<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="458" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/X6NY63TYXVKRFCEWGIZJ6ESKB4.avif" alt="" class="wp-image-536752"/><figcaption class="wp-element-caption">A man compares different grains of rice at a wholesale market in Navi Mumbai, India August 4, 2023. REUTERS/Francis Mascarenhas/File Photo</figcaption></figure>



MUMBAI/HANOI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Global rice prices fell on Monday after India, the world&#8217;s No.1 exporter of the grain, gave the go-ahead for exports to resume, boosting global supply and helping poor Asian and African buyers secure more affordable supplies, exporters said.



India on Saturday allowed exports of non-basmati&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">white rice</a>. That came a day after New Delhi cut export duty on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">parboiled rice</a>&nbsp;to 10%, buoyed by a new crop in the offing and higher inventories in state warehouses.



&#8220;Suppliers from Thailand, Vietnam, and Pakistan are responding to India&#8217;s move by lowering their export prices,&#8221; said Himanshu Agarwal, executive director at Satyam Balajee, a leading rice exporter. &#8220;Everyone&#8217;s trying to stay competitive to hold their spot in the market.&#8221;



Global rice prices soared to their highest level in over 15 years following India&#8217;s decision last year to ban the export of white rice and impose a 20% duty on parboiled rice exports.



Last year&#8217;s export curbs imposed by India allowed competing suppliers like Vietnam, Thailand, Pakistan, and Myanmar to increase their market share and command higher prices in the global market.



On Monday, India&#8217;s 5% broken parboiled variety&nbsp;RI-INBKN5-P1&nbsp;was quoted at $500-$510 per metric ton, down from the last week&#8217;s $530-$536. Indian 5% broken white rice was offered around $490.



Exporters in Vietnam, Pakistan, Thailand and Myanmar also lowered prices by at least $10 per ton on Monday, dealers said.



The Philippines, Nigeria, Iraq, Senegal, Indonesia, and Malaysia are among the key importers of Asian rice.



Buyers and sellers are evaluating the potential impact of increased Indian rice supplies and accordingly prices would settle this week, said Nitin Gupta, senior vice president of Olam Agri India.



India accounted for more than 40% of the world&#8217;s rice exports in 2022, a record 22.2 million metric tons out of a total 55.4 million metric tons of global trade.



Thai rice prices were quoted at $540-$550 on Monday, down from last week&#8217;s $550 to $560 per ton.



Thailand&#8217;s rice export prices could decrease due to increased supplies in the market, but the extent of the decline would depend on several factors, including the appreciating Thai currency, said Chukiat Opaswong, honorary president of the Thai Rice Exporters Association.



Rice prices have started to correct, even in Vietnam, but traders caution that the full impact of Indian supplies has yet to be seen.



&#8220;(Vietnamese) exporters should stay calm and avoid reducing prices to secure contracts,&#8221; said Truong Tan Tai, chief executive of Vinarice Co., a rice exporter.



(Reporting by Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi, Mayank Bhardwaj in New Delhi and Panarat Thepgumpanat in Bangkok; editing by David Evans)

X6NY63TYXVKRFCEWGIZJ6ESKB4

Global rice prices drop after India allows white rice exports

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg" alt="" class="wp-image-536707" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar, Nottinghamshire, Britain September 26, 2024. REUTERS/Molly Darlington/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Abu Dhabi-based International Resources Holding (IRH) has signed an agreement with South Africa&#8217;s Public Investment Corporation (PIC) to invest in rail infrastructure and green energy projects, the two entities said on Monday.



IRH is a subsidiary of International Holding Company&nbsp;IHC.AD, the United Arab Emirates&#8217; (UAE) richest company, while the state-owned PIC is Africa&#8217;s largest asset manager. The PIC&#8217;s 2.89 trillion rand ($169 billion) assets under management include mining, agriculture, manufacturing, real estate and financial services investments.



IRH and PIC would cooperate on South Africa&#8217;s planned replacement of its coal-dominated power generation with cleaner sources of energy, they said in a joint statement, without giving details.



They would also seek to expand South Africa&#8217;s logistical capacity by addressing persistent freight rail and port bottlenecks which have throttled commodity exports.



South Africa&#8217;s state-owned logistics firm Transnet, which operates the country&#8217;s freight rail and ports, has&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3K711G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">struggled</a>&nbsp;to provide adequate services due to equipment shortages and maintenance backlogs after years of under-investment.



The agreement would also &#8220;bring underperforming and undeveloped mining assets&#8221; in South Africa to full production capacity, they said. They did not name the assets.



Earlier this year, IRH completed the acquisition of a 51% stake in Zambia&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DH25C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Mopani Copper Mines</a>. The IRH has also been pursuing&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IV091&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">other copper assets</a>&nbsp;in Zambia as the UAE and seeks to secure critical metal supplies from Africa amid a global shift to cleaner energy.



The IRH also has operations or prospects in Angola, Burundi, Democratic Republic of Congo, South Africa, Tanzania, Zambia, and Zimbabwe, according to its website.



($1 = 17.0983 rand)



(Reporting by Nelson Banya; Editing by Emelia Sithole-Matarise)

FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar

UAE’s IRH eyes mining, energy and logistics projects in South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg" alt="" class="wp-image-536675" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Quareebullahi Ajenifuja, 12, and Joy Adeniji, 12, take notes together during class at Ilorin Grammar school, in Ilorin, Kwara state, Nigeria, March 26, 2021. REUTERS/Temilade Adelaj</figcaption></figure>



LAGOS, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.



The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed.



The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery.



&#8220;The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,&#8221; the bank said.



Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc.



The World Bank said part of the money would be used to improve dam safety to protect people from floods.



Nigeria faces frequent flooding and this year up to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KT0SF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a million people were affected</a>&nbsp;after a dam in northeastern Borno state burst.



More floods are expected in Nigeria after authorities in&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KO1PZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Cameroon started releasing water from a large dam</a>&nbsp;to prevent it from overflowing.



(Reporting by MacDonald Dzirutwe, editing by Ed Osmond)

FILE PHOTO: Two children take notes during class in Kwara state, Nigeria. March 2021.

World Bank approves $1.57 billion loan for Nigeria

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg" alt="" class="wp-image-536645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.



ECONOMIC EVENTS



August money supply and credit data&nbsp;ZAM3=ECI,&nbsp;ZACRED=ECI



August budget balance&nbsp;ZABUDM=ECI



August trade balance&nbsp;ZATBAL=ECI



Treasury-bill auction



Offshore trading in bonds and equities



SOUTH AFRICAN MARKETS



South Africa&#8217;s rand extended gains against the dollar on Friday, hitting a fresh 20-month high amid improved risk appetite and positive sentiment at home.&nbsp;.JZAR/



GLOBAL MARKETS



Share markets turned hesitant in Asia on Monday as strife in the Middle East offset more policy measures in China, while the Nikkei dived on concerns Japan&#8217;s new prime minister favoured normalising interest rates.&nbsp;MKTS/GLOB



WALL STREET



The blue-chip Dow Jones Industrial Average closed at a record high as a subdued inflation report stoked hopes for more Federal Reserve rate cuts, which enabled Wall Street&#8217;s three main indexes to post weekly gains.&nbsp;.N



GOLD



Gold prices eased on Monday but hovered near the record peak hit last week, setting bullion on track for its best quarter in over eight years following a jumbo U.S. rate cut decision and expectations of another outsized reduction in November.&nbsp;GOL/



EMERGING MARKETS



For the top emerging markets news, double click on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ARR:347&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



BUSINESS DAY



&#8211; Grindrod deal points to SA firms favouring port of Maputo



&#8211; SA miners slash almost 7,000 jobs in second quarter



FIN 24



&#8211; Fabergé owner Gemfields expects to double its debt as it bets on growth



&#8211; Treasury&#8217;s new plan to attract companies to transmission: A credit guarantee vehicle



(Compiled by Alexander Winning)

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

South African Markets – Factors to watch on Sept 30

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg" alt="" class="wp-image-491240" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, Sept 27 (Reuters) &#8211; Ghana&#8217;s central bank on Friday slashed its main interest rate by 200 basis points to 27%, its first rate cut since January, as inflation continues to ease while economic recovery remains robust according to the governor.



Bank of Ghana Governor Ernest Addison told a news conference that economic trends suggest the disinflation process is on course, and price rises will continue to ease towards the short-term range target of 13% to 17% for the year.



&#8220;Such a strong signalling of the monetary policy rate by reducing it by 200 basis points tells you that the central bank is quite satisfied with the progress of recovery of this economy,&#8221; Addison said, adding that all economic indicators including growth, inflation and reserves are improving.



Bank of Ghana&#8217;s decision comes as central banks in major advanced economies have begun the much-anticipated policy easing cycle amid declining inflation rates, Addison added.



Economists polled by Reuters had forecast in July that Ghana&#8217;s interest rate would fall by 200 basis points by the end of the year.



&#8220;This easing of policy is understandable, given that the recent falls in inflation had caused real interest rates to rise, something that this cut will partially reverse,&#8221; said Leslie Dwinght-Mensah, economist and research fellow at Accra-based Institute for Fiscal Studies



He added that the strong rate of economic activity, which official data recently revealed, also gave the central bank the comfort to take this step.



&#8220;The Bank of Ghana also expressed confidence in fiscal policy being on track. This is unlikely therefore to pose a hurdle to November easing, should inflation continue to be well-behaved,&#8221; said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered.



Ghana&#8217;s consumer inflation slowed to 20.4% year-on-year in August from 20.9% in July, but it remains well above the central bank&#8217;s medium-term target of 8% with a margin of error of 2 percentage points either side.



Growth recovered significantly to 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors as the gold, cocoa, and oil-producing nation continues to emerge from its worst economic crisis in a generation.



The governor announced that Ghana was set to launch a gold coin sale to attract more liquidity and offer more instruments to financial markets and investors who see gold as a safe haven.



The coin, which will be available for purchase through commercial banks, will be launched in two weeks, he added.



Ghana invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments after reaching a preliminary debt restructuring agreement with two bondholder groups.



Bondholders have until Sept. 30 to accept the offer.



(Reporting by Maxwell Akalaare Adombila; Writing by Anait Miridzhanian; Editing by Bate Felix and Andrew Cawthorne)

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Ghana central bank slashes key rate as inflation outlook improves

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-820x575.jpg" alt="" class="wp-image-535605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man shows off Zimbabwean currency notes outside a grocery store in Harare, Zimbabwe, March 17, 2022. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s central bank allowed the local gold-backed currency to fall over 40% against the dollar on Friday and hiked its policy rate, giving in to weeks of sustained pressure on the currency which was only launched in April.



The central bank&#8217;s website gave the mid rate for the ZiG currency as 24.3902 to the dollar on Friday versus 13.9987 on Thursday, a 42.6% fall, according to Reuters calculations.



The ZiG, which stands for Zimbabwe Gold, is the southern African country&#8217;s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under then longtime leader Robert Mugabe.



But authorities have struggled to convince a sceptical population to stop transacting in foreign currencies.



The Reserve Bank of Zimbabwe said in a statement that its Monetary Policy Committee (MPC) met on Friday and decided to allow greater exchange rate flexibility.



MPC members increased the bank&#8217;s policy rate from 20% to 35% with immediate effect.



&#8220;The MPC is convinced that the above measures will go a long way in addressing the emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term,&#8221; the central bank said.



Bloomberg News earlier reported that Zimbabwe was said to have devalued the ZiG by 44% against the dollar, citing four treasury dealers.



Independent Zimbabwean economist Hapi Zengeni said it was important to note that the central bank had not said whether it was allowing the currency to float freely or would still control the exchange rate after the devaluation.



This &#8220;highlights the complexities in Zimbabwe &#8230; where the official exchange rate does not reflect the realities of the parallel market, leading to more challenging economic implications for trade, investment and more importantly consumer behaviour&#8221;, Zengeni said.



(Additional reporting by Shubham Kalia in Bengaluru; Writing by Bhargav Acharya; Editing by Alexander Winning and Toby Chopra, Kirsten Donovan)

FILE PHOTO: Zimbabwe’s poor feel the impact of far away Ukraine war

Zimbabwe allows currency to slump over 40%, hikes policy rate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



KAMPALA, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said it is rolling out measures to ensure the recipients of lending to Uganda are not discriminated against by a tough anti-gay law.



A World Bank spokesperson said the measures, which include an independent monitoring mechanism to ensure compliance, would apply to ongoing and new projects.



Uganda, a mostly conservative country, enacted the Anti-Homosexuality Act (AHA) in May last year, drawing widespread condemnation from the West and sanctions from the United States.



Under the law, same-sex intercourse is punishable by life in prison while those who commit so-called aggravated homosexuality receive the death penalty.



The bank suspended all new lending to Uganda last year after finding that the law contradicts its values.



The World Bank is one of Uganda&#8217;s biggest funders, especially of critical infrastructure such as roads and energy. The funding suspension was seen as a significant blow to its finances.



&#8220;We will not propose any new public financing for Uganda to our board until we are satisfied that&#8230; mitigation measures are in place,&#8221; the bank said.



LGBT activists had asked the bank to keep the ban on funding as long as the law remains in force, they said in a statement this week.



&#8220;The World Bank&#8217;s mitigation measures are a facade, designed to provide the illusion of protection,&#8221; said Richard Lusimbo, a top official at Convening for Equality (CFE), a Ugandan LGBT activist group.



(Reporting by Elias Biryabarema; Editing by Sonia Rao, Hereward Holland and Ros Russell)

106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank says it aims to protect projects in Uganda from anti-LGBT law

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-820x461.jpeg" alt="" class="wp-image-535493" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



BEIJING — China aims to stop the property slump, top leaders said Thursday in a readout of a high-level meeting published by state media.



Authorities “must work to halt the real estate market decline and spur a stable recovery,” the readout said in Chinese, translated by CNBC. It also called for “responding to concerns of the masses.”



Chinese President Xi Jinping led Thursday’s meeting of the Politburo, the second-highest circle of power in the ruling Chinese Communist Party, state media said.



The readout said leaders called for strengthening fiscal and monetary policy support, and touched on a swath of issues from employment to the aging population. It did not specify the timeframe or scale of any measures.



“I take the messages from this meeting as a positive step,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in an email to CNBC. “It takes time to formulate a comprehensive fiscal package to address the economic challenges, [and] the meeting took one step in that direction.”



Stocks in mainland China and Hong Kong extended gains after the news to close sharply higher on Thursday. An index of Chinese property stocks in Hong Kong surged by nearly 12%.



Real estate once accounted for more than a quarter of China’s economy. The sector has slumped since Beijing’s crackdown in 2020 on developers’ high levels of debt. But the decline has also cut into local government revenue and household wealth.



China’s broader economic growth has slowed, raising concerns about whether it can reach the full-year GDP target of around 5% without additional stimulus. Just days after the U.S. cut interest rates, the People’s Bank of China on Tuesday announced a slew of planned interest rate cuts and real estate support. Stocks rose, but analysts cautioned the economy still needed fiscal support.



Official data shows real estate’s decline has moderated slightly in recent months. The value of new homes sold fell by 23.6% for the year through August, slightly better than the 24.3% drop year-to-date as of July.



Average home prices fell by 6.8% in August from the prior month on a seasonally adjusted basis, according to Goldman Sachs. That was a modest improvement from a 7.6% decline in July.



“Bottom-out stabilization in the housing market will be a prerequisite for households to take action and break the ‘wait-and-see’ cycle,” Yue Su, principal economist China, at the Economist Intelligence Unit, said in a note. “This suggests that the policy priority is not to boost housing prices to create a wealth effect, but to encourage households to make purchases. This real estate policy is aiming at reducing its drag on the economy.”



Thursday’s meeting called for limiting growth in housing supply, increasing loans for whitelisted projects and reducing the interest on existing mortgages. The People’s Bank of China on Tuesday said forthcoming cuts should lower the mortgage payment burden by 150 billion yuan ($21.37 billion) a year.



While Thursday’s meeting did not provide many details, it is significant for a country where policy directives are increasingly determined at the very top.



The high-level meeting reflects the setting of an “overall policy,” as there previously wasn’t a single meeting to sum up the measures, Bank of China’s chief researcher Zong Liang said in Mandarin, translated by CNBC.



He noted how the meeting follows the market’s positive response to the policy announcements earlier in the week. Zong expects Beijing to increase support, noting a shift from focus on stability to taking action.



<h2 class="wp-block-heading" id="h-tempering-growth-expectations"><a></a>Tempering growth expectations</h2>



The meeting readout said China would “work hard to complete” the country’s full-year economic targets.



That’s less aggressive than the Politburo meeting in July, when the readout said China would work to achieve those goals “at all costs,” according to Bruce Pang, chief economist and head of research for Greater China at JLL.



That shows policymakers are looking for middle ground between short-term growth and longer-term efforts to address structural issues, he said.



Goldman Sachs and other firms have trimmed their growth forecasts in the last few weeks.



The change in tone about the economic targets signals “the government may tolerate growth below 5%,” the EIU’s Su said. “We estimate real economic growth to be around 4.7% in 2024, before slowing down to 4.5% (a moderate upward revision to our previous forecast).”



“The Politburo meetings on economic deployment usually take place in April, July, and October,” she said.



“The fact that this meeting was held earlier, along with the emphasis on stabilizing growth, reflects policymakers’ concerns about the current economic growth trend.”



Initial analyst reactions to Thursday’s meeting readout were varied.



HSBC said “the tide has turned; be prepared for more proactive initiatives.” Capital Economics, on the other hand, said Beijing’s hint at stimulus did not make it clear whether it would include large-scale fiscal support.



S&amp;P Global Ratings analysts said in a report earlier this year that fiscal stimulus is losing its effectiveness in China and is more of a strategy to buy time for longer-term goals.



Senior officials in the summer told reporters that the economy needed to endure necessary “pain” as it transitioned to one of higher-quality growth with a bigger high-tech industry.



— CNBC’s Sonia Heng contributed to this report.

107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa

China’s Xi and top leaders call for halting real estate decline, responding to public concerns

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-820x547.jpg" alt="" class="wp-image-535260" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A loader is seen at the Klipfontein Colliery near Balmoral, in the Mpumalanga province, South Africa September 11, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s donor-funded climate programme has spent just over a sixth of its allotted $11.6 billion, with a focus on expanding the power grid and preventing its coal-mining region slipping into decline as it shifts to renewables, two sources said.



A donor and a South African official involved in the plan, neither of whom were willing to be named because they were not authorised to speak publicly, said about $1.9 billion had been spent, half of it on policy-based loans to the government.



Of the rest, about $488 million had gone towards electricity, a breakdown seen by Reuters showed. The remaining quarter was for projects to revive the coal belt province, Mpumalanga, a planned green hydrogen hub and skills training, among other things.



Britain, France, Germany, the European Union and United States initially pledged $8.5 billion at COP26 climate talks in 2021. That figure &#8211; all but a fraction of it in the form of concessional loans &#8211; grew last year, as Denmark, Canada, Spain, the Netherlands and Switzerland joined the initiative.



Owing to its complexity, the number of donors involved and South Africa&#8217;s internal politics, the climate programme has been moving more slowly than planned, and South Africa has told donors it will not meet its 2030 emissions-reduction targets.



Environment Minister Dion George was quoted in the national press this month as saying that German officials had told him South Africa was moving away from fossil fuels too slowly.



A spokesperson for the German embassy declined to comment.



<h2 class="wp-block-heading" id="h-easy-win">EASY WIN?</h2>



Africa&#8217;s most industrialised nation, where 80% of the power is generated from coal, is seen as an easy win for donor-assisted green energy programmes, with its well-developed infrastructure and abundant sun and wind.



But politicians are nervous about winding down a 160-year-old coal business that directly employs 90,000 people and supports whole communities, even while it poisons their air and water.



&#8220;It&#8217;s about &#8230;the mine workers, the coal truckers&#8230;the entire ecosystem (around coal) whose material interests are threatened,&#8221; said Joanne Yawitch, head of the Just Energy Transition at President Cyril Ramaphosa&#8217;s climate commission.



Yawitch said the focus was on new skills and economic opportunities for coal-belt residents, especially its most vulnerable: informal workers, youths and women.



&#8220;With South Africa&#8217;s levels of poverty and unemployment&#8230;if we don&#8217;t take care of the needs of that community&#8230;(the) transition&#8230;will just be resisted all the way.&#8221;



Burning coal has rendered South Africa one of the world&#8217;s most carbon intensive economies, central bank data shows. South Africa is in the top 15 greenhouse gas emitters, ahead of France and Britain.



The policy loans have funded reforms such as a law enacted last month to bring private companies and competition into a power sector long dominated by state monopoly Eskom, the donor source said.



Grants are only $676 million of the total, and Ramaphosa has complained that they make up too small a portion.



(Reporting by Tim Cocks; Editing by Kirsten Donovan)

FILE PHOTO: A loader is seen at the Klipfontein Colliery

Focus on coal miners, power grid as South Africa spends just sixth of climate aid

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-820x461.jpg" alt="" class="wp-image-535129" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681.jpg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">AFP | Getty Images</figcaption></figure>



China’s government announced it will offer a one-time cash allowance to those in extreme poverty, a day after its central bank rolled out a slate of stimulus measures aimed at shoring up the economy.



The handout will be provided to “extremely poor people, orphans and other needy people on the occasion of the 75th anniversary of the founding of New China,” China’s Ministry of Civil Affairs reported on Wednesday. That’s according to a Google translation. The subsidies will be doled out before China’s National Day on Oct. 1 to “promptly convey the Party and government’s care and concern for the needy.” The report did not specify the size of the allowance or any further details.



“Xi Jinping and the CPC are laser focused on giving a hand to low- and middle-income Chinese through his common prosperity drive … Xi is focused on building equity in poorer regions,” founder of China Market Research Group Shaun Rein told CNBC when asked about the living subsidies.&nbsp;&nbsp;



The concept of common prosperity, initially introduced by Mao Zedong in the 1950s, was reintroduced by the Chinese government in 2021 to promote moderate wealth for everyone.



As of last November, 40.4 million people in China were covered by subsistence allowances. The average allowance was about 779 yuan ($110.80) per person a month for those staying in urban areas, while rural subsistence was 615 yuan per person.



On Tuesday, China’s vice minister of human resources and social security claimed the country has established the world’s largest social security network. He said the number of people enrolled in basic old-age insurance, unemployment insurance and work-related injury insurance has reached 1.07 billion, 245 million, and 301 million, respectively.



While Chinese President Xi Jinping is a proponent of common prosperity, deploying one-time handouts within such a short time frame is still uncommon.&nbsp;



Even during the Covid pandemic, China did not give out cash subsidies to households and enterprises unlike other governments such as the U.S. and Europe, key member of the Chinese central bank Huang Yiping noted in an August article. 



China’s economy has been pummeled by a raft of weak economic data, as more Chinese opt to save rather than spend leading to lackluster consumption and retail sales figures.

101943216-98064368[1]

China offers one-time cash allowance for those in extreme poverty

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-820x547.jpg" alt="" class="wp-image-534859" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo sits on display outside an Investec Plc bank offices in Pretoria, South Africa, on Wednesday, Sept. 23, 2020. South Africas biggest lenders were faced with the pressing need to raise provisions to protect against souring loans, while demand for credit slumped as the coronavirus lockdown took a toll on business customers. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Sept 25 (Reuters) &#8211; South African lender Investec has opened an office in the Dubai International Financial Centre (DIFC), it said on Wednesday, in a bid to access deep pools of wealth from wealthy families and individuals in the region.



The DIFC has been luring global banks, asset and wealth managers as well as hedge funds, and it is now seeing rising interest from South African entities as investors look for safe havens, a neutral political stance and favourable policies.



Investec will offer its clients advisory and arranging services in private banking, wealth and investment management, and corporate and investment banking, Cumesh Moodliar, CEO of Investec Bank Limited said in a statement.



&#8220;We see a sustained emergence of high-net-worth individuals in Dubai and the Gulf as the region offers connectivity, quality services and growth opportunities for domestic and international companies,&#8221; Moodliar said.



By setting itself up in DIFC, Investec can use Dubai as a gateway to more than $3 trillion of private wealth, Salmaan Jaffery, Chief Business Development Officer of DIFC Authority said.



The Investec Group operates in two anchor geographies, South Africa and the United Kingdom, as well as the United States, Ireland, the Channel Islands, Mauritius, India and Continental Europe.



Investec did not say how many staff it would have in its new DIFC office.



(Reporting by Nqobile Dludla; Editing by Hugh Lawson)

South African Banks as Nation Endures Longest Recession

South African lender Investec opens office in Dubai’s DIFC

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg" alt="" class="wp-image-534754" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand extended its recent rally on Wednesday, strengthening to a fresh 20-month high against the dollar.



At 0810 GMT, the rand traded at 17.22 against the U.S. currency, 0.3% stronger than its previous close and its strongest level since early February 2023.



Analysts have partly attributed the rand&#8217;s current strength to positive sentiment in the wake of interest rate cuts by the South African Reserve Bank (SARB) and U.S. Federal Reserve.



&#8220;We are likely to continue to trade in a R17.20/R17.40 range for now,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On Thursday South Africa-focused investors will shift their focus to August producer inflation figures, which will shed further light on the extent to which price pressures are easing.



Slowing consumer inflation helped convince the SARB to cut rates last week.



Earlier on Wednesday central bank data showed a composite leading business cycle indicator rose 0.7% month on month in July. The indicator reflects vehicle sales, business confidence, money supply and other factors in Africa&#8217;s most industrialised economy.



The Johannesburg Stock Exchange&#8217;s Top-40 index was up 1.5% after touching a new high earlier in the session.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker, with the yield up 1.5 basis points to 8.86%.



(Reporting by Bhargav Acharya, additional reporting by Ankika Biswas in Bengaluru; Editing by Alexander Winning and Toby Chopra)

FILE PHOTO: A street money changer counts South African Rands in Harare

South African rand firms to fresh 20-month high

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-820x546.jpg" alt="" class="wp-image-534772" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Riot police members operate during a demonstration against Kenya&#8217;s proposed finance bill 2024/2025 in Nairobi, Kenya, June 25, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;Kenyan police out of uniform and with no official identification fired live rounds at demonstrators at the country&#8217;s parliament complex in Nairobi on June 25, Amnesty International said on Wednesday.



That day saw &#8220;the use of officers without identity badges, uniforms or vehicles marked as police cars actively shooting at protesters and arresting others&#8221;, Irũngũ Houghton, Amnesty&#8217;s Kenya director, told Reuters as the rights group published a press release detailing its reconstruction of the events.



The national police did not respond to Reuters&#8217; requests for comment on the Amnesty statement.



More than 50 people were killed in months-long protests over a controversial finance bill, creating President William Ruto&#8217;s biggest crisis since taking office in 2022. Ruto abandoned the legislation in June and sacked almost his entire cabinet.



The rallies began peacefully, later turning violent. On June 25, the bill was scheduled for a third reading, and some demonstrators briefly stormed parliament. The police opened fire.



The rights group said its reconstruction of the day&#8217;s events was conducted with five partners and based on interviews with 23 witnesses and analysis of dozens of videos and photographs.



As unarmed demonstrators entered parliament, men in civilian clothes were &#8220;seen on camera firing rifles and handguns towards the crowd and in the air&#8221;, Amnesty said.



&#8220;Researchers counted at least 45 shots fired within 56 seconds.&#8221;



Three witnesses saw at least six bodies of protesters who they believed were shot dead at the parliament complex, the rights group said.



&#8220;I saw my friend going down,&#8221; said one person interviewed for the report, whose name was withheld. &#8220;He was shot.&#8221;



Amnesty&#8217;s report said images showed groups of men in civilian clothes carrying weapons and working alongside the police.



Amnesty also said Kenyan police that day unlawfully fired tear gas and beat and arbitrarily detained peaceful demonstrators, while some protesters threw back tear gas canisters at officers, hurled stones, broke windows and took flags.



(Writing by Paul Carsten; editing by Ammu Kannampilly and Alex Richardson)

FILE PHOTO: Demonstration against Kenya’s proposed finance bill 2024/2025 in Nairobi

Kenyan police in plainclothes fired on Nairobi protesters, Amnesty 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/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-820x547.jpg" alt="" class="wp-image-534695" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A turbine of the WindFloat Atlantic Project, a floating offshore wind-power generating platform, is seen 20 kilometres off the coast in Viana do Castelo, Portugal, September 23, 2021. REUTERS/Violeta Santos Moura/File Photo</figcaption></figure>



NEW YORK, (Reuters) &#8211; World leaders on Tuesday called for far more investment in renewable energy to tackle climate change, with developing nations saying they need financial support to make the transition.



Speaking at a Global Renewables Summit, Kenyan President William Ruto made the case for investing in renewables in Africa as part of the global pledge made at last year&#8217;s COP28 summit to triple clean energy capacity by 2030.



&#8220;Africa receives less than 50% of global investment in renewable energy despite being home to 60% of the world&#8217;s best solar opportunities,&#8221; Ruto told the summit, which is being held on the sidelines of the U.N. General Assembly



The continent is rich in resources needed for development, he said, but can&#8217;t always access those resources due to the current mix of &#8220;unreliable or expensive energy.&#8221;



Barbados Prime Minister Mia Mottley said that fossil fuel subsidies outnumber renewable energy subsidies, which makes it more expensive for small states to develop clean energy projects.



&#8220;Small states face the reality that the cost of renewable energy &#8230; will probably be higher than traditionally fossil fuels,&#8221; she said.



Recent reports, including one by the International Energy Agency, suggest that tripling the world&#8217;s renewable capacity is feasible within this decade. But the effort will require robust regulation including strong rules for issuing project permits as well as investments in building out transmission and battery storage.



Azerbaijan, which is hosting this year&#8217;s COP29 climate summit in November, said it was planning to rally governments to make a new global pledge to increase electricity storage sixfold.



Earlier in the day, a coalition of some of the world&#8217;s biggest companies, finance houses and cities called Mission 2025 urged governments to adopt policies that they said could unleash up to $1 trillion in clean energy investments by 2030. The policies include setting new capacity targets and offering tax credits or long-term electricity contracts that would encourage investment.



<h2 class="wp-block-heading" id="h-we-did-it">&#8220;WE DID IT&#8221;</h2>



Giving his final major speech on climate change at a forum attended by clean energy business leaders, U.S. President Joe Biden celebrated his $369 billion signature climate law.



&#8220;We were told it couldn&#8217;t get done and we did it,&#8221; he said of passing the Inflation Reduction Act in 2022, adding that the legislation has since encouraged innovation and created hundreds of thousands of jobs.



&#8220;Private companies have announced investments of over $1 trillion in clean manufacturing,&#8221; he told the event. &#8220;We are just getting started.&#8221;



Some companies and investors are looking at artificial intelligence technologies with excitement for the solutions they might bring but there is also concern about the energy-intensive data centers that are needed to power them.



AI is &#8220;a problem, and it&#8217;s part of the solution,&#8221; Andres Gluski, the chief executive officer of U.S. power firm AES Corporation told Reuters in an interview.



&#8220;With AI, we could come up with new materials that are better for batteries, that are better than copper,&#8221; he said.



&#8220;If we have labor shortages, AI will help us. If we have to do demand management, AI will help us.&#8221;



(Reporting by Valerie Volcovici and Simon Jessop in New York; Additional reporting by Laila Kearney. Editing by Katy Daigle, David Evans, Aurora Ellis and Edwina Gibbs)

FILE PHOTO: A turbine of the WindFloat Atlantic Project, a floating offshore wind-power generating platform, is seen 20 kilometers off the coast in Viana do Castelo

World leaders call for investment in clean energy, developing nations seek help

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="538" data-id="534082" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JOTI3ZVACRID7LGCY2HKAAOB2U.avif" alt="" class="wp-image-534082"/><figcaption class="wp-element-caption">View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo <a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing Rights</a></figcaption></figure>
</figure>



Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Canadian miner First Quantum Minerals&nbsp;FM.TO&nbsp;said on Monday it has temporarily suspended operations in the area of a fatal accident at its Kansanshi copper mine in Zambia.



The company said it has launched an internal investigation into the accident in which one of its employees died following an incident involving a tracked dozer and a light vehicle.



&#8220;The site of the accident was immediately secured and operations in the area of the accident have been temporarily suspended and will resume once it is determined that it can be done so in a safe manner,&#8221; the Toronto-based miner said in a statement.



The Kansanshi mine, which produced 134,827 tonnes of copper and 68,970 ounces of gold last year, has faced safety challenges in the past.



Two of First Quantum&#8217;s contractors at its Zambia operations, including one at the Kansanshi,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3CS25H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">had died in November</a>&nbsp;last year in separate accidents.



(Reporting by Sourasis Bose in Bengaluru; Editing by Tasim Zahid)

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Purchase Licensing Rights

First Quantum suspends some work at Zambia mine after fatal accident

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-820x462.webp" alt="" class="wp-image-533991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-820x462.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN.webp 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An office worker studying electronic diagrams on a computer at control-panel maker in Japan. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Japan has ramped up its push for companies to adopt a four-day workweek, but those efforts face steep challenges in a country famous for its workaholic culture.



The Japanese government recently&nbsp;<a href="https://jsite.mhlw.go.jp/shiga-roudoukyoku/hourei_seido_tetsuzuki/_119416/consultant.html" target="_blank" rel="noreferrer noopener">initiated a “work style reform” campaign</a>&nbsp;aimed at promoting flexible work arrangements, shorter hours and overtime limits. To further encourage this initiative, the labor ministry has also begun&nbsp;<a href="https://www.mhlw.go.jp/stf/seisakunitsuite/bunya/0000120692.html" target="_blank" rel="noreferrer noopener">providing subsidies</a>&nbsp;and&nbsp;<a href="https://jsite.mhlw.go.jp/shiga-roudoukyoku/hourei_seido_tetsuzuki/hatarkikata-kaikaku.html" target="_blank" rel="noreferrer noopener">free consulting services</a>.&nbsp;



The move marks a more concerted effort after the government first floated support for a shorter workweek in 2021 when lawmakers endorsed the idea. But the concept has not been mandated, and has been slow to gain traction.



“The reasons Japanese work long hours are cultural and social; those things don’t change quickly,” said&nbsp;Tim Craig, who spent over&nbsp;<a href="https://blueskyacademic.net/welcome-to-bluesky/about-us/" target="_blank" rel="noreferrer noopener">20 years teaching and conducting research&nbsp;</a>in top business schools in Japan.



According to the Ministry of Health, Labor and Welfare,&nbsp;<a href="https://www.e-stat.go.jp/en/stat-search/files?page=1&amp;amp;query=week&amp;amp;layout=dataset&amp;amp;toukei=00200531&amp;amp;tstat=000000110001&amp;amp;tclass1=000001215302&amp;amp;stat_infid=000040169039&amp;amp;metadata=1&amp;amp;data=1" target="_blank" rel="noreferrer noopener">only about 8% of companies</a>&nbsp;in Japan permit employees to take three or more days off each week.&nbsp;



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
If they go home early, then their colleagues will (a) look askance at them, and (b) have to work more to cover for them.



Tim Craig &#8211; Founder of BlueSky Academic Services
</blockquote>



Craig, who also&nbsp;<a href="https://www.amazon.sg/Cool-Japan-Cultural-Creative-Industries/dp/4990982215" target="_blank" rel="noreferrer noopener">wrote a book on Japanese popular and traditional culture</a>, explained that the Japanese place a high premium on work because they tend to view it as a “positive part of life,” but social pressure also plays a role.



“If they go home early, then their colleagues will (a) look askance at them, and (b) have to work more to cover for them. Either way, it’s not a good feeling,” Craig elaborated.&nbsp;



The workplace is also where most Japanese have most of their social interactions, where employees are often willing to stay around longer to help the team and attend long company dinners, observed Martin Schulz, chief policy economist at Fujitsu.



“Being part of a company is almost part of a community, and this results often in longer work hours, not as efficient work hours,” he told CNBC.



Last October, the health ministry&nbsp;<a href="https://www.mhlw.go.jp/stf/wp/hakusyo/karoushi/23/index.html" target="_blank" rel="noreferrer noopener">published its annual white paper</a>&nbsp;addressing Japan’s excessively long working hours and their connection to depression and karoshi, or death from overwork. In 2022, 2,968 people in Japan died by suicide attributed to karoshi, an increase from 1,935 in 2021. Japan has not released its white paper for 2023′s statistics yet.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
I think that it’s going to take time [for the four-day workweek] to penetrate… we’re not used to being flexible.



Hiroshi Ono &#8211; Professor at Hitotsubashi University
</blockquote>



The report highlighted that 10.1% of men and 4.2% of women work over 60 hours a week, linking these long hours to the incidence of karoshi.



“I think that it’s going to take time [for the four-day work week] to penetrate… we’re not used to being flexible,” said Hiroshi Ono, professor of human resources at Hitotsubashi University.



“It’s still pretty rare in other countries as well. So I think that Japan especially will take some time to do that,” he added.



The small number of companies implementing a four-day workweek are also generally not traditional Japanese companies, Ono also observed,&nbsp;<a href="https://www.weforum.org/agenda/2022/01/four-day-week-work-life-balance-trial/" target="_blank" rel="noreferrer noopener">citing the example of Microsoft Japan</a>.&nbsp;



“So for the traditional Japanese companies, it might even take longer,” he said.



One of Japan’s largest companies,&nbsp;<a href="https://www.cnbc.com/quotes/6752.T-JP/">Panasonic</a>, rolled out the four-day workweek option for employees in 2022, but&nbsp;<a href="https://4dayweek.io/country/japan" target="_blank" rel="noreferrer noopener">only about 150 of 63,000 eligible workers</a>&nbsp;opted in.&nbsp;



Brokerage firm&nbsp;<a href="https://work-holiday.mhlw.go.jp/detail/11010.html#:~:text=%E9%80%B1%EF%BC%94%E6%97%A5%E5%8B%A4%E5%8B%99%E3%81%AE,%E9%81%B8%E6%8A%9E%E3%81%A7%E3%81%8D%E3%82%8B%E3%82%88%E3%81%86%E3%81%AB%E3%81%97%E3%81%9F%E3%80%82" target="_blank" rel="noreferrer noopener">SMBC has also offered employees a four-day workweek</a>&nbsp;option since 2020. But it has limited eligibility to workers aged 40 years or older for either family care or “autonomous career development.” The option is also only available from the fourth year of employment.&nbsp;



While the adoption rates are slim, the initiative is not all moot.



“The overall flexibility helps, definitely,” said Fujitsu’s Schulz, adding that the government has been pushing companies harder on work-life balance such that endless overtime hours are not allowed anymore.&nbsp;



Additionally, experts told CNBC that the concept of karoshi is not a phenomenon unique to Japan. In 2019,&nbsp;<a href="https://www.arbetarskydd.se/arbetsmiljo-stress/over-770-svenskar-dor-av-stress-varje-ar/1486737" target="_blank" rel="noreferrer noopener">more than 770 workers reportedly died due to work stress in Sweden</a>.



“The only thing that’s unique to Japan is that the ministry actually collects data on karoshi,” said Ono.

An office worker studying electronic diagrams on a computer at control-panel maker in Japan. Bloomberg | Bloomberg | Getty Images

Japan is pushing a 4-day working week — but its workaholic culture makes it a hard sell

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="554" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-820x554.jpg" alt="" class="wp-image-533948" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-820x554.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Job seekers wait beside a road for casual work offered by passing motorists, in Eikenhof, south of Johannesburg, South Africa, September 19, 2024. REUTERS/Siphiwe Sibeko/File Photo&nbsp;<a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing&nbsp;Rights</a></figcaption></figure>







JOHANNESBURG, Sept 23 (Reuters) &#8211; The head of South Africa&#8217;s flagship Black economic empowerment programme plans to introduce additional incentives and potential fines to improve corporate participation and curb exploitation of the system meant to tackle the country&#8217;s gross inequality, he said.



The African National Congress, which had ruled unchallenged for 30 years until it lost its parliamentary majority in May elections, is under intense pressure to improve the lives of Black people left disadvantaged by decades of white minority rule.



The empowerment law enacted in 2003 created a scorecard system that encourages companies to hire and promote Black people by offering them tax breaks and access to government contracts.



Two decades later, unemployment is five times higher for Black people than for white people and income inequality is the worst in the world, according to the World Bank, and critics say the empowerment policy has not worked.



&#8220;There&#8217;s no society that can be viable with (this) level of inequality,&#8221; Tshediso Matona, head of the Broad-based Black Economic Empowerment Commission told Reuters.



Under the voluntary programme, companies earn points in categories such as Black ownership, management control and skills development.



However, Matona says some companies inflate their scores by falsely listing Black people as managers, a practice commonly known in South Africa as &#8220;fronting&#8221;, a crime under the law.



The commission, which refers cases of infringement to state prosecutors, has received 1,348 complaints of fronting since 2017, said Matona. He added, without saying how many cases had been sent to trial, that no one had yet been convicted of fronting largely because the criminal justice system was &#8220;still figuring out how to work with the B-BBEE regulation&#8221;.



Listed companies are required to disclose their Black empowerment status in annual reports, but fewer and fewer are doing so. In 2022, only 141 of about 400 listed companies submitted a report.



Matona said he hoped to enhance company incentives for compliance while &#8220;naming and shaming&#8221; and possibly fining those which fail to submit the reports.



President Cyril Ramaphosa has said he wants to focus on showing companies the advantages of Black empowerment, but that if they refuse to comply then penalties would be needed.



&#8220;On this one (Black empowerment), we are unequivocal,&#8221; Ramaphosa told reporters over a week ago, describing racial inequality as an &#8220;existential challenge&#8221; for South Africa.



&#8220;It must be done, and it will be done.&#8221;



Matona would not be drawn on the specifics of the proposals but said incentives could focus on increasing recognition for companies that invest in skills and enterprise development and should not be &#8220;too obsessed about ownership in existing businesses&#8221;.



He said he hoped to have amendments to the law tabled in parliament within 12 months.



Any inclusion of punitive measures could set the ANC on a collision course with its coalition partner, the pro-business Democratic Alliance party, which has said it would resist them.



&#8220;Businesses don&#8217;t exist for altruistic purposes, we must accept that,&#8221; said DA labour spokesperson Michael Bagraim.



&#8216;BLACKWASHING&#8217; AND TRAINING LOOPHOLES



A common criticism of the affirmative action system is that it made a small number of political insiders extremely wealthy through shareholding deals, especially in its early years.



Economist Duma Gqubule said his research &#8211; based on an analysis of companies&#8217; annual reports and shareholding plans &#8211; found Black ownership of the 50 biggest firms listed on the Johannesburg bourse was barely 1%, far below the official average figure of about 30%.



This was because legal loopholes allowed firms to count Black shareholders even after they sold their stake, or to use shareholding structures that artificially increase Black ownership, a practice Gqubule described as &#8220;Blackwashing&#8221;.



Matona blamed a lack of oversight of independent agencies which issue Black empowerment scorecards and said the industry needed regulation.



His attempt to shift the focus away from ownership to skills development and training also has loopholes, consultants and trainees Reuters spoke to said.



To get skills points companies must pay for training courses for Black people, but they don&#8217;t have to hire them. Some engage a consultancy to find them disabled people to train, because these earn more points, the head of one such consultancy said.



This often leaves Black job seekers in a cycle of training.



&#8220;They keep on promising us that they will hire us but they&#8217;ve never done that,&#8221; said Nonhle Mnguni, a 22-year-old woman in Soweto who has done such courses in business administration, banking, freight forwarding and call centre work since leaving high school.



Giles Von Broembsen, CEO of property management company Pretor Group, said his company ran training programmes for employees, more than half of whom are Black, but that he could only earn points by sending them on a training course elsewhere.



&#8220;The points and the scoring and the system is all very laudable, but it&#8217;s not practical,&#8221; he said.



While some political and economic analysts agree with Matona&#8217;s approach to push for more compliance, others want the law repealed, saying it adds unnecessary bureaucracy which increases business costs and deters foreign investment.



&#8220;I think the whole thing should be repealed,&#8221; said political analyst Moeletsi Mbeki. &#8220;(The state) should help entrepreneurs to develop new businesses, irrespective of their race.&#8221;



(Reporting by Nellie Peyton and Olivia Kumwenda-Mtambo; Editing by Estelle Shirbon and Emelia Sithole-Matarise)

Job seekers wait beside a road for casual work offered by passing motorists, in Eikenhof, south of Johannesburg, South Africa, September 19, 2024. REUTERS/Siphiwe Sibeko/File Photo Purchase Licensing Rights

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featured

Global rice prices drop after India allows white rice exports

UAE’s IRH eyes mining, energy and logistics projects in South Africa

World Bank approves $1.57 billion loan for Nigeria

South African Markets – Factors to watch on Sept 30

Ghana central bank slashes key rate as inflation outlook improves

Zimbabwe allows currency to slump over 40%, hikes policy rate

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Focus on coal miners, power grid as South Africa spends just sixth of climate aid

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South African rand firms to fresh 20-month high

Kenyan police in plainclothes fired on Nairobi protesters, Amnesty says

World leaders call for investment in clean energy, developing nations seek help

First Quantum suspends some work at Zambia mine after fatal accident

Japan is pushing a 4-day working week — but its workaholic culture makes it a hard sell

South Africa seeks to reform faltering Black empowerment system

News Tips

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