217; Debt Service Suspension Initiative (DSSI), which has offered temporary deferral of debt payments.



The G20 and Paris Club of official creditors launched a Common Framework for Debt Treatments last year to restructure unsustainable debt situations and protracted financing gaps in DSSI-eligible countries, but only three countries &#8211; Ethiopia, Chad and Zambia &#8211; have applied thus far.



The report showed that net inflows from multilateral creditors to low- and middle-income countries rose to $117 billion in 2020, the highest level in a decade.



Net lending to low-income countries rose 25% to $71 billion, also the highest level in a decade, with the IMF and other multilateral creditors providing $42 billion and bilateral creditors $10 billion, it said.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/zambia-imf-make-progress-towards-bail-out-loan-programme/">Zambia, IMF make progress towards bail-out loan programme</a></h3>



Carmen Reinhart, the World Bank&#8217;s chief economist, said the challenges facing highly indebted countries could get worse as interest rates rose.



&#8220;Policymakers need to prepare for the possibility of debt distress when financial market conditions turn less benign, particularly in emerging market and developing economies,&#8221; she said.



The World Bank said it expanded the 2022 report to boost transparency about global debt levels by providing more detailed and disaggregated data on external debt.



The data now include a breakdown of a borrowing country’s external debt stock to show the amount owed to each official and private creditor, the currency composition of this debt, and the terms on which loans were extended.



For DSSI-eligible countries the data also show the debt service deferred in 2020 by each bilateral creditor and the projected month-by-month debt-service payments owed to them through 2021. 



(Reporting by Andrea Shalal; editing by Diane Craft)

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Poor countries’ debt rose 12% to record $860 bln in 2020- World Bank

<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/J55GWMDKU5P57NGOGOCAFPQ7HA-820x547.jpg" alt="" class="wp-image-412658" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/J55GWMDKU5P57NGOGOCAFPQ7HA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/J55GWMDKU5P57NGOGOCAFPQ7HA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/J55GWMDKU5P57NGOGOCAFPQ7HA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/J55GWMDKU5P57NGOGOCAFPQ7HA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/J55GWMDKU5P57NGOGOCAFPQ7HA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>People fetch water outside a copper and cobalt mine run by Sicomines in Kolwezi, Democratic Republic of Congo, May 30, 2015. REUTERS/Aaron Ross/File Photo/File Photo</figcaption></figure>



DAKAR, Oct 8 (Reuters) &#8211; Democratic Republic of Congo should renegotiate its $6 billion infrastructure-for-minerals deal with Chinese investors, according to the draft of a report commissioned by a global anti-corruption body of governments, companies and activists.



The draft, seen by Reuters, describes the deal that was first signed in 2008 as &#8220;unconscionable&#8221; and urges Congo&#8217;s government to cancel an amendment signed secretly in 2017 that sped up payments to Chinese mining investors and slowed reimbursements of investment in infrastructure.



The final report is expected to be released this month by the Extractive Industries Transparency Initiative (EITI), which tracks revenue flows in the oil and mining sectors and counts more than 50 countries, including Congo, as members.



The report has no legal force but, if the draft&#8217;s main conclusions remain, it could bolster Congo&#8217;s push to secure more favourable terms from mining contracts with Chinese investors.



President Felix Tshisekedi&#8217;s government is reviewing the 2008 contract and the reserve levels at China Molybdenum&#8217;s Tenke Fungurume mine after saying Congo was not getting a fair deal.



Prime Minister Sama Lukonde Kyenge told a mining conference on Thursday: &#8220;There has to be some adjustment.&#8221;



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/imf-agrees-three-year-1-5-billion-extended-credit-facility-with-democratic-republic-of-congo/">IMF agrees three-year $1.5 billion extended credit facility with Democratic Republic of Congo</a></h3>



The moves represent rare pushback by Congo, the world&#8217;s leading producer of the battery metal cobalt and Africa&#8217;s top copper miner, against the Chinese investors who control most of its mining industry.



Under the 2008 deal struck with the government of former President Joseph Kabila, Chinese state-owned firms Sinohydro Corp and China Railway Group Limited agreed to build roads and hospitals financed by profits from Congo&#8217;s Sicomines cobalt and copper joint venture.



Critics say few of those projects have been realised.



Congo&#8217;s government spokesman said he had not read the draft and could not comment. EITI&#8217;s office in Congo referred Reuters to the terms of reference of the mission and declined to comment further. A Sicomines representative did not respond to requests for comment.



China Railway had no immediate comment. Sinohydro did not respond to a request for comment.



Fred Zhang, a senior Sicomines official, defended the deal in comments to Reuters last week, saying it had driven development for Congo&#8217;s people and Sicomines would disburse more funds as production rose.



<h2 class="wp-block-heading" id="h-denunciation">&#8216;DENUNCIATION&#8217;</h2>



The draft, written by two Congolese consultants, recommends &#8220;the denunciation by the Congolese state of the unconscionable character of the joint-venture convention of April 22, 2008 and the return to the negotiations table by Sicomines shareholders&#8221;.



It says the Chinese companies&#8217; 68% stake in Sicomines is too high since the Congolese contributed all the mining assets and 32% of the initial capital.



It condemns the previously undisclosed 2017 amendment.



Under the 2008 contract, all of Sicomines&#8217; profits would initially go to reimbursing investments in Congo&#8217;s most urgent infrastructure projects. It was on that basis that parliament agreed to exempt Sicomines from all taxes, the draft says.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/copper-boosted-by-planned-labour-strikes-at-chile-mines/">Copper boosted by planned labour strikes at Chile mines</a></h3>



Under the 2017 amendment, seen by Reuters, only 65% of Sicomines&#8217; profits must initially go toward reimbursing the investments while 35% goes to shareholders.



The change could further slow the pace of the infrastructure projects, the draft says. To date, less than $1 billion of the expected $3 billion has been invested, about $1 billion less than projected at this stage, it says.



&#8220;This amendment constitutes a violation of the security of the interests of the Republic,&#8221; the draft says.



The draft report calls for re-evaluating Sicomines&#8217; reserves, saying a 2010 feasibility study 2010 was flawed, and cancelling another contract with the same Chinese investors to build a hydroelectric dam.



(Reporting by Aaron Ross in Dakar and Helen Reid in Johannesburg; Additional reporting by Sophie Yu in Beijing; Editing by Edmund Blair)

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Congo’s $6 bln China mining deal ‘unconscionable’, says draft report

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/E3YRBMZGJ5NN3OFSOTKXXRZSYA.jpg" alt="" class="wp-image-412584" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/E3YRBMZGJ5NN3OFSOTKXXRZSYA.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/E3YRBMZGJ5NN3OFSOTKXXRZSYA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/E3YRBMZGJ5NN3OFSOTKXXRZSYA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/E3YRBMZGJ5NN3OFSOTKXXRZSYA-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>A sign is seen at the entrance to the Google retail store in the Chelsea neighborhood of New York City, U.S., June 17, 2021. REUTERS/Shannon Stapleton</figcaption></figure>



LAGOS, Oct 6 (Reuters) &#8211; Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent&#8217;s digital transformation, it said on Wednesday.



The unit of U.S. tech company Alphabet Inc made the announcement at a virtual event where it launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies.



In collaboration with not-for-profit organisation Kiva, Google will also provide $10 million in low interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria and South Africa get through the economic hardship created by COVID-19.



<h3 class="wp-block-heading" id="h-read-more-twitter-opens-first-african-office-in-ghana">Read more: <a href="https://www.cnbcafrica.com/2021/twitter-opens-first-african-office-in-ghana/">Twitter opens first African office in Ghana</a></h3>



&#8220;Today I&#8217;m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa&#8217;s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,&#8221; said Sundar Pichai, CEO of Google and Alphabet.



Google said a programme pioneered last year in Kenya in partnership with Safaricom that allows customers to pay for 4G-enabled phones in instalments would be expanded across the continent with mobile operators such as MTN, Orange and Vodacom.



The company has been building an undersea cable to link Africa and Europe, which it says will bring faster internet and lower connectivity costs. 



(Reporting by MacDonald Dzirutwe; editing by Jason Neely)

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Google to invest $1 billion in Africa over five years

<figure class="wp-block-image"><img decoding="async" src="https://live.staticflickr.com/7289/15950562313_cdefc2f6ba_b.jpg" alt="40th Anniversary of the Tigrayan People's Liberation Front… | Flickr"/><figcaption> Image via: Flickr 40th Anniversary of the Tigrayan People&#8217;s Liberation Front</figcaption></figure>



The United Nations Security Council will privately discuss on Friday a decision by Ethiopia to expel seven senior U.N. officials, diplomats said, as malnutrition rates rise and famine looms in the country&#8217;s war-torn northern region of Tigray.



The United States, Britain, Ireland, Estonia, France and Norway, plan to raise the issue during a closed-door meeting of the 15-member body, but diplomats say any strong action is unlikely as Russia and China have long made clear they believe the conflict is an internal affair for Ethiopia.



The expulsions of the U.N. staff were announced by Ethiopia on Thursday, two days after U.N. aid chief Martin Griffiths warned that a &#8220;de-facto&#8221; aid blockade had likely forced hundreds of thousands of people in Tigray into famine.



Ethiopia&#8217;s Ministry of Foreign Affairs did not respond to requests for comment on the expulsion of U.N. staff. Ethiopia has previously denied blocking food aid.



&#8220;As a major new military offensive looms, this seems like Ethiopia&#8217;s attempt to test if the international community is prepared to respond with more than words to an unfolding famine,&#8221; a senior Western official, speaking on condition of anonymity, told Reuters.



War broke out 10 months ago between Ethiopia&#8217;s federal troops and forces loyal to the Tigray People&#8217;s Liberation Front (TPLF), which controls Tigray. Thousands have died and more than two million people have been forced to flee their homes.



The conflict&#8217;s spillover to neighbouring Amhara and Afar regions is fueling a rise displacement and people in need. In June, a U.N. assessment found that 400,000 people in Tigray were in famine-like conditions.



U.N. Secretary-General Antonio Guterres was shocked by Ethiopia&#8217;s move to expel U.N. officials and said on Thursday that the world body was engaging the government &#8220;in the expectation that the concerned U.N. staff will be allowed to continue their important work.&#8221;



The United States condemned the expulsions and warned that it would not hesitate to use sanctions against those who obstruct humanitarian efforts.



The United Nations stressed on Friday that it was critical that the aid operation continue in Tigray, where 5.2 million people need help.



Only about 11% of the trucks needed to bring life-saving food have entered Tigray since mid-July, U.N. humanitarian aid spokesman Jens Laerke said on Friday. He also said that 79% of pregnant and lactating women screened in Tigray last week were diagnosed with acute malnutrition.



&#8220;Until now there is no indication that it (Ethiopia&#8217;s decision) stops the operation,&#8221; he told reporters in Geneva.



U.N. human rights spokesman Rupert Colville said of the decision to expel U.N. staff: &#8220;The scale, seven people across three agencies, is extremely rare, if not unprecedented.&#8221;

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U.N. Security Council to discuss Ethiopia expulsion of U.N. staff

<figure class="wp-block-image"><img decoding="async" src="https://bp.com/content/dam/bp/country-sites/en_za/south-africa/home/home/covid19_slider.jpg" alt="Home"/><figcaption><a rel="noreferrer noopener" target="_blank" href="https://www.bp.com/en_za/south-africa/home.html"> BP </a> Image via :&nbsp;Copyright/RalphBronzin</figcaption></figure>



&nbsp;BP&nbsp;and&nbsp;Eni&nbsp;are&nbsp;seeking to&nbsp;raise&nbsp;up&nbsp;to $2 billion for their emerging&nbsp;oil&nbsp;and&nbsp;gas&nbsp;joint&nbsp;venture&nbsp;in&nbsp;Angola&nbsp;as both firms attempt to reduce their own debt to help build&nbsp;up&nbsp;renewables businesses, banking and industry&nbsp;sources&nbsp;said.



BP&nbsp;and&nbsp;Eni&nbsp;announced in May that they had entered into talks to merge their&nbsp;oil,&nbsp;gas&nbsp;and liquefied natural&nbsp;gas&nbsp;(LNG) operations in&nbsp;Angola&nbsp;to form one of Africa&#8217;s largest energy companies.



Spinning off&nbsp;oil&nbsp;and&nbsp;gas&nbsp;assets is seen as a way for them to squeeze more out of such assets as they try to reduce their greenhouse&nbsp;gas&nbsp;emissions and shift towards renewable energy.



It is also seen as a way to remove debt from the parent company to the independent&nbsp;joint&nbsp;venture, making it easier for the parent companies to&nbsp;raise&nbsp;money for low-carbon businesses.



BP&nbsp;and&nbsp;Eni&nbsp;have in recent weeks contacted a number of leading western banks to request proposals to&nbsp;raise&nbsp;$1.5-$2 billion for the&nbsp;joint&nbsp;venture, four&nbsp;sources&nbsp;said.



&#8220;They are trying to deconsolidate the&nbsp;Angolan assets and want to&nbsp;raise&nbsp;cash for the&nbsp;joint&nbsp;venture&#8217;s&nbsp;upstream operations,&#8221; one of the&nbsp;sources&nbsp;said.



BP&nbsp;and&nbsp;Eni&nbsp;declined to comment.



However, many western banks are unlikely to lend the money due to growing investor and government pressure for them to reduce investments in fossil fuels, particularly in countries where environmental standards are not tightly monitored, the&nbsp;sources&nbsp;said.



On Friday, a senior U.S. climate envoy said that Western fossil fuel companies investing in Africa face a significant risk of regulatory action that&#8217;s getting more explicit as the world moves to try to tackle dangerous climate change.

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BP, Eni seek to raise $2 bln for Angola joint venture

<figure class="wp-block-image"><img decoding="async" src="https://live.staticflickr.com/65535/50952193293_13f8a326b9_b.jpg" alt="President Cyril Ramaphosa joins healthcare workers to rece… | Flickr"/><figcaption>President Cyril Ramaphosa: Image via Flickr </figcaption></figure>



South African President Cyril Ramaphosa has eased restrictions aimed at combating the coronavirus pandemic to the country&#8217;s lowest alert level, the second such loosening this month as the country looks to open up its economy ahead of the summer holiday season.



In a televised address, Ramaphosa announced the country would move down one level in a five-tier system of restrictions, where five is the highest, to an &#8216;adjusted level 1&#8217; as South Africa emerges from its third wave dominated by the Delta variant of the virus.



&#8220;The current trends in the progression of the pandemic mean that a number of the restrictions in place can be eased,&#8221; Ramaphosa said.



In addition to relaxing a curfew, now in place from midnight to 4 a.m., Ramaphosa announced that the maximum number of people permitted to gather outdoors will increase to 2,000 from 500, while the maximum number of people allowed at funerals could double to 100.



However, with local government elections set for Nov. 1, Ramaphosa urged people to get vaccinated to help prevent a resurgence of infections, as vaccine hesitancy crimped an inoculation programme that has struggled to get out of the starting blocks.



&#8220;Campaign activities pose the greatest risk to a surge in new infections,&#8221; he said, adding that should South Africa reach its target of vaccinating 70% of its adult population by December, an estimated 20,000 lives could be saved.



Thus far around 8.6 million people, or more than one-fifth of all adults, have been fully vaccinated, he said.



On Sunday, the National Institute for Communicable Diseases said the country had exited its third and worst COVID-19 wave, with the national 7-day moving average of daily case numbers and percentage of people testing positive for the coronavirus showing sustained decreases.



South Africa has reported just under 88,000 COVID-19 deaths and a total of 2.9 million laboratory-confirmed cases, the worst in Africa on both counts, since detecting its first infection in March last year, the latest data showed.&nbsp;

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South African president Ramaphosa eases COVID-19 restrictions to lowest level

<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.directorstalkinterviews.com/wp-content/uploads/2020/11/Investment-management.jpg" alt="Jarvis Securities Q&amp;A: Expecting volumes to double (LON:JIM) - DirectorsTalk Interviews" width="642" height="428"/><figcaption>Image Credit: QuoteInspector.com</figcaption></figure>



Emerging market stocks stemmed losses on Thursday, helped by a rally in Mainland China and emerging Europe, but remained on course for their first quarterly loss since the coronavirus pandemic flared in March 2020.



Beijing&#8217;s efforts to quell fears of a power shortage, and a string of downbeat economic data from China, weaker-than-expected September factory activity being the latest, spurred bets of monetary policy easing, lifting heavy-weight mainland China stocks .



But Hong Kong stocks fell as technology giants lagged and real estate firms followed Evergrande lower after it missed a deadline for a coupon repayment.



MSCI&#8217;s index of EM shares was flat. While worries about an economic slowdown in China spooked some other Asian shares, those elsewhere took heart from a higher open for Western European bourses.



Russian stocks were on their way back to record highs, up 0.8%, while those in Turkey, Hungary and Poland rallied between 0.3% and 0.4%



&#8220;A sense of calm has certainly returned to financial markets following the heavy sell-off across equities witnessed earlier in the week,&#8221; said Lukman Otunuga, a senior research analyst at FXTM.



But the broader EM index was set for a quarterly drop of about 9%, breaking a five-quarter winning streak. Beijing&#8217;s crackdown on businesses, worries about a likely default at Evergrande, slowing growth and rising inflation weighed on risk appetite this quarter.



This would be the index&#8217;s worst third quarter since the September quarter of 2015.



With the greenback holding steady near one-year highs against major peers, most emerging currencies attempted gains.



Turkey&#8217;s beleaguered lira was 0.5% firmer, pulling away from a record closing low of 8.9490 marked on Wednesday as worries persist over President Tayyip Erdogan&#8217;s influence on monetary policy.



South Africa&#8217;s rand climbed 0.5% in its best day in about three weeks, while Russia&#8217;s rouble firmed 0.4%.



Ahead of a central bank meeting on Thursday, Mexico&#8217;s peso snapped a four-day losing streak to rise 0.2%. The benchmark interest rate is expected to be hiked by 25 basis points to 4.75%.



Tunisian bonds continued their climb and the currency jumped 1%, attempting to recoup losses suffered in the previous session.



President Kais Saied named Najla Bouden Romdhane, a little-known professor of geophysics, as Tunisia&#8217;s first woman prime minister on Wednesday. After being elected in 2019, Saied had been under pressure to form a government.



Poland&#8217;s zloty rose 0.2% against the euro. Poland&#8217;s Constitutional Tribunal will make its third attempt on Thursday to rule on whether the country&#8217;s constitution or European law takes precedence in solving disputes.



For GRAPHIC on emerging market FX performance in 2021, see <a href="http://tmsnrt.rs/2egbfVh" target="_blank" rel="noreferrer noopener">http://tmsnrt.rs/2egbfVh</a>

Economy

Cobalt-rich Congo tries to push into battery manufacturing

OPEC+ oil output below target again in Oct as members cut more than agreed – sources

South African rand recovers after Turkey-linked slump

U.S. wants ‘race to the top’ on Africa infrastructure amid China competition, says Blinken

U.S. asks Japan, China, others to consider tapping oil reserves, sources say

OPEC chief urges output caution as signs of oil surplus grow

Sub-Saharan Africa to see mixed economic recovery into 2022

OPEC+ misses target again, as some members struggle to raise oil output

Stocks, FX rattled by weak Chinese data, inflation jitters

Big miners reconsider Congo, Zambia risks as copper price surges

Poor countries’ debt rose 12% to record $860 bln in 2020- World Bank

Congo’s $6 bln China mining deal ‘unconscionable’, says draft report

Google to invest $1 billion in Africa over five years

U.N. Security Council to discuss Ethiopia expulsion of U.N. staff

BP, Eni seek to raise $2 bln for Angola joint venture

South African president Ramaphosa eases COVID-19 restrictions to lowest level

Stocks set for worst quarter since pandemic-hit March 2020

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Economy

Cobalt-rich Congo tries to push into battery manufacturing

OPEC+ oil output below target again in Oct as members cut more than agreed – sources

South African rand recovers after Turkey-linked slump

U.S. wants ‘race to the top’ on Africa infrastructure amid China competition, says Blinken

U.S. asks Japan, China, others to consider tapping oil reserves, sources say

OPEC chief urges output caution as signs of oil surplus grow

Sub-Saharan Africa to see mixed economic recovery into 2022

OPEC+ misses target again, as some members struggle to raise oil output

Stocks, FX rattled by weak Chinese data, inflation jitters

Big miners reconsider Congo, Zambia risks as copper price surges

Poor countries’ debt rose 12% to record $860 bln in 2020- World Bank

Congo’s $6 bln China mining deal ‘unconscionable’, says draft report

Google to invest $1 billion in Africa over five years

U.N. Security Council to discuss Ethiopia expulsion of U.N. staff

BP, Eni seek to raise $2 bln for Angola joint venture

South African president Ramaphosa eases COVID-19 restrictions to lowest level

Stocks set for worst quarter since pandemic-hit March 2020

News Tips

Advertise With Us

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