India

India, China and the U.S. battle for supremacy in the new space age

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="604" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-820x604.jpg" alt="" class="wp-image-546279" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-820x604.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-122x90.jpg 122w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-768x566.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-1536x1131.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Daniel Chapo, presidential candidate of the ruling Frelimo party casts his vote during the general elections at Inhambane, in the southern Mozambique, October 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



MAPUTO, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s ruling party Frelimo has retained power in this month&#8217;s national election, extending its five-decade rule in the Southern African state as the opposition accused it of fraud.



Frelimo&#8217;s Daniel Chapo, 47, will succeed President Filipe Nyusi to become Mozambique&#8217;s fifth president since its independence from Portugal in 1975. Nyusi is stepping down after serving the maximum two terms.



Chapo won over 70% of votes, the electoral commission said on Thursday. Venancio Mondlane, backed by the Podemos party, came second with 20% of votes, displacing former rebel movement Renamo, which had been the official opposition party but whose candidate came third this time around.



In the parliament, Frelimo increased its number of seats to 195 out of 250, more than the 184 it had before.



Observers have said the Oct. 9 election was not free and fair. A European Union mission reported irregularities during counting and alteration of results at the local and district level, problems which have marred most polls since Frelimo first allowed multi-party elections in 1994.



The electoral commission has declined to comment on allegations of vote-rigging. A Frelimo spokesperson did not reply to requests for comment.



Shortly after Chapo was declared winner, Mozambique&#8217;s sole dollar bond, maturing in 2031, fell for a fourth day, TradeWeb data showed as investors assessed the risk of unrest. 



Mondlane, who holds sway over many of the country&#8217;s young voters and claims he is the true election winner, has already called for nationwide protests on Thursday and Friday. Groups of protesters started to gather in the capital Maputo after the result was announced.



Police on Monday used teargas and gunfire to disperse opposition supporters protesting the murder of a Podemos lawyer and party official two days earlier, raising tensions.



Chapo, a lawyer, is seen as a business-friendly choice who analysts say is likely to maintain the status quo, including a fight against Islamist insurgents in the north and partnerships with companies like Exxon Mobil and TotalEnergies, which are trying to get major gas projects off the ground.



The country of nearly 35 million people is struggling with a large debt burden and worsening climate shocks, including drought and cyclones.



(Additional reporting by Siyabonga Sishi and Siphiwe Sibeko in Maputo, Bhargav Acharya and Tannur Anders in Johannesburg, and Libby George in London;Writing by Nellie Peyton;Editing by Alexander Winning and Aurora Ellis)

FILE PHOTO: Frelimo candidate Daniel Chapo casts his vote

Mozambique’s ruling party retains power in contested election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-820x547.jpg" alt="" class="wp-image-546260" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of molten copper at Anglo American&#8217;s smelter in Chagres, Chile, obtained by Reuters on April 26, 2024. Anglo American/Handout via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;The speed at which Anglo American shifts to becoming a copper-focused miner may well dictate its ultimate fate &#8211; survival as an independent operator, or absorption by a bigger rival such as BHP Group, which earlier this year failed to buy the group.



BHP walked away from a $49 billion bid to acquire Anglo in May after it was rebuffed three times. With a six-month block on another approach set to expire at the end of November, a deal is again under scrutiny.



Anglo was able to convince investors during BHP&#8217;s approach that it had a better plan to grow value, focused on shedding underperforming platinum, diamonds and coal to focus on copper, a metal key for the energy transition.



If that succeeds, the higher value that comes with copper assets may help keep Anglo safe, one portfolio manager at a Cape Town fund manager said.



But the longer it takes to achieve a transformation, the more likely it is that investors will be tempted by another bid.



Investors with shares in both companies told Reuters that even though they expect BHP CEO Mike Henry to renew his pursuit for the London-listed miner, the timing and even the rationale for such an approach could be shaped by whether Anglo can grow beyond the grasp of cash-rich rivals.



Anglo CEO Duncan Wanblad is rushing to sell coking coal mines in Australia and nickel assets in Brazil while spinning off platinum mines in South Africa. The company is also weighing whether to sell or separately list its De Beers diamonds unit.



Anglo&#8217;s world-class copper assets in Latin America are the prize for rivals seeking increased exposure to copper.



But its copper mines are still dogged by operational issues. On Thursday, it said copper output declined 13% in the third quarter, though the company remains on course to meet this year&#8217;s output guidance of 730,000 tons to 790,000 tons.



Anglo declined to comment. BHP did not respond to emailed requests for comment.



<h2 class="wp-block-heading" id="h-choosing-the-moment">CHOOSING THE MOMENT</h2>



Anglo&#8217;s shares rose as much as 4.3% in London on Monday amid a broad uptick in mining stocks, but have shed most of the premium they added in the wake of BHP&#8217;s approach.



If Anglo&#8217;s valuation takes time to catch up with its restructuring, it could present a golden opportunity for BHP.



According to a source at a top investor in both companies, a restructured Anglo creates more value for BHP, which is still wary of the risks associated with absorbing South African assets.



&#8220;If I was BHP, I would say let Anglo do most of the heavy lifting, the restructuring it promised it will do by end 2025,&#8221; the source told Reuters.



Any potential new bid should come when some of the restructuring is expected to completed by June or July next year, they added.



BHP may have to wait until Anglo spins off its platinum business by mid-2025 to make the deal less complex, UBS Group analysts said. &#8220;We expect Anglo to re-rate as the group simplifies,&#8221; UBS said. &#8220;If not, we see potential for another takeover approach.&#8221;



Christiaan Bothma, an investment analyst at Johannesburg-based money manager Sanlam Private Wealth, which has shares in both companies, told Reuters it would &#8220;make sense&#8221; for BHP to wait for Anglo to do the asset separation for them.



But he added: &#8220;The counter argument to this would be if they wait (too) long, Anglo&#8217;s valuation premium may be too high or iron ore prices too low (BHP&#8217;s primary currency).&#8221;



(Reporting by Felix Njini in Johannesburg, Editing by Veronica Brown, Pratima Desai and Jan Harvey)

FILE PHOTO: A general view of molten copper at Anglo American’s smelter in Chagres

Can Anglo’s copper pivot help thwart renewed takeover bid?

<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/MSJ5YKFIENLXFNSFEOJVDGTYHY-820x547.jpg" alt="" class="wp-image-546212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Governor of the South African Reserve Bank, Lesetja Kganyago, gestures during an interview with Reuters in Centurion, South Africa April 3, 2024. REUTERS/James Oatway/File Photo</figcaption></figure>



WASHINGTON, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand has further room to strengthen if the government in Pretoria pushes ahead with reforms and prudent policies, the country&#8217;s&nbsp;central bank chief&nbsp;Lesetja Kganyago told Reuters.



The currency of Africa&#8217;s most industrialized nation has been a top emerging market performer, strengthening some 2.5% against the U.S. dollar, since the start of the year while most of the rand&#8217;s peers have suffered losses against the greenback.



&#8220;There should be positive momentum and that positive momentum is not going to be something just driven by the markets,&#8221; Kganyago, the governor of the South African Reserve Bank, said in an interview on Thursday on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.



&#8220;It&#8217;s going to be whether government continues to act with resolve and stays the path in terms of prudent policies and structural reforms going forward,&#8221; he said, adding that momentum for reforms would not just bolster the currency but could also support the country&#8217;s bonds and stocks.



South Africa&#8217;s National Treasury announced over the summer a number of reforms in the energy, freight, water, and telecommunications sectors, and has pledged to reduce spending and raise revenue as well as take further steps to lower borrowing over the medium-term period.



The rand has enjoyed broad gains since the African National Congress was forced to forge alliances with other political parties after failing to win a parliamentary majority in an election in May &#8211; its first such defeat since the 1994 election that marked the end of white minority rule and apartheid.



&#8220;If you restore investor or consumer confidence, it&#8217;s like a free stimulus for you,&#8221; he said.



Asked about efforts by South African policymakers to lower the inflation target from the current 3%-6% range, Kganyago said work was underway between the National Treasury and the central bank on arriving at the target, and he was hopeful the process would be concluded next year.



&#8220;Where there is absolutely no disagreement on is that the target must be lower. But how far lower?&#8221; he said, adding that the out-of-line target meant the country was losing competitiveness.



(Reporting by Karin Strohecker; Editing by Paul Simao)

MSJ5YKFIENLXFNSFEOJVDGTYHY

South African reforms could push rand higher, central bank chief says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-820x429.jpg" alt="" class="wp-image-546009" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Customers and workers are seen at a Huawei store at Sandton City mall in Sandton, South Africa February 16, 2022. REUTERS/Siphiwe Sibeko <a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing Rights</a></figcaption></figure>



JOHANNESBURG, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Huawei&nbsp;HWT.UL&nbsp;Cloud&#8217;s business in South Africa has grown fast over the past five years and it plans to launch more cloud solutions to expand market share to boost revenue, a company executive said on Thursday.



Increased demand for faster computing from South African firms and the government has attracted big cloud operators into the country, with Huawei the first international vendor to host a local &#8216;hyperscale&#8217; cloud data centre in South Africa in 2019.



Huawei Cloud has served more than 1,000 customers from the government, financial services, education and telecoms sectors as well as some media and e-commerce companies, Jacqueline Shi, president of Huawei Cloud Global Marketing and Sales Service told delegates at the company&#8217;s cloud summit in Johannesburg.



&#8220;With this kind of strong support from different customers, our cloud business in South Africa has increased more than 16 times over the past five years,&#8221; Shi said.



She told reporters that the total revenue amount &#8220;is still not so big&#8221;, which has encouraged the company to launch more cloud solutions and capture a larger share of the country&#8217;s market.



The cloud market in South Africa is expected to grow at a compound annual rate of around 26% between 2023 and 2028 to 113 billion rand ($6 billion) in value, according to market research company Africa Analysis.



The adoption of artificial intelligence is also driving spending by corporate customers.



&#8220;Go to cloud or not, is not an option anymore. The question is how far and how to do it quickly,&#8221; Huawei Cloud South Africa Chief Executive Steven Chen told reporters.



The Chinese tech giant, which is going head-to-head with cloud services rivals Microsoft&nbsp;MSFT.O, Amazon&nbsp;AMZN.O&nbsp;and Alphabet&#8217;s&nbsp;GOOGL.O&nbsp;Google for customers in South Africa, has three data centre zones or locations in Johannesburg.



($1 = 17.6962 rand)



(Reporting by Nqobile Dludla; Editing by Emelia Sithole-Matarise)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI

Huawei Cloud sees fast business growth in South Africa

<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 24 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s currency is seen strengthening against the dollar in the next week to Thursday, while Ghana&#8217;s could weaken and Kenya&#8217;s and Nigeria&#8217;s are expected to be broadly unchanged, traders said.



UGANDA



Uganda&#8217;s shilling&nbsp;UGX=&nbsp;is seen trading with a firming bias in the coming week, helped by hard-currency inflows from charities and commodity exporters.



Commercial banks quoted the shilling at 3,660/3,670 to the dollar, compared to last Thursday&#8217;s close of 3,670/3,680.



&#8220;We normally receive an increase in inflows toward end of month so I anticipate that dynamic to play out in the coming days,&#8221; one trader said.



The shilling will likely trade in a range of 3,640-3,670 to the U.S. currency, he said.



Charities convert some of their donations from foreign currency into shillings to meet operational expenses like salaries.



GHANA



Ghana&#8217;s cedi&nbsp;GHS=&nbsp;could weaken further on seasonal demand for dollars, as companies in the commerce and manufacturing sectors stock up ahead of the festive period.



LSEG data showed the cedi trading at 16.10 to the dollar on Thursday, compared to 15.99 at last Thursday&#8217;s close.



&#8220;FX illiquidity has plagued the local unit in recent sessions and has seen the cedi depreciate considerably as a result. Demand for hard currency has come from both local and offshore participants,&#8221; said Sedem Dornoo, senior trader at Absa Bank Ghana.



&#8220;Locally, demand seems to be driven primarily by the manufacturing sector. In the coming week, I expect to see continued pressure on the cedi as demand for the greenback remains strong,&#8221; he added.



One trader said the central bank&#8217;s forward auctions had not fully dealt with foreign-currency demand on the interbank market, weighing on the cedi.



NIGERIA



Nigeria&#8217;s naira is seen relatively stable, buttressed by central bank interventions to meet rising foreign-currency demand from importers stocking up for the festive season.



The naira&nbsp;NGN=D1&nbsp;was quoted at 1,676 to the dollar on the official market on Thursday, LSEG data showed, compared with a closing rate of around 1,663 naira a week earlier.



The currency was changing hands much weaker in street trading&nbsp;NGNP=&nbsp;at 1,728 naira to the dollar.



&#8220;I don&#8217;t think the central bank will allow it run too far from where we are,&#8221; one trader said.



KENYA



Kenya&#8217;s shilling&nbsp;KES=&nbsp;is expected to remain unmoved as month-end payroll and tax commitments offer support.



Commercial banks quoted the shilling at 128.50/129.50 per U.S. dollar, the same as last Thursday&#8217;s closing rate.



(Reporting by Elias Biryabarema, Christian Akorlie, Chijioke Ohuocha and Sonia Rao; Editing by Alexander Winning)

UGANDA SHILING

AFRICA-FX-Uganda’s currency seen gaining while Ghana’s could drop

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="514" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-820x514.jpg" alt="" class="wp-image-545973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-820x514.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-768x481.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-1536x962.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Officials, including South Africa&#8217;s President Cyril Ramaphosa, Russia&#8217;s President Vladimir Putin and China&#8217;s President Xi Jinping, attend a plenary session in the outreach/BRICS Plus format at the BRICS summit in Kazan, Russia October 24, 2024. REUTERS/Maxim Shemetov/Pool</figcaption></figure>



KAZAN, Russia, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Here&#8217;s a brief summary of the outcome of the BRICS summit:



* XI AND MODI: Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met just two days after New Delhi announced that it had reached a deal with Beijing to resolve a four-year military stand-off on their Himalayan frontier.



* LOTS OF LEADERS ATTENDED: Putin, who wanted to show that the West&#8217;s attempt to isolate Russia over the Ukraine war has failed, was able to attract major leaders such as Xi and Modi, and nearly 20 others including Turkey&#8217;s Tayyip Erdogan. U.N. Secretary-General Antonio Guterres also attended.



* BRICS WAITING LIST: Putin said more than 30 countries had expressed a desire to join the BRICS, though there was little immediate clarity on how the expansion would work.



* UKRAINE WAR: BRICS leaders did raise the Ukraine war with Putin in different formats, but there was no sign that anything specific would be done to end the conflict.



* BRICS MONEY: BRICS predicted its influence would grow and outlined common projects ranging from a grain exchange to a cross-border payments system. Here are the main points.



* MIDDLE EAST: Putin told BRICS leaders that the Middle East was on the brink of a full-scale war after a sharp rise in tension between Israel and Iran. 



(Reporting by Vladimir Soldatkin in Kazan; Guy Faulconbridge and Gleb Bryanski in Moscow; editing by Philippa Fletcher)

Final day of BRICS summit in Russia’s city of Kazan

FACTBOX-The main takeaways from the BRICS summit

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



JOHANNESBURG, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained against the U.S. dollar early on Thursday, as the greenback eased from a three-month high.



At 0756 GMT, the rand traded at 17.70 against the dollar, about 0.5% stronger than its previous close.



The dollar index was last down 0.22% against a basket of major currencies, pausing a recent rally fuelled by bets on a slower pace of interest rate cuts by the Federal Reserve and a potential second presidency for Donald Trump.



With no major domestic economic data releases due in South Africa for the rest of the week, the risk-sensitive rand is set to take cues from the direction of the dollar.



On the stock market, the Top-40 index was up 0.7%.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 12 basis points at 9.39%.



(Reporting by Bhargav Acharya; Editing by Kirsten Donovan)

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

South African rand firms as dollar slips

<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/TG3BU23QHJM5RBLMAA7NS6U5E4-820x547.jpg" alt="" class="wp-image-545857" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A worker is seen at Anglo American&#8217;s Los Bronces copper mine in Chile, obtained by Reuters on April 26, 2024. Anglo American/Handout via REUTERS/ File Photo</figcaption></figure>



LONDON, Oct 24 (Reuters) &#8211; Global miner Anglo American on Thursday posted double-digit falls in its third-quarter copper and diamond production but maintained its 2024 guidance for the commodities.



Anglo said its copper output fell 13% in the July to September quarter, while rough diamond production decreased by 25% on cuts due to prolonged lower demand.



Its De Beers diamonds unit is exploring options for further output cuts in future, Anglo said.



For the first nine months of 2024, copper output fell 4% to 575,000 tons and diamond production was down 21% at 18.9 million carats.



Anglo still expects to produce 730,000-790,000 tons of copper and 23-26 million carats of rough diamonds this year, even as it assesses additional production cuts going forward.



Its shares, which have risen around 18% this year, opened up 2.2%.



The mining giant is restructuring its business to mainly focus on energy transition metal copper after fending off a $49 billion takeover offer from bigger rival BHP Group in May.



Copper will make up 60% of Anglo&#8217;s business after it sells its Australian steelmaking coal assets and nickel mines in Brazil, as well as divesting De Beers and its platinum business Amplats in South Africa.



Apart from its copper assets in Chile, Anglo will also retain iron ore mines in South Africa and Brazil, as well as the Woodsmith fertiliser project in the United Kingdom, which it has now slowed down.



Anglo said steelmaking coal&#8217;s production fell by 6% in the third quarter after shutting its Grosvenor mine in Queensland due to an underground fire.



The London-listed miner, the world&#8217;s third-largest exporter of metallurgical coal, lowered its yearly production guidance to 14-15.5 million tons from a previous forecast of 15-17 million.



Anglo said the final round of bidders for the coal assets was in place and it expected to announce the sale agreement within months.



(Reporting by Clara Denina and Felix Njini; Editing by Stephen Coates and Mark Potter)

FILE PHOTO: A worker is seen at Anglo American’s Los Bronces copper mine in Chile

Anglo American copper, diamond output down in Q3, 2024 guidance unchanged

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 24 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Thursday, as remittance inflows matched importer foreign exchange demand, one trader said.



The shilling traded at 128.50/129.50 the dollar at 0652 GMT, LSEG data showed, the same as Wednesday&#8217;s closing rate.



&#8220;We had expected that at the end of the month we would have flows that would drive the shilling one way or the other, but activity has really reduced,&#8221; the trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling steady on remittance inflows

<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 24 (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 High Court will hold a hearing into a legal challenge by ousted deputy president Rigathi Gachagua to prevent President William Ruto from swearing in his replacement.



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



Asian shares fell on Thursday, while the dollar held near three-month highs and U.S. yields rose as uncertainty over the U.S. election outcome kept markets on edge, though Tesla&#8217;s forecast-topping earnings provided some comfort for investors.



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



Oil prices climbed by more than 1% on Thursday, almost reversing previous session&#8217;s losses, as Middle East tensions came back into focus ahead of the U.S. election despite a mixed bag of U.S. fuel inventories.



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



The South African rand slumped on Wednesday against a strong dollar on bets that the Federal Reserve won&#8217;t rush to cut interest rates and as investors were uncertain about the outcome of next month&#8217;s U.S. election.



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



The Kenyan shilling was unmoved against the dollar on Wednesday, as exporters converted dollars to the local currency to process payrolls, one trader said.



<h2 class="wp-block-heading" id="h-sudan-security">SUDAN SECURITY</h2>



A plane downed in Sudan&#8217;s North Darfur state had Russian crew members and was being used by the army to resupply the besieged city of al-Fashir, according to the opposing faction and documents it said were found in the wreckage.



<h2 class="wp-block-heading" id="h-nigeria-oil">NIGERIA OIL</h2>



Nigeria&#8217;s decision this week to block Shell&#8217;s $2.4 billion sale of its onshore assets has sent a negative signal to investors the country urgently needs to strengthen its all-important oil sector, analysts said.



<h2 class="wp-block-heading" id="h-nigeria-politics">NIGERIA POLITICS</h2>



Nigerian President Bola Tinubu has reshuffled his 45-member cabinet, naming seven new ministers, sacking five and reassigning 10 others to new portfolios, a spokesperson said on Wednesday.



<h2 class="wp-block-heading" id="h-nigeria-crypto">NIGERIA CRYPTO</h2>



A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 24

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-820x547.jpg" alt="" class="wp-image-545850" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Botswana President Mokgweetsi Masisi speaks to Reuters at the One &amp; Only Hotel as the African Mining Indaba 2022 takes place, in Cape Town, South Africa, May 10, 2022. REUTERS/Shelley Christians</figcaption></figure>



JOHANNESBURG, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Botswana holds a national election on Oct. 30, with President Mokgweetsi Masisi favourite to win a second term against three challengers in a nation his Botswana Democratic Party (BDP) has governed since independence from Britain in 1966.



Voters elect National Assembly members, who then pick the president. Here are some facts about the candidates:



<h2 class="wp-block-heading" id="h-mokgweetsi-masisi">MOKGWEETSI MASISI</h2>



Masisi has been president since 2018 when he ascended to the post after serving as vice president under predecessor Ian Khama. He retained the presidency when his BDP party won the 2019 election.



The 63-year-old is a former schoolteacher who worked for U.N. children&#8217;s agency UNICEF before entering politics. During his first term he contended with high unemployment and lower growth due to declining global demand for diamonds, which Botswana&#8217;s economy relies on.



Masisi gained support last year for negotiating a new sales deal with De Beers that will give the country a bigger share of its diamond wealth, although opponents say he has not done enough to diversify the economy and create jobs.



He has fallen out with Khama, who accuses him of authoritarianism and is backing an opposition party.



<h2 class="wp-block-heading" id="h-duma-boko">DUMA BOKO</h2>



Duma Boko, 54, a lawyer, is running for the third time as leader of the Umbrella for Democratic Change (UDC), an opposition coalition that came second in 2019 and remains the BDP&#8217;s biggest challenge.



In his party manifesto, Boko proposes increasing the government&#8217;s role in the economy to achieve social development and sustainable growth.



Boko&#8217;s party challenged the last election as fraudulent at the High Court, which dismissed the case.



<h2 class="wp-block-heading" id="h-dumelang-saleshando">DUMELANG SALESHANDO</h2>



Dumelang Saleshando, 53, is leader of the Botswana Congress Party (BCP). The BCP was founded in 1998 and has won between 10%-20% of votes in past elections.



Saleshando took over from his father in 2010 as BCP party leader. The party describes itself as having social democratic principles and is campaigning with the motto &#8220;Save Botswana&#8221;.



<h2 class="wp-block-heading" id="h-mephato-reatile">MEPHATO REATILE</h2>



Mephato Reatile is leader of the Botswana Patriotic Front (BPF), a party created in 2019 by members of the ruling party who followed Khama when he broke away from the BDP because of his feud with Masisi.



Khama, whose father Seretse Khama was Botswana&#8217;s founding president, has returned from three years in exile to support the BPF in the election.



The party won about 4% of votes in 2019.



(Reporting by Nellie Peyton; Additional reporting by Brian Benza; Editing by Olivia Kumwenda-Mtambo and Andrew Cawthorne)

Botswana President Masisi speaks to Reuters in Cape Town

Who is running for president in Botswana’s election?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg" alt="" class="wp-image-495905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Tinubu has reshuffled his 45-member cabinet, naming seven new ministers, sacking five and reassigning 10 others to new portfolios, a spokesperson said on Wednesday.



The ministers of finance, defence, national planning and two junior energy ministers all retained their positions.



The reshuffle includes renaming the Ministry of Niger Delta Development to the Ministry of Regional Development, the winding up of the Ministry of Sports, and the merger of the ministries of tourism and arts and culture.



Tinubu&#8217;s lightning reform push after taking office last year had sparked hope that his administration would be an antidote to mounting economic troubles facing Africa&#8217;s top energy producer.



But 16 months on, the key planks of his economic overhaul &#8211; devaluing the naira and slashing petrol and electricity subsidies &#8211; have sent inflation soaring to 32.70%, triggering a cost-of-living crisis.



Presidential spokesperson Bayo Onanuga said in the reshuffle, Tinubu appointed new ministers for humanitarian and poverty reduction, trade and investment, labour, livestock development and junior ministers for foreign affairs, education and housing.



The ministers for education, tourism, women affairs, youth development and the junior housing minister were sacked, Onanuga said.



Tinubu&#8217;s cabinet remains bigger than that of his predecessor Muhammadu Buhari, who had 43 ministers in his second term in office, despite calls by critics to streamline government bureaucracy and trim costs. Under the law, the president must include a member from each of the country&#8217;s 36 states.



Tinubu has yet to appoint his main petroleum minister, though he has two junior ministers in place.



(Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Bill Berkrot and Hugh Lawson)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s Tinubu names seven ministers, sacks five in cabinet reshuffle

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg" alt="" class="wp-image-422104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-1536x1032.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of IMF at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo</figcaption></figure>



WASHINGTON, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya has fulfilled all targets mandated by the International Monetary Fund in a review of its loan programme, the country&#8217;s central bank governor told Reuters on Wednesday, and expects to continue its engagement with the global lender after April.



Kenya agreed to a four-year loan with the IMF in 2021, and has also signed up for climate change lending, taking its total loan access with the Fund to $3.6 billion.



But deadly protests against planned tax rises forced the government to scupper its planned finance bill in June, leaving the heavily indebted government with a bigger budget deficit for this financial year, mounting unpaid bills, and a delay in disbursement of IMF funding.



&#8220;We&#8217;ve achieved all that was needed for the reviews to be completed,&#8221; Kamau Thugge, the head of the Central Bank of Kenya, told Reuters in an interview on the sidelines of the IMF and World Bank annual meetings in Washington. &#8220;Obviously after the review there are still the targets for December.&#8221;



A staff level agreement on a combined 7th and 8th review of the country&#8217;s programme is scheduled to go the IMF&#8217;s executive board for a sign-off on Oct. 30, which will in turn trigger a payout of $611 million.



Asked whether the country was going to request another financing programme with the IMF after the current one runs out in April, Thugge said that would be the base case, though the size and duration were yet to be confirmed.



&#8220;It will depend on the balance of payments and needs, it will depend on the ambitiousness of the reforms that we agree,&#8221; he said. &#8220;But definitely, we will have our relationship going forward with the IMF.&#8221;



Speaking about the macroeconomic outlook, Thugge said inflation in Kenya continues to decline and the country had&nbsp;built up more foreign exchange reserves.



Inflation was set to decline below the 3.6% annual rate recorded in September, he said, adding that the country&#8217;s FX reserves currently stood at $8.6 billion, representing 4.3 months worth of imports. The central bank had said earlier in October that reserves stood at $8.25 billion.



More interest rate cuts also are on the cards,&nbsp;Thugge said, after policymakers slashed the benchmark lending rate by 75 basis points in October to 12.00%, following a 25-basis-point reduction in August &#8211; the first rate cut in approximately four years.



&#8220;It&#8217;s the desire of everybody for interest rates to come down,&#8221; Thugge&nbsp;said.



(Reporting by Karin Strohecker; Editing by Paul Simao)

W3TRJMXBPRNATIXO27SFJRC77U

Kenya fulfilled all targets in IMF review, central bank governor says

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Kenyan shilling steady on remittance inflows

African Markets – Factors to watch on Oct 24

Who is running for president in Botswana’s election?

Nigeria’s Tinubu names seven ministers, sacks five in cabinet reshuffle

Kenya fulfilled all targets in IMF review, central bank governor says

‘Father of humanoids:’ Meet the engineer who made six robot versions of himself

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India, China and the U.S. battle for supremacy in the new space age

Mozambique’s ruling party retains power in contested election

Can Anglo’s copper pivot help thwart renewed takeover bid?

South African reforms could push rand higher, central bank chief says

Huawei Cloud sees fast business growth in South Africa

AFRICA-FX-Uganda’s currency seen gaining while Ghana’s could drop

FACTBOX-The main takeaways from the BRICS summit

How Spirit Halloween became the ultimate pop-up

This doctor created a robot clone that can take lectures and answer questions on his behalf

South African rand firms as dollar slips

Anglo American copper, diamond output down in Q3, 2024 guidance unchanged

Kenyan shilling steady on remittance inflows

African Markets – Factors to watch on Oct 24

Who is running for president in Botswana’s election?

Nigeria’s Tinubu names seven ministers, sacks five in cabinet reshuffle

Kenya fulfilled all targets in IMF review, central bank governor says

‘Father of humanoids:’ Meet the engineer who made six robot versions of himself

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