<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-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, 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 September manufacturing sector PMI



South Africa September vehicle sales



South African government&#8217;s weekly long-term bonds auction



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



South African lender Capitec half-year results



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



The South African rand slipped on Monday as it took a breather after two weeks of gains following an improvement in investor sentiment towards the currency.



On the stock market, the Top-40 .JTOPI index closed 1.26% lower.



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



Asian stocks pulled back from two-and-half-year highs and the dollar firmed following comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Middle-East tension kept risk sentiment in check.



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



The S&amp;P 500 sputtered to a record high close on Monday, rebounding from a brief setback after Federal Reserve Chair Jerome Powell said the U.S. central bank is in no hurry to implement further interest rate cuts.



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



Gold prices were hovering below recent record peaks on Tuesday after U.S. Fed chair tempered expectations for more substantial interest rate cuts this year, with investors looking forward to a series of labour data this week for further insights.



&#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; Nersa a &#8216;bottleneck&#8217; for new renewable energy projects, says industry



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



&#8211; Fuel price shocker: Some areas to miss out on large cuts this week as port woes bite



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on Oct 1

<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>



NAIROBI, Oct 1 (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-global-markets">GLOBAL MARKETS</h2>



Asian stocks eased near two-and-half-year highs on Tuesday and the U.S. dollar firmed following hawkish comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Mid-East tension kept risk sentiment in check.



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



Oil prices were little changed on Tuesday as stronger supply prospects and tepid global demand growth outweighed worries that escalating tensions in the Middle East could impact output from the key exporting region.



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



The South African rand slipped on Monday as it took a breather after two weeks of gains following an improvement in investor sentiment towards the currency.



<h2 class="wp-block-heading" id="h-nigeria-loan">NIGERIA LOAN</h2>



The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.



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



Kenya&#8217;s shilling was stable on Monday, with dollar inflows from tea exports matching month-end importer demand, traders said.



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



Kenyan lawmakers plan to launch impeachment proceedings against Deputy President Rigathi Gachagua, accusing him of undermining the government, parliament&#8217;s majority leader said, reflecting a widening rift between President William Ruto and his deputy.



<h2 class="wp-block-heading" id="h-mali-mining">MALI MINING</h2>



Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



Ivory Coast has raised the fixed farmgate price paid to cocoa farmers by 20% to 1,800 CFA francs ($3.09) per kg for the main crop of the new season, the West African country&#8217;s agriculture minister said on Monday.



<h2 class="wp-block-heading" id="h-mozambique-central-bank-rate">MOZAMBIQUE CENTRAL BANK RATE</h2>



Mozambique&#8217;s central bank cut its main interest rate for the fifth meeting in a row on Monday, saying the inflation outlook remained favourable.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 1

<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/LDWFYV477FOM5BRKZCR7HIOFT4-820x429.jpg" alt="" class="wp-image-537080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Labourers work at a mine near the town of Rubaya in the Eastern Democratic Republic of Congo, August 13, 2019. REUTERS/Baz Ratner/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Rebels in eastern Democratic Republic of Congo have consolidated control over the Rubaya coltan-mining region, imposing a production tax estimated to generate around $300,000 in monthly revenue, the United Nations security council heard on Monday.



The M23 movement, a Tutsi-led organization purportedly backed by Rwanda, seized the area, which produces minerals used in smartphones and computers, following intense fighting in April.



Bintou Keita, head of the U.N. mission in Congo, told the Security Council that trade from minerals in the Rubaya area accounts for over 15% of global tantalum supply.



Congo is the world&#8217;s top producer of tantalum which is considered a critical mineral by the United States and the European Union.



&#8220;This generates an estimated $300,000 in revenue per month to the armed group,&#8221; Keita said. &#8220;This is deeply concerning and needs to be stopped.&#8221;



&#8220;The criminal laundering of the DRC&#8217;s natural resources smuggled out of the country is strengthening armed groups, sustaining the exploitation of civilian populations, some of them reduced to de-facto slavery, and undermining peace-making efforts,&#8221; Keita added.



The majority of Congo&#8217;s mineral resources are situated in the east, a region plagued by conflict over land and resources between several armed factions. The situation has deteriorated since the resurgence of the M23 rebellion in March 2022.



Thousands have been killed and over 1 million displaced since the resurgence in fighting.



Manufacturers are under scrutiny to ensure that metals used in products such as laptops and batteries for electric vehicles are not sourced from conflict zones like eastern Congo.



Keita said that as profits from mining have surged, armed groups have become militarized entrepreneurs, making them stronger both militarily and financially.



&#8220;Unless international sanctions are imposed on those benefiting from this criminal trade, peace will remain elusive, and civilians will continue to suffer,&#8221; Keita said.



(Reporting by Sonia Rolley; Editing by Bate Felix and Christina Fincher)

LDWFYV477FOM5BRKZCR7HIOFT4

UN says Congo rebels generating $300,000 monthly in seized mining area

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-820x461.jpeg" alt="" class="wp-image-537077" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A customer watches stock market at a stock exchange in Hangzhou, China, on September 27, 2024.  Costfoto | Nurphoto | Getty Images</figcaption></figure>



BEIJING — The rocket higher in Chinese stocks so far looks different from the market bubble in 2015, analysts said.



Major mainland China stock indexes surged by more than 8% Monday, extending a winning streak on the back of stimulus hopes. Trading volume on the Shanghai and Shenzhen stock exchanges hit 2.59 trillion yuan ($368.78 billion), surpassing a high of 2.37 trillion yuan on May 28, 2015, according to Wind Information.



Over six months from 2014 to 2015, the Chinese stock market doubled in value, while leverage climbed, Aaron Costello, regional head for Asia at Cambridge Associates, pointed out Monday.



This time around, the market hasn’t run up as much, while leverage is lower, he said. “We’re not in the danger zone yet.”



Stock market leverage by percentage and value were far higher in 2015 than data for Monday showed, according to Wind Information.



The Shanghai Composite in June 2015 soared past 5,100 points, a level it has never regained since a market plunge later that summer. MSCI that year delayed adding the mainland Chinese stocks to its globally tracked emerging markets index. Also hitting sentiment was Beijing’s back-and-forth on a crackdown on trading with borrowed funds and a surprise devaluation of the Chinese yuan against the U.S. dollar.



This year, the yuan is trading stronger against the greenback, while foreign institutional allocation to Chinese stocks has fallen to multi-year lows.



The Shanghai Composite closed at 3,336.5 on Monday, before mainland exchanges closed for a week-long holiday commemorating the 75th anniversary of the People’s Republic of China. Trading is set to resume on Oct. 8.



In the runup to the 2015 market rally, Chinese state media had encouraged stock market investment, while loose rules allowed people to buy stocks with borrowed funds. Beijing has long sought to build up its domestic stock market, which at roughly 30 years old is far younger than that of the U.S.



<h2 class="wp-block-heading" id="h-strong-policy-signals"><a></a>Strong policy signals</h2>



The latest market gains follow announcements in the last week of economic support and programs to encourage institutions to put more money into stocks. The news helped stocks rebound from roughly their lowest levels of the year. The CSI 300 rallied by nearly 16% in its best week since 2008.



Chinese President Xi Jinping on Thursday led a high-level meeting that called for halting the real estate market’s decline as well as strengthening fiscal and monetary policy. The People’s Bank of China last week also cut interest rates and the amount existing mortgage holders need to pay.



“The policy is much stronger and [more] concerted this time than 2015. That said, the economy faces greater headwind[s] right now compared to back then,” said Zhu Ning, author of “China’s Guaranteed Bubble.”



One week of massive stock gains do not mean the economy is on its way to a similar recovery.



The CSI 300 remains more than 30% below its February 2021 high, a level that had even surpassed the index’s 2015 high.



“The Japanese experience provides an important perspective, as the Nikkei 225 Index bounced four times by an average of 34 per cent on its way to a 66 per cent cumulative drop from December 1989 to September 1998,” Stephen Roach, senior fellow at Yale Law School’s Paul Tsai China Center, pointed out Tuesday in a blog post that was also published in the Financial Times opinion section.



Economic data for the last few months have pointed to slower growth in retail sales and manufacturing. That raised concerns that China’s gross domestic product would not reach the full-year target of around 5% without additional stimulus.



“I think what’s missing is the key to a lot of this, that has not come out, which would be a truly confidence-boosting measure, is how are they going to fix the local government finances,” Costello said, noting local coffers once relied on land sales for revenue to spend on public services.



While Chinese authorities have cut interest rates and eased some home buying restrictions, the Ministry of Finance has yet to announce additional debt issuance to support growth.



<h2 class="wp-block-heading" id="h-animal-spirits-at-play"><a></a>Animal spirits at play</h2>



Peter Alexander, founder and managing director of Z-Ben Advisors, expects the level of fiscal stimulus — when it’s likely announced in late October — to be less than what markets are hoping for.



It “may have investors a little bit over their skis, as people like to say,” he said Monday on CNBC’s “Street Signs Asia.”



He added in a written response that his experiences in 2007 and 2015 indicate the Chinese stock market rally could last for another three to six months, or abruptly end.



“This is pure animal instincts and the Chinese have been pent up for a stock market rally,” Alexander said. He added that there are market risks from how unprepared the stock trading system was for the surge of buying.



Data on the number of new retail investors in China this year wasn’t publicly available. Reports indicate brokerages have been overwhelmed with new requests, echoing how individuals piled into the stock market nearly a decade earlier. The Shanghai Stock Exchange on Friday said confirming transactions at the market open had been abnormally slow.



<h2 class="wp-block-heading" id="h-looking-for-earnings-growth"><a></a>Looking for earnings growth</h2>



“China was cheap and was missing the catalyst. &#8230; The catalyst has occurred to unlock the value,” Costello said.



“Fundamentally we need to see corporate earnings go up,” he said. “If that doesn’t go up, this is all a short-term pop.”



Beijing’s efforts earlier this year to stem a market rout included changing the head of the securities regulator. Stocks climbed, only to see the rally peter out in May.



A factor that can send stocks past May levels is that earnings per share forecasts have stabilized versus downgrades earlier this year, James Wang, head of China strategy at UBS Investment Bank Research, said in a note Monday.



Lower U.S. interest rates, a stronger Chinese yuan, increased share buybacks and more coordinated policymaker response also support gains, he said. Wang’s latest price target of $70 on the MSCI China index is now just a few cents above where it closed Monday.



— CNBC’s Hui Jie Lim contributed to this report.

108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X

China’s stock surge has echoes of the 2015 bubble. What’s different this time

<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/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg" alt="" class="wp-image-537074" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Souvenir luggage tags are displayed at a Barrick Gold Corp at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren</figcaption></figure>



Sept 30 (Reuters) &#8211; Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.



The statement from the world&#8217;s second largest miner comes two days after the Malian government arrested four Barrick employees. The two parties have been negotiating a new mining contract that proposes to give Mali&#8217;s military-led authorities greater control over its resources. Mali is one of Africa&#8217;s biggest gold producers.



Barrick said the details&nbsp;of the agreement&nbsp;will be made public once terms of the settlement have been&nbsp;finalized.



Shares of Barrick were trading down by 2% on the Toronto Stock Exchange at 2:16 p.m ET (1816 GMT).



“The current negotiations have proved challenging but we’re encouraged by the government’s recognition of the importance of securing the long-term viability of the Loulo-Gounkoto complex as a substantial contributor to the Malian economy,&#8221; Barrick&#8217;s CEO, Mark Bristow, said in a statement.



The Mali government was not immediately available for comment.



In July Barrick said it had invested over $10 billion in the Malian economy over the past 29 years.



(Reporting by Felix Njini and Felix Bate; writing by Divya Rajagopal; editing by Jonathan Oatis and Leslie Adler)

Souvenir luggage tags are displayed at a Barrick Gold Corp at the PDAC annual conference in Toronto

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108041186-1727745894541-gettyimages-2175709455-port532972_nnwur8co-820x461.jpeg" alt="" class="wp-image-537041" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108041186-1727745894541-gettyimages-2175709455-port532972_nnwur8co-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108041186-1727745894541-gettyimages-2175709455-port532972_nnwur8co-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108041186-1727745894541-gettyimages-2175709455-port532972_nnwur8co-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108041186-1727745894541-gettyimages-2175709455-port532972_nnwur8co-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108041186-1727745894541-gettyimages-2175709455-port532972_nnwur8co-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108041186-1727745894541-gettyimages-2175709455-port532972_nnwur8co.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Shipping containers sit stacked in the Port of Newark on September 30, 2024 seen from New York City. A massive strike shutting down ports across the East and Gulf coasts began at midnight as members of the International Longshoremen’s Association continue to make salary and other demands to the United States Maritime Alliance, which controls many of the ports across the country.  Spencer Platt | Getty Images News | Getty Images</figcaption></figure>



Billions in trade came to a screeching halt at U.S. East Coast and Gulf Coast ports after members of the International Longshoremen’s Association (ILA) began walking off the job after 12:01 a.m. ET on October 1. The ILA is North America’s largest longshoremen’s union, with roughly 50,000 of its 85,000 members making good on the threat to strike at 14 major ports subject to a just-expired master contract with the United States Maritime Alliance (USMX), and picketing workers beginning to appear at ports. The union and port ownership group failed to reach agreement by midnight on a new contract in a protracted battle over wage increases and use of automation.



In a last-ditch effort on Monday to avert a strike that will cause significant harm to the U.S. economy if it is lengthy — at least hundreds of millions of dollars a day at the largest ports like New York/New Jersey — the USMX offered a nearly 50% wage hike over six years, but that was rejected by the ILA, according to a source close to the negotiations. The port ownership group said it hoped the offer would lead to a resumption of collective bargaining.



The 14 ports where preparations for a strike have been underway are Boston, New York/New Jersey, Philadelphia, Wilmington, North Carolina, Baltimore, Norfolk, Charleston, Savannah, Jacksonville, Tampa, Miami, New Orleans, Mobile, and Houston.



New York Governor Kathy Hochul said in a statement issued shortly after midnight that “the first large-scale eastern dockworker strike in 47 years began at ports from Maine to Texas, including at the Port Authority of New York and New Jersey. In preparation for this moment, New York has been working around the clock to ensure that our grocery stores and medical facilities have the essential products they need.”



Rhetoric from ILA leadership has been aggressive in the weeks leading up to the strike, with ILA president Harold Daggett, who was a union member the last time it went out on strike in 1977, telling rank-and-file members — who unanimously voted to authorize a strike — in a recent video message, “We’ll crush them.” 



In a video posted to an ILA Instagram account, Daggett addressed union workers at Maher Terminals in Elizabeth, New Jersey. “This is going down in history, what we’re doing here,” he said. “They can’t survive too long,” he added.



For now, it is the supply chain and U.S. economy which will take the immediate hit.



Shana Wray, principal solutions architect for supply chain intelligence firm FourKites, tells CNBC the strike comes at the worst possible time, with its impact on supply chain congestion to exacerbate the devastation left behind from Hurricane Helene.



“Helene caused ports to delay openings at the ports of Charleston and Savannah, as well as power losses at intermodal facilities in Savannah, Charleston, and Atlanta,” said Wray. “This created ocean, trucking, and rail carriers congestion across Southeast and Gulf ports.”



Logistics experts have told CNBC in recent months there has been an exodus of cargo from the East to West Coast, and companies moved up orders for peak shipping season due to the strike risk. Both economists and logistics executives say the impact of the strike depends on how long the work stoppage lasts.



“A disruption of a week or two will create some backlogs but the broader consequences will be minimal outside of a handful of very port-reliant areas, including Savannah,” said Adam Kamins, economist at Moody’s Analytics. “But anything longer will lead to shortages and upward price pressures,” he said.



The most significant issues would be faced by food and automobile industries, Kamins said, as they rely especially heavily on the ports that will be shut down. While a surge in inflation is highly unlikely even with a longer strike, even a modest reacceleration could create uncertainty and force the Federal Reserve to be more cautious about lowering interest rates, which would weigh on the overall outlook for job growth and investment.



A one-week strike could cost the U.S. economy $3.78 billion, according to an analysis by The Conference Board, and cause supply chain slowdowns through mid-November. In all, the ports threatened with strikes handle $3 trillion annually in U.S. annual international trade.



Many industries are preparing for major repercussions. Noushin Shamsili, CEO and president of Nuco Logistics, which specializes in pharmaceutical imports and exports, said the strike comes at a critical time for inventory replenishment for the pharma sector.



“Almost all of this industry is just on time,” said Shamsili. “Raw materials are being brought in to complete drug manufacturing. Medical supplies for clinics and hospitals are on these vessels. For a while importers did not bring in a lot of cargo because they were overflowing with supplies post-Covid. Now they have started reordering medical devices, gloves, syringes, and tubing.”



Shamsili also said the East Coast ports are a gateway for generic medicine made in India. Approximately 48% of the active pharmaceutical ingredients used in the U.S. are being imported from India. Without these APIs, medications cannot be produced. APIs are also manufactured in Europe, which also use the East Coast ports as U.S. points of entry.



Steve Lamar, CEO of the American Apparel and Footwear Association, said these ports are critical for the retailing industry. In 2023, the East and Gulf Coast ports accounted for 53% of all U.S. apparel, footwear, and accessories imports, he said, amounting to over&nbsp;$92 billion&nbsp;in value.



“The clock is ticking away,” said Lamar. “Each strike day yields five more days of disruption as our consumer-driven economy gets snarled in port backlogs right as we hit the heavy holiday shopping season. Both sides need to get back to the table and the administration must be ready to use all of its tools to make sure this happens. Reaching a fair, long-term, and sustainable deal is job No. 1 for all parties.”



Importers such as Walmart — the No. 1 importer across the affected ports — as well as other top importers including Home Depot, Ikea, Samsung, and LG Electronics will find few to no options to divert trade to Canada or the West Coast as other unions close ranks in support of the ILA’s labor battle.



These companies are among the leading importers at the 14 major ports that an ILA strike would impact, according to ImportGenius data.



The last time the ILA went on strike in 1977 the ILWU union at West Coast ports supported it by allowing ILA members to go to the Port of Los Angeles to stop the unloading of diverted vessel. ILA president Daggett, who was involved in those actions as a young union member, recently cited this historical example in communications with the rank-and-file.



The ILA has also made clear that all of its members, including those not subject to the expired contract, will be closing ranks. “You can be sure the ILA’s 85,000 members will be supporting their Sisters and Brothers,” James McNamara, spokesman for the ILU, recently told CNBC.



The Teamsters issued a statement on Monday night from its president Sean O’Brien saying it stood “100%” with the ILA in the fight for a new contract and reminding its members that Teamsters do not cross picket lines. “The ocean carriers are on strike against themselves after failing to negotiate a contract that recognizes the value of these workers,” O’Brien stated, and he added some harsh words about any effort by the federal government to interfere in the labor action.



The National Retail Federation has said items on the vessels en route for October 1 arrival and after are restocking items for the holidays as well as just-in-time products like auto parts and pharmaceuticals.



Between 43%-49% of all U.S. imports and billions of dollars in trade monthly are now caught up in the failed talks over a new union contract, which broke down in June amid allegations from the ILA that ports were violating rules related to use of automation.



The White House has engaged senior officials including Secretary of Transportation Pete Buttigieg, Acting Secretary of Labor Julie Su, and Director of the National Economic Council Lael Brainard since late last week in an effort to bring the ILA and USMX back to the bargaining table to negotiate a deal quickly.



Late in the day on Monday, USMX put out a statement saying within the past 24 hours it had traded counter offers with the union, including an offer to increase wages by nearly 50% over six years, triple employer contributions to employee retirement plans, strengthen health care options, and retain the current contract language around automation and semi-automation.



The union had already said in statement issued at 11 a.m. ET on Monday that “the Ocean Carriers represented by USMX want to enjoy rich billion-dollar profits that they are making in 2024, while they offer ILA Longshore Workers an unacceptable wage package that we reject.” The statement added that the union saw the USMX as “intent on causing a strike at all ports from Maine to Texas beginning in almost 12 hours.”



The Biden administration finds itself in a delicate political moment, with the presidential election one month away and President Biden vowing he will not use existing labor law to force union workers back on the job, which is within his powers under the Taft-Hartley Act.



The Taft-Hartley Act, passed in 1947, was a revision of U.S. law governing labor relations and union activity that granted a U.S. president the power to suspend a strike for an 80-day “cooling off period” in cases where “national health or safety” are at risk.&nbsp;



The White House has reiterated its position several times in recent days that “We’ve never invoked Taft-Hartley to break a strike and are not considering doing so now.”



Cruise operations and military operations at ports will continue.

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East and Gulf Coast ports strike, stranding billions in trade and threatening U.S. economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg" alt="" class="wp-image-536822" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s central bank cut its main interest rate for the fifth meeting in a row on Monday, saying the inflation outlook remained favourable.



The central bank reduced its MIMO interest rate&nbsp;MZMIMO=ECI&nbsp;by 75 basis points to 13.50%.



The southern African country&#8217;s inflation slowed to 2.75% year on year in August&nbsp;MZCPIY=ECI&nbsp;from 2.97% in July, statistics agency data showed.



The Bank of Mozambique reiterated in a statement that it expected to continue to lower the MIMO rate over the medium term.



(Reporting by Manuel Mucari; Writing by Bhargav Acharya; Editing by Alexander Winning)

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Mozambique central bank cuts main interest rate again

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-820x547.jpg" alt="" class="wp-image-536804" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Farmers break cocoa pods at a cocoa farm in Soubre, Ivory Coast January 6, 2021. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ABIDJAN, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Most of Ivory Coast&#8217;s main cocoa regions received below-average rainfall last week but farmers on Monday said it was sufficient to boost development of the next October-to-March main crop.



The world&#8217;s top cocoa producer is in its rainy season, which runs from April to mid-November.



Most farmers said they were waiting for a new farmgate price to be set on Monday before selling their stocks of beans.



In the western region of Soubre and in southern region of Divo, where rains were above average last week, but also in the southern region of Agboville and in the eastern region of Abengourou, where rains were below average, farmers said more pods were ready to be harvested next month than in the same period last season.



However, farmers also voiced fears that heavy rainfall in October could damage bean quality.



&#8220;The plantations now need plenty of sunshine and average rainfall, otherwise there will be crop losses,&#8221; said Salame Kone, who farms near Soubre, where 33.3 millimetres (mm) fell last week, 12.9 mm above the five-year average.



In the west-central region of Daloa and in the central regions of Bongouanou and Yamoussoukro, where rains were below average last week, farmers said main crop harvesting would be significant in October and gradually increase until December.



&#8220;There are more and more workers on the plantations for harvesting because there&#8217;s so much cocoa,&#8221; said Albert N’Zue, who farms near Daloa, where 27.8 mm of rain fell last week, 1.8 mm below the five-year average.



Average temperatures across Ivory Coast ranged from 24.7 to 26.6 degrees Celsius.



($1 = 585.2200 CFA francs)



(Reporting by Loucoumane Coulibaly, Editing by Anait Miridzhanian and David Goodman)

FILE PHOTO: Farmers break cocoa pods at a cocoa farm in Soubre, Ivory Coast

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

Why WNBA player salaries lag despite the league’s rising popularity

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107078012-1655709503739-gettyimages-1234311678-sindeyev-notitle210729_npFPY-820x462.webp" alt="" class="wp-image-536800" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107078012-1655709503739-gettyimages-1234311678-sindeyev-notitle210729_npFPY-820x462.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107078012-1655709503739-gettyimages-1234311678-sindeyev-notitle210729_npFPY-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107078012-1655709503739-gettyimages-1234311678-sindeyev-notitle210729_npFPY-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107078012-1655709503739-gettyimages-1234311678-sindeyev-notitle210729_npFPY-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107078012-1655709503739-gettyimages-1234311678-sindeyev-notitle210729_npFPY.webp 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bitcoin. Nurphoto | Getty Images</figcaption></figure>



<a href="https://www.cnbc.com/quotes/BTC.CM=/">Bitcoin</a>&nbsp;and crypto stocks retreated on the final trading day of September, following a rally last week, but are still poised to post a positive month.



The flagship cryptocurrency was last lower by 3.5% at $63,612.63, after briefly reclaiming the $65,000 level last week, according to Coin Metrics. Crypto stocks such as&nbsp;<a href="https://www.cnbc.com/quotes/COIN/">Coinbase</a>&nbsp;fell 3% in premarket trading and&nbsp;<a href="https://www.cnbc.com/quotes/MSTR/">MicroStrategy</a>&nbsp;slid 5%.



Investors are <a href="https://www.cnbc.com/2024/09/30/ports-strike-truckers-rails-billions-in-cargo-shutdown.html">bracing for strikes at ports</a> up and down the East Coast and along the Gulf Coast after midnight Monday, which could shake the economy ahead of the holiday season. 



Analysts have also warned about overbought conditions as bitcoin last week climbed nearly 5% in the five days ending Sept. 27 – as net inflows into global crypto exchange traded products accelerated to their highest level since mid-July. In the same period, Coinbase and MicroStrategy gained 12% and 21%, respectively. On Friday both stocks jumped 6%.



The combined net buying volume of U.S. bitcoin ETFs last week (16,774 BTC) exceeded a typical one-month supply of newly mined bitcoin (13,500), according to Bitwise-owned ETC Group. This was largely due to the&nbsp;<a href="https://www.cnbc.com/2024/09/24/chinas-central-bank-chief-set-to-hold-press-conference-days-after-fed-rate-cut.html">policy reversal</a>&nbsp;by the People’s Bank of China, the firm said.



For the month, bitcoin is on pace to finish its strongest September ever with an 8% gain and its second positive September – historically the cryptocurrency’s weakest month – in a row.



Coinbase is poised for a 4% monthly gain but is down nearly 14% for the quarter. Some analysts&nbsp;<a href="https://www.cnbc.com/2024/09/25/analysts-warn-coinbase-could-slump-after-six-day-rally-.html">see that downtrend continuing</a>&nbsp;in the coming weeks. Meanwhile, MicroStrategy is up 33% for the month and almost 28% for the quarter.



The market is heading into a seasonally strong quarter for crypto and risk assets broadly.



Bitcoin’s narrative is often debated — whether it’s a store of value or a risk asset — but its correlation is currently closer to that of the S&amp;P 500 than to gold, and investors expect it to benefit from rate cuts, clarity following the U.S. presidential election and seasonal and favorable market conditions translating into greater flows into crypto ETFs.

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Bitcoin and crypto stocks sink after last week’s rally, but still head for a positive September

What’s China doing in AI?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="455" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SDJY6Y7BEFPCJLFSC2IBAROQ24.avif" alt="" class="wp-image-536765"/><figcaption class="wp-element-caption">Kenya&#8217;s incoming deputy President Rigathi Gachagua waves to supporters as he arrives for his swearing-in ceremony in Nairobi, Kenya September 13, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Kenyan lawmakers plan to launch impeachment proceedings against Deputy President Rigathi Gachagua, accusing him of undermining the government, parliament&#8217;s majority leader said, reflecting a widening rift between President William Ruto and his deputy.



The move could add to the government&#8217;s challenges after&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IO06G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">deadly months-long protests</a>&nbsp;over a disputed finance bill forced Ruto to shelve the legislation in June and fire almost his entire cabinet.



&#8220;It is true there is an impeachment motion against the deputy president and as the member of parliament for Kikuyu, I have already appended my signature to it,&#8221; majority leader Kimani Ichung&#8217;wah said on Sunday.



&#8220;I will support that impeachment motion to stop a process where government is being undermined and sabotaged from within government,&#8221; he said.



Calls to Gachagua&#8217;s spokespeople on Monday seeking comment were not answered.



In recent days he has spoken of being sidelined and denied accusations linking him and associates to the unrest, calling it &#8220;a futile attempt to soil my name and hopefully create grounds for the mooted impeachment proceedings against me.&#8221;



On Sunday, he told reporters that any impeachment motion would require Ruto&#8217;s assent. &#8220;Without the president&#8217;s go-ahead, the motion cannot reach parliament. If it reaches parliament, it is the president who has authorised it.&#8221;



Gachagua commands support in Kenya&#8217;s populous central region, and efforts to unseat him could stir up discontent there, adding to Ruto&#8217;s headaches.



More than 50 people were killed in the unrest against the financing legislation, creating Ruto&#8217;s biggest crisis since he took office in 2022. Protesters opposed tax hikes contained in the bill and also demanded action against misgovernance and corruption.



As part of a major reshuffle, Ruto in July nominated four members of the main opposition party to a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N3HG007&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">&#8220;broad-based&#8221; cabinet</a>. But activists said the new government would perpetuate a tradition of leaders co-opting the opposition instead of carrying out far-reaching reforms demanded by citizens.



(Reporting by George Obulutsa, Edwin Okoth and Ammu Kannampilly; editing by Mark Heinrich)

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Kenya lawmakers plan impeachment move against deputy president, majority leader says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="458" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/X6NY63TYXVKRFCEWGIZJ6ESKB4.avif" alt="" class="wp-image-536752"/><figcaption class="wp-element-caption">A man compares different grains of rice at a wholesale market in Navi Mumbai, India August 4, 2023. REUTERS/Francis Mascarenhas/File Photo</figcaption></figure>



MUMBAI/HANOI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Global rice prices fell on Monday after India, the world&#8217;s No.1 exporter of the grain, gave the go-ahead for exports to resume, boosting global supply and helping poor Asian and African buyers secure more affordable supplies, exporters said.



India on Saturday allowed exports of non-basmati&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">white rice</a>. That came a day after New Delhi cut export duty on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">parboiled rice</a>&nbsp;to 10%, buoyed by a new crop in the offing and higher inventories in state warehouses.



&#8220;Suppliers from Thailand, Vietnam, and Pakistan are responding to India&#8217;s move by lowering their export prices,&#8221; said Himanshu Agarwal, executive director at Satyam Balajee, a leading rice exporter. &#8220;Everyone&#8217;s trying to stay competitive to hold their spot in the market.&#8221;



Global rice prices soared to their highest level in over 15 years following India&#8217;s decision last year to ban the export of white rice and impose a 20% duty on parboiled rice exports.



Last year&#8217;s export curbs imposed by India allowed competing suppliers like Vietnam, Thailand, Pakistan, and Myanmar to increase their market share and command higher prices in the global market.



On Monday, India&#8217;s 5% broken parboiled variety&nbsp;RI-INBKN5-P1&nbsp;was quoted at $500-$510 per metric ton, down from the last week&#8217;s $530-$536. Indian 5% broken white rice was offered around $490.



Exporters in Vietnam, Pakistan, Thailand and Myanmar also lowered prices by at least $10 per ton on Monday, dealers said.



The Philippines, Nigeria, Iraq, Senegal, Indonesia, and Malaysia are among the key importers of Asian rice.



Buyers and sellers are evaluating the potential impact of increased Indian rice supplies and accordingly prices would settle this week, said Nitin Gupta, senior vice president of Olam Agri India.



India accounted for more than 40% of the world&#8217;s rice exports in 2022, a record 22.2 million metric tons out of a total 55.4 million metric tons of global trade.



Thai rice prices were quoted at $540-$550 on Monday, down from last week&#8217;s $550 to $560 per ton.



Thailand&#8217;s rice export prices could decrease due to increased supplies in the market, but the extent of the decline would depend on several factors, including the appreciating Thai currency, said Chukiat Opaswong, honorary president of the Thai Rice Exporters Association.



Rice prices have started to correct, even in Vietnam, but traders caution that the full impact of Indian supplies has yet to be seen.



&#8220;(Vietnamese) exporters should stay calm and avoid reducing prices to secure contracts,&#8221; said Truong Tan Tai, chief executive of Vinarice Co., a rice exporter.



(Reporting by Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi, Mayank Bhardwaj in New Delhi and Panarat Thepgumpanat in Bangkok; editing by David Evans)

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Global rice prices drop after India allows white rice exports

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-820x410.webp" alt="" class="wp-image-536730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-820x410.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-300x150.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-160x80.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-768x384.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1.webp 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



Africa Collective and the African Continental Free Trade Area (AfCFTA) Secretariat are happy to announce African Export-Import Bank (Afreximbank or the Bank) as their Host Partner at Davos 2025, on the margins of the World Economic Forum.  



The strategic partnership between Afreximbank, Africa Collective and the AfCFTA Secretariat was borne out of a mutual vision to showcase public and private sector trade and investment opportunities present in Africa on a global platform. It also underpins the importance of mutually beneficial global collaborations toward realising Africa&#8217;s development.&nbsp;&nbsp;



Africa Collective is a platform for pan-African and international stakeholders that was established to facilitate exchange of information and ideas on the opportunities in Africa as well as encourage collaboration among its stakeholders.&nbsp;&nbsp;&nbsp;



The 2025 Davos edition of Africa Collective’s gathering will take place at the Hard Rock Hotel Davos and will be made up of a series of events, including thematic roundtables and networking receptions. Various African institutions are expected to be in attendance.&nbsp;&nbsp;&nbsp;&nbsp;



While commenting on the partnership announcement, Prof. Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank said: &#8220;The Bank is pleased to join Africa Collective and the AfCFTA Secretariat as a Host Partner at Davos 2025. We trust the partnership will increase the visibility of the continent and facilitate high-quality engagements with development partners on the sidelines of the event. The World Economic Forum is a critical platform for discussing key global and regional challenges and now, more than ever, it is important for Africa to be at the table, when those discussions are ongoing. We welcome collaborations such as this one, as it will help us drive our collective continental Agenda as well as better shape the African narrative.”&nbsp;&nbsp;



&#8220;As Africa Collective&#8217;s Patronage Partner, we are excited to have Afreximbank join as a Host Partner. Given the Bank&#8217;s impressive history and wide African and diaspora footprint, we are confident of this partnership&#8217;s impact in bringing African topics into sharper focus at Davos and beyond,&#8221; highlighted H.E. Wamkele Mene, Secretary General, AfCFTA Secretariat.&nbsp;



After a successful series of five events organised in Davos in 2024, Africa Collective, Afreximbank and the AfCFTA Secretariat look forward to amplifying their pan-African-led activities at Davos 2025.&nbsp;



Please visit the LinkedIn page for more information about Africa Collective and for updates on new partnerships and activities in Davos and beyond.&nbsp;&nbsp;

AFREXIMBANK-HQ-scaled-1

Africa Collective returns to Davos in 2025: Afreximbank joins Patronage Partner AfCFTA Secretariat as Host Partner 

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg" alt="" class="wp-image-536707" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar, Nottinghamshire, Britain September 26, 2024. REUTERS/Molly Darlington/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Abu Dhabi-based International Resources Holding (IRH) has signed an agreement with South Africa&#8217;s Public Investment Corporation (PIC) to invest in rail infrastructure and green energy projects, the two entities said on Monday.



IRH is a subsidiary of International Holding Company&nbsp;IHC.AD, the United Arab Emirates&#8217; (UAE) richest company, while the state-owned PIC is Africa&#8217;s largest asset manager. The PIC&#8217;s 2.89 trillion rand ($169 billion) assets under management include mining, agriculture, manufacturing, real estate and financial services investments.



IRH and PIC would cooperate on South Africa&#8217;s planned replacement of its coal-dominated power generation with cleaner sources of energy, they said in a joint statement, without giving details.



They would also seek to expand South Africa&#8217;s logistical capacity by addressing persistent freight rail and port bottlenecks which have throttled commodity exports.



South Africa&#8217;s state-owned logistics firm Transnet, which operates the country&#8217;s freight rail and ports, has&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3K711G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">struggled</a>&nbsp;to provide adequate services due to equipment shortages and maintenance backlogs after years of under-investment.



The agreement would also &#8220;bring underperforming and undeveloped mining assets&#8221; in South Africa to full production capacity, they said. They did not name the assets.



Earlier this year, IRH completed the acquisition of a 51% stake in Zambia&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DH25C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Mopani Copper Mines</a>. The IRH has also been pursuing&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IV091&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">other copper assets</a>&nbsp;in Zambia as the UAE and seeks to secure critical metal supplies from Africa amid a global shift to cleaner energy.



The IRH also has operations or prospects in Angola, Burundi, Democratic Republic of Congo, South Africa, Tanzania, Zambia, and Zimbabwe, according to its website.



($1 = 17.0983 rand)



(Reporting by Nelson Banya; Editing by Emelia Sithole-Matarise)

FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar

UAE’s IRH eyes mining, energy and logistics projects in South Africa

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="556" data-id="536704" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-820x556.jpg" alt="" class="wp-image-536704" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-820x556.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-768x521.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-1536x1042.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Isabel Dos Santos, daughter of Angola’s former President sits for a portrait during a Reuters interview in London, Britain, January 9, 2020. REUTERS/Toby Melville</figcaption></figure>
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LONDON, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Angolan billionaire Isabel dos Santos on Monday lost an appeal to overturn an order freezing up to 580 million pounds ($778 million) of her assets as part a lawsuit at London&#8217;s High Court.



Dos Santos – Africa&#8217;s first female billionaire, whose father Jose Eduardo dos Santos ruled Angola for 38 years until 2017 – is being sued by Angolan telecoms operator Unitel.



Unitel was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DF2F0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">granted</a>&nbsp;a worldwide freezing order over dos Santos&#8217; assets in December and&nbsp;the Court of Appeal on Monday rejected&nbsp;her appeal against that decision.



Dos Santos has faced corruption accusations in Angola for years. She denies the allegations and says she is the target of a long-running political vendetta.



She is being sued by Unitel over loans it made to separate Dutch company Unitel International Holdings (UIH) in 2012 and 2013, when she was a Unitel director, to fund UIH&#8217;s acquisition of shares in telecoms companies.



Dos Santos owns and controls UIH, the Court of Appeal said in its ruling.



Unitel and UIH are not related despite bearing the same name, and dos Santos resigned as a director of Unitel in 2020.



The loans were not repaid and around 300 million pounds is outstanding, Unitel&#8217;s lawyers argued at the High Court.



But dos Santos – who claims to be the victim of a &#8220;campaign of oppression&#8221; by Angola – says Unitel is itself responsible for UIH&#8217;s inability to repay the loans because of its alleged role in Angola&#8217;s unlawful seizure of UIH assets.



(Reporting by Sachin Ravikumar)

Isabel Dos Santos, daughter of Angola’s former President and Africa’s richest woman, sits for a portrait during a Reuters interview in London, Britain

Angola’s Isabel dos Santos loses appeal against freezing order over assets

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg" alt="" class="wp-image-536675" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Quareebullahi Ajenifuja, 12, and Joy Adeniji, 12, take notes together during class at Ilorin Grammar school, in Ilorin, Kwara state, Nigeria, March 26, 2021. REUTERS/Temilade Adelaj</figcaption></figure>



LAGOS, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.



The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed.



The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery.



&#8220;The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,&#8221; the bank said.



Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc.



The World Bank said part of the money would be used to improve dam safety to protect people from floods.



Nigeria faces frequent flooding and this year up to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KT0SF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a million people were affected</a>&nbsp;after a dam in northeastern Borno state burst.



More floods are expected in Nigeria after authorities in&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KO1PZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Cameroon started releasing water from a large dam</a>&nbsp;to prevent it from overflowing.



(Reporting by MacDonald Dzirutwe, editing by Ed Osmond)

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South African Markets -Factors to watch on Oct 1

African Markets – Factors to watch on Oct 1

UN says Congo rebels generating $300,000 monthly in seized mining area

China’s stock surge has echoes of the 2015 bubble. What’s different this time

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

East and Gulf Coast ports strike, stranding billions in trade and threatening U.S. economy

Mozambique central bank cuts main interest rate again

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

Why WNBA player salaries lag despite the league’s rising popularity

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Global rice prices drop after India allows white rice exports

Africa Collective returns to Davos in 2025: Afreximbank joins Patronage Partner AfCFTA Secretariat as Host Partner

UAE’s IRH eyes mining, energy and logistics projects in South Africa

Angola’s Isabel dos Santos loses appeal against freezing order over assets

World Bank approves $1.57 billion loan for Nigeria

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