<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>



Oct 30 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



The IMF&#8217;s board will consider the seventh and eighth reviews of Kenya&#8217;s lending program.



Zimbabwe finance minister Mthuli Ncube will address the media on the sidelines of an EU-Zimbabwe Financing Deal signing ceremony.



Namibia&#8217;s Finance Minister Iipumbu Shiimi is expected to table the southern African country&#8217;s mid-year budget review in the National Assembly.



<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 that could have huge ramifications for the world&#8217;s second-largest economy, even as Beijing tries to shore up growth.



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



Oil prices stabilised on Wednesday on industry data showing a surprise drop in U.S. crude and gasoline inventories, following two previous sessions of losses on the prospect of hostilities easing in the Middle East.



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



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



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



The Kenyan shilling was steady against the dollar on Tuesday as companies exchanged hard currency to make end of month payments, one trader said.



<h2 class="wp-block-heading" id="h-botswana-election">BOTSWANA ELECTION</h2>



Botswana votes on Wednesday in an election that will determine whether President Mokgweetsi Masisi secures a second term, with economic woes caused by declining diamond demand in focus.



<h2 class="wp-block-heading" id="h-kenya-finance">KENYA FINANCE</h2>



Kenya&#8217;s Supreme Court on Tuesday quashed a decision by an appeals court nullifying the 2023 finance law, a victory for the government after protests forced President William Ruto to withdraw this year&#8217;s finance bill.



<h2 class="wp-block-heading" id="h-nigeria-cenbank">NIGERIA CENBANK</h2>



Nigeria&#8217;s central bank is prepared to use any &#8220;tools at our disposal&#8221; to manage inflation, its head Olayemi Cardoso said on Tuesday.



((Compiled by Nairobi Newsroom))

Stock market report. 3d illustration

African Markets – Factors to watch on Oct 30

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SXFLCRRB7RPNVE5MXADNSSEI74-820x547.jpg" alt="" class="wp-image-548126" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SXFLCRRB7RPNVE5MXADNSSEI74-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SXFLCRRB7RPNVE5MXADNSSEI74-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SXFLCRRB7RPNVE5MXADNSSEI74-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SXFLCRRB7RPNVE5MXADNSSEI74-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SXFLCRRB7RPNVE5MXADNSSEI74-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SXFLCRRB7RPNVE5MXADNSSEI74-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Umbrella for Democratic Change (UDC) supporters leave the final rally in Tlokweng, east of Gaborone, Botswana October 29, 2024. REUTERS/Thalefang Charles</figcaption></figure>



GABORONE, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Botswana started voting on Wednesday in an election that will determine whether President Mokgweetsi Masisi secures a second term, with slowing economic growth driven by declining diamond demand the central issue.



Masisi&#8217;s Botswana Democratic Party (BDP) has governed the southern African state since 1966 and remains the favourite to win despite the party&#8217;s falling popularity. Voters elect a National Assembly, with the largest party then choosing the president.



The BDP faces a fragmented opposition with its biggest challenge coming from the Umbrella for Democratic Change (UDC), a coalition led by lawyer Duma Boko. Two other parties have put forward candidates for president.



Voting started smoothly in the capital Gaborone, with long queues outside most polling stations. Over a million people are registered to vote in the country of some 2.3 million, according to the electoral commission.



BDP supporter Penny Mogale, 35, said she was voting for a continuation of entrepreneurship programmes under Masisi which she said had helped her to start a catering business.



&#8220;There are no jobs available but the government is giving us an opportunity to create jobs for ourselves. I want the party to be given a chance to continue with these initiatives,&#8221; she said.



A 26-year-old security guard at a supermarket in downtown Gaborone said he would vote for change at the end of his shift.



&#8220;We work long hours but we earn very little and the government has been refusing to raise the minimum wage,&#8221; said Teto Mosweunyane.



The opposition UDC has pledged to more than double the minimum wage from 1,500 Botswana pula ($112) per month to 4,000 pula if it wins.



Economic issues have dominated the campaign. Although Botswana is one of the wealthiest countries per capita in sub-Saharan Africa, a decline in the global diamond market saw its economic growth forecast for 2024 slashed to 1%.



Botswana is the world&#8217;s top producer by value of diamonds and has struggled to diversify its economy.



Opposition parties have criticized Masisi for the weakening growth rate as well as high levels of inequality and unemployment, while Masisi says his plans to create jobs were disrupted by the COVID-19 pandemic but remain on track.



Masisi came to power in 2018 through a planned transition after his predecessor Ian Khama served the maximum 10 years in office. He kept the job after a 2019 poll which the BDP won.



Election results are usually announced within a few days.



($1 = 13.4409 pulas)



(Reporting by Brian Benza; Writing by Nellie Peyton; Editing by Olivia Kumwenda-Mtambo, Christina Fincher and Ros Russell)

Botswana prepares for elections

Botswana heads to the polls with diamond downturn in focus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg" alt="" class="wp-image-449453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LONDON, Oct 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank is prepared to use &#8220;whatever tools at our disposal&#8221; to manage inflation, its central bank chief Olayemi Cardoso said on Tuesday.



Inflation in Africa&#8217;s most populous country rose in September for the first time in three months, reaching 32.70% in annual terms, spurred by food and energy costs.



Cardoso told the FT Africa Summit in London that while he expected headline inflation to moderate in the coming months, food inflation was &#8220;proving stickier&#8221;.



He said the country &#8220;cannot tire&#8221; with its reform efforts.



(Reporting by Libby George in London; Writing by Elisha Bala-Gbogbo; Editing by Alexander Winning)

Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja

Nigeria ready to use all tools to manage inflation, c.bank chief says

Why The American Dream Became Unaffordable For The Middle Class

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-820x540.jpg" alt="" class="wp-image-486141" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A shopper walks past a Vodacom shop in Johannesburg, file. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 29 (Reuters) &#8211; South Africa&#8217;s Competition Tribunal blocked Vodacom&#8217;s proposed merger with fibre group Maziv on Tuesday, a blow for the ambitions of the country&#8217;s biggest mobile operator to expand its fibre footprint nationwide.



The Competition Tribunal, which makes the final ruling on deals, said in a statement that its reasons for the decision will be issued in due course.



Vodacom announced in 2021 that it would pay 6 billion rand ($339 million) in cash and in certain fibre assets valued at 4.2 billion rand for a 30% stake in a newly formed company called Maziv, the parent company of Dark Fibre Africa and Vumatel.



But last year the Competition Commission recommended to the tribunal that the proposed merger be prohibited on the grounds that it is likely to substantially prevent or lessen competition in several markets.



The commission said the conditions offered by the merger parties did not fully address the resultant harm to competition.



($1 = 17.7024 rand)



(Reporting by Nqobile Dludla; Editing by Jan Harvey)

FILE PHOTO: A shopper walks past a Vodacom shop in Johannesburg

South Africa blocks Vodacom’s proposed merger with Maziv

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg" alt="" class="wp-image-519304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 29 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Tuesday as companies exchanged hard currency to make end of month payments, one trader said.



The shilling traded at 128.50/129.50 the dollar at 0818 GMT, LSEG data showed, the same as Monday&#8217;s closing rate.



(Reporting by Sonia Rao)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling steady on month-end payments

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg" alt="" class="wp-image-545991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Oct 29 (Reuters) &#8211; The Ugandan shilling was unchanged on Tuesday, with some inflows of hard currency from non-governmental organisations (NGOs) providing support to the local unit, traders said.



At 0936 GMT commercial banks quoted the shilling at 3,660/3,670, same level as Monday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

UGANDA SHILING

Ugandan shilling stable on charity FX inflows

<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/GIBV5AXYRRITDJHKIN34HKNOUM-820x547.jpg" alt="" class="wp-image-547812" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GIBV5AXYRRITDJHKIN34HKNOUM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo for Google is seen at a Google store in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo</figcaption></figure>



LAGOS, Oct 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday.



Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.



The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google&#8217;s Africa Investment Fund and Verod Capital came in as new investors.



Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it &#8220;unicorn&#8221; status &#8211; a term for tech firms with a valuation of a billion dollars or more.



The new capital would be used to speed up Moniepoint&#8217;s growth across Africa and build an integrated platform for businesses.



&#8220;This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,&#8221; Moniepoint said.



Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking.



Moniepoint started offering personal banking services in August last year.



The fintech says it processes over 800 million transactions, with a monthly value of more than $17 billion.



(Reporting by MacDonald Dzirutwe; Editing by Alison Williams)

FILE PHOTO: The logo for Google is seen at  a Google store in Manhattan, New York City, U.S.

Google among investors putting $110 million into Nigeria’s Moniepoint

<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 29 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Tuesday.



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



South Africa&#8217;s M3 money supply and private sector credit figures for September will be published.



South Africa&#8217;s government will hold its weekly auction of long-term bonds.



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



South African lender First National Bank will provide an update on its payments business.



South African mobile operator Cell C will give a business update.



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



South Africa&#8217;s rand edged lower on Monday, as investors await Wednesday&#8217;s mid-term budget review &#8211; the first under the coalition government formed in June.



On the stock market, the Top-40 index closed 0.6% higher.



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



Asian stocks were mixed in volatile trading on Tuesday as investors girded for three days of tech megacap earnings reports on Wall Street, kicking off with Google parent Alphabet later in the day.



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



Wall Street closed higher on Monday ahead of a packed week of earnings from megacap companies and the final stretch before the Nov. 5 presidential election, while sentiment improved after energy supplies were not disrupted by weekend developments in the Middle East.



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



Gold prices lingered near record highs on Tuesday, supported by uncertainty surrounding the upcoming U.S. presidential election, while investors awaited key economic data for clues on the Federal Reserve&#8217;s interest rate trajectory.



&#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; Growth-focused infrastructure investments a budget pillar, says Masondo



&#8211; SA and Ukraine visa waiver on hold &#8216;for more consultations&#8217;



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct. 29

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Oct 29 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Namibia&#8217;s Finance Minister Iipumbu Shiimi is expected to table the southern African country&#8217;s mid-year budget review in the National Assembly.



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



Asian stocks were mixed in volatile trading on Tuesday as investors girded for three days of tech megacap earnings reports on Wall Street, kicking off with Google parent Alphabet later in the day.



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



Oil prices edged up on Tuesday, after a sharp plunge in the previous session, as a U.S. plan to purchase oil for the Strategic Petroleum Reserve provided support while investors remained focused on developments in the Middle East.



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



South Africa&#8217;s rand edged lower on Monday, as investors await Wednesday&#8217;s mid-term budget review &#8211; the first under the coalition government formed in June.



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



The Kenyan shilling was steady against the dollar on Monday as international aid agencies converted foreign currency to clear expenses and pay salaries, supporting the local unit, one trader said.



<h2 class="wp-block-heading" id="h-sudan-peacekeeping">SUDAN PEACEKEEPING</h2>



United Nations Secretary-General Antonio Guterres appealed to the Security Council on Monday for its support to help protect civilians in war-torn Sudan, but said conditions are not right for deployment of a U.N. force.



<h2 class="wp-block-heading" id="h-chad-security">CHAD SECURITY</h2>



Around 40 soldiers were killed in an attack on a military base in Chad&#8217;s Lake region over the weekend, the central African country&#8217;s presidency said on Monday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 29

<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/U7IY45MZ3FPMFN7YRQQBB75HS4-820x547.jpg" alt="" class="wp-image-547744" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/U7IY45MZ3FPMFN7YRQQBB75HS4-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 is pictured in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



LAGOS, (Reuters) &#8211; Ghana could buy petroleum products from Nigeria&#8217;s Dangote Oil Refinery once the facility is operating at full capacity, cutting more expensive exports from Europe, the head of the country&#8217;s oil regulator said on Monday.



This could end monthly fuel imports from Europe of $400 million, Mustapha Abdul-Hamid, chairman of the National Petroleum Authority, Ghana said at the OTL Africa Downstream oil conference in Lagos.



&#8220;If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,&#8221; Hamid said.



The Dangote Oil refinery built by Nigerian billionaire Aliko Dangote is expected to operate at&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3JC04R&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">near</a>&nbsp;full capacity at the end of the year and analysts believe it could be fully operational in the first quarter of 2025.



Hamid said importing from Nigeria rather than Europe would bring down the prices of other goods and services by removing freight costs. Eventually, he said African countries would agree on a common currency that should dampen demand for dollars. Ghana&#8217;s economy, which grew by 6.9% year-on-year in the second quarter of 2024, has been driven largely by a strong expansion of the extractive sector which has boosted demand for fuel.



(Reporting by Isaac Anyaogu; Editing by Susan Fenton)

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

Ghana eyes fuel imports from Dangote oil refinery

<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/S2RIBSUDWFIIFC7QFNWKKKSNIU-820x547.jpg" alt="" class="wp-image-547511" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



ABUJA, Oct 28 (Reuters)&nbsp;&#8211;&nbsp;The central bank of Nigeria has signed an agreement with the International Finance Corp to expand local currency financing for Nigerian businesses and cut foreign exchange risks, the agencies said in a statement on Monday.



The IFC, a World Bank Group member, aims to &#8220;significantly scale up&#8221; its financing in Nigeria, targeting over $1 billion in the coming years, the statement said.



The partnership will enable IFC to manage currency risks and increase its investments in Nigeria&#8217;s naira currency across agriculture, housing, infrastructure, energy, small and medium-sized enterprises, and the creative industry.



&#8220;Many of these sectors require local currency financing, and IFC&#8217;s partnership with the (central bank) is a key tool in expanding access,&#8221; the statement said.



(Reporting by Elisha Bala-Gbogbo; Editing by Jan Harvey)

Man counts Nigerian naira notes in a market place ahead of Nigeria’s Presidential elections in Yola

Nigeria signs funding deal with IFC to boost naira currency financing

NBA Commissioner On The Media Rights Deal

NBA Commissioner On The Media Rights Deal, New Technology And WNBA’s Growth

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="625" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Image-2-1-820x625.jpg" alt="" class="wp-image-547493" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Image-2-1-820x625.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Image-2-1-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Image-2-1-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Image-2-1-768x585.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Image-2-1.jpg 945w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



As a leading African provider of premium optical products, ProItUp Optics has distinguished itself through a unique blend of innovation, quality, and purpose. At the heart of the company is a dual mission: to enhance outdoor experiences with state-of-the-art optics and to drive meaningful contributions to wildlife conservation across Africa. Offering a diverse range of binoculars, spotting scopes, and rangefinders, ProItUp Optics serves outdoor enthusiasts while staying true to its core values of environmental stewardship and wildlife responsibility.



<h2 class="wp-block-heading" id="h-a-vision-beyond-optics">A Vision Beyond Optics</h2>



ProItUp Optics was born from a passion for the outdoors and a commitment to protecting Africa’s natural beauty. The founders envisioned more than just a successful optics company; they saw a way to make a tangible impact on wildlife conservation through their products. Today, ProItUp Optics purpose-driven approach is reflected in its core business model, where 5% of net revenue is dedicated to supporting wildlife conservation efforts. This initiative allows customers to make a difference with every purchase, knowing their contributions help safeguard Africa&#8217;s wildlife and ecosystems.



<h2 class="wp-block-heading" id="h-partnerships-that-protect-africa-s-wildlife">Partnerships that Protect Africa&#8217;s Wildlife</h2>



ProItUp Optics has established strategic alliances with leading conservation organizations like Care for Wild Rhino Sanctuary and WWF South Africa. These partnerships are essential to ProItUp Optics mission, with proceeds from every sale contributing to initiatives that protect endangered species and preserve critical habitats. The company’s customers aren’t just purchasing optics; they are investing in the future of Africa’s biodiversity.



“Our conservation partnerships are at the core of who we are as a company,” says Arvy Shongwe, CEO of ProItUp Optics. “By donating 5% of our annual net revenue to wildlife conservation, we ensure that every purchase makes a direct impact. Whether it&#8217;s supporting anti-poaching efforts or preserving ecosystems, our goal is to contribute to the long-term sustainability of Africa’s natural heritage.”



<h2 class="wp-block-heading" id="h-partnering-with-africa-s-premier-safari-lodges">Partnering with Africa’s Premier Safari Lodges</h2>



ProItUp Optics also extends its conservation commitment through partnerships with some of Africa&#8217;s most renowned safari lodges. Working with over 100 safari lodges, including prestigious names like Sir Richard Branson’s Ulusaba Private Game Reserve in South Africa and Botswana’s Xigera Safari Lodge, ProItUp Optics supplies high-performance optics to enrich guests&#8217; wildlife experiences.



<h2 class="wp-block-heading" id="h-a-business-built-on-wildlife-conservation">A Business Built on Wildlife Conservation</h2>



Wildlife conservation is deeply integrated into ProItUp Optics’ operations. Beyond providing premium optical products, ProItUp Optics strives to ensure that each sale translates into meaningful contributions to preserving Africa’s rich biodiversity. With every product sold, 5% of net revenue is directed toward conservation programs that are critical to protecting endangered species and ecosystems across the continent.



“We believe our business can be a force for good, and wildlife conservation is a cause we are passionate about supporting,” explains Arvy, CEO of ProItUp Optics. “Our goal is to use our platform to protect Africa’s wildlife and ensure future generations can experience the natural wonders of our continent.”



<h2 class="wp-block-heading" id="h-the-road-ahead-for-proitup-optics">The Road Ahead for ProItUp Optics</h2>



Looking to the future, ProItUp Optics is committed to expanding its conservation initiatives, deepening partnerships, and introducing new ways to make a lasting impact. As the company grows, our mission remains unchanged: to protect Africa’s wildlife and ensure that the continent’s extraordinary biodiversity continues to thrive. In line with this mission, we aim to become the first choice for optics in Africa, setting the standard for excellence in supporting conservation and wildlife protection.



By choosing ProItUp Optics, customers are not only investing in superior optical products but also playing an active role in safeguarding Africa’s wildlife. Each purchase directly supports conservation efforts, making ProItUp Optics a company that not only delivers high-quality optics but also stands as a champion for wildlife.



<h2 class="wp-block-heading" id="h-about-proitup-optics">About ProItUp Optics</h2>



ProItUp Optics is Africa&#8217;s first-ever sporting optics company and brand, specializing in high-quality binoculars, spotting scopes, and rangefinders. Committed to enhancing outdoor experiences, ProItUp Optics has pledged to donate 5% of its net revenue to wildlife conservation efforts. Through strategic partnerships with leading conservation organizations, the company ensures that every product sold contributes to the protection of Africa’s wildlife and natural ecosystems. At ProItUp Optics, every purchase helps safeguard the future of Africa&#8217;s incredible biodiversity.

Image 2 1

ProItUp Optics: Elevating Outdoor Experiences While Championing Wildlife Conservation in Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108052833-1729838789268-gettyimages-2173221937-AA_23092024_1869906-820x461.jpeg" alt="" class="wp-image-547489" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108052833-1729838789268-gettyimages-2173221937-AA_23092024_1869906-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108052833-1729838789268-gettyimages-2173221937-AA_23092024_1869906-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108052833-1729838789268-gettyimages-2173221937-AA_23092024_1869906-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108052833-1729838789268-gettyimages-2173221937-AA_23092024_1869906-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108052833-1729838789268-gettyimages-2173221937-AA_23092024_1869906-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108052833-1729838789268-gettyimages-2173221937-AA_23092024_1869906.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">UK Finance Minister Rachel Reeves makes a speech during the Labour Party Conference that is held at the ACC Liverpool Convention Center in Liverpool, UK on September 23, 2024.  Anadolu | Getty Images</figcaption></figure>



LONDON — U.K. Finance Minister Rachel Reeves will deliver the government’s hotly awaited debut budget on Wednesday, putting to bed weeks of uncertainty over potential tax hikes and spending cuts.



The fiscal announcement — Labour’s first in almost 15 years — has been the source of much speculation, with Prime Minister Keir Starmer warning of “painful” decisions as his administration seeks to square what it says is a “black hole” in the public finances with its wider pro-growth agenda.



Reeves brought some clarity to that narrative on Thursday, by confirming that she would use her budget to announce a widely anticipated change to the U.K.’s debt rules in a bid to free up billions of pounds for investment. However, she did not specify exactly what the investment rule would change.



“We will measure debt differently. But, of course, we will put guardrails in place,” Reeves told Sky News Thursday, following her initial announcement in the Financial Times.



Reports suggest that the Treasury could target public sector net financial liabilities (PSNFL) in the U.K.’s measure of debt, rather than public sector net debt. The PSNFL measure takes in a wider account of the government’s balance sheet, including financial assets and liabilities, than public sector net debt. The Treasury declined to comment on the proposals.



In a note Friday, Goldman Sachs estimated that the changes could increase the government’s fiscal headroom by around £50 billion ($65 billion). Still, Goldman Sachs noted that the Treasury was unlikely to use all of that added leeway, and that any increase would be phased in gradually “over several years.”



“We think that the Chancellor would be very unlikely to use all the resulting fiscal space and would instead leave a much larger margin of headroom against the debt rule,” Goldman sachs said in the note.



As such, Reeves is still expected to rely heavily on a raft of tax changes to fill what she has described as a £100 billion spending gap ($129.6 billion) over the next five years. Here’s a look at what might change.



<h2 class="wp-block-heading" id="h-what-changes-to-expect"><a></a>What changes to expect</h2>



Labour has repeatedly ruled out increases to income tax, National Insurance social security payments, value-added tax (a sales levy) and corporation tax, insisting it would not renege on pledges outlined in its election manifesto.



More recently, however, the government has shifted its narrative to avoiding tax rises for “working people,” suggesting that changes for higher earners and employers could be on the table.



Starmer fanned speculation last week when he said in an interview with Sky News that people who own shares would not fall within his “definition” of working people. The Treasury later clarified that it was possible for a working person to have a small amount of shares.



The government has also failed to rule out potential changes to National Insurance tax on employers’ pension contributions, which would see business owners pay more to employ workers.



Reports suggest that Reeves could extend the freeze on personal income tax thresholds introduced by the former Conservative government. While the policy does not raise headline income tax rates, it is often dubbed a “stealth tax” as it ultimately drags workers into paying more tax as pay rises tip them into higher tax brackets.



Elsewhere, changes to inheritance tax (IHT) and capital gains tax (CGT) remain on the table as the government seeks to reduce wealth imbalances across the country. That comes even as plans to introduce new levies on Britain’s “non-doms” could be watered down amid concerns it would fail to raise revenues and instead spark a wealth exodus.



Analysts have expressed mixed views over the expected measures, noting that Reeves has a fine line to tread in balancing the books. Goldman Sachs estimated in its Friday note that the government could need to raise £25 billion annually to meet its spending targets.



“Our broad message is that Chancellor Reeves will attempt to navigate a tight set of public finances to meet her dual aims of avoiding material real term cuts in non-protected spending and to raise public investment. Tax increases will be needed to help achieve these,” Investec said in a note Thursday.



Duncan Edwards, CEO of BritishAmerican Business, warned the government against going too far with measures that could harm business.



“Raising taxes, making it more expensive to do business here, penalizing investment through raising capital gains tax and so on, looks like a strange approach to delivering that growth agenda,” Edwards told CNBC’s “Squawk Box Europe” on Friday.



<h2 class="wp-block-heading"><a></a>UK market jitters</h2>



Reeves has faced criticism for not holding the budget closer to Labour’s July 4 election, with critics saying the delay has cast a cloud of uncertainty over the economy and businesses.



Consumer confidence fell in October to its lowest level since March, when former chancellor Jeremy Hunt delivered his last budget, the fresh GfK showed Friday. Business confidence also slipped to an 11-month low this month, S&amp;P Global flash figures indicated Thursday.



Meanwhile, government borrowing costs have risen sharply as memories of former-Prime Minister Liz Truss’s catastrophic September 2022 “mini-budget” remain close to mind. U.K. bond yields climbed following Reeves’ debt rule announcement Thursday, with 10-year gilt yields hovering near a 16-week high at 4.24%. Still, analysts ruled out the possibility of a similar market meltdown.



“Is this going to be a Liz Truss moment? We don’t think so whatsoever,” Andrzej Szczepaniak, vice president of European economics at Nomura, told CNBC’s “Street Signs” on Friday.



“Actually, now the government can carve out investment,” he continued. “That’s actually fairly positive for the U.K. economy. It has a long structural underinvestment situation versus its peers in the G7.”



Such increases to infrastructure investment have been recommended by the International Monetary Fund, which on Thursday raised its growth outlook for the U.K. It now expects the economy to expand 1.1% in 2024, up from its earlier estimate of 0.7%.



“This level of endorsement to these changes will have helped contain bond market reaction and avoid a big strop-out,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, wrote in a note Friday.



— CNBC’s Sam Meredith contributed to this report.

108052833-1729838789268-gettyimages-2173221937-AA_23092024_1869906

Britain’s Labour government to deliver debut Budget this week, settling weeks of uncertainty

<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-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Oct 28 (Reuters) &#8211; The Ugandan shilling traded flat on Monday, on the back of a general slump in appetite for hard currency across both importers and players in the interbank market, traders said.



At 0846 GMT commercial banks quoted the shilling at 3,660/3,670, same level as Friday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling flat on slump in appetite

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Oct 28 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was little changed in early trade on Monday, with Wednesday&#8217;s mid-term budget the main focal point for investors this week.



At 0720 GMT the rand traded at 17.67 against the U.S. dollar, not far from its previous close of 17.6725. The dollar was also broadly flat against a basket of global currencies.



The finance minister&#8217;s medium term budget policy statement in parliament on Wednesday gives an update on the health of public finances midway through the fiscal year. It will be the first &#8220;mini budget&#8221; under the coalition government formed in June.



A Reuters poll of economists published last week predicted the finance minister will announce a lower 2024/25 budget deficit estimate than was given in February&#8217;s main budget, but fiscal challenges are expected to slow consolidation efforts next year.



&#8220;Although this is not a policy-setting event, any indication of credible fiscal reforms would support market confidence and the rand,&#8221; Andre Cilliers, currency strategist at TreasuryONE, said in a note.



Other domestic data releases this week include September credit extension and money supply data on Tuesday, September producer inflation and trade balance data  on Thursday, and October vehicle sales figures on Friday.



South Africa&#8217;s benchmark 2030 government bond was softer in early deals, with the yield up 3 basis points to 9.315%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Jan Harvey)

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African Markets – Factors to watch on Oct 29

Ghana eyes fuel imports from Dangote oil refinery

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ProItUp Optics: Elevating Outdoor Experiences While Championing Wildlife Conservation in Africa

Britain’s Labour government to deliver debut Budget this week, settling weeks of uncertainty

Ugandan shilling flat on slump in appetite

South African rand flat; mid-term budget the week’s highlight

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home

African Markets – Factors to watch on Oct 30

Botswana heads to the polls with diamond downturn in focus

Nigeria ready to use all tools to manage inflation, c.bank chief says

Why The American Dream Became Unaffordable For The Middle Class

South Africa blocks Vodacom’s proposed merger with Maziv

Kenyan shilling steady on month-end payments

Ugandan shilling stable on charity FX inflows

Google among investors putting $110 million into Nigeria’s Moniepoint

South African Markets – Factors to watch on Oct. 29

African Markets – Factors to watch on Oct 29

Ghana eyes fuel imports from Dangote oil refinery

Nigeria signs funding deal with IFC to boost naira currency financing

NBA Commissioner On The Media Rights Deal, New Technology And WNBA’s Growth

ProItUp Optics: Elevating Outdoor Experiences While Championing Wildlife Conservation in Africa

Britain’s Labour government to deliver debut Budget this week, settling weeks of uncertainty

Ugandan shilling flat on slump in appetite

South African rand flat; mid-term budget the week’s highlight

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