<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg" alt="" class="wp-image-511082" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Solar panels are seen near the cooling towers of a retired coal-fired Komati Power Station, operated by Eskom, near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa, the world&#8217;s 14th biggest carbon emitter, has made strong commitments to climate action but is moving too slowly to wean itself off coal and roll out renewables to meet them, a key report said on Thursday.



Africa&#8217;s most industrialised country has been lauded for making ambitious pledges to cut greenhouse gas emissions &#8211; which are higher even than far richer nations like France, Britain and Italy &#8211; and for producing a comprehensive plan to achieve them.



&#8220;Despite all the strong public support and policy commitments, we&#8217;ve got a huge discrepancy between that and what&#8217;s actually happening,&#8221; Melissa Fourie, one of the authors of the Presidential Climate Commission report, said at its launch in the commercial capital Johannesburg.



The report, commissioned by the president&#8217;s office but independent, said a more than six-fold increase in the pace of renewables buildout was needed.



Several countries&#8217; actions globally are lagging behind their pledges.



President Cyril Ramaphosa signed a sweeping climate change act into law this week that set caps for large emitters.



Donors are providing $12 billion of mostly loans to fund South Africa&#8217;s energy transition, a model they hope to export elsewhere in the developing world.



At the same time, the country has been firing up its coal burners to end years of power shortages. Last year, officials backtracked on pledges to shut down eight coal-fired power stations and have admitted South Africa will not meet its 2030 targets.



The report said total renewable capacity in South Africa was 10.4 gigawatts (GW) in 2022, growing by 1 GW per year since 2015. To meet net zero by 2050, however, it would need between 190 GW and 390 GW, requiring between 6 GW and 14 GW per year.



The report blamed &#8220;contradictory public policies &#8230; particularly regarding the future of the energy



sector,&#8221; adding: &#8220;The lack of consensus about the pace of the coal phaseout is delaying the &#8230; the transition&#8221;.



It added that investment was far below what was required, with 131 billion rand ($7.09 billion) a year being committed, against the 334 billion to 535 billion needed.



($1 = 18.4799 rand)



(Reporting by Tim Cocks; Editing by Alexandra Hudson)

FILE PHOTO: South Africa’s ANC walks political tight rope over coal plant shutdowns

South Africa’s climate action too slow to meet its bold pledges, says report

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg" alt="" class="wp-image-511030" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-1536x999.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Protestors chant slogans during a rally against what they say are rampant corruption and human rights abuses by the country&#8217;s rulers in Kampala, Uganda July 23, 2024. REUTERS/Michael Muhati/File Photo</figcaption></figure>



KAMPALA, July 25 (Reuters)&nbsp;&#8211;&nbsp;Ugandan police detained several people in the capital Kampala on Thursday during a second day of anti-corruption protests that are demanding the resignation of the parliament speaker, footage broadcast by local media showed.



Drawing inspiration from weeks of youth-led protests in neighbouring Kenya that forced the president there to withdraw proposed tax hikes, young Ugandans began demonstrating this week against alleged graft by elected leaders.



The police quickly shut down a planned march to parliament on Tuesday. They arrested at least 73 young protesters, according to Chapter Four Uganda, an organisation providing legal services to those detained.



On Thursday, more demonstrators took to the streets, according to video posted on X by the Daily Monitor newspaper. The footage showed police in riot gear forcing several&nbsp;young adults&nbsp;into the back of a truck as they shouted protest slogans.



Footage broadcast by NTV Uganda showed about a dozen people marching with signs that said, &#8220;The Corrupt are Messing with a Wrong Generation&#8221; and &#8220;This is our 1986&#8221;, a reference to when President Yoweri Museveni overthrew a repressive government.



Reached for comment, police spokesperson Kituuma Rusoke referred Reuters to comments on Monday in which he said protests had been banned because they would be hijacked by people looking to loot and vandalise.



Museveni, who over the weekend warned protesters against &#8220;playing with fire&#8221;, accused them on Thursday of receiving foreign funding.



&#8220;Those involved should know that Uganda is not a neo-colony,&#8221; he said. &#8220;The fight against corruption is in my hands. I just need evidence and action will be taken.&#8221;



Ugandan and Kenyan activists have used audio forums on X as the main platform for organising their protests.



In one such forum on Thursday, activists encouraged Ugandans to take to the streets but acknowledged the challenge of mobilising in a country where anti-government demonstrations routinely draw forceful police crackdowns.



&#8220;You want it done today? Get out of your house &#8230; Be the soldier for this anti-corruption fight,&#8221; said one speaker identified only by their X handle.



The protesters&#8217; demands include the resignation of parliament speaker Anita Among, who was sanctioned this year by the United States and Britain for alleged involvement in corruption.



Among has denied all allegations of graft and says she is being targeted by Western governments for her role pushing through harsh anti-LGBTQ legislation last year.



The Ugandan protesters have borrowed slogans from their counterparts in Kenya, where more than 50 people have been killed in six weeks of protests, characterising themselves as &#8220;fearless&#8221; and &#8220;leaderless&#8221;.



Nigerian activists are also looking to emulate the protests in Kenya and have called for demonstrations next month in response to a cost of living crisis.



(Reporting by Elias Biryabarema in Kampala and Aaron Ross in Nairobi; Editing by Toby Chopra)

FILE PHOTO: Ugandan security forces detain young protesters marching in Kampala

Uganda police arrest more people protesting corruption

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



LONDON, July 25 (Reuters) &#8211; Anglo American took a further $1.6 billion writedown on its costly British fertiliser project on Thursday, but the miner said it expects to reach a deal for the sale of its coal assets by early 2025, despite a fire at one of its mines.



CEO Duncan Wanblad is under pressure to boost returns to investors and demonstrate he can deliver on his May 14 plan to radically refocus the company on copper and iron ore, after fighting off a $49 billion takeover attempt from bigger rival BHP Group.



Wanblad pinned his approach on getting an early start with selling Anglo&#8217;s coking coal assets in Australia, but a fire at its Grosvenor mine threatened to set back the timing with a likely hit to the deal&#8217;s valuation.



Anglo said the company plans to conduct a two-stage auction process for the coal assets, including Grosvenor, adding that the mine would probably only resume operations under a new owner.



&#8220;There are so many interested potential buyers for this set of assets,&#8221; Wanblad told reporters.



&#8220;Our expectation is that hopefully by the end of this year, very early next year&#8230;we will have a deal,&#8221; he added.



Anglo&#8217;s shares were unchanged at the London market open.



The CEO said Anglo is still looking for partners at its Woodsmith fertiliser project in northern England, despite the impairment. It already wrote down $1.7 billion on the project a year ago.



The miner also said its nickel assets in Brazil have attracted interest from potential buyers.



&#8220;We have had inbound interest from a number of credible parties and we will be starting a formal process later this year,&#8221; a spokesperson told Reuters via email.



The company declared an interim dividend of $0.42 per share, down from $0.55 a year earlier and far below the record levels of 2021.



It posted a $672 million loss for the first half, mostly reflecting the impairment at Woodsmith, while core earnings or EBITDA of $5 billion was slightly lower than $5.1 billion a year earlier but above the $4.6 billion seen in an analysts&#8217; consensus estimate.



Anglo cut diamond production by 19% during the first six months of the year amid lower prices. Production guidance at its De Beers unit was revised down to 23-26 million carats from 26-29 million to help preserve cash.



The company&#8217;s restructuring plan includes the divestment of De Beers and also of its nickel mines, and the demerger of its South African platinum unit.



(Reporting by Clara Denina in London and Felix Njini in Johannesburg; editing by Jon Boyle and Jason Neely, Kirsten Donovan)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo takes further fertiliser writedown, sees coal deal by early 2025

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-820x499.jpg" alt="" class="wp-image-510929" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-1536x934.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: FILE PHOTO: Shein logo and their web shop are seen in this illustration taken, May 16, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo</figcaption></figure>



JOHANNESBURG, (Reuters) &#8211; Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.



Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.



&#8220;Bringing the Shein experience directly to the end consumer is a key part of Shein&#8217;s strategy,&#8221; the company said on Wednesday in an emailed response.



&#8220;Given that Shein is a digital-first company, Shein&#8217;s hugely successful pop-ups are an opportunity for our consumers to touch and feel our products, as well as to interact and engage directly with Shein&#8217;s local brand ambassadors.&#8221;



Shein will open its pop-up store from Aug. 2-11 as an &#8220;exhibition space&#8221; for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post.



Local influencers were tapped for a pre-opening marketing campaign.



Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.



A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.



&#8220;That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain,&#8221; the spokesperson added.



(Reporting by Nqobile Dludla; Editing by Richard Chang and David Evans)

FILE PHOTO: FILE PHOTO: Illustration shows Shein logo

Shein to open pop-up store in South Africa to woo more shoppers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of Kenya William Ruto during the United Nations Climate Change Conference COP28 High Level Segment meeting in Dubai, United Arab Emirates on December 1, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, July 24 (Reuters) &#8211; Kenyan President William Ruto on Wednesday nominated four members of the main opposition party to a &#8220;broad-based&#8221; cabinet he promised in response to nationwide protests, but activists criticised the new government as a corrupt bargain.



The opposition members, including the pick to lead the finance ministry, John Mbadi, are allies of opposition leader Raila Odinga, whom Ruto defeated in the 2022 election.



In a speech from his official residence, Ruto called the new government &#8220;a visionary partnership for the radical transformation of Kenya&#8221; and thanked those who had consulted on its formation for the &#8220;historic gesture of their patriotism&#8221;.



Young protesters behind six weeks of demonstrations that forced Ruto to withdraw $2.7 billion in tax hikes said the unity government would perpetuate a tradition of leaders co-opting the opposition at the expense of the population.



More than 50 people have been killed in the protests, which are the biggest crisis of Ruto&#8217;s two years in power.



Demonstrations have continued even after he shelved the tax raises, with many activists now calling for him to resign and for far-reaching reforms to tackle graft.



&#8220;Zakayo has appointed corrupt people to fight corruption,&#8221; Boniface Mwangi, a prominent anti-government activist, wrote on X.



Zakayo is the Swahili name for a greedy tax collector in the Bible that protesters have used as a nickname for Ruto.



&#8220;It&#8217;s important to note @RailaOdinga is a traitor. He has betrayed the people, and formed a government of national looting with Zakayo,&#8221; Mwangi said.



On Monday, Odinga&#8217;s Orange Democratic Movement said it was not in negotiations with the government &#8220;for any coalition or political arrangement&#8221;. The ODM was due to hold a news conference shortly after Ruto&#8217;s speech.



The party&#8217;s coalition allies have strongly opposed a unity government.



<h2 class="wp-block-heading" id="h-new-protest-calls">NEW PROTEST CALLS</h2>



Besides the four opposition members, Ruto named five members of the cabinet he dismissed earlier this month in response to protesters&#8217; demands. Last week, Ruto announced 11 nominations &#8211; six of whom were holdovers from the previous cabinet.



The background of one of the nominees on Wednesday was not immediately clear. Ruto said he would announce additional nominees soon.



He also said he would be proposing amendments to anti-corruption and public procurement laws and called on the police to release any innocent people who may have been arrested during the demonstrations.



The protests, which have been mostly organised online and have no official leaders, began peacefully but turned violent as the police fire tear gas and live rounds. Some demonstrators briefly stormed parliament on June 25.



Activists circulated calls on social media for a march on Thursday to present a petition to the office of the president and lay flowers at parliament for those killed a month earlier.



Ruto initially praised protesters for being peaceful and mobilising across the ethnic lines that have traditionally defined Kenyan politics.



But he has stepped up his criticism of the protest movement in recent days. In comments over the weekend, he vowed to stop the demonstrations, saying they were causing &#8220;mayhem and anarchy&#8221;.



Anti-government activists have blamed incidents of violence and looting on thugs hired by politicians to discredit the movement and advance their own agendas.



(Reporting by George Obulutsa and Hereward Holland Writing by Aaron RossEditing by Peter Graff and Angus MacSwan)

COP28 In Dubai High Level Segment

Kenya’s Ruto names opponents to cabinet, protesters slam ‘corrupt’ deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="588" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-820x588.jpg" alt="" class="wp-image-510571" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-820x588.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-300x215.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-768x551.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-1536x1101.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Shoppers stand at a Pick n Pay store at the Dobson Point Shopping Centre, in Soweto, South Africa, March 19, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, July 24 (Reuters)&nbsp;&#8211;&nbsp;South African inflation slowed in June, statistics agency data showed on Wednesday, clearing the path for the central bank to cut rates at its next meeting, economists said.



Headline consumer inflation stood at 5.1% year-on-year in June, compared to 5.2% in May, Statistics South Africa said, in line with the prediction made by economists polled by Reuters.



Inflation has remained above 5% for 10 consecutive months Statistics South Africa data showed, while the South African Reserve Bank (SARB) prefers it to be at the midpoint of its 3%-6% target band.



The slow rate of disinflation has meant the central bank has kept its main lending rate unchanged at 8.25% for more than a year.



Isaac Matshego, senior economist at local financial firm, Nedbank, said they now see the SARB cutting rates at their next meeting in September.



&#8220;Today’s figure affirms our view that the SARB will cut the repo rate by 25 basis points to 8% at its meeting in September followed by a similar reduction in November,&#8221; said Matshego.



A key concern for the SARB has been high food and services prices, but June data shows these have both come down to 4.6% in June from 4.7% in May, just shy of the midpoint.



David Omojomolo, Africa economist at Capital Economics said lower food and services inflation gives impetus to the central bank to start cutting rates in September, agreeing that a 25 basis point cut would be acceptable.



Core inflation, which excludes food and fuel prices, came in at 4.5% for June, Statistics South Africa added.



(Writing by Kopano Gumbi and Bhargav Acharya; Editing by Alex Richardson and Angus MacSwan)

Shoppers stand at a Pick n Pay store in Soweto

South African inflation drops, rate cuts now expected in September

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-820x547.jpg" alt="" class="wp-image-510532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">GRAND RAPIDS, MICHIGAN &#8211; JULY 20: Republican presidential nominee, former U.S. President Donald Trump walks offstage after speaking at a campaign rally at the Van Andel Arena on July 20, 2024 in Grand Rapids, Michigan. Trump&#8217;s campaign event is the first joint event with his recent vice presidential pick Sen. J.D. Vance (R-OH) and the first campaign rally since the attempted assassination attempt his rally in Butler, Pennsylvania. (Photo by Anna Moneymaker/Getty Images)</figcaption></figure>



Former President Donald Trump would likely take his trade war and economic decoupling policies to new levels if he were elected to a second term in the White House, experts told CNBC.



While Joe Biden also placed strategic competition with China at the forefront of his economic policy, economists and trade experts largely expect Trump would further cut and destabilize trade relations between the world’s two largest economies.



“A Trump victory is highly likely to increase trade and economic hostilities between the U.S. and China, ramping up the trade and financial decoupling between the two countries,” said Eswar Prasad, an economics professor at Cornell University.



Trump is widely expected to face incumbent Vice President Kamala Harris after Biden bowed out of the race and endorsed her. According to Prasad and other experts, Harris’ approach to China would likely be similar to that of Biden.



While Trump and Biden both took a protectionist stance, their strategies and tactics differed greatly, explained Prasad, who previously served as head of the International Monetary Fund’s China and financial studies divisions.



“Trump relied on tariffs to keep out imports from China. Biden — while keeping those tariffs in place and even increasing tariffs on certain imports — has focused more on restricting China’s access to technology transfers and computer chips,” he said.



<h2 class="wp-block-heading" id="h-tariff-man"><a></a>‘Tariff man’</h2>



Trump’s biggest diversion from Biden-era trade policy would likely be tariffs levied on China.



The self-proclaimed “tariff man” set off a trade war with Beijing during his first term. He placed a series of duties on $250 billion of Chinese imports, disregarding warnings the levies would raise prices and hurt consumers. 



After defeating Trump in 2020, Biden retained his predecessor’s tariffs and even added his own, announcing stiff new duties on about $18 billion worth of Chinese imports, including electric vehicles, solar cells, lithium batteries, steel and aluminum. 



Experts told CNBC they expect Harris to largely continue Biden’s tariff policy. Trump, on the other hand, has already proposed increasing rates on Chinese imports by at least 60%. 



“I certainly don’t know if Trump is willing to pursue such extreme measures, but I do believe that he’s likely to increase tariffs to some degree during a second term,” said Stephen Weymouth, a professor of international political economy at Georgetown University.&nbsp;&nbsp;



Economist Stephen Roach said Trump raising tariffs in a second term would be the “functional equivalent of the nuclear option” in international economic conflict.&nbsp;



William Reinsch, Scholl chair in international business at the Center for Strategic and International Studies, said the tariffs risk another trade war that would end most goods exchange between the two countries at an “enormous economic cost.”



Even if Trump’s aim is not a full decoupling but forcing Beijing into negotiating a more favorable trade deal, Reinsch said there’s little reason to believe that would work.



The Trump administration reached a “phase one trade deal” with China in 2019, but few terms were honored and subsequent phases never materialized.



Some commentators said Trump picking JD Vance as his running mate further signals the Republican is serious about his tariff plans. The senator from Ohio has been a staunch supporter of tariffs on China, identifying the country as the biggest threat facing the U.S. 



“If I was a China policy maker, this selection would have me shaking in my boots,” said Arthur Dong, professor of strategy and economics at Georgetown.&nbsp;



<h2 class="wp-block-heading"><a></a>Tech war</h2>



In contrast, the Biden-Harris administration’s key policies focused on limiting China’s access to technology transfers and directing domestic subsidies to develop high-tech industries and supply chains in the U.S.



The administration dramatically expanded the list of technologies and Chinese companies subject to U.S. export controls in efforts to cut support to critical tech industries in China, such as advanced semiconductors. The Trump administration had enacted some similar controls.



The Biden administration also announced rules limiting U.S. investment in Chinese firms developing sensitive technologies, citing national security concerns.



In perhaps Biden’s biggest move, the administration signed the CHIPS and Science Act in August 2022, putting aside almost $53 billion to invest in domestic semiconductor manufacturing and research to boost U.S. competitiveness with China.



Chris Miller, author of “Chip War,” noted export controls and the CHIPS Act were passed with bipartisan support in Washington, and thus, such policies are likely to remain a priority regardless of what happens in November.&nbsp;



“I expect that the U.S. will ratchet up restrictions a notch or two regardless of who wins the election,” Miller said.



<h2 class="wp-block-heading"><a></a>Diplomacy&nbsp;</h2>



A second term for Trump would also impact U.S. diplomacy and dialogue with Beijing beyond trade matters, said Rorry Daniels,&nbsp;managing director of the Asia Society Policy Institute.



She said channels for the two countries to discuss policy issues decreased significantly during the Trump administration, whereas the Biden administration emphasized its diplomatic engagement efforts.



The current administration has also sought greater coordination with “likeminded partners,” such as lobbying Japan and the Netherlands to cooperate on semiconductor restrictions. 



“That’s both helped minimize the blowback of his trade policy actions, while in many ways also making them more effective,” said Nick Marro, lead analyst for global trade with the Economist Intelligence Unit, adding he expects any future Democratic administration to retain this multilateral approach.&nbsp;



On the other hand, he said Trump opts for a more “go-it-alone” approach, allowing for a more rapid adoption of U.S. measures on China.



While the Biden-Harris administration’s “more measured and cautious” approach to China trade and diplomacy has done more to stabilize the relationship, Marro said he doubts Beijing is excited about either candidate.



“There’s this feeling that, regardless of&nbsp;which party&nbsp;sits in the White House,&nbsp;US-China relations will remain on a crash-course throughout the remainder of this decade.”



— CNBC’s Zenith Wong contributed to this report

Donald Trump And J.D. Vance Hold First Joint Campaign Rally After The RNC

Trump 2.0 could go ‘nuclear’ on China trade, while economists say Harris would remain tough

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-820x531.jpg" alt="" class="wp-image-510275" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-768x498.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-1536x995.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A view of Central Bank of Nigeria headquarters next to National Ecumenical Centre in Abuja, Nigeria November 23, 2021. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, July 23 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank raised its benchmark lending rate by 50 basis points to 26.75%, in a decision announced on Tuesday.



Economists had predicted another hike to rates after inflation rose further in June and the naira currency&nbsp;fell on both the official and parallel markets, forcing the central bank to intervene.



Tuesday&#8217;s decision by the bank&#8217;s Monetary Policy Committee is the fourth straight hike this year, after increases of 150 basis points (bps) in May, 200 bps in March and 400 bps in February, its largest in around 17 years.



(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha, Writing by Bhargav Acharya; Editing by Bate Felix Editing by Bate Felix)

A view of Central Bank of Nigeria headquaters next to National Ecumenical Centre in Abuja

Nigeria’s central bank raises benchmark rate to 26.75%

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg" alt="" class="wp-image-510152" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">President William Kipchirchir Ruto of Kenya speaks during a plenary session of the Summit on peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. URS FLUEELER/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, July 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya has submitted an economic repair plan to the International Monetary Fund and it expects the fund&#8217;s board to review it for approval at the end of August, the country&#8217;s chief minister told a parliamentary panel.



Kenya had to rapidly draw up new spending cuts after widespread youth-led protests against tax hikes previously put forward by President William Ruto&#8217;s government left at least 50 people dead.



Kenya&#8217;s chief minister Musalia Mudavadi said that the Treasury &#8220;has had a very robust engagement with the International Monetary Fund&#8221; despite the tax-hike setback.



&#8220;It is our desire and hope that Kenya&#8217;s proposition will receive favourable consideration so that we can move beyond the challenges that we are facing,&#8221; Mudavadi told the parliamentary budget committee in remarks seen by Reuters on Tuesday.



The IMF did not immediately comment. The East African nation has a $3.6 billion IMF programme, and the Fund had reached a staff level agreement on the seventh review of Kenya&#8217;s programme in early June.



But its board had not signed off on the review when Ruto scrapped the tax hikes that were a core part of its plan to meet IMF targets, and investors said the political turmoil would make getting IMF cash trickier.



Even at the review, Kenya had sought IMF waivers after failing to meet two targets on balancing the budget and tax collection.



Mudavadi said that under the revised spending plan for the 2024/25 financial year, the budget deficit is projected to rise to 4.2% of gross domestic product, up from 3.3% before the withdrawal of the finance bill.



&#8220;The revision to the deficit barely a week after the initial plan underlines the herculean task faced by the authorities to achieve their fiscal consolidation goals,&#8221; Ayodeji Dawodu, head of Africa research and strategy with boutique investment banking group BancTrust &amp; Co said in a note.



(Reporting by Duncan Miriri; Editing by Alison Williams, Libby George and Alexandra Hudson)

42CTWLL6LJPYDHMYIWIJ6ISWHI (1)

IMF to consider Kenya’s economic plan at end of August, chief minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1241" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-scaled.jpg" alt="" class="wp-image-510149" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-300x182.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-820x497.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-149x90.jpg 149w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-768x465.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-1536x931.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda security forces patrol near the National Unity Platform (NUP) political party offices led by Robert Kyagulanyi, popularly known as Bobi Wine, ahead of anti-government protests at the Makerere Kavule, in the suburb of Kampala, Uganda July 22, 2024. REUTERS/Abubaker Lubowa</figcaption></figure>



KAMPALA, July 23 (Reuters)&nbsp;&#8211;&nbsp;Ugandan security forces detained a number of young people on Tuesday in downtown Kampala who were taking part in a banned rally against what the protesters say are rampant corruption and human rights abuses by the country&#8217;s rulers.



A Reuters witness saw the detentions being made, while a video posted by NTV Uganda on the X social media platform also showed a small group of young people being intercepted and detained by police while they were marching.



The protesters were holding placards and shouting slogans denouncing corruption. One wore a T-shirt bearing the words &#8220;Speaker Must Resign&#8221;.



A police spokesman was not immediately available to say how many people had been detained.



Authorities banned the planned protest, citing intelligence they said showed criminally-minded youths might hijack it in order to loot and vandalise.



Soldiers and police have been deployed around the parliament building and in the centre of the Ugandan capital with the aim of deterring any protesters.



All roads to the parliament were blocked off, with only lawmakers and other parliamentary staff having access, and NTV Uganda images showed military&nbsp;armoured personnel carriers&nbsp;patrolling the area.



Ugandans&nbsp;with businesses near parliament were experiencing difficulty getting to their premises.



&#8220;It&#8217;s like a war zone,&#8221; Edwin Mugisha, who works in Kampala, told Reuters,&nbsp;referring to the military&nbsp;patrols.



On Monday police sealed off the offices of Uganda&#8217;s biggest opposition party, accusing it of mobilising for the protests, and detained some party officials, including its lawmakers.



The party denied it was organising the march, but said it supported it.



Opposition leaders and rights activists say embezzlement and misuse of government funds are widespread in Uganda. They&nbsp;have long accused&nbsp;President Yoweri&nbsp;Museveni of failing to prosecute corrupt senior officials who are politically loyal or related to him.



Museveni has repeatedly denied condoning corruption and says whenever there is sufficient evidence,&nbsp;culprits&nbsp;including lawmakers and even ministers&nbsp;are prosecuted.



(Writing by Elias Biryabarema; Editing by George Obulutsa, Clarence Fernandez and Gareth Jones)

Police and troops block Ugandan opposition NUP’s headquarters ahead of protest, in Kampala

Heavy security patrols in Uganda’s capital ahead of planned protest

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1367" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-scaled.jpg" alt="" class="wp-image-510146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JULY 16: Demonstrators opposed to the &#8220;Finance Bill 2024&#8221;, which proposes a tax bill, march towards the parliament building to protest against the government in Nairobi, Kenya on July 16, 2024. The Kenyan Parliament passed the Finance Bill 2024 last month, with 204 members voting in favor and 105 against. (Photo by Gerald Anderson/Anadolu via Getty Images)</figcaption></figure>



NAIROBI, July 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s police has asked protesters to avoid marching to the capital&#8217;s main airport and its environs, while the airport&#8217;s operator has asked passengers to arrive hours before flights due to enhanced security checks.



Youth-led protests across Kenya against proposed tax hikes have continued even after President William Ruto withdrew the legislation in late June and fired almost all of his cabinet. He named part of his new cabinet on Friday, mostly retaining holdovers from the cabinet he had sacked.



Some protesters had mobilised to march to the airport, prompting the police warning.



Activists say they want Ruto to resign and are calling for reforms to clean up corruption and address poor governance and service delivery at national and regional governments.



Protesters should avoid going into restricted areas, including airports, Douglas Kanja, acting police inspector general, said in a statement late on Monday.



Airport operator Kenya Airports Authority advised passengers using the Jomo Kenyatta International Airport to arrive earlier than usual.



Police have in the past said the protests, which have claimed at least 50 lives since erupting nearly a month ago, had been infiltrated by criminal gangs.



The marches began peacefully but later turned violent.



Some demonstrators briefly stormed parliament on June 25, and the police opened fire.



(Writing by George Obulutsa; Editing by Duncan Miriri and Michael Perry)

Demonstration against tax bill in Kenya

Kenya police warn against protests at capital’s main airport

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1678" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-scaled.jpg" alt="" class="wp-image-510111" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-300x246.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-820x672.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-110x90.jpg 110w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-768x629.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-1536x1259.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FAYETTEVILLE, USA &#8211; JULY 18: US Vice President Kamala Harris holds a campaign event that is her seventh visit to North Carolina this year and 15th trip to the state since taking office in Fayetteville NC, United States on July 18, 2024 (Photo by Peter Zay/Anadolu via Getty Images)</figcaption></figure>



Democrats united behind Vice President Kamala Harris as the party’s front-runner for the presidential nomination Monday, and their excitement translated into a juggernaut day of fundraising for the party and for Harris’ campaign.



Late Monday night, NBC News projected that Harris had won endorsements from a majority of the Democratic party’s pledged convention delegates. The threshold is 1,976 delegates, and NBC estimates that Harris has the spoken or written backing of 1,992 delegates.



While not yet formally the party’s presumptive nominee, Harris’ position as frontrunner is rock solid, and no potential challengers have signaled they intend to vie for the nomination.



In the hours since President Joe Biden announced that he would end his teetering reelection campaign, Harris and the Democratic party have pulled in roughly $250 million in online donations and major donor commitments. 



The Democratic fundraising platform ActBlue has processed $106 million in contributions to Democratic candidates since Biden dropped out, according to an automated tracker. 



It is not clear yet how much of this money was given to House and Senate campaigns and how much went to the former Biden campaign, rebranded overnight as the Harris for President campaign.&nbsp;



In addition to the online donations, a super political action committee that supports the Biden-Harris ticket announced that over the past 24 hours, major donors have made contribution commitments totaling $150 million to the Harris election effort.&nbsp;



The pledges to Future Forward were described to NBC News as coming from donors who had been sitting on the sidelines for the past month, amid concerns about Biden as the nominee. 



The pledged donations to Future Forward are just that, however: promises. Until the PAC files mandatory federal campaign finance reports, these numbers cannot be verified.&nbsp;



The historic fundraising numbers are energizing Democrats and breathing new life into their bid to defeat former President Donald Trump and his Republican running mate, Sen. JD Vance of Ohio.



Since Sunday, more than 888,000 small-dollar donors have contributed to the Harris campaign, according to a memo late Monday.



Harris’ momentum could be the reason that West Virginia Sen. Joe Manchin, who recently switched his political affiliation to Independent, dropped his suggestion that he was open to challenging Harris for the Democratic nomination.



Republicans, meanwhile, are scrambling to retool a Trump campaign that was built to defeat Biden into one capable of defeating a very different candidate.



Trump spent much of the morning attacking Biden, but shifted to attacking Harris in the afternoon.

US Vice President Kamala Harris holds campaign in North Carolina

Majority of pledged Democratic delegates endorse Harris after massive fundraising day

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2000" height="1354" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA.jpg" alt="" class="wp-image-401890" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA.jpg 2000w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-1536x1040.jpg 1536w" sizes="auto, (max-width: 2000px) 100vw, 2000px" /><figcaption class="wp-element-caption">A flame rises from a gas flare stack at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos, Nigeria, on Friday, March 6, 2020. Aliko Dangote, Africas richest man, plans to spend more than his net worth of $13.5 billion building one of the worlds biggest oil refineries. Photographer: Tom Saater/Bloomberg</figcaption></figure>



LAGOS, July 22 (Reuters)&nbsp;&#8211;&nbsp;Nigerian lawmakers on Monday set up a committee to investigate crude shortages to local refineries and importation of dirty fuels, issues at the heart of a rift between the Dangote Refinery and Nigeria&#8217;s downstream oil regulator.



The committee constituted by Nigeria&#8217;s lower parliament will investigate alleged importation of dirtier fuels, operations of standards agencies, why refineries including Dangote Refinery are unable to get adequate crude supplies and rising fuel queues.



&#8220;Our investigation will proceed in phases beginning with the allegation of production and importation of sub standard petroleum products and unavailability of crude oil to domestic refineries,&#8221; said Ikenga Ugochinyere, a co-char of the committee.



The findings of the investigative panel, which does not have the power to act on them, will be presented to parliament from which recommendations would be made to the president.



The $20 billion Dangote Oil refinery, built by Africa&#8217;s richest man Aliko Dangote on the outskirts of Lagos, began operations in January but has been unable to get adequate crude supplies from Nigeria where vandalism, sabotage and low investments deter production.



Last month, the Dangote Refinery said oil majors were blocking its access to locally produced crude and the regulator was allowing fuel traders import high-sulphur gasoil thereby undermining its refinery.



In response, the head of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the downstream regulator, said the Dangote Refinery was 45% completed hence unable to meet the country&#8217;s needs. He also said gasoil processed by the refinery is between 650 to 1200 parts per million of sulphur, thus inferior to imported products.



Nigerian regulation allows for the sulphur content in gasoil to be about 50 ppm and is set to begin enforcing the standards from next year.



When some lawmakers visited the plant on Saturday, Africa&#8217;s richest man, Aliko Dangote insisted on a test of the gasoil from his plant with others sold in the local market. The result showed that Dangote Refinery&#8217;s diesel had a sulphur content of 87.6 ppm, whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2,000 ppm, respectively.



Dangote announced he was no longer proceeding with an investment into steel production in Nigeria due to allegations that he seeking to be a monopoly.



The investigative panel said it will conduct a forensic audit of the entire sector.



&#8220;The committee is urging stakeholders in the current dispute to deescalate tensions as the committee embarks on the great task of resolving the issue,&#8221; Ugochinyere said.



(Reporting by Isaac Anyaogu; editing by David Evans)

Africas Richest Man Builds Nigerias $15 Billion Oil Refinery

Nigeria investigates fuel imports after Dangote Refinery rift with regulator

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="768" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine.jpg" alt="" class="wp-image-372386" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-600x400.jpg 600w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



JOHANNESBURG, July 22 (Reuters) &#8211; South Africa&#8217;s Anglo American Platinum (Amplats) expects its demerger from parent company Anglo American to be completed next year and is planning a secondary listing in London, its CEO said on Monday.



Amplats, which reported first half results, also said it had cut some 3,700 jobs to reduce spending ahead of the demerger.



Meeting cost targets and the unbundling plan are crucial for efforts by Anglo American CEO Duncan Wanblad to restructure the wider group &#8211; after fending off a $49 billion takeover bid from rival mining giant BHP Group.



Amplats CEO Craig Miller said the standalone business would have brighter prospects.



&#8220;The planned demerger will create a more focused, independent global leader in the PGM industry,&#8221; Miller said, adding that a secondary listing would diversify its investors.



Amplats&#8217; profit fell 18% to 6.5 billion rand ($355.4 million) in the six months to June 30, while it declared a dividend of 9.75 rand per share, amounting to a total of 2.6 billion rand, in the first-half.



The wider Anglo group is due to report first half results on July 25, with investors hoping for a progress update.



Anglo has been battling an underground fire at one of its Australian coal mines since June 29, which could affect the way investors value the assets. Anglo&#8217;s sale of the coal assets is seen by investors as instrumental to raising capital.



&#8220;Anglo&#8217;s main problem this reporting period will be with the coal operations and how it will sell a burning coal mine,&#8221; said Ian Woodley, a portfolio manager at Old Mutual.



A spokesperson for Anglo said the coal assets sale had attracted strong demand from various investors.



&#8220;The sale process is well under way and there is strong interest in this world class set of steelmaking coal assets from a large number of parties,&#8221; the spokesperson said.



($1 = 18.2898 rand)



(Reporting by Felix Njini and Melanie Burton; Additional reporting by Nelson Banya and Clara Denina; Editing by Louise Heavens, David Goodman and Alexander Smith)

Kalgoorlie_open_cast_mine

Amplats says on track to demerge in 2025, plans secondary London listing

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1332" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-scaled.jpg" alt="" class="wp-image-423884" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-1536x999.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. Vice President Kamala Harris speaks in Munich, Germany February 18, 2023. REUTERS/Wolfgang Rattay//File Photo</figcaption></figure>



Washington and the world are still reeling from President Joe Biden’s surprise announcement on Sunday that he is ending his teetering re-election campaign.



But Biden’s swift endorsement of Vice President Kamala Harris to replace him at the top of the Democratic ticket is energizing Democrats and breathing new life into their campaign to defeat former President Donald Trump and his running mate, Ohio Sen. JD Vance.



The “Biden for President” campaign committee has officially been renamed the Harris for President committee, maintaining the Biden team’s infrastructure, staff and — crucially — its $98 million in cash reserves.



Democrats excited about a new ticket have donated tens of millions of dollars online to the Harris for President campaign.



Now, speculation swirls about who the former California senator could choose for a potential running mate, if she becomes the party’s nominee. Several Democratic governors are early favorites, with strategists eyeing Josh Shapiro of Pennsylvania, Roy Cooper of North Carolina and Kentucky Gov. Andy Beshear.



Republicans are meanwhile scrambling to retool a Trump campaign that was built to defeat Joe Biden into one capable of defeating a very different candidate.



Both parties want to know what happened to make it possible for a would-be assassin to shoot at Trump while he was on stage at a rally in Butler Pa. on July 13. Trump survived the attempt, but one of his supporters in the audience was killed.



This is a developing story&#8230;

FILE PHOTO: Vice President Kamala Harris

Democrats rally behind Kamala Harris after Biden drops out; running-mate speculation swirls

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1424" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CQH2GCFS7VKHNNUO4RF6ABAM54-scaled.jpg" alt="" class="wp-image-417906" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CQH2GCFS7VKHNNUO4RF6ABAM54-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CQH2GCFS7VKHNNUO4RF6ABAM54-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CQH2GCFS7VKHNNUO4RF6ABAM54-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CQH2GCFS7VKHNNUO4RF6ABAM54-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CQH2GCFS7VKHNNUO4RF6ABAM54-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/CQH2GCFS7VKHNNUO4RF6ABAM54-1536x1068.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. President Joe Biden speaks as he attends the signing into law of the Ocean Shipping Reform Act of 2022, which will level the playing field for American exporters and importers, including farmers, and reduce costs for American consumers by lowering the cost of ocean shipping, at the White House in Washington, U.S., June 16, 2022. REUTERS/Evelyn Hockstein</figcaption></figure>



President&nbsp;Joe Biden&nbsp;on Sunday&nbsp;dropped out&nbsp;of the&nbsp;2024 presidential race&nbsp;and endorsed Vice President&nbsp;Kamala Harris&nbsp;as the Democratic Party’s nominee, bowing to weeks of growing pressure by his own party members to quit his re-election bid against former President&nbsp;Donald Trump.



“It has been the greatest honor of my life to serve as your President,” Biden wrote in a post on the social media site X.



“And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote.



“I will speak to the Nation later this week in more detail about my decision,” wrote Biden, whose bombshell decision came after a sharp spike in recent days in the number of congressional Democrats publicly calling for him to step aside for another nominee.



Biden in a subsequent tweet wrote that his “very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President.”



“And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it’s time to come together and beat Trump,” Biden wrote.



“Let’s do this.”



Harris in a statement said, “I am honored to have the President’s endorsement and my intention is to earn and win this nomination.”



Former President Bill Clinton and former Secretary of State Hillary Clinton, in a joint statement from the Democratic power couple, said, “We are honored to join the President in endorsing Vice President Harris and will do whatever we can to support her.”



Biden, who has been isolated at his Rehoboth, Delaware, beach home after being diagnosed with Covid-19, and Harris spoke on Sunday before he announced he would drop out of the election race.



NBC News reported that Biden at 1:45 p.m. ET Sunday told his senior campaign team that he had changed his mind about remaining in the contest.



On Sunday evening, on a campaign staff call, Biden campaign co-chair Jen O’Malley Dillon called for staff to rally behind their new candidate and said that their jobs would safely transfer to the Harris campaign, three sources familiar with the call told NBC News.



She also acknowledged the emotional weight of the moment: “It is ok to grieve, it is ok to be unsure but also be optimistic about our path forward.”



Trump in a phone interview with NBC News said of Biden’s decision, “He should never have been there in the first place.”



“He should have stayed in his basement,” said Trump, who was formally nominated as the Republican Party’s candidate last week, days after narrowly avoiding being killed in an assassination attempt at a Pennsylvania campaign rally on July 13.



Democratic National Committee Jamie Harrison in a statement said, “In the coming days, the Party will undertake a transparent and orderly process to move forward as a united Democratic Party with a candidate who can defeat Donald Trump in November.”



“This process will be governed by established rules and procedures of the Party. Our delegates are prepared to take seriously their responsibility in swiftly delivering a candidate to the American people,” Harrison said.



Biden’s move echoes the decision by another Democratic incumbent, President Lyndon Johnson, to drop out of the 1968 election as he faced turmoil over the Vietnam War, low approval ratings, and a surprisingly strong performance by Sen. Eugene McCarthy in the New Hampshire primary.



Biden’s campaign for weeks had insisted he would remain in the race, despite growing concern since his disastrous debate with Trump in late June that he was too old and frail to compete against the former president and serve a full second term if re-elected.



As of Sunday, nearly 40 Democratic members of Congress had urged Biden to drop out. Sen. Joe Manchin of West Virginia, who recently switched his political affiliation from Democrat to independent, earlier Sunday publicly said Biden should quit the race.



Rep. Nancy Pelosi, the California Democrat who previously served as speaker of the House of Representatives, in a tweet Sunday wrote, “President Joe Biden is a patriotic American who has always put our country first.”



“His legacy of vision, values and leadership make him one of the most consequential Presidents in American history,” Pelosi wrote. “With love and gratitude to President Biden for always believing in the promise of America and giving people the opportunity to reach their fulfillment. God blessed America with Joe Biden’s greatness and goodness.



Biden’s decision to drop out blows open the presidential race less than four months before Election Day.



It also poses extraordinary questions and challenges for the Democratic party, which now must scramble to assemble a new presidential ticket.



The next candidate will need to compete against the Republican ticket of Trump and Sen. JD Vance, win over donors, delegates and other allies who were loyal to the incumbent — all while convincing voters of their own worthiness for the nation’s highest office.



Biden’s campaign did not immediately respond to a request for comment.



Biden started to hemorrhage support from his own party and allies after his June 27 debate against Trump.



While he is only three years older than Trump, Biden looked and sounded significantly worse on the debate stage. He displayed a stiff posture and sometimes vacant-looking gaze, and he frequently gave answers that were raspy, unclear and ineffective.



In both substance and appearance, Biden contrasted sharply with Trump, who looked and sounded the same as he has in recent years.



The debate instantly set off a crisis among Democrats. Even before it ended, party operatives were raising doubts about whether Biden could effectively campaign against Trump.



High-profile Democratic donors and backers openly urged Biden to drop out, with some vowing to&nbsp;withhold campaign contributions&nbsp;in the meantime.



Biden and his aides spent weeks trying to stanch the bleeding.



In his first post-debate interview, Biden said he was convinced that he is the best person to take on Trump, adding that he could only be persuaded to step down “if the Lord Almighty comes out and tells me that.”



But as his resolute posture failed to quell the&nbsp;unrest in his party, Biden suggested he could be moved to withdraw in other ways.



In a BET interview that aired Wednesday during the Republican National Convention, Biden said he might reconsider his decision to stay in the race “if I had some&nbsp;medical condition that emerged.”



On the same day that interview was set for broadcast, Biden&nbsp;tested positive for Covid. He canceled a scheduled appearance in Las Vegas and returned his beach house in Delaware.



Biden is already the oldest person ever to serve in the White House.



He would have been 86 at the end of a second term. He had&nbsp;weathered questions&nbsp;about his physical and mental fitness even during his 2020 run.



Those concerns grew in the 2024 cycle, but they were aggressively batted down by Biden’s campaign and White House aides, and the president’s relative lack of press conferences and interviews may have shielded scrutiny about his acuity.

U.S. President Joe Biden signs into law the Ocean Shipping Reform Act of 2022

Biden drops out of 2024 presidential election, endorses Kamala Harris as Democratic nominee

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1311" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-scaled.jpg" alt="" class="wp-image-509343" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-820x525.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-1536x983.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s President William Ruto addresses delegates after signing the Independent Electoral and Boundaries Commission Amendment Bill 2024, backed by the National Dialogue Committee (NADCO), at the Kenyatta International Conference Centre in Nairobi, Kenya July 9, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 19 (Reuters) &#8211; Kenyan President William Ruto on Friday mostly named holdovers from the cabinet he sacked last week to a new government meant to respond to the grievances of young protesters.



In a televised address, Ruto announced 11 appointments &#8211; six from the previous cabinet&nbsp;&#8211;&nbsp;with others to follow soon.



The mass firing last week was a concession to demands from youth-led protests that had already forced him to withdraw $2.7 billion in proposed tax hikes amid the biggest crisis of his two-year presidency.



The protests have resulted in more than 50 deaths since mid-June, and many demonstrators are now calling for Ruto to resign. Large protests took place again this week despite the president&#8217;s concessions.



Ruto re-appointed the ministers of interior, defence, environment and lands and changed the portfolios of two other ministers.



The appointee to be education minister, Julius Migos Ogamba, was the running mate of the outgoing education minister, Ezekiel Machogu, when Machogu stood unsuccessfully for governor of Kisii County in 2022, local media reports showed.



The nominees to be ministers of health, information, agriculture, water and education did not appear to have political backgrounds.



&#8220;I will be issuing next week a clear roadmap on the assignment that the new cabinet is going to have, with clear timelines and deliverables,&#8221; Ruto said.



The protests have left Ruto caught between pressure from lenders to pay down high debts and a public reeling from high living costs. The government has proposed austerity measures to narrow the deficit caused by shelving the proposed tax raises.



Kenyan media outlets had earlier reported that some members of the political opposition were likely to be named to Ruto&#8217;s new cabinet.



Activists behind the protests, which have no official leader and reject the entire political class as corrupt, have opposed the idea of a unity government.



They said a deal between rival coalitions would only perpetuate a tradition in Kenyan politics of leaders co-opting the opposition with jobs and perks while the population sees no benefits.



(Reporting by Aaron Ross, George Obulutsa, Humphrey Malalo in Nairobi, Tannur Anders in JohannesburgWriting by Aaron Ross Editing by Bate Felix)

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