<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1858" height="1045" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL.jpeg" alt="" class="wp-image-526016" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL.jpeg 1858w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL-1536x864.jpeg 1536w" sizes="auto, (max-width: 1858px) 100vw, 1858px" /><figcaption class="wp-element-caption">A trader works on the floor of the New York Stock Exchange on Aug. 23, 2024. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Central banks around the world are set to kick off or continue interest rate cuts this fall, bringing an end to an era of historically high borrowing costs.



In September, the U.S. Federal Reserve is all but guaranteed to join the European Central Bank, the Bank of England, the People’s Bank of China, the Swiss National Bank, Sweden’s Riksbank, the Bank of Canada, the Bank of Mexico and others in cutting key rates, which have been held at levels not seen since before the Financial Crisis of 2007-2008.



Money markets had already fully priced in a rate cut from the Fed, but last week investors gained even more confidence in the path of easing ahead.



At the annual Jackson Hole symposium, Fed Chair Jerome Powell not only said the “time has come for policy to adjust,” but that the central bank could now equally focus on doing “everything” it can to keep the labor market strong and continue progress on inflation.



Current pricing suggests high expectations for three 25 basis point cuts by the Fed before the end of the year, according to CME’s FedWatch tool. That will keep the Fed roughly in-line with its peers, despite it moving later.



The European Central Bank is seen cutting rates by 25 basis points at least three times in total this year; and the Bank of England by the same increment a total of three times, according to LSEG data. All three central banks are seen further continuing monetary easing at least in early 2025, even as stickiness in services inflation continues to trouble policymakers.



For the global economy, that means a broadly lower-rate environment next year, along with significantly reduced pressures from inflation. In the U.S., a recent spike in recession fear has largely abated, and despite where there is weakness in big manufacturing-oriented economies such as Germany, the likes of the more services-focused U.K. are recording solid growth.



What all that means for markets is less clear. European stocks, as measured on the regional Stoxx 600 index, rebounded in 2023 from a downturn in 2022 and gained nearly 10% in the year-to-date to reach an intraday record high on Friday. On Wall Street, the S&amp;P 500 index is 17% higher so far in 2024.



The VIX volatility index — which spiked amid the global equities downturn at the start of August — is back below average, Beat Wittmann, chairman and partner at Porta Advisors, told CNBC’s “Squawk Box Europe” on Thursday.



“The market, in terms of price momentum, in terms of valuations, of sentiment, has pretty much recovered, and we are going into the seasonally weak September, October period here. So I would expect choppy markets driven by various factors, geopolitics, corporate earnings, bellwethers like from the AI sector,” Wittmann said.



Choppiness will also be due to an “overdue consolidation correction” and some sector rotation occuring; but “the asset class of choice here very clearly for the rest of this year, and then especially for ’25 and beyond, is equities,” Wittmann added.



Even if recent Fed commentary appears supportive for stocks, data from the U.S. jobs market — with the next key report due Sept. 6 — remains important to watch, Manpreet Gill, chief investment officer for Africa, Middle East and Europe at Standard Chartered, told CNBC’s “Capital Connection” on Monday.



“Our baseline is still very much that a [U.S.] soft landing is achievable&#8230; It almost becomes a little bit more binary, because as long as we avoid that downside risk, equity earnings growth is still very supportive, and we’ve had sort of the positioning clean out in the recent pullback,” Gill said.



“And I think rate cuts, or at least expectation of those, really was the last piece markets were looking for. So on balance, we think it’s a positive outcome,” Gill said, referring to the risk of U.S. economic data causing volatility in the coming months.



Arnaud Girod, head of economics and cross asset strategy at Kepler Cheuvreux, told CNBC Tuesday that bonds have had a strong summer and equities have recovered; but that investors must now take a “leap of faith” on where the U.S. economy is heading and the pace of rate cuts.



“I truly think that the more rate cuts you get, the likelihood that [these cuts are] coming with negative data and hence weakening earnings momentum is very high. So it’s difficult, I think, to be too optimistic,” he said.



The stock market has meanwhile shown that there is an element to which it “couldn’t care less about interest rates,” Girod added, since Big Tech has rallied across the peak rate months — which conventional wisdom states should harm growth and technology stocks. That will keep events such as Nvidia earnings as the key ones to watch, according to Girod.



<h2 class="wp-block-heading" id="h-fx-focus-on-rates"><a></a>FX focus on rates</h2>



In currency markets, attention will remain on the interplay between inflation, rate expectations and economic growth, Jane Foley, head of foreign exchange strategy at Rabobank, told CNBC by email.



If the euro rises significantly against the dollar, “the disinflationary implication may have some impact on market expectations regarding the timing of the ECB rate cuts,” she said.



Stateside, Foley continued, “the result of the U.S. election will have implications for the Fed. If Trump wins, he could use an executive order to increase tariffs fairly quickly which would spur inflation risk and could cut the Fed’s easing cycle short.”



Rabobank currently sees four Fed rate cuts between September and January and then a hold for the rest of 2025, providing the U.S. dollar with the potential to strengthen into the spring.



&nbsp;“The BOE’s hand will likely remain constrained by services sector inflation, which is a function of wage inflation.&nbsp;This could limit the pace of BOE rate cuts to once a quarter,” Foley added.

108026428-1724843418953-gettyimages-2167225730-NYSE_POWELL

The peak interest rate era is over. Here’s what investors are watching

<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/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-820x546.jpg" alt="" class="wp-image-525967" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Gabon&#8217;s President Brice Clotaire Oligui Nguema waves as he arrives at Beijing Capital International Airport ahead of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, Sep. 1, 2024. Ken Ishii/Pool via REUTERS</figcaption></figure>



BEIJING/NAIROBI, Sept 2 (Reuters)&nbsp;&#8211;&nbsp;China will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.



But the dozens of African leaders arriving in the Chinese capital for the three-yearly event may not be easy bait. They will want to hear how China plans to meet an unfulfilled pledge from the previous summit in 2021 to buy $300 billion of goods.



They will also seek assurances on the progress of incomplete Chinese-funded infrastructure projects, such as a railway designed to link the greater East African region.



&#8220;The prize is going to go to those countries who have carefully studied the changes in China and align their proposals with China&#8217;s new slimmed-down priorities,&#8221; said Eric Olander, co-founder of the China-Global South Project.



&#8220;That&#8217;s a big ask for a continent that generally has very poor China literacy.&#8221;



Africa&#8217;s biggest two-way lender, investor and trade partner is moving away from funding big-ticket projects in the resource-rich continent, preferring instead to sell it the advanced and green technologies Chinese firms have invested in heavily.



As Western curbs on Chinese exports loom, Beijing&#8217;s top priority will be finding buyers for its EVs and solar panels, areas where the U.S. and European Union say it has overcapacity, and building overseas production bases for emerging markets.



China has already started tweaking conditions for its loans to Africa, setting aside more for solar farms, EV plants and 5G Wi-Fi facilities, while cutting back on bridges, ports and railways.



Last year, China offered 13 loans of just $4.2 billion to eight African states and two regional banks, data from Boston University&#8217;s Global Development Policy Centre showed, with about $500 million for hydropower and solar projects.



<h2 class="wp-block-heading" id="h-geopolitical-jostling">GEOPOLITICAL JOSTLING</h2>



When President Xi Jinping opens the ninth Forum on China-Africa Co-operation Summit on Thursday, he is expected to pitch plugging into China&#8217;s burgeoning green energy industry to leaders from Gambia, Kenya, Nigeria, South Africa, and Zimbabwe.



In attendance will also be delegates from every African state except Eswatini, with which Beijing has no ties.



To avoid losing market share, China&#8217;s geopolitical rival, the United States, has started to host African leaders.



Britain, Italy, Russia and South Korea have also held Africa summits in recent years, recognising the potential of the region&#8217;s young people and its 54 U.N. seats.



China&#8217;s outsized role as a financial and trade partner makes its meetings a far bigger deal, however.



&#8220;There is no other development partner that does that much,&#8221; said Hannah Ryder, founder of Development Reimagined, an African-owned consultancy.



&#8220;But are African leaders able to push China to really dig in so that the balance of the &#8216;win&#8217; is way more towards the African side?&#8221;



<h2 class="wp-block-heading" id="h-matching-wants-and-needs">MATCHING WANTS AND NEEDS</h2>



China will want to talk up boosting trade and access to minerals like copper, cobalt and lithium in countries such as Botswana, Namibia, and Zimbabwe.



But it could be cautious about more funding commitments following debt restructuring bids in economies such as Chad, Ethiopia, Ghana and Zambia, since the 2021 summit.



&#8220;We are likely to see a continued prudence in terms of financing mega projects,&#8221; said Lina Benabdallah, of the Centre for African Studies at Harvard University, adding that Beijing would push for technology transfers instead.



&#8220;I am most certainly keen to understand how many new finance commitments may come out of this, and how they&#8217;re going to deal with existing debt to African countries,&#8221; said Yvette Babb, portfolio manager at asset management firm William Blair.



But China&#8217;s enthusiasm to lend might be dampened by security concerns, such as a spat between Niger and Benin that killed six Nigerien soldiers guarding a PetroChina-backed pipeline, or deadly protests in Kenya over tax hikes.



(Writing by Joe Cash; Editing by Clarence Fernandez)

China Africa Forum in Beijing

China to pitch green tech exports to African leaders as Western curbs loom

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4.jpg" alt="" class="wp-image-525041" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A customer stands in front of the bread section at a supermarket in Nairobi, Kenya May 8, 2017. Picture taken May 8, 2017. REUTERS/Baz Ratner/File Photo</figcaption></figure>



NAIROBI, Aug 30 (Reuters) &#8211; Kenya&#8217;s inflation edged up to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.



On a month-on-month basis inflation was flat at 0.0% from -0.2% in July, the Kenya National Bureau of Statistics said in a statement.



The Kenyan government targets an inflation rate of between 2.5% and 7.5% in the medium term.



Kenya&#8217;s central bank cut its benchmark lending rate by 25 basis points earlier this month, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



(Reporting by George Obulutsa and Hereward Holland; Editing by Alexander Winning)

MLMMPYYK3JO6FGC6TA5OERDDR4

Kenya’s inflation rises slightly to 4.4% yr/yr in August

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-820x574.jpg" alt="" class="wp-image-524996" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Delegates walk past the Transnet logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



CAPE TOWN, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;South African state logistics group Transnet&nbsp;on Friday agreed&nbsp;a 5 billion rand ($283.53 million) loan from the New Development Bank set up by the BRICS group of emerging economies.



The loan will be guaranteed by the South African government, director general Duncan Pieterse told Reuters on the sidelines of a meeting of the New Development Bank being held in Cape Town.



Transnet is saddled with about 130 billion rand in debt and has struggled to provide adequate freight rail and port services because of equipment shortages and maintenance backlogs after years of under-investment.



Transnet&#8217;s chief executive said the money from the BRICS bank would be used for the company&#8217;s turnaround plan.



&#8220;There is lots of work to be done in Transnet, we&#8217;ve got major challenges. We need to sort it out and that&#8217;s what we need the money for,&#8221; Transnet CEO Michelle Phillips said after a signing ceremony for the loan agreement.



($1 = 17.6351 rand)



(Reporting by Wendell Roelf; Writing by Bhargav Acharya; Editing by Alexander Winning)

BMQRSYHVQ5KPZEVUFBZAFEVTYQ

South Africa’s Transnet gets 5 bln rand loan from BRICS bank

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-820x562.jpg" alt="" class="wp-image-489318" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-1536x1052.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers push trolleys as they shop at a Pick n Pay store at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Aug 29 (Reuters) &#8211; South African grocery retailer Pick n Pay said on Thursday that proceeds from listing its discount grocery chain Boxer could total 8 billion rand ($450 million), according to its preliminary estimate.



Chief Executive Sean Summers is tasked with reviving through a turnaround and two-step recapitalisation plan a retail business that has been losing market share to bigger rivals Shoprite and others for more than a decade.



A deterioration in the performance of the group&#8217;s core Pick n Pay supermarket business resulted in a substantial trading loss in the Pick n Pay division of 1.5 billion rand in its financial year that ended Feb. 25, and an overall loss at group level of 3.2 billion rand.



At the same time its net debt escalated.



In order to lower its debt and strengthen the underlying performance of its Pick n Pay Supermarkets business, the group recently raised 4 billion rand through a rights issue and will now begin the process of listing Boxer towards the end of 2024, subject to shareholder and final board approval.



Details of the number of shares in issue, price and target amount will be shared closer to the time, but &#8220;for illustrative purposes only, the share issue will generate 8 billion rand in proceeds,&#8221; the retailer said in a statement.



&#8220;The Boxer IPO (initial public offering) will also ensure that Boxer is accorded a market value that appropriately reflects its growth trajectory and return on invested capital, thereby unlocking shareholder value embedded in the Group,&#8221;&nbsp;Pick n Pay said.



($1 = 17.7700 rand)



(Reporting by Nqobile Dludla; Editing by Susan Fenton)

FILE PHOTO: Pick n Pay sales grow but warns on extra costs from power cuts

South African grocer Pick n Pay says its Boxer IPO could raise $450 mln

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OV2PC52TJZNG5PW4JK4QPO2EU4-820x547.jpg" alt="" class="wp-image-524908" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OV2PC52TJZNG5PW4JK4QPO2EU4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OV2PC52TJZNG5PW4JK4QPO2EU4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OV2PC52TJZNG5PW4JK4QPO2EU4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OV2PC52TJZNG5PW4JK4QPO2EU4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OV2PC52TJZNG5PW4JK4QPO2EU4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/OV2PC52TJZNG5PW4JK4QPO2EU4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly</figcaption></figure>



Aug 29 (Reuters)&nbsp;&#8211;&nbsp;The U.S. Food and Drug Administration (FDA) has approved expanded use of Emergent BioSolutions&#8217;&nbsp;EBS.N&nbsp;ACAM2000 smallpox vaccine to include people at high risk for mpox infection, the company said on Thursday.



Earlier this month, the World Health Organization declared mpox a global public health emergency for the second time in two years as a new variant of the virus, known as clade Ib, spread rapidly in Africa.



The FDA&#8217;s approval follows Emergent&#8217;s application for an Emergency Use Listing of ACAM2000 vaccine with the WHO.



Emergent last week said it would donate 50,000 doses of its smallpox vaccine to the Democratic Republic of the Congo and other impacted countries of Burundi, Kenya, Rwanda and Uganda to address the mpox outbreak.



According to the U.S. Centers for Disease Control and Prevention, ACAM2000 has more known side effects and risks than Danish biotech Bavarian Nordic A/S&#8217;s&nbsp;BAVA.CO&nbsp;Jynneos vaccine, which is approved in the United States for both smallpox and mpox.



ACAM2000 &#8211; a live, replicating virus vaccine &#8211; is known to cause myocarditis/pericarditis &#8211; swelling in or around the heart muscle &#8211; in 1 in 175 new ACAM2000 vaccine recipients, according to the FDA.



(Reporting by Shivani Tanna in Bengaluru; Editing by Maju Samuel and Subhranshu Sahu)

FILE PHOTO: Signage is seen outside of FDA headquarters in White Oak, Maryland

US FDA approves Emergent’s smallpox vaccine for people at high risk of mpox

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-820x615.jpg" alt="" class="wp-image-524604" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Shafiek Tassiem/File Photo</figcaption></figure>



JOHANNESBURG, Aug 29 (Reuters)&nbsp;&#8211;&nbsp;Impala Platinum&nbsp;IMPJ.J&nbsp;sees little prospect of new platinum mines being built in South Africa as the industry struggles with a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3JU24E&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">price slump</a>, its Chief Executive Nico Muller said on Thursday.



Johannesburg-based Impala said projects it had halted in South Africa and Zimbabwe were unlikely to be revived due to the growing market for&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FE9AH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">electric vehicles</a>&nbsp;&#8211; which don&#8217;t need platinum-group catalysts in their engines.



&#8220;It&#8217;s highly improbable that you&#8217;re going to see material investment in new PGMs (platinum group metals) production in South Africa,&#8221; Muller said on a media call.



Impala, which has mines in South Africa, Zimbabwe and Canada, is curbing new investment after headline earnings in the year through June 30 plunged 87% to 2.4 billion rand ($135.4 million).



Impala has also shortened the life of its Canadian palladium operations due to a slump in prices and Muller said investors were balking at spending on new mines, which take as many as 20 years to build.



Platinum, of which South Africa is the world&#8217;s top supplier, and palladium prices will&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3JE1U4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">continue to hover below</a>&nbsp;$1,000 an ounce this year due to overstocking, according to a Reuters poll.



Platinum was trading around $940.85 an ounce and palladium at $946.16 on Thursday.



Platinum miners are bound by antitrust rules which prohibit them from voluntarily cutting output to stimulate prices, Muller said.



&#8220;We are not (as an industry) in a position where we can sit around a cigar table and agree to cut production in order to rebalance the market,&#8221; the CEO said. &#8220;That is the dilemma we sit with.&#8221;



The industry&#8217;s plight also reflects &#8220;the long-term state of electrification (of vehicles)&#8221;, Muller said.



&#8220;I&#8217;m not convinced that any shareholder or company is going to see a clear and attractive return for development in new assets,&#8221; he added.



Impala will place its Two Rivers project on &#8220;care and maintenance&#8221; after halting a planned 5.7 billion rand investment, in addition to spending curbs at the North Hill project in Zimbabwe where a $134 million investment was initially planned, and job cuts in South Africa.



($1 = 17.7210 rand)



(Reporting by Nelson Banya and Felix Njini in Johannesburg; Editing by Helen Popper and David Holmes)

An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg

Impala chief sees no new platinum mines built in South Africa amid EV threat

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="482" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107322262-16981550392023-10-24t134236z_46329598_rc2nu3aqwna3_rtrmadp_0_china-economy-bonds-820x482.jpeg" alt="" class="wp-image-462538" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107322262-16981550392023-10-24t134236z_46329598_rc2nu3aqwna3_rtrmadp_0_china-economy-bonds-820x482.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107322262-16981550392023-10-24t134236z_46329598_rc2nu3aqwna3_rtrmadp_0_china-economy-bonds-300x176.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107322262-16981550392023-10-24t134236z_46329598_rc2nu3aqwna3_rtrmadp_0_china-economy-bonds-153x90.jpeg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107322262-16981550392023-10-24t134236z_46329598_rc2nu3aqwna3_rtrmadp_0_china-economy-bonds-768x452.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107322262-16981550392023-10-24t134236z_46329598_rc2nu3aqwna3_rtrmadp_0_china-economy-bonds-1536x904.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107322262-16981550392023-10-24t134236z_46329598_rc2nu3aqwna3_rtrmadp_0_china-economy-bonds.jpeg 1700w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A Chinese flag flutters on top of the Great Hall of the People ahead of the opening ceremony of the Belt and Road Forum (BRF), to mark 10th anniversary of the Belt and Road Initiative, in Beijing, China October 18, 2023.
Edgar Su | Reuters</figcaption></figure>



NAIROBI, Aug 29 (Reuters)&nbsp;&#8211;&nbsp;Chinese lenders approved loans worth $4.61 billion to Africa last year, marking the first annual increase since 2016, an independent study showed on Thursday.



Africa secured more than $10 billion in loans a year from China between 2012-2018, thanks to President Xi Jinping&#8217;s Belt and Road Initiative (BRI), but the lending fell precipitously from the start of the COVID-19 pandemic in 2020.



Last year&#8217;s figure, a more than three-fold increase from 2022, shows China is keen to curb risks associated with highly indebted economies, the study by Boston University&#8217;s Global Development Policy Centre found.



&#8220;Beijing appears to be looking for a more sustainable equilibrium level of lending and experimenting with a (new) strategy,&#8221; said the university centre, which runs the Chinese Loans to Africa Database project.



The new data comes as Beijing prepares to host African leaders next week for the Forum on China-Africa Cooperation, which takes place every three years.



There were 13 loan deals last year involving eight African countries and two African multilateral lenders, the study found.



Last year&#8217;s biggest items include a nearly $1 billion loan from China Development Bank to Nigeria for the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N362039&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Kaduna-to-Kano</a>&nbsp;Railway and similar size&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AP8N3BH07A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">liquidity facility</a>&nbsp;by the lender to Egypt&#8217;s central bank.



China has vaulted to the top bilateral lender for many African nations like Ethiopia in recent years.



It has lent the continent a total of $182.28 billion between 2000-2023, the Boston University study found, with the bulk of the finances going to Africa&#8217;s energy, transport and ICT sectors.



Africa featured prominently in the initial years of BRI, as China sought to recreate the ancient Silk Road and extend its geopolitical and economic influence through a global infrastructure development push.



China, however, started to turn off the cash spigot in 2019, a shift that was accelerated by the pandemic, leaving a series of incomplete projects around the region, including a modern railway meant to link Kenya with its neighbours.



The reduction in loans was caused by China&#8217;s own domestic pressures and growing debt burdens among African economies. Zambia, Ghana and Ethiopia have gone into protracted debt overhauls since 2021.



More than half of the loans committed last year, or $2.59 billion, were to regional and national lenders, underscoring Beijing&#8217;s new strategy, the study by Boston University found.



&#8220;Chinese lenders&#8217; focus on African financial institutions most likely represent a risk mitigation strategy that avoids exposure to African countries&#8217; debt challenges,&#8221; it said.



Nearly a tenth of 2023 loans were for three solar and hydropower energy projects, the study found, illustrating a desire by China to move into funding renewable energy instead of coal-fired power plants.



Still, the discernible trends in last year&#8217;s figures did not offer a clear direction of China&#8217;s financial engagement with the continent, the study showed, since Chinese institutions also wrote loans to ailing economies like Nigeria and Angola.



&#8220;It remains to be seen whether China&#8217;s partnerships in Africa will retain their quality,&#8221; the Global Development Policy Centre said.



China&#8217;s loans to Africa rise in 2023&nbsp;<a href="https://reut.rs/3yZjZJH" target="_blank" rel="noreferrer noopener">https://reut.rs/3yZjZJH</a>



(Reporting by Duncan Miriri, editing by Karin Strohecker and Angus MacSwan)

107322262-16981550392023-10-24t134236z_46329598_rc2nu3aqwna3_rtrmadp_0_china-economy-bonds

China’s lending to Africa rises for first time in seven years, study shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-820x547.jpg" alt="" class="wp-image-524168" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the city and Christ Church in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



Aug 28 (Reuters)&nbsp;&#8211;&nbsp;The discovery of increased reserves of crude oil in Namibia has sparked interest in Namibian assets, with an index fund tracking local government bonds poised for its biggest annual jump on record.



The Exchange Traded Fund tracking local government bonds is listed on the Namibian Stock Exchange and in South Africa and has jumped over 20% in U.S. dollar terms since Portugal-based Galp&#8217;s discovery in April that the Mopane field could hold at least 10 billion barrels of oil.



Since then there has been interest from at least 12 other oil majors.



The fund is on track for its biggest annual gain &#8211; nearly 12% in U.S. dollar terms. Meanwhile, an ETF tracking the closely watched JPMorgan emerging markets bonds index has gained 3.6% year-to-date.



Yields on local sovereign bonds have dropped further following the discovery, with those on bonds maturing in 2037 declining around 150 bps since April, while those on papers maturing in 2050 down around 200 bps.



&#8220;Most of the bonds issued are held by Namibian pension funds, but we are seeing some foreign buying now. We have seen massive yield compression &#8230; since the oil discoveries were first announced,&#8221; said Rowland Brown, co-founder of Cirrus Capital based in Windhoek.



Brown added that Namibian government bonds were still paper- settled, leaving foreign investors looking to the ETF to increase exposure to the resource-rich country.



The southwest African nation has garnered attention from major international energy companies following several major discoveries in recent years along its coast, although the country has not yet produced any oil or gas.



TotalEnergies and Shell say they expect production in 2029-2030.



<h2 class="wp-block-heading" id="h-presidential-election">PRESIDENTIAL ELECTION</h2>



The local equities index has gained over 19% year-to-date in U.S. dollar terms, compared with a 7.5% gain in MSCI&#8217;s index tracking emerging markets equities.



On the currency front, the Namibian dollar has strengthened 4.5% against the greenback this year, snapping a four-year losing streak, with total central bank reserves soaring nearly $1 billion since December 2019, as per LSEG data.



Against the backdrop of Namibia&#8217;s economic potential following its oil discoveries, attention will be on any changes to the economic policy after a presidential election due at the end of the year.



Graham Hopwood, executive director at Institute for Public Policy Research in Windhoek, expects the ruling left-leaning South West Africa People&#8217;s Organisation candidate Netumbo Nandi-Ndaitwah to win.



&#8220;One signal to watch is whether she keeps the level-headed finance minister in his post. He is cautious and sees the importance of reducing debt and avoiding outlandish promises to the electorate,&#8221; he said.



Namibian debt stands at over 60% of its gross domestic product, but analysts say that the fact that a majority of the bonds are issued domestically still remains a positive for the country.



Earlier this year, ratings agency Fitch affirmed a &#8220;stable&#8221; outlook for Namibia on expectations that the government debt to GDP ratio will stabilise in the medium term, while Moody&#8217;s lifted the country&#8217;s outlook to &#8220;positive&#8221; from &#8220;stable&#8221;.



The Namibian economy is heavily dependent on mineral exports including diamonds and rare earths. But following recent discoveries, energy could eventually overtake mining in terms of significance to the middle-income country&#8217;s economy.



&#8220;Oil exports per capita out of Namibia will look like a Gulf state in the 2040s, provided they are competitive globally &#8230; which should be a positive for debt to GDP ratios in the country,&#8221; said Charlie Robertson, head of macro strategy at FIM Partners.



In South America, a similar oil boom in Guyana has been key to its economic growth that is expected to increase by 34.3% in 2024, its fifth straight year of GDP growth above 20%.



(Reporting by Johann M Cherian in Bengaluru; Editing by Alison Williams)

A general view of the city and Christ Church in Windhoek, Namibia

Namibian asset demand soars ahead of election and amid oil discoveries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-820x547.jpg" alt="" class="wp-image-524150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Women wait with their children under a shed for food rations at a internally displaced persons (IDP) camp on the outskirts of Maiduguri, northeast Nigeria June 6, 2017. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, (Reuters) &#8211; More than 31.8 million Nigerians are acutely short of food due to security challenges and the removal of fuel subsidies, the government said on Tuesday, citing a study by several of the country&#8217;s international development partners.



The scale of the shortages, which have led to malnutrition among women and children, was set out by the development partners at a meeting with the government on Monday and Tuesday, the ministry of budget and economic planning said in a statement.



The findings indicate a sharp rise from the 18.6 million people assessed as vulnerable to acute food insecurity from October to December 2023 by the U.N. World Food Programme.



&#8220;The surge in food commodity prices, which is as a result of the removal of fuel subsidy in addition to security challenges, has placed millions of Nigerians in a precarious situation,&#8221; the ministry said.



Raids by bandits wielding guns and machetes have forced many farmers to leave their fields, contributing to higher food prices and soaring inflation as Nigeria faces the worst cost of living crisis in a generation.



President Bola Tinubu, who took office in May 2023, removed fuel subsidies to cut down on government spending, in a move that led to a rise in the cost of transportation.



The study was produced by development partners including the U.N. Food and Agriculture Organization, the Global Alliance for Improved Nutrition and the German development agency GIZ.



The study used statistics from a nutrition analysis by the Cadre Harmonise, a regional food security framework.



Sanjo Faniran, Nigeria&#8217;s national convener of Food Systems and director of social development in budget and economic planning ministry, said the study helped to identify gaps, successes and challenges, and offer recommendations.



(Reporting by Isaac Anyaogu, Editing by William Maclean)

Women wait with their children under a shed for food rations at a internally displaced persons (IDP) camp on the outskirts of Maiduguri, northeast Nigeria

Insecurity, rising costs push 31 mln Nigerians into acute food shortage, study says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-820x548.jpg" alt="" class="wp-image-523903" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A test tube labelled &#8220;Mpox virus positive&#8221; is held in this illustration taken August 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



LONDON/CHICAGO, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;Scientists studying the new mpox strain that has spread out of Democratic Republic of Congo say the virus is changing faster than expected, and often in areas where experts lack the funding and equipment to properly track it.



That means there are&nbsp;numerous&nbsp;unknowns about the virus itself, its severity and how it is transmitting, complicating the response, half a dozen scientists in Africa, Europe and the United States told Reuters.



Mpox, formerly known as monkeypox, has been a public health problem in parts of Africa since 1970, but received little global attention until it surged internationally in 2022, prompting the World Health Organization to declare a global health emergency. That declaration ended 10 months later.



A new strain of the virus, known as clade Ib, has the world&#8217;s attention again after the WHO declared a new health emergency.



The strain is a mutated version of clade I, a form of mpox spread by contact with infected animals that has been endemic in Congo for decades. Mpox typically causes flu-like symptoms and pus-filled lesions and can kill.



Congo has had more than 18,000 suspected clade I and clade Ib mpox cases and 615 deaths this year, according to the WHO. There have also been 222 confirmed clade Ib cases in four African countries in the last month, plus a case each in Sweden and Thailand in people with a travel history in Africa.



&#8220;I worry that in Africa, we are working blindly,&#8221;&nbsp;said Dr. Dimie Ogoina, an infectious diseases expert at Niger Delta University Hospital in Nigeria who chairs the&nbsp;WHO&#8217;s&nbsp;mpox emergency committee. He first raised the alarm about potential sexual transmission of mpox in 2017, now an accepted route of spread for the virus.



&#8220;We don’t understand our outbreak very well, and if we&nbsp;don&#8217;t&nbsp;understand our outbreak very well we will have difficulty addressing the problem in terms of transmission dynamics, the severity of the disease, risk factors of the disease,&#8221;&nbsp;Ogoina said. &#8220;And I worry about the fact that the virus seems to be mutating and producing new strains.&#8221;



He said it took clade IIb in Nigeria five years or more to evolve enough for sustained spread among humans, sparking the 2022 global outbreak. Clade Ib has done the same thing in less than a year.



<h2 class="wp-block-heading" id="h-mutating-more-rapidly">MUTATING &#8216;MORE RAPIDLY&#8217;</h2>



Mpox is an orthopoxvirus, from the family that causes smallpox. Population-wide protection from a global smallpox vaccine campaign 50 years ago has waned, as the vaccinating stopped when the disease was eradicated.



Genetic sequencing of clade Ib infections, which the WHO estimates emerged mid-September 2023, show they carry a mutation known as APOBEC3, a signature of adaptation in humans.



The virus that causes mpox has typically been fairly stable and slow to mutate, but APOBEC-driven mutations can accelerate viral evolution, said Dr. Miguel Paredes, who is studying the evolution of mpox and other viruses at Fred Hutchison Cancer Center in Seattle.



&#8220;All the human-to-human cases of mpox have this APOBEC signature of mutations, which means that it&#8217;s mutating a little bit more rapidly than we would expect,&#8221; he said.



Paredes and other scientists said a response was complicated by several mpox outbreaks happening at once.



In the past, mpox was predominantly acquired through human contact with infected animals. That is still driving a rise in Congo in clade I cases – also known as clade Ia &#8211; likely due in part to deforestation and increased consumption of bushmeat, scientists said.



The mutated versions, clade Ib and IIb, can now essentially be considered a sexually transmitted disease, said Dr. Salim Abdool Karim, a South African epidemiologist and chair of the Africa CDC’s mpox advisory committee. Most of the mutated clade Ib cases are among adults, driven at first by an epidemic among female sex workers in South Kivu, Congo.



The virus also can spread through close contact with an infected person, which is likely how clusters of children have been infected with clade Ib, particularly in Burundi and in eastern Congo’s displacement camps, where crowded living conditions may be contributing.



Children, pregnant women and people with weakened immune systems&nbsp;or other illnesses may&nbsp;be at greater risk of serious mpox disease and death,&nbsp;say&nbsp;the WHO&nbsp;and mpox scientists.



Clade I has typically caused more severe disease, with fatality rates of 4%-11%, compared to around 1% for clade II. Ogoina said data from Congo suggests few have died of the new Ib version, but he feared some data is being mixed up.



More research is urgently needed, but three teams tracking mpox outbreaks in Africa say they cannot even access chemicals needed for diagnostic tests.&nbsp;Clade Ib can also be missed by some diagnostic tests.



Planning a response, including vaccination strategies, without this is difficult, the scientists said.



Karim said around half of cases in eastern Congo, where Ib is particularly prevalent, are only being diagnosed by doctors, with no laboratory confirmation.



Getting samples to labs is difficult because the healthcare system is already under pressure, he said. And around 750,000 people have been displaced amid fighting between the M23 rebel group and the government.



Many African laboratories cannot get the supplies they need, said Dr. Emmanuel Nakoune, an mpox expert at the Institut Pasteur in Bangui, Central African Republic, which also has clade Ia cases.



&#8220;This is not a luxury,&#8221;&nbsp;he said, but necessary to track deadly outbreaks.



(Reporting by Jennifer Rigby in London, Julie Steenhuysen in Chicago and Catherine Schenck in Johannesburg; Editing by Caroline Humer, Bill Berkrot and Gareth Jones)

FILE PHOTO: Illustration shows test tubes with “Mpox virus positive” label

New mpox strain is changing fast; African scientists are ‘working blind’ to respond

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="582" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-820x582.jpg" alt="" class="wp-image-523900" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-820x582.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-300x213.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-768x545.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-1536x1090.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Power lines supplying electricity by stated owned Eskom run through sugar cane fields on a Tongaat Hulett farm in Shongweni, South Africa April 29, 2018. REUTERS/Rogan Ward/File Photo</figcaption></figure>



CAPE TOWN, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;South African private power producers are seeking compensation for revenues lost when adhering to requests from state utility Eskom to limit electricity supply to the national grid, industry executives said.



Eskom has submitted a proposal to the country&#8217;s energy regulator to introduce a mechanism to compensate independent power producers (IPPs) for lost revenue resulting from curtailment rates of up to 10%.



The curtailment requests are due to a shortage of pylons and high voltage power lines that have caused choke points in Eskom&#8217;s transmission system.



The compensation mechanism is one of several proposed regulatory reforms as efforts to open up Africa&#8217;s largest electricity market gather pace.



&#8220;We are hoping that there will be adequate compensation for generation that is curtailed,&#8221; Ian Burger, a technical director at private power developer SOLA Group, told Reuters.



Burger said SOLA Group&#8217;s two Lichtenburg solar PV plants, which each produce just over 100 megawatts (MW), were requested in April and May by Eskom to cut output by up to 80% and produce only 20 MW per day.



SOLA Group supplies power to miner Tronox.



Eskom studies indicate that the costs of curtailing renewable energy are significantly lower than the billions of dollars required for upgrading the network to connect the same amount of renewable power to the grid.



By reducing generation from independent producers, Eskom hopes to immediately free up an estimated 3,470 MW of additional capacity on the constrained grid.



In July, energy regulator Nersa released a draft curtailment congestion policy based on Eskom&#8217;s application seeking approval to classify it as a &#8220;constrained ancillary generation service&#8221;.



This would enable Eskom to use specific formulae to reimburse renewable energy plants for the power curtailed because of grid congestion.



&#8220;The devil still is in the detail, but this raises the possibility of further minimising the cost borne by consumers by curtailing those IPPs with the lowest tariffs first, as opposed to everyone equally,&#8221; said Kilian Hagemann, CEO of G7 Renewable Energies.



Over the past five months, Eskom has provided continuous electricity, a feat last achieved in 2020, reducing its reliance on renewable energy to bolster the grid.



Eskom expects congestion curtailment to be implemented routinely from 2026 onwards, with curtailment levels increasing as more renewable projects come online.



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo and Mark Potter)

FILE PHOTO: Power lines supplying electricity by stated owned Eskom run through sugar cane fields on a Tongaat Hulett farm in Shongweni

South African private power producers seek fair deal over output curbs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-820x547.jpg" alt="" class="wp-image-523855" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Wamkele Mene, secretary-general of African Continental Free Trade Area (AfCFTA), during a Bloomberg Television interview at the Bloomberg New Economy Gateway Africa event in Marrakesh, Morocco, on Tuesday, June 13, 2023. The event brings together leaders in the private and public sectors to discuss the world&#8217;s most pressing issues and evaluate potential solutions in the context of local and regional priorities. Photographer: Hollie Adams/Bloomberg via Getty Images</figcaption></figure>



The Secretary General of the African Continental Free Trade Area (AfCFTA) says he is disappointed that South Africa, Africa’s largest economy, has not ratified a payment system intended to cut trade costs and accelerate the economic integration of the continent.



The Pan-African Payment and Settlement System (PAPSS), established in partnership with the African Union, enables companies to transact in any of Africa’s 42 currencies without the need for a third party currency like the U.S. dollar, saving as much as $5 billion annually. Some 115 commercial banks and 15 central banks have joined the system.



&#8220;I regret that South Africa has not yet adopted the Pan-African Payment and Settlement System because I think it is a political economy question,’’ AfCFTA Secretary General Wamkele Mene told CNBC Africa. &#8220;I must confess, I am surprised that not more countries have joined PAPSS.”



While the question was best answered by the South African Reserve Bank, Mene said the country stood the most to benefit from lowering costs and increasing intra-Africa trade as it had more than 80 percent of manufactured goods trade in Africa.



The Africa Export-Import Bank estimates more than 80 percent of intra-African payments currently go through either Europe or the United States, a legacy of the continent’s colonial history and political and economic dominance of the West over the continent. PAPSS will reduce this reliance while giving Africa autonomy over its trade relations with the rest of the world, Mene said.



&#8220;If you look at the cost of a transaction, a trade transaction across regions of the continent, if your goods cost you $500, we charge you $2 to transact on PAPSS. If you use SWIFT, you will pay $60, $70. And it is instantaneous. It is a digital platform, instantaneous. So I think that it is in Africa&#8217;s advantage,’’ he said.



The Africa Union launched the Africa Continental Free Trade Agreement in January 2021, the youngest and largest trading bloc in the world seeking to create a common market with a combined gross domestic product of $3.4 trillion that’s projected to grow to $16.5 trillion by 2035, according to the Washington-based World Bank. It’s been ratified by 48 of Africa’s 54 territories. Eritrea is expected to join soon, Mene added.



&#8220;I think we have to make that mental shift of not only believing in ourselves as Africans, but also believing in the institutions and the mechanisms that we have introduced,’’ said Mene.



Key participants in PAPSS include central banks, which act as regulators and clearance agents, commercial banks, fintechs, payment service providers and their customers who are made up of the businesses operating across the continent.



Afreximbank says it expects the majority of Africa’s central banks to have joined PAPSS by next year, a key step in its drive to increase intra-African trade to more than 20 percent, the lowest amongst the world’s trading blocs. Intra-European trade sits 68 percent with Asia at 59 percent while Northern America is at 30.6%, according to the UN Trade and Development.



&#8220;This question is not just about addressing the trade deficit in Africa, it is also about the sovereignty of the continent of Africa, the payment sovereignty of the African continent,’’ Mene said. &#8220;If today you upset somebody in Washington, in London, you will be kicked out of SWIFT and you will not be able to transact with the rest of the world. So it is not just about the issue of easing payments, it is also about the political sovereignty. It is a political economy question.’’

Key Speakers at New Economy Gateway Africa Event

AfCFTA Secretary General Laments S. Africa’s Absence from Flagship African payments system

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;State-owned Nigerian oil company NNPC has expanded shipments of liquefied natural gas (LNG) cargoes to a port in China after its first delivery to Japan in June, it said on Monday.



Nigeria, Africa&#8217;s biggest oil producer, holds the continent&#8217;s largest gas reserves at more than 200 trillion cubic feet and has often shipped most of its LNG through Nigeria LNG, in which the NNPC has a 49% stake.



NNPC Ltd said it has been involved in LNG trading since 2021 with its first LNG cargo sale in November of that year. It said it has since traded over 20 cargoes into the European and Asian markets on Free On Board basis, where the buyer assumes risks once the seller ships the product.



But now the company says it will ship directly to ports in the countries ordering the cargoes bearing shipping and insurance costs, known as Delivered Ex-Ship (DES) in the industry, which it says is more profitable.



&#8220;The DES system, apart from being more financially rewarding, allows NNPC Ltd inroads into the downstream segment of the LNG sector and positions it to capture more market share, while building in-house capacity and ensuring that global customers are familiar with the NNPC Ltd brand,&#8221; said Dapo Segun, executive president of NNPC Downstream.



Since last year, the NNPC has been expanding its footprint in the LNG market, signing an agreement to build a new floating LNG plant in Nigeria that will boosts exports to Europe.



The NNPC said it achieved the feat in collaboration with its shipping subsidiary and they are scheduled to deliver at least two more LNG cargoes to ports in Asia by November.



(Reporting by Isaac Anyaogu; editing by David Evans)

XTUYFFOIU5I5JMOASXHMTVFSTI

Nigeria’s NNPC sending LNG cargoes to Japan and China

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108013392-1722337017522-gettyimages-2021271708-20090101240221-99-73751-1-820x462.jpeg" alt="" class="wp-image-523819" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108013392-1722337017522-gettyimages-2021271708-20090101240221-99-73751-1-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108013392-1722337017522-gettyimages-2021271708-20090101240221-99-73751-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108013392-1722337017522-gettyimages-2021271708-20090101240221-99-73751-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108013392-1722337017522-gettyimages-2021271708-20090101240221-99-73751-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108013392-1722337017522-gettyimages-2021271708-20090101240221-99-73751-1.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The lights of Frankfurt am Main’s banking skyline glow in the last light of day. Boris Roessler | Picture Alliance | Getty Images</figcaption></figure>



LONDON — European markets were higher on Tuesday as investors assessed geopolitical risks and U.K. markets reopened after being closed on Monday for a national bank holiday.



The pan-European Stoxx 600 was 0.21% higher at 8:49 a.m. London time, with all major regional indexes trading in the green. Sectors were mixed, with mining stocks adding 1.08%, while retail stocks shed 0.34% and tech dipped 0.18%.



European markets had posted a mixed session on Monday.



Investors continued to weigh geopolitical risks after Israel and Hezbollah traded strikes over the weekend, raising fears about a wider conflict in the Middle East.



The uncertainty sent oil prices higher on Monday. On Tuesday prices eased slightly, with Brent crude&nbsp;futures dipping by 0.15% to $81.31 a barrel and U.S. West Texas Intermediate crude declining by 0.31% to $77.18 a barrel at 8:51 a.m. London time.



On the data front in Europe, Germany’s statistics office on Tuesday released a final reading of the country’s second-quarter gross domestic product, saying that it fell by 0.1% from the previous quarter. That was in line with the preliminary second-quarter GDP reading that was released in July.



Elsewhere, Hungary’s central bank is set to announce its interest rate decision.



Elsewhere, Asia-Pacific markets broadly pulled back on Tuesday as investors weighed industrial profit data out of China and widely followed key Wall Street indexes lower.



The S&amp;P 500 and Nasdaq Composite had retreated on Monday in the U.S. as technology stocks slid, while the Dow Jones Industrial Average notched a fresh record high. U.S. futures were last mixed early on Tuesday.

108013392-1722337017522-gettyimages-2021271708-20090101240221-99-73751 (1)

Europe markets rise as investors weigh economic, geopolitical outlook; UK markets reopen

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-820x547.jpg" alt="" class="wp-image-523796" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s President Bola Tinubu speaks after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigerian President Bola Tinubu named new homeland security and foreign intelligence chiefs on Monday, a week after their predecessors resigned abruptly, as Africa&#8217;s most populous nation fights a northeastern insurgency and rampant kidnappings.



Mohammed Mohammed, who&nbsp;headed&nbsp;Nigeria&#8217;s mission to Libya, will lead the National Intelligence Agency. Adeola Ajayi will helm the Department of State Security.



The previous agency chiefs, appointed by ex-President Muhammadu Buhari in 2018, gave no reason for their resignations.



They could have taken the fall for the country&#8217;s poor security performance, or have been purged along with government personnel from the north to replace with Tinubu&#8217;s own&nbsp;Yoruba&nbsp;ethnic stock, said Confidence MacHarry, lead security analyst at consultancy SBM Intelligence.



Following incessant attacks by armed groups, Tinubu is boosting intelligence gathering&nbsp;to deal with nationwide kidnappings for ransom by armed gangs and a more than decade-old insurgency in the northeast.



(Reporting by Ope Adetayo and Felix Onuah; Editing by Chijioke Ohuocha and Richard Chang)

Nigeria’s President Bola Tinubu speaks after his swearing-in ceremony in Abuja

Nigeria’s president appoints new security and intelligence chiefs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg" alt="" class="wp-image-523529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Spain&#8217;s Prime Minister Pedro Sanchez attends a press conference at Moncloa Palace in Madrid, Spain, July 31, 2024. REUTERS/Ana Beltran/File Photo</figcaption></figure>



MADRID/SANTA CRUZ DE TENERIFE, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Spain&#8217;s Prime Minister Pedro Sanchez starts his second visit this year to West Africa on Tuesday, aiming to curb migration to the Canary Islands and to counter the Russian presence in the Sahel region.



The West African migration route has seen a 154% surge this year, with 21,620 people crossing to the Canary Islands in the first seven months, according to data from the European Union border agency Frontex.



The wave has stretched resources on the Spanish archipelago, with local authorities saying they may have to house migrants in military camps or even in tents ahead of an expected rise in arrivals&nbsp;due to calmer conditions in the Atlantic Ocean.



Spanish authorities fear that as many as 150,000 more migrants from Africa may be set to make the perilous crossing in the coming months.



According to Frontex data, nearly half of the new arrivals are Malians, forced out of their country by a conflict and economic crisis in which the Russian mercenary group Wagner is involved.



Sanchez is focusing on strengthening relations with Mauritania, Senegal, and Gambia, the main departure points for migrant boats. The first two share land borders with Mali.



Spanish police have&nbsp;long&nbsp;operated in West Africa&nbsp;to strengthen&nbsp;border control&nbsp;as part of Madrid&#8217;s strategy to give financial and security aid to departure points for migrant boats.



<h2 class="wp-block-heading" id="h-return-to-mali">RETURN TO MALI</h2>



Spain is also planning a return to Mali following the closure of the EU military mission there last May. While France advocated for the mission&#8217;s termination, Spain is engaged in discussions with Bamako over bilateral military aid, according to a senior Spanish military officer.



&#8220;We cannot leave the ground empty for Russian forces to occupy. It is important to maintain a presence in the region,&#8221; the officer, who requested anonymity, told Reuters.



The Spanish mission could continue the training of the previous European mission, the source said.



Spain&#8217;s Defence Ministry confirmed that it was in talks over collaboration with Mali without providing further details.



Spain is advocating at the EU and NATO for a stronger focus on the global south, especially the Sahel, in light of the migration surge.



Jesus&nbsp;Nunez&nbsp;Villaverde, co-director of the Institute for Conflict Studies and Humanitarian Action, said that to resolve the Sahel&#8217;s problems, poverty and the effects of climate change need to be addressed.



&#8220;The solution is not military aid, which is a repetition of a failed model. A different kind of aid is needed,&#8221; he said.



Years of Islamist conflict in the Sahel have fuelled a humanitarian crisis with more than 3.1 million people displaced from their homes in Mali, Burkina Faso and Niger as of July, according to the International Organization for Migration (IOM).



In Mali, economic troubles have also worsened since the ruling junta seized power in 2020.



The conflict, unemployment and the impact of climate change on farming communities are the main drivers behind Malians&#8217; motivations to migrate, said Ousmane Diarre, head of a Malian NGO that defends migrant rights.



Moussa Diaby Wage, a 20-year-old from Mali, arrived in&nbsp;the&nbsp;Canaries in 2020&nbsp;in a boat from&nbsp;Mauritania.



Having secured Spanish nationality, his dream is to join the army. Meanwhile, he helps other migrant children in a centre for minors in Tenerife. Of the 50 teenagers living there, 30 came from Mali.



&#8220;We came here because Mali is at war, there is a lot of fighting in the north and many people have to make the decision to leave,&#8221; he told Reuters. &#8220;Most of those who come are young, very young, because it&#8217;s the only way to get a chance (in life)&#8221;.



(Reporting by Corina Pons in Canary Islands; Fadimata Kontao in Bamako; Belén Carreño in Madrid and Joan Faus in Barcelona; editing by Charlie Devereux and Angus MacSwan)

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featured

The peak interest rate era is over. Here’s what investors are watching

China to pitch green tech exports to African leaders as Western curbs loom

Kenya’s inflation rises slightly to 4.4% yr/yr in August

South Africa’s Transnet gets 5 bln rand loan from BRICS bank

South African grocer Pick n Pay says its Boxer IPO could raise $450 mln

US FDA approves Emergent’s smallpox vaccine for people at high risk of mpox

Impala chief sees no new platinum mines built in South Africa amid EV threat

China’s lending to Africa rises for first time in seven years, study shows

Namibian asset demand soars ahead of election and amid oil discoveries

Insecurity, rising costs push 31 mln Nigerians into acute food shortage, study says

New mpox strain is changing fast; African scientists are ‘working blind’ to respond

South African private power producers seek fair deal over output curbs

AfCFTA Secretary General Laments S. Africa’s Absence from Flagship African payments system

Nigeria’s NNPC sending LNG cargoes to Japan and China

Europe markets rise as investors weigh economic, geopolitical outlook; UK markets reopen

Nigeria’s president appoints new security and intelligence chiefs

Spain’s Sanchez visits West Africa aiming to stem migration surge

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