<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108054622-1730265200794-gettyimages-2178145462-cfoto-automobi241017_nppCP-820x547.jpeg" alt="" class="wp-image-548613" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108054622-1730265200794-gettyimages-2178145462-cfoto-automobi241017_nppCP-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108054622-1730265200794-gettyimages-2178145462-cfoto-automobi241017_nppCP-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108054622-1730265200794-gettyimages-2178145462-cfoto-automobi241017_nppCP-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108054622-1730265200794-gettyimages-2178145462-cfoto-automobi241017_nppCP-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108054622-1730265200794-gettyimages-2178145462-cfoto-automobi241017_nppCP-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108054622-1730265200794-gettyimages-2178145462-cfoto-automobi241017_nppCP-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Robots manufacture auto parts at a factory in Ningde, China, on Oct. 17, 2024. Nurphoto | Nurphoto | Getty Images</figcaption></figure>



BEIJING — China’s official purchasing managers’ index for October came in at 50.1, in expansionary territory for the first time since April, according to National Bureau of Statistics data released Thursday.



The data beat expectations for 49.9, according to a Reuters poll. September’s reading was 49.8. The last time the PMI was above the 50-point line that determines contraction from activity was in April, with a reading of 50.4.



“I expect the economic momentum to improve moderately in Q4 as monetary and fiscal policies [loosen],” Zhiwei Zhang, president and chief economist, at Pinpoint Asset Management, said in a note.



China’s parliament standing committee is scheduled to meet next week, and is widely expected to release details on fiscal stimulus after the gathering ends on Nov. 8.



The sub-index for production came in at 52 for October, while that of new orders was 50. Raw materials inventory ticked up to 48.2, still in contraction territory, along with employment at 48.4, which was mildly better than the prior month.



The statistics bureau’s PMI for non-manufacturing activity rose to 50.2 in October. That was up from 50 in September but below August’s 50.3 print.



The employment portion of the non-manufacturing PMI climbed by 1.1 percentage points to 45.8.



A survey released Wednesday by the U.S.-based China Beige Book of 1,436 Chinese businesses between Oct. 18 and 25 found that manufacturing output improved from a year ago. New domestic and export orders also picked up, with export orders from the U.S. falling less sharply in October.



The Caixin China general manufacturing PMI for October is due out Friday, while the Caixin China general services PMI is scheduled for release Nov. 5.



China’s economic growth has slowed, dragged down by tepid consumer demand and a real estate slump. Exports have been a rare bright spot.



Stocks rallied after a series of high-profile stimulus announcements in the last several weeks, including a meeting led in late September by Chinese President Xi Jinping that called for strengthening fiscal and monetary policy support.

108054622-1730265200794-gettyimages-2178145462-cfoto-automobi241017_nppCP

China’s factory activity expands for the first time since April, official survey shows

How the ultra wealthy travel in Bangkok

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-820x547.jpg" alt="" class="wp-image-548610" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An employe holds loaves of bread at a supermarket in Nairobi, Kenya May 8, 2017. Picture taken May 8, 2017. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Oct 31 (Reuters) &#8211; Kenya&#8217;s inflation fell to 2.7% year-on-year in October, down from 3.6% a month earlier, the statistics office said on Thursday.



On a month-on-month basis, October inflation was 0.2%, the same as the previous month, 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 slashed its benchmark lending rate to 12.00% from 12.75% earlier this month, in a move aimed at stimulating credit to the private sector.



(Reporting by Hereward Holland; Editing by Christina Fincher)

An employe holds loaves of bread at a supermarket in Nairobi

Kenya’s inflation falls to 2.7% year-on-year in October, stats office says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



NAIROBI, Oct 31 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



Kenya&#8217;s ousted deputy president Rigathi Gachagua has filed a court application to stop his former boss President William Ruto from naming his replacement after Gachagua was dismissed by impeachment.



Uganda&#8217;s statistics office publishes monthly inflation data.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks slid on Thursday as chip-sector stocks tracked overnight declines by Wall Street peers and Facebook owner Meta Platforms warned of accelerating costs for artificial intelligence.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices rose on Thursday, extending the previous day&#8217;s rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand slipped on Wednesday as a keenly awaited budget speech by the finance minister failed to impress investors.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



The Kenyan shilling strengthened slightly against the dollar on Wednesday, bolstered by foreign currency inflows from remittances and the tea and tourism sectors, one trader said.



<h2 class="wp-block-heading" id="h-senegal-politics">SENEGAL POLITICS</h2>



With fireworks displays, packed rallies, and town-to-town caravans, Senegalese political parties are wooing voters in a parliamentary race that will decide the extent to which the new president will be able to implement his agenda.



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



The executive board of the International Monetary Fund has approved the seventh and eighth reviews of Kenya&#8217;s program, the IMF said on Wednesday, paving the way for the cash-strapped government to access a $606 million loan tranche.



((Compiled by Nairobi Newsroom))

Stock market report. 3d illustration

African Markets – Factors to watch on Oct 31

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Oct 31 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Thursday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



South Africa&#8217;s finance minister will address investors and a parliamentary committee after his mid-term budget speech on Wednesday.



Statistics South Africa will publish the September producer inflation figures.



Statistics South Africa will release the September trade balance data.



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand slipped on Wednesday as a keenly awaited budget speech by the finance minister failed to impress investors.



In the stock market, the Top-40 index closed 0.61% lower.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks slid on Thursday as chip-sector stocks tracked overnight declines by Wall Street peers and Facebook owner Meta Platforms warned of accelerating costs for artificial intelligence.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



U.S. stock indexes closed lower on Wednesday as chip stocks tumbled and investors awaited a host of corporate earnings.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices climbed to a record high on Thursday and were headed for their best month in seven on safe-haven demand ahead of the U.S. presidential election, while investors awaited U.S. inflation report for clues on the interest rate path.



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



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



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Eskom to challenge Nersa&#8217;s approval of four trading licences



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Godongwana&#8217;s gamble: How Treasury&#8217;s historic budget cuts aim to reboot SA&#8217;s economy



&#8211; Medium-term budget is a reality check, say economists



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on Oct 31

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-820x539.jpg" alt="" class="wp-image-548558" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Nation Centre and Lonrho Africa building in central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, (Reuters) &#8211; The executive board of the International Monetary Fund has approved the seventh and eighth reviews of Kenya&#8217;s program, the IMF said on Wednesday, paving the way for the cash-strapped government to access a $606 million loan tranche.



The East African nation and staff of the IMF announced an agreement on the seventh review of its $3.6 billion program in June, but completion of the review at the board level and the subsequent disbursement were disrupted by deadly protests.



More than 60 people were killed in the violent protests which forced President William Ruto to abandon the government&#8217;s finance bill, which contained a slew of tax hikes.



&#8220;Kenya&#8217;s economy remains resilient, with growth above the regional average, inflation decelerating, and external inflows supporting the shilling and a buildup of external buffers, despite a difficult socio-economic environment,&#8221; IMF First Deputy Managing Director Gita Gopinath said in a statement on Wednesday.



The IMF also called for improving governance and transparency in Kenya.



&#8220;The Kenyan authorities face a difficult balancing act of boosting domestic revenues to protect critical spending in priority areas while meeting heavy debt service obligations,&#8221; the IMF said.



The board review also included a component of lending to Kenya under its sustainability window, which is known as RSF.



The IMF&#8217;s support is seen as crucial for Kenya to be able to navigate its current liquidity challenges, which are mainly driven by high debt interest repayments.



Government officials have indicated that Kenya will seek another program with the IMF when the current one ends next April.



(Reporting by Duncan Miriri; Additional reporting by Kanishka Singh; Editing by Daniel Wallis)

YNW7WLFOZJOXJBVUR4VLTBHO4A (1)

IMF board approves Kenya’s reviews, unlocking access to $606 million

How F1 teams are using new tech to innovate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MTN_30Years_SquarePosts_2160x2160_3-800x800.png" alt="" class="wp-image-548290" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MTN_30Years_SquarePosts_2160x2160_3-800x800.png 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MTN_30Years_SquarePosts_2160x2160_3-300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MTN_30Years_SquarePosts_2160x2160_3-90x90.png 90w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MTN_30Years_SquarePosts_2160x2160_3-768x768.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MTN_30Years_SquarePosts_2160x2160_3-1536x1536.png 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MTN_30Years_SquarePosts_2160x2160_3.png 2048w" sizes="auto, (max-width: 800px) 100vw, 800px" /></figure>



The dawn of the digital age brought with it promises of a connected world, but for many in Africa, that promise seemed distant in the early 1990s. Telecommunications were a luxury, available only to a select few, with vast areas of the continent left in silence, disconnected from the global conversation. It was against this backdrop that a small group of visionaries took a bold step to change the status quo, laying the foundation for what would become one of Africa’s most transformative companies: MTN.



In 1994, as South Africa was emerging from the shadows of apartheid into a new era of hope and democracy, MTN was founded. The company’s origins were deeply rooted in the broader context of South Africa’s social and economic transformation. With a mobile licence in hand, MTN’s founders embarked on a journey to build a network that would connect millions, not just in South Africa, but across the continent. Their goal was clear: to create opportunities for communication and connection in a rapidly changing world.



The early days were filled with challenges. The telecommunications landscape in South Africa was underdeveloped, with only around five million fixed lines serving a population of over 40 million. The need for a more accessible and widespread communication network was undeniable. MTN quickly rose to this challenge, establishing itself as a reliable provider and rapidly expanding its services.



But MTN’s ambitions were never confined to South Africa. The company’s leadership saw potential beyond the borders, recognizing that the digital revolution could—and should—reach every corner of the African continent. This vision has driven MTN’s expansion into 18 markets across Africa and the Middle East, connecting more than 288 million people today.



MTN’s impact over the past 30 years is reflected not only in its subscriber numbers but also in the broader societal changes that have accompanied the spread of digital technology. In countries like Nigeria, Ghana, and Cameroon, MTN’s services have facilitated the growth of small businesses, enhanced access to education, and improved healthcare delivery. These advancements, made possible through the increased availability of mobile communication, have been crucial in driving economic and social progress across the continent.



“Our mission has always been about more than just connectivity,” says MTN CEO Ralph Mupita. “It’s about providing the tools and opportunities that allow people to engage fully in the digital world. We’ve seen how access to communication can empower individuals and communities, and that continues to inspire our work.”



MTN’s commitment to expanding digital access is evident in its substantial investments in infrastructure. Over the past decade, the company has increased the percentage of the population in its markets covered by high-speed broadband to nearly 90%. This expansion has brought more people online, lowered the cost of data, and made internet access more affordable for millions. By reducing barriers to entry, MTN has played a significant role in fostering digital inclusion.



One of MTN’s most significant contributions to the continent’s development has been in the area of financial inclusion. Traditional banking infrastructure remains limited in many African countries, leaving large segments of the population without access to essential financial services. MTN’s Mobile Money platform has addressed this gap, providing millions of people with the ability to save, send, and receive money securely and efficiently. This service has been particularly transformative in rural areas, where access to traditional banking is often non-existent.



The success of MTN’s Mobile Money services reflects a broader trend within the company to leverage technology to meet the unique needs of its markets. From mobile lending to insurance, MTN has developed a range of financial products designed to be accessible and affordable. These innovations are helping to build more inclusive financial systems across Africa, enabling individuals and businesses to thrive in an increasingly digital economy.



As MTN marks its 30th anniversary, the company is not just celebrating past achievements but also looking ahead to the challenges and opportunities that lie on the horizon. Africa’s digital landscape is evolving rapidly, with new technologies like 5G set to play a transformative role in various sectors, from agriculture and mining to healthcare and logistics. MTN is actively engaged in bringing these technologies to the continent, positioning itself at the forefront of Africa’s digital future.



Mupita sees 5G as a catalyst for innovation across industries. “The potential of 5G extends far beyond faster internet speeds,” he explains. “It’s about creating new possibilities for businesses and communities to grow and innovate. We’re excited to be part of this next wave of digital transformation in Africa.”



Despite the progress that has been made, significant challenges remain. Sub-Saharan Africa still lags behind other regions in terms of digital infrastructure coverage and access, with only an estimated 22% of the population using mobile internet services. For MTN, this gap represents both a challenge and an opportunity. The company’s Ambition 2025 strategy outlines a clear plan to build the largest and most valuable platform business in Africa, leveraging its extensive network and deep understanding of the market to drive further digital and financial inclusion.



“We’re focused on expanding our reach and deepening our impact,” Mupita says. “This means continuing to invest in infrastructure, forging new partnerships, and staying innovative. But it also means staying grounded in our core values— Lead with Care, Can do with Integrity, Collaborate with Agility, Serve with Respect, Act with Inclusion, and a commitment to making a meaningful difference.”



MTN’s journey over the past three decades has been one of steady growth and adaptation, guided by a clear vision of connecting people and creating value. The company’s success has been driven by its ability to understand and respond to the needs of its diverse markets, while also anticipating and shaping future trends in the digital economy.



As MTN looks to the future, it remains committed to exploring new frontiers, investing in cutting-edge technology, and continually improving its services. The next 30 years promise to be as dynamic as the last, with MTN playing a central role in shaping Africa’s digital landscape.



“We’ve always believed in the power of connectivity to change lives,” Mupita reflects. “And as we look ahead, we remain dedicated to pushing the boundaries of what’s possible, to building a more connected and inclusive Africa.”



MTN’s story is far from over. As the company continues to grow and innovate, it does so with the confidence that comes from three decades of experience and success. The future of Africa’s digital landscape is bright, and MTN is determined to be a key part of it as a partner in progress, a company that understands the continent’s unique challenges and opportunities and is committed to contributing to its ongoing transformation.



<div class="wp-block-group"><div class="wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained">
<h2 class="wp-block-heading" id="h-watch-focus-on-mtn-group-the-30-year-journey">Watch Focus On MTN Group: The 30-year journey</h2>



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MTN_30Years_SquarePosts_2160x2160_3

Thirty Years of Progress: MTN’s Role in Africa’s Digital Revolution

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Why OpenAI CEO Sam Altman Is In Position To Shape AI Policy, No Matter Who Wins The Election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-820x519.jpg" alt="" class="wp-image-548287" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-768x487.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE.jpg 1940w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk past a logo of the Bank of Namibia at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s economy is expected to grow 3.6% this year and 5.4% in 2025, its Finance Minister Iipumbu Shiimi said on Wednesday.



In February the finance ministry had estimated growth of 4% in 2024 and 3.9% next year.



&#8220;The revisions stem primarily from expected lower output from the mining and agriculture sectors which have been negatively affected by low global demand for diamonds as well as the ongoing drought,&#8221; Shiimi told parliament in a mid-year budget review speech.



(Reporting by Nyasha Nyaungwa; Writing by Bhargav Acharya; Editing by Alexander Winning)

People walk past a logo of the Bank of Namibia at the company’s headquarters in Windhoek

Namibia lowers economic growth forecast for 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-820x547.jpg" alt="" class="wp-image-548267" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Enoch Godongwana, South Africa&#8217;s finance minister, at a news conference ahead of delivering his mid term budget policy statement to the parliament in Cape Town, South Africa, on Wednesday, Oct. 30, 2024. After years of weak growth, economists expect National Treasury to revise its forecasts for the next two years upwards, largely because of improved power supply. Photographer: Dwayne Senior/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s&nbsp;government&nbsp;on Wednesday&nbsp;forecast&nbsp;wider budget deficits and higher debt over the next three years, even&nbsp;as it anticipated better growth prospects due to improved electricity supply.



In the first budget review since the African National Congress&nbsp;(ANC)&nbsp;lost its ruling majority and formed a coalition government, the&nbsp;National Treasury&nbsp;said it saw the consolidated deficit at 5.0% of&nbsp;national output&nbsp;in the fiscal year that ends in March 2025, wider than the 4.5% deficit forecast in February.



For next fiscal year, the Treasury now sees a budget deficit of 4.3% of&nbsp;gross domestic product (GDP),&nbsp;up from&nbsp;a previous forecast of 3.7%.



The projections were worse than expected in a Reuters poll published last week. Economists in that poll predicted that the Treasury would announce a narrower 2024/25 deficit forecast of 4.4% and of 3.9% for 2025/26.



The rand currency turned weaker against the U.S. dollar after the new projections were announced.



The Treasury said&nbsp;in its Medium Term Budget Policy Statementthat&nbsp;&#8220;fiscal consolidation measures have limited, but not prevented, the widening of budget deficits and debt&#8221;.



Revenue collection is expected to be hit by&nbsp;a decline in fuel levy and import value-added tax collections, among&nbsp;other things, it said.



&#8220;In the absence of faster growth and in the face of external risks, tax revenue will remain under pressure, forcing us to make difficult&nbsp;decisions,&#8221; Finance Minister Enoch Godongwana said.



South Africa&#8217;s gross debt is now seen stabilising at 75.5% of GDP in 2025/26.



The economy is expected to expand&nbsp;by&nbsp;1.1% this year, down from a February estimate of 1.3%. Growth is expected to come in at 1.7% in 2025,&nbsp;versus a&nbsp;previous forecast of 1.6%.



<h2 class="wp-block-heading" id="h-infrastructure-focus">INFRASTRUCTURE FOCUS</h2>



Africa&#8217;s most industrialised economy has struggled to grow for more than a decade, constrained by inefficiencies at state power utility Eskom and port and freight rail operator Transnet.



The Treasury said the medium-term growth prospects were improving thanks to a suspension of rolling power blackouts and improved investor confidence following the formation of the coalition government in June, though lingering logistics bottlenecks remained a concern.



President Cyril Ramaphosa has touted infrastructure development as key to economic growth.



The Treasury said the government aimed to transform its approach to public sector infrastructure by doing more to attract private sector participation, including a focus on exploring alternative financing mechanisms.



(Reporting by Kopano Gumbi and Wendell Roelf in Cape Town, and Olivia Kumwenda-Mtambo and Tannur Anders in Pretoria;Additional reporting by Bhargav Acharya in Johannesburg;Writing by Olivia Kumwenda-Mtambo;Editing by Alexander Winning)

South Africa Announces Mid Term Budget Policy

South Africa sees wider deficits, higher debt in budget review

Can China create a global Android or iOS competitor?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-820x547.jpg" alt="" class="wp-image-548216" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">General view of the venue as Saudi Arabia&#8217;s Minister of Energy Prince Abdulaziz bin Salman Al Saud attends the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. REUTERS/Hamad I Mohammed</figcaption></figure>



RIYADH, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday.



“We are looking at Zambia, we are talking with a company there, with a mine there, so those are pretty advanced stage discussions,” CEO Robert Wilt, who is also vice chairman of Saudi Arabia’s international mining venture Manara Minerals, said.



&#8220;We&#8217;d have something wrapped up by the end of the year,&#8221; Wilt, speaking on the sidelines of the Future Investment Forum conference in Riyadh, said.



Sources told Reuters earlier this month that Manara, a joint venture between Ma&#8217;aden 1211.SE and Saudi Arabia&#8217;s $925 billion Public Investment Fund was closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals&#8217; Zambian copper and nickel assets.



The sources had said the Saudi company was in advanced talks to acquire between 15% and 20% equity in the Zambian assets with one of them estimating the stake at between $1.5 billion and $2 billion.



“Obviously, Africa is mineral rich with a lot of copper in the copper belt. So it just makes perfect sense, because the geographical proximity and our desire for copper to be looking in Africa,” Wilt said.



Manara has made significant investments in metals as part of Saudi Arabia&#8217;s efforts to secure minerals and expand Saudi Arabia&#8217;s mining sector.



The country&#8217;s growing mining industry is a key pillar in de-facto ruler Crown Prince Mohammed Bin Salman&#8217;s Vision 2030 programme to diversify the economy away from oil dependency.



Manara&#8217;s first major foray abroad was a deal to become a 10% shareholder in Vale&#8217;s $26 billion copper and nickel spin-off Vale Base Metals in 2023.



Wilt said copper was becoming a &#8220;top priority&#8221; for Manara because it was a base metal like aluminum that would be increasingly in demand with the energy transition.



&#8220;The niche battery metals, while important, are not as fundamental to the success of the development of the downstream, but copper is essential.&#8221;



(Reporting by Pesha Magid; writing by Maha El DahanEditing by Tomasz Janowski and Jane Merriman)

Future Investment Initiative (FII) in Riyadh

Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-820x519.jpg" alt="" class="wp-image-548213" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Sales of rough diamonds at the Debswana Diamond Company fell about 52% in the first nine months of 2024, data released by Botswana&#8217;s central bank on Tuesday showed, as the downturn in the global diamond market persisted.



Debswana, equally owned by Botswana and Anglo American Plc&#8217;s&nbsp;AAL.L&nbsp;De Beers, sells 75% of its output to De Beers, with the balance taken up by the state-owned Okavango Diamond Company (ODC).



Last year, Botswana and De Beers agreed to a new 10-year diamond sales agreement, where ODC will receive 30% of Debswana&#8217;s produce and this will be scaled up to 50% by the end of the new contract.



In the first three quarters of the year up to September, Debswana had sold diamonds worth $1.53 billion compared to $3.19 billion in the same period last year, the Bank of Botswana said on Tuesday.



In local currency terms, sales were down 50.3% to 20.9 billion pula, which translates to about $1.55 billion based on current exchange rates.



Botswana gets 30%-40% of its revenue, 75% of its foreign exchange earnings, and a third of its national output from diamonds. It is the world&#8217;s top producer of the gem by value.



The southern African country will hold a general election on Wednesday, with the poor performance of the economy-largely due to the downturn in the global diamond market-and high levels of unemployment among the issues in focus.



&#8220;Our diamonds have not been selling since April, so yes, our revenues are down but the economic fundamentals still remain intact,&#8221; President Mokgweetsi Masisi, who is seeking a second term, said at a presidential debate last week.



($1 = 13.4590 pulas)



(Reporting by Brian Benza; Editing by Abinaya Vijayaraghavan and Bhargav Acharya)

Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana

Botswana’s Debswana diamond sales fall over 50% in first nine months of 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-820x547.jpg" alt="" class="wp-image-548180" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



LAGOS, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Dangote oil refinery has a stockpile of 500 million litres of petrol, its billionaire founder said, countering claims by marketers who asserted they needed to supplement Dangote&#8217;s supplies with imports to meet fuel shortages.



Nigeria&#8217;s President, Bola Tinubu, had summoned oil regulators, the head of the state-owned NNPC, the finance minister, and Aliko Dangote to a meeting in Abuja on Tuesday.



The purpose was to review a policy requiring NNPC to sell crude oil to the Dangote refinery in local naira currency in an effort to ease foreign exchange pressure and help the mega refinery secure enough crude to meet its 650,000-barrel-per-day capacity.



Following the meeting, Dangote clarified that his business is not involved in retailing petrol and he should not be blamed for fuel shortages in Africa&#8217;s top oil producing country.



He also said that keeping fuel in storage tanks is costing him money.



&#8220;I expect the NNPC and marketers to stop importing. They should come and collect; we have everything they need,&#8221; said Dangote.



Two weeks ago, local fuel traders began increasing imports, claiming that the Dangote refinery was unable to meet domestic demand, exacerbating fuel shortages.



The Dangote Oil Refinery in Lagos began processing petrol in September, initially setting out to supply 25 million litres per day. The goal is to gradually increase production to 35 million litres daily, which Dangote believes will be sufficient to meet local demand.



At an oil conference in Lagos on Monday, however, the sector regulator said Nigeria’s daily petrol demand is between 45 and 50 million litres.



In a statement issued by a government spokesperson, President Tinubu urged stakeholders to focus on supplying enough petrol for local consumption to reduce dependence on imports.



He also directed them to use Afreximbank, the financial adviser for the naira crude sale scheme, as the settlement bank for naira pricing of crude and refined products.



Dangote previously had to buy crude on the international market, but it filed a complaint saying oil majors were blocking its access to locally produced oil by selling it above market price or claiming it was unavailable, forcing the refinery to rely on expensive imports.



Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said the plan to sell crude in naira would remain in place, and the government would not intervene in determining the exchange rate for the oil sector.



Nigeria aims to end the importation of petroleum products once the Dangote Refinery reaches full operational capacity.



(Reporting by Isaac Anyaogu; Editing by Lincoln Feast.)

FILE PHOTO: A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos

Dangote says refinery has 500 mln litres of petrol in storage, can meet Nigeria’s demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was marginally weaker in early trade on Wednesday, ahead of a keenly-awaited budget speech by the finance minister.



At 0612 GMT, the rand traded at 17.6725 against the U.S. dollar, down 0.1% on its previous close.



The mid-term budget starts around 1200 GMT and is the first under a coalition government formed after the African National Congress party lost its majority.



The coalition government has committed to lifting economic growth and making progress with reforms, boosting investor confidence and contributing to a rally in the rand and local currency debt.



&#8220;The currency market will be watching closely for signs of such reforms and structural improvements,&#8221; Commerzbank analyst Volkmar Baur said in a note.



&#8220;Nevertheless, the fiscal situation is tight and the budget will, hence, provide an insight into the government&#8217;s priorities.&#8221;



Economists polled by Reuters predict Finance Minister Enoch Godongwana will announce a lower 2024/25 budget deficit estimate than was given in February&#8217;s main budget.



But further out Godongwana faces traditional challenges, including state companies seeking bailouts and trade unions demanding above-inflation wage hikes.



South Africa&#8217;s benchmark 2030 government bond rose slightly in early deals, as the yield fell 3.5 basis points to 9.235%.



(Reporting by Alexander Winning; Editing by Savio D&#8217;Souza)

South African Rand coins are seen in this photo illustration

South African rand marginally weaker; all eyes on budget speech

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



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



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



Medium Term Budget Policy Statement



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



South Africa&#8217;s rand was little changed on Tuesday, as investors held off from big moves ahead of a mid-term budget this week.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asia shares eased on Wednesday on the back of weakness in China, as investors brace for a tightly contested U.S. election, even as Beijing tries to shore up growth.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The Nasdaq scored a record closing high and the S&amp;P 500 rose on Tuesday, while the Dow fell as investors digested a host of corporate earnings and awaited Google-parent Alphabet&#8217;s results that came after the market close.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold hit an all-time peak on Wednesday as investors flocked towards the safe-haven metal less than a week before the U.S. presidential election, while they awaited economic data for clues on the Federal Reserve&#8217;s rate stance. 



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



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



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Steel firms fight Amsa&#8217;s call to end scrap export tax



&#8211; Transnet relaxes procurement regime to speed up execution



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Investec eyes bigger slice of corporate pie with new transactional banking offering



(Compiled by Alexander Winning)

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South Africa sees wider deficits, higher debt in budget review

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Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

Botswana’s Debswana diamond sales fall over 50% in first nine months of 2024

Dangote says refinery has 500 mln litres of petrol in storage, can meet Nigeria’s demand

South African rand marginally weaker; all eyes on budget speech

South African Markets – Factors to watch on Oct 30

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home

China’s factory activity expands for the first time since April, official survey shows

How the ultra wealthy travel in Bangkok

Kenya’s inflation falls to 2.7% year-on-year in October, stats office says

African Markets – Factors to watch on Oct 31

South African Markets -Factors to watch on Oct 31

IMF board approves Kenya’s reviews, unlocking access to $606 million

How F1 teams are using new tech to innovate

Thirty Years of Progress: MTN’s Role in Africa’s Digital Revolution

Why OpenAI CEO Sam Altman Is In Position To Shape AI Policy, No Matter Who Wins The Election

Namibia lowers economic growth forecast for 2024

South Africa sees wider deficits, higher debt in budget review

Can China create a global Android or iOS competitor?

Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

Botswana’s Debswana diamond sales fall over 50% in first nine months of 2024

Dangote says refinery has 500 mln litres of petrol in storage, can meet Nigeria’s demand

South African rand marginally weaker; all eyes on budget speech

South African Markets – Factors to watch on Oct 30

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