<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 11 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Friday.



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



South African inflation-linked bond auction



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



The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.



On the Johannesburg stock market, the Top-40 index closed little changed.



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



Asian shares were headed for their first weekly loss in five on Friday as a stunning rally in Chinese shares took a breather, although all eyes are on the details of much-anticipated fiscal stimulus from Beijing this weekend.



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



Wall Street&#8217;s main indexes closed lower on Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the U.S. economy and the path for interest rates. 



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



Gold prices climbed on Friday after recent data firmed bets for a Federal Reserve rate cut next month, while market participants awaited the U.S. Producer Price Index (PPI) report for further direction.



&#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; Township malls thrive despite high rates, Nedbank says



&#8211; Manganese the target in Exxaro’s search for assets



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



&#8211; &#8216;Severe threat&#8217; of disruption at OR Tambo amid SARS delays, industry warns



&#8211; &#8216;Nothing to work with&#8217;: Good intentions, quick fixes not solving SA&#8217;s deep logistics problem



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 11

<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 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



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



Nigeria court to rule on Binance executive&#8217;s bail request



A Kenyan court is due to rule on whether a a case challenging deputy president Rigathi Gachagua&#8217;s impeachment should be referred to the Chief Justice for further direction.



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



Asian shares were headed for the first weekly loss in five as the stunning rally in Chinese shares took a breather, although all eyes are on the details of the much-anticipated fiscal stimulus from Beijing this weekend.



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



Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites.



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



The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.



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



The Nigerian and Ghanaian currencies are expected to fall in the next week to Thursday, while Uganda&#8217;s and Zambia&#8217;s could be relatively steady, traders said.



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



Votes were being counted by Mozambique&#8217;s national election authorities on Thursday as civil society monitors were compiling a parallel tally to try to detect possible signs of fraud.



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



Rights activists and local responders said scores of civilians had been killed at sites across Sudan in the past week as the army escalates air strikes nearly 18 months into its war with the paramilitary Rapid Support Forces.



<h2 class="wp-block-heading" id="h-somalia-security">SOMALIA SECURITY</h2>



The presidents of Egypt, Eritrea and Somalia agreed on Thursday to boost cooperation for the Somali army to confront &#8220;terrorism&#8221; and protect its land and sea borders, a joint statement said, leaving Ethiopia further isolated in the region.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 11

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-820x461.jpeg" alt="" class="wp-image-540935" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Alexander Spatari | Moment | Getty Images</figcaption></figure>



LONDON — The U.K. economy returned to growth in August following two consecutive months of stagnation, providing a slight boost as the Labour government prepares to deliver its first budget later this month.



The economy grew 0.2% on a month-on-month basis, flash figures published by the Office for National Statistics showed Friday, meeting expectations of economists polled by Reuters.



It follows an economic flatlining in June and July after the U.K. recorded modest but steady expansion in almost every month this year. Britain emerged from a shallow recession at the start of the year.



Over the three months to August, Britain’s economic growth also expanded 0.2%, compared with the 0.5% recorded in the three months to July.



“The UK economy had a remarkable run through the first few months of 2024, at least if the monthly GDP figures are to be believed. But those same figures now show that this strength was short-lived,” ING’s Developed Markets Economist James Smith said in a note shortly after the release.



“The bottom line is that the economy still seems to be growing at a reasonable pace, but the 0.6/0.7% quarterly GDP readings we became accustomed to in the first two quarters of the year are not going to be repeated in the second half of the year. We’re looking for 0.2% growth in the third quarter overall.”



Sterling rose slightly against the U.S. dollar following the release, trading up 0.05% at $1.3067 by 8:56 a.m. London time. U.K. government bond yields, meanwhile, ticked lower, with the 10-year trading around 4.211%, having climbed sharply over recent days.



The U.K.’s dominant services sector showed slight growth of 0.1% in the month to August, while production and construction output rose by 0.5% and 0.4%, respectively.



Finance Minister Rachel Reeves welcomed the data, saying returning the economy to growth is the government’s “number one priority.”



“While change will not happen overnight, we are not wasting any time on delivering on the promise of change,” she said in a statement. The new Labour administration was voted into power in July during snap elections.



<h2 class="wp-block-heading" id="h-all-eyes-on-the-budget"><a></a>All eyes on the budget</h2>



The reading comes as Reeves is set to deliver her Autumn Budget at the end of this month, with tax hikes and spending cuts expected as she tries to overcome an estimated £22 billion ($29 billion) black hole in the public finances. The Conservative opposition party, which led the country until snap elections earlier this year, deny the gap.



ING’s Smith said that if the U.K. Treasury was hoping the strong growth in the first half of the year would unlock some “extra fiscal headroom” in the budget, “it is likely to be left disappointed.”



“Remember the key here is what the Office for Budget Responsibility projects for the UK economy. And like the BoE, they are unlikely to take much inference from the GDP figures so far this year. Indeed, if anything the OBR forecasts already sit at the more optimistic end of the spectrum,” he added.



The government is pitching its vision for an era of “national renewal,” as it attempts to inject some optimism into the public psyche after painting a gloomy picture of the state of the economy.



Lindsay James, investment strategist at Quilter Investors, said Reeves faces a “tricky balancing” to ensure her decisions don’t stifle further economic growth.



“With interest rates beginning to fall, the responsibility has shifted from the Bank of England to Rachel Reeves, who must now make critical fiscal decisions. She and the Prime Minister have indicated that ‘pain’ is necessary for future prosperity, but there is a real risk of overcorrection at the expense of economic growth,” she said.

108045816-1728543680505-gettyimages-1046968880-hv6b7443

UK economy returns to growth as Labour tees up all-important budget

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-820x461.jpeg" alt="" class="wp-image-540904" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China’s Ministry of Finance, pictured here in Beijing in 2021, is refunding taxes and cutting fees to support economic growth. Yan Cong | Bloomberg | Getty Images</figcaption></figure>



Investors are on tenterhooks as Beijing prepares to deliver fresh policies over the weekend that could jumpstart its economy.



China’s Finance Minister Lan Fo’an is set to hold a press conference at 10 a.m. on Saturday local time on “intensifying” fiscal stimulus policies, the country’s State Council Information Office said.



With Beijing at risk of missing its full year economic growth target of 5%, some analysts are confident that authorities are ready to deliver major fiscal stimulus at the highly anticipated event, while others remain skeptical.



<h2 class="wp-block-heading" id="h-investors-on-edge"><a></a>Investors on edge</h2>



Investors had expected a fresh package to be announced during the National Development and Reform Commission’s press conference on Tuesday, which was held shortly after markets reopened following a weeklong holiday.



During that event, the chair of NDRC pledged a raft of actions to bolster the economy. But Zheng Shanjie stopped short of announcing any new major stimulus plans.



The move underwhelmed investors and sent a lengthy rally in the mainland Chinese markets into days of volatility.



With this second shot, the Chinese government has now realized that it’s facing a “whatever it takes moment” and it will do “whatever that is necessary to stop the bleeding of the economy, and to get things moving,” Chen Zhao, chief global strategist at Alpine Macro, told CNBC’s “Squawk Box Asia.”



Authorities are likely to affirm that at the press conference on Saturday, Zhao said.



Before the Golden Week holiday, Chinese officials unveiled a flurry of stimulus policies, including interest rate cuts, lower cash reserve requirements at banks, looser property purchase rules and liquidity support for stock markets.



Many investors and analysts viewed the move as a signal that Beijing was finally ready to take drastic action to revive its ailing economy, following a barrage of disappointing data and amid a slump in consumer confidence. At the time, Chinese major indexes began to rally, surging over 25% as investors cheered on the slate of stimulus measures.



Most economists expect some sort of additional stimulus this weekend, but there are many differing views on its size as well as the priorities of the package.&nbsp;Some have floated a figure between two and three trillion yuan (the equivalent of $282.8 billion to $424.2 billion), while others have suggested 10 trillion yuan ($1.4 trillion).



Speaking to “Street Signs Asia,” Chetan Ahya, chief Asia economist at Morgan Stanley, said the package will likely be focused on stimulating domestic demand, supporting recapitalization of banks, as well as local government debt restructuring.



The consumer stimulus measures could be targeted at social welfare spending, with an aim to free up more household savings, he said. And a small portion of the package could be dedicated to support consumer trade-in programs.



In a note, economists at Morgan Stanley predicted that China’s Ministry of Finance will deliver a modest supplementary fiscal package at the press conference — which they called “Beijing’s second chance to convince the market” after it undershoot earlier this week. However, the economists conceded that expectations are high.



“Higher size with clear consumption stimulus portion, or clear forward guidance for next year’s expansionary policy, would constitute a positive surprise,” the Morgan Stanley economists wrote.



Forward guidance on 2025 is critical and we expect another two to three trillion yuan widening in the augmented deficit but don’t think the size will be announced before end of 2024, they added.



<h2 class="wp-block-heading">In the trillions</h2>



Beijing needs to announce 10 trillion yuan in fiscal stimulus that’s focused on boosting consumption and removing large inventory in the property market, Morgan Stanley’s Ahya said.



“That’s not what we are saying they will do” but they need something like that “to get the economy out of deflation and ultimately create a sustained turn around in investors’ confidence,” he continued.



Beijing could be wary that an enormous stimulus package may send a signal to the public that there are more severe underlying economic problems, so they could phase them out into piecemeal announcements, Ahya added.&nbsp;&nbsp;



This time round, Ting Lu, chief economist at Nomura, expects the finance ministry will announce a package no larger than 3% of China’s GDP, which grew 5.2% to 126 trillion yuan in 2023.&nbsp;



The ministry may discuss additional funding through the issuance of government bonds, but the exact numbers could come later this month at the National People’s Congress’ standing committee meeting, Lu said. The NPC standing committee is China’s top legislature.



Reuters reported in late September that China had plans to issue special sovereign bonds worth about 2 trillion yuan ($284.42 billion) this year, with 1 trillion yuan primarily to revive domestic consumption and the other half to support local governments’ debt problems. 



A two trillion yuan bond issuance is unlikely to turn the economy around, said Alpine Macro’s Zhao, who believes that the next stimulus package needs to be around 4-5% of GDP to reverse lackluster consumption demand.&nbsp;



“The Chinese government is already backed to the corner, they are panicking. These are good things from the stock market’s point of view,” he said, insisting that the finance ministry will unveil a package on Saturday that could be “sufficient enough to make a bottom for the economy.”&nbsp;



But, a Chinese political veteran has cautioned that changes in fiscal policy needs to go through lengthy legal processes for approval, dampening Zhao’s hopes for this weekend.



Dong Yu, a former official on China’s top economic planning committee who now serves as vice president of China Institute for Development Planning at Tsinghua University, told local media in an article published Thursday that a fiscal stimulus package worth trillions of yuan will eventually come, but people need to “practice some patience.”

107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING

China’s ‘whatever it takes’ moment? Investors hope for hundreds of billions in new stimulus

Will The U.S. Break Up Google?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-820x558.jpg" alt="" class="wp-image-540670" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-768x522.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-1536x1045.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Workers load lithium concentrate at Prospect Lithium Zimbabwe mine in Goromonzi, Zimbabwe, January 9, 2024. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwean miners expect profits to decline on the back of anticipated high costs of production and a weak outlook for platinum and lithium in 2025, according to a report.



A confluence of global and local factors will eat into the southern African country&#8217;s mining revenue and profit next year, said the report by the Chamber of Mines of Zimbabwe (COMZ).



Zimbabwe is known for abundant deposits of platinum group metals (PGMs), gold and lithium.



&#8220;The issue of costs continue to dampen the spirit of profitability,&#8221; said Isaac Kwesu, COMZ&#8217;s chief executive.



Costs of production are expected to increase by an average of 8% in 2025. Miners expect energy needs to grow to 800 megawatts per day in 2025 from 600 megawatts this year.



Zimbabwe&#8217;s mining industry, one of its highest foreign currency earners alongside tobacco and horticulture, continues to be blighted by rolling power cuts and exchange losses.



In 2024, the mining sector lost around $500 million in potential revenue to power outages, the report said.



Miners however expect gold prices to remain bullish, increasing by an average of 12% in 2025 with PGMs and lithium declining 15%, the report said.



Business confidence is also expected to improve with capital expenditure seen exceeding $600 million in 2025.



(Reporting by Nyasha Chingono; Editing by Bhargav Archaya and Ros Russell)

Workers load lithium concentrate at Prospect Lithium Zimbabwe mine in Goromonzi

Zimbabwean miners expect profits to fall in 2025, report says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-820x547.jpg" alt="" class="wp-image-540667" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



ABUJA, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;The Nigerian and Ghanaian currencies are expected to fall in the next week to Thursday, while Uganda&#8217;s and Zambia&#8217;s could be relatively steady, traders said.



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



Nigeria&#8217;s naira could lose ground due to rising dollar demand from individuals paying school fees abroad and importers stocking up for the festive season.



The central bank has only intermittently intervened to support the currency.



The naira was quoted at 1,648 to the dollar on the official market on Thursday, LSEG data showed, compared with around 1,671 a week earlier.



The currency changed hands in street trading at 1,690 naira to the dollar on Thursday.



&#8220;The panic button is 1,700 naira and as it approaches those levels the central bank has intensified intervention, but it is not enough to quench demand,&#8221; one trader said.



<h2 class="wp-block-heading" id="h-ghana">GHANA</h2>



Ghana&#8217;s cedi is expected to weaken further next week due to corporate foreign-currency demand, mainly from the manufacturing and energy sectors.



LSEG data showed the cedi trading at 15.88 to the dollar on Thursday, compared to 15.77 at last Thursday&#8217;s close.



&#8220;The cedi weakened slightly against the dollar this week, driven by a reduced supply of dollars despite the central bank&#8217;s 7-day funded forward support of approximately $54 million,&#8221; head of trading Stanbic Bank Ghana Chris Nettey said.



&#8220;We anticipate a similar trend in the coming sessions,&#8221; he added.



<h2 class="wp-block-heading" id="h-uganda">UGANDA</h2>



Uganda&#8217;s shilling is seen broadly stable, underpinned by healthy inflows of hard currency from remittances and mid-month tax payments.



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



&#8220;Remittances are coming in and we expect the volumes to increase for the remainder of October and going into November,&#8221; one trader said.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



Zambia&#8217;s kwacha is likely to be little changed.



On Thursday the kwacha was trading at 26.37 per dollar from 26.20 a week ago.



&#8220;The kwacha is anticipated to remain rangebound, with factors of demand and supply dictating the currency&#8217;s next move,&#8221; Zambia National Commercial Bank said in a note.



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

7XVXXY5BZZKBDMNDKCX3HG2N4A

Nigerian and Ghanaian currencies seen falling

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Oct 10 (Reuters) &#8211; Nigeria&#8217;s state-owned oil company, NNPC Ltd, has increased petrol prices by over 15%, marking the second hike in less than a month and the exit from a costly subsidy programme that has strained its finances.



At NNPC fuel stations in Lagos the price of gasoline rose to 998 naira per litre ($0.6257) from 858 naira, while in Abuja the price increased to 1,030 naira per litre from 950 naira. Long queues formed as customers came to terms with higher prices.



NNPC, the country&#8217;s sole importer of refined products, can now recover its costs in full, having bought gasoline from the Dangote Oil Refinery at 898 naira per litre.



This is the first time in three decades that Nigeria is selling gasoline at full market prices, relieving the treasury of the heavy cost of subsidies, projected to cost the government at least $3.7 billion this year.



President Bola Tinubu scrapped a costly but popular subsidy on petrol last year when he took office, to cut government expenditure. But he reintroduced subsidy partly after inflation skyrocketed, worsening a cost of living crisis and stoking tension among the population.



By September, NNPC said it faced severe financial strain, admitting it was unable to continue importing fuel after weeks of scarce supplies at its petrol stations.



The price increase has sparked criticism from labour unions to manufacturers, who warn that it will worsen the cost-of-living crisis.



Gasoline prices are a particularly sensitive issue in Nigeria, where millions of households and small businesses rely on generators powered by fuel due to the country’s creaking national electricity grid.



Last week, Nigeria began selling crude oil to the Dangote Refinery in naira, with the understanding that the refinery would fully meet the country’s fuel needs. This month, NNPC is supplying the refinery with 13 cargoes of crude oil.



Edwin Devakumar, head of the Dangote Refinery, said the facility now has the capacity to meet all of Nigeria&#8217;s needs.



Industry insiders say that with gasoline now being sold at market rates, NNPC will no longer be the sole buyer of products from the Dangote Refinery.



&#8220;We have applied to buy directly from the Dangote Refinery, but this hasn’t been finalised yet. For now, we are still buying through NNPC,&#8221; said Billy Gillis-Harry, head of a local fuel traders association.



($1 = 1,595.0000 naira)



(Reporting by Isaac Anyaogu, Editing by Louise Heavens)

XTUYFFOIU5I5JMOASXHMTVFSTI

Nigeria’s NNPC raises fuel prices as it ditches costly subsidies

Inside the factory where robots could eventually build themselves

<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/GettyImages-1234269513-820x461.jpg" alt="" class="wp-image-540632" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JULY 28: The Shona community, which migrated to Kenya in 1959 from Zimbabwe and has been living as stateless, on July 28, 2021 get Kenyan identity cards with full citizenship rights, in Nairobi, Kenya. Kenyan Interior Security Minister Fred Okengo Matiangi handed out identity cards to 1,649 members of the Shona community at a ceremony in the capital Nairobi. (Photo by Andrew Wasike/Anadolu Agency via Getty Images)</figcaption></figure>



NAIROBI, Oct 10 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Nosizi Dube beams with pride as she clutches her newly issued Kenyan passport.



For many, obtaining a passport might be a mundane task, but for 24-year-old Dube, who was born into the stateless Shona community in Kenya, it symbolises the end of a gruelling journey towards recognition and the beginning of new opportunities.



&#8220;Being stateless is like you don&#8217;t exist. You look like everyone else, but because you have no identification documents you live in the shadows, unable to do basic things like go to school or even get a mobile phone number,&#8221; Dube told the Thomson Reuters Foundation.



&#8220;Getting recognition as a Kenyan citizen has given me visibility and rights just like everyone else. I feel like I am free, like the chains of statelessness have been broken.&#8221;



Now a trailblazer as the first Shona woman in Kenya to graduate from university, Dube hopes to go to Geneva next week to attend a major intergovernmental meeting marking the end of a global campaign to end statelessness within a decade.



The #IBelong campaign&#8217;s success varies across the world, and while millions remain stateless, the campaign has been a beacon of hope in Kenya, with thousands of stateless people from the Shona, Makonde and Pemba communities gaining recognition.



More than 50% of the 20,000 people who registered as stateless in Kenya in 2014 have been granted citizenship, according to the United Nations refugee agency (UNHCR).



Samwel Okute, the UNHCR&#8217;s senior protection associate for statelessness, attributes Kenya&#8217;s success to initiatives ranging from awareness campaigns and community mobilisation to advocacy, legal reforms and strong political will.



&#8220;We have seen tremendous progress in Kenya. The name &#8216;stateless&#8217; was not even known in Kenya 10 years ago,&#8221; said Okute.



&#8220;The Kenyan government has shown commitment to amend laws, and there have been progressive efforts to raise awareness and improve data collection, but there are still communities that remain left out in Kenya, and the rest of the world,&#8221; he said.



<h2 class="wp-block-heading" id="h-milestone">&#8216;MILESTONE&#8217;</h2>



More than 4.4 million people across the world do not have a nationality, according to UNHCR data, although experts say the figure is likely to be significantly higher as some countries with large stateless populations do not provide data.



People can become stateless due to a host of complex historical, social and legal reasons &#8211; including migration, flawed citizenship laws, and ethnic or gender discrimination.



In Kenya, communities affected by statelessness include the Shona, Makonde and Pemba, as well as people of Burundian and Rwandan descent.



The Shona migrated from Zimbabwe and Zambia in the 1960s as Christian missionaries during the colonial period. While the Makonde arrived from Mozambique to work in the 1930s.



However, when Kenya gained independence in 1963, these communities ended up without a nationality.



The Pemba, a fishing community from Zanzibar who settled along Kenya&#8217;s coast, were among those unable to register as Kenyan citizens after independence.



For decades, these communities lived on the margins &#8211; generations deprived of basic rights because they lacked legal documents such as birth certificates or national identity cards.



They could not go to school, visit a hospital, get a job, obtain a mobile SIM card, open a bank account, register a business, or rent or buy a house.



Many pay middlemen to use their names to obtain fake IDs, register for exams or obtain a mobile phone number.



&#8220;A single document has the power to determine the fate of your entire life,&#8221; said Dube, recounting how she was prevented from sitting her primary school exams because she did not have a birth certificate.



Following the launch of the #IBelong campaign in 2014, UNHCR partnered with charities in Kenya to understand how many people were stateless and support their path to recognition.



This has involved years of outreach work &#8211; from awareness campaigns to encourage people to register as stateless so data could be collected, to organising and mobilising communities to petition parliament.



In 2016, Kenya granted citizenship to more than 1,100 people from the Makonde community. Recognition of 1,670 Shona people and 7,000 Pemba people followed in 2020 and 2022 respectively.



Pemba activist Barke Hamisi, 30, said citizenship had brought big changes to her community.



Born stateless in Malindi on Kenya&#8217;s coast, Hamisi had to interrupt her education due to a lack of documentation.



She now works as a paralegal for Haki Africa, a Kenyan charity working to end statelessness.



&#8220;Getting recognition was a milestone for us,&#8221; said Hamisi.



&#8220;Children can now go to school, youth are now considered for employment opportunities, and women can now go to hospital and give birth because they can produce a national identity card.&#8221;



<h2 class="wp-block-heading" id="h-african-progress">AFRICAN PROGRESS</h2>



Elsewhere in Africa, hundreds of thousands remain stateless with large populations in Ivory Coast and Zimbabwe.



Although Kenya leads the way in combating statelessness, there is a growing continent-wide commitment to resolving the problem.



In Ivory Coast, 16,000 descendants of migrants have had their nationality confirmed, but progress is very slow given the country has more than 900,000 stateless people.



Liberia has amended its nationality law to grant women and men equal rights to confer nationality on their children, while reforms in Rwanda have helped to facilitate naturalisation for stateless people.



Last year, Tanzania granted nationality to more than 3,000 stateless people in Zanzibar.



The African Union has also adopted a protocol to eradicate statelessness and advance inclusion for stateless people.



But the journey to recognition is fraught with hurdles.



South African lawyer Christy Chitengu, 25, was born to undocumented Zimbabweans and only discovered she was stateless in high school when she needed to register for exams.



Her quest for recognition was tough, involving a court case against South Africa&#8217;s Department of Home Affairs.



Despite delays, scepticism and xenophobia, Chitengu finally obtained nationality in August 2023, while pregnant.



&#8220;South Africa is a difficult place and I guess that&#8217;s why it&#8217;s hard to get documented,&#8221; said Chitengu who has started a YouTube channel to educate people on statelessness.



&#8220;There&#8217;s generational statelessness so if I didn&#8217;t get documented, my child was not going to be documented,&#8221; she said.



The UNHCR says many older South Africans also lack documentation as a result of apartheid-era policies that only required civil and birth registration for white citizens.



This legacy has left descendants struggling to access identity documents and rendered them stateless.



But after gaining citizenship, formerly stateless people still face a host of challenges due to years of marginalisation. Many struggle with a lack of skills, the cost of education and discrimination in the job market and in accessing services.



&#8220;I think the general perception is that you get your piece of paper, you get your ID, and everything is perfect,&#8221; said Andrew Ochola, Haki Africa&#8217;s acting executive director.



&#8220;But uplifting stateless communities cannot happen overnight. There are many challenges that persist,&#8221; he said.



(Reporting by Nita Bhalla @nitabhalla. Additional reporting by Kim Harrisberg @KimHarrisberg; Editing by Jon Hemming. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

Stateless Shona community gets Kenyan citizenship

From stateless to citizens: Kenya’s success offers hope in Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged higher against the dollar on Thursday, ahead of local mining and manufacturing data and a U.S. inflation report.



At 0727 GMT, the rand traded at 17.6275 against the dollar, 0.13% stronger than its previous close.



The dollar index was steady against a basket of currencies. It had gained earlier following the release of minutes from the Federal Reserve&#8217;s September meeting on Wednesday, which confirmed the central bank would take a cautious approach to monetary easing.



The rand has lost some steam after rallying against the dollar in late September and much of its recent weakness can be attributed to the resurgence of the greenback, analysts said.



South African investor focus is now on the release of August mining and manufacturing data, while a U.S. consumer price index report looms later in the day.



&#8220;Even if (U.S.) CPI comes in lower than expected, the market seems to have largely priced in the Fed’s cautious approach, meaning that significant ZAR recovery against the USD is unlikely in the near term,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On the stock market, the Top-40 index was up 0.2%.



South Africa&#8217;s benchmark 2030 government bond was marginally weaker, with the yield up 1 basis point to 9.18%.



(Reporting by Bhargav Acharya; Editing by Christopher Cushing)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand edges higher ahead of local data, US inflation report

<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 10 (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>



Vote counting is underway in Mozambique after a general election on Wednesday that is widely expected to deliver another victory for the ruling Frelimo party, which has been in power since 1975.



Rwanda&#8217;s statistics office releases September inflation data.



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



Chinese stocks resumed their rally on Thursday, fanned by expectations a briefing from finance officials this weekend would deliver anticipated fiscal stimulus, while the dollar lingered near a two-month high before a U.S. inflation report.



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



Oil prices rose on Thursday underpinned by a spike in fuel demand as a major storm barreled into Florida and concerns about potential supply disruptions in the Middle East amid heightened tensions between Israel and major oil producer Iran.



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



South Africa&#8217;s rand softened on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.



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



Kenya&#8217;s shilling was steady against the dollar on Wednesday, supported by dollar inflows from the tea sector and diaspora remittances, one commercial bank trader said.



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



Vote counting started in Mozambique on Wednesday evening for an election that is widely expected to deliver another victory for the ruling Frelimo party, which has been in power since 1975.



<h2 class="wp-block-heading" id="h-sudan-war">SUDAN WAR</h2>



The leader of the Sudanese paramilitary Rapid Support Forces (RSF) Mohamed Hamdan Dagalo, known as Hemedti, accused Egypt of being involved in airstrikes on the group&#8217;s troops in a recorded speech on Wednesday.



<h2 class="wp-block-heading" id="h-chad-flood">CHAD FLOOD</h2>



The Logone river in Chad&#8217;s capital has risen to its highest level in 30-40 years, the authorities said on Wednesday, threatening further turmoil to a country that has been battling devastating nationwide floods for weeks.



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



Kenya&#8217;s parliament voted on Tuesday to impeach Deputy President Rigathi Gachagua on charges including enriching himself and stirring ethnic hatred, the chamber&#8217;s speaker said, paving the way for the senate to consider the motion.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on Oct 10

<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 10 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Thursday.



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



Statistics South Africa to release August mining production data at 0930 GMT



Statistics South Africa to release August manufacturing production data at 1100 GMT



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



South Africa&#8217;s rand softened on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.



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



Chinese stocks resumed their rally on Thursday, fanned by expectations a briefing from finance officials this weekend would deliver anticipated fiscal stimulus, while the dollar lingered near a two-month high before a U.S. inflation report.



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



Wall Street stocks advanced on Wednesday with the S&amp;P 500 and the Dow scoring record closing highs after the release of Federal Reserve meeting minutes and ahead of September inflation data and the earnings season.



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



Gold prices nudged higher on Thursday, while traders await a key U.S. inflation data due later in the day to gauge the Federal Reserve&#8217;s future monetary policy stance.



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



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



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



&#8211; Minimum corporate tax proposal widely criticised and called unfair



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



&#8211; SARS warns it&#8217;s on the trail of taxpayers hiding crypto assets offshore



(Compiled by Bhargav Acharya)

South African Markets – Factors to watch on Oct 10

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-820x555.jpg" alt="" class="wp-image-540536" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-1536x1040.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A local votes during the general elections at Inhambane, in southern Mozambique, October 9, 2024. REUTERS/Siphiwe Sibeko TPX IMAGES OF THE DAY</figcaption></figure>



MAPUTO, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;Vote counting was under way in Mozambique on Thursday after a peaceful national election that is widely expected to see the ruling Frelimo party extend its 49 years in power.



Votes are counted first at each polling station and district results expected by Saturday could give an early indication of who is leading. Official results normally take around two weeks to be announced by the electoral commission.



The winner will inherit an Islamist insurgency in the north that has halted multi-billion dollar gas projects and displaced hundreds of thousands of people. Other challenges include high debt levels and the economic impact of worsening cyclones.



Frelimo candidate Daniel Chapo, 47, is likely to win. His party has been accused by opponents and election observers of rigging past elections, which it denies.



The manipulation of votes happens at many levels, from registering more people in Frelimo strongholds to appointing party loyalists to be polling station staff and changing the numbers at the end, said Joseph Hanlon, an advisor to civil society group Mais Integridade (&#8220;More Integrity&#8221;).



A Frelimo spokesperson did not respond to questions from Reuters about alleged vote-rigging.



Election observer missions including the European Union&#8217;s said that they had not recorded any major problems so far.



Chapo is a relatively new figure in national politics who would be the first president born after independence from Portugal in 1975. Analysts say he has the advantage of a clean record and distance from Frelimo&#8217;s past corruption scandals.



His main challenger is Venancio Mondlane, an independent candidate who has fired up the country&#8217;s youth. Former rebel commander Ossufo Momade and a small opposition party leader, Lutero Simango, are also competing to succeed President Filipe Nyusi, who is stepping down after serving the maximum two terms.



(Reporting by Nellie Peyton; Editing by Alexander Winning)

General elections in Mozambique

Mozambique early vote counting under way after peaceful election

Inside the world’s first humanoid factory

Inside the world’s first humanoid factory, where robots will eventually build themselves

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-820x573.jpg" alt="" class="wp-image-540316" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A6XTSZYDEZLOTGJB76WVFY4SQM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A person carries cylinders at a supermarket, as industry executives expect a boom in South Africa&#8217;s liquefied petroleum gas (LPG) business, at Mitchells Plain, in Cape Town, South Africa, October 3, 2024. REUTERS/Esa Alexander</figcaption></figure>



CAPE TOWN, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s liquefied petroleum gas (LPG) business is poised for a boom, industry executives say, as new distribution hubs, rising power prices and a shift away from dirtier charcoal and paraffin stoves boost demand.



State-owned power utility Eskom&#8217;s plan to raise next year&#8217;s electricity tariff by 36%, the latest above-inflation rise, has prompted outrage and made imported or locally refined cooking gas look comparatively cheap.



Last month LPG operator Petredec announced plans to set up South Africa&#8217;s first rail-supplied LPG project. Gas consumption rose to half a billion metric tons this year from 425,000 last year, Argus global statistical review figures show.



&#8220;We expect exponential growth over the next five years,&#8221; Michael Kelly, chief advocacy officer for the World Liquid Gas Association (WLGA) told Reuters.



Ghana and Tanzania, where new storage terminals are planned, could follow South Africa&#8217;s rapid LPG growth, he said, as more African countries seek to stop using dirtier, traditional cooking fuels such as charcoal, which produce harmful fumes and cause deforestation when trees are chopped down to make food.



North Africa accounts for around two thirds of the continent&#8217;s LPG consumption of some 15.6 million metric tons a year. Individual use is some 45 kg per person a year, nine times that of sub-Saharan Africa, said WLGA.



<h2 class="wp-block-heading" id="h-pricey-power">PRICEY POWER</h2>



As millions of South Africans struggle to survive on social grants or odd jobs, energy tech firm PayGas is targeting the mass market with a pay-as-you-go model inspired by the telecoms companies.



&#8220;You don&#8217;t need to buy a full cylinder, you can top up from (as little as) ten rand ($0.5722),&#8221; Philippe Hoeblich, CEO of PayGas said.



Inside a mall in the working class Cape Town suburb of Mitchell&#8217;s Plain, customers line up to collect gas at a PayGas stall in partnership with Shoprite, one of four sites the retailer says it has.



PayGas also operates in Zambia and Nigeria.



Waiting her turn, Busiswa Xelelo, said paying 300 rand for a full 9 kg cylinder enabled her family of five to cook food, and use a gas heater, for an entire month. Buying electricity for the same amount lasts two weeks at most, she said.



($1 = 17.4765 rand)



(Reporting by Wendell Roelf; Editing by Tim Cocks and Christina Fincher)

South Africa poised for LPG gas boom amid electricity price hikes

<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/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;Kenya expects more money from the International Monetary Fund by the end of the year and is in talks with the Fund about combining the seventh and eighth reviews of its support programme, its central bank governor said on Wednesday.



The East African country and the IMF reached a staff-level agreement on the seventh review of its $3.6 billion programme in early June.



But the review is yet to be approved by the Fund&#8217;s executive board after the government was forced to scrap proposed tax hikes and draw up spending cuts in late June in response to mass protests that turned deadly.



&#8220;We are in the final stages of an agreement (with the IMF). The fiscal framework has been agreed,&#8221; Governor Kamau Thugge told a news conference, a day after the Central Bank of Kenya cut its benchmark lending rate by another 75 basis points.



Kenya&#8217;s government has asked the IMF to conduct an official assessment of corruption and governance issues.



While not directly linked to the next disbursement, the assessment is an attempt to build goodwill with the Fund as it tries to get finances back on track.



Thugge also said on Wednesday that the central bank had been buying dollars on the foreign exchange market to boost Kenya&#8217;s buffers against potential short-term shocks.



The bank has previously said it has no preferred level for the shilling and only intervenes on the forex market to smooth out volatility.



Thugge said the exchange rate was being supported by dollar inflows from agricultural exports, remittances and foreign investor interest in local securities given high interest rates.



He reiterated the bank&#8217;s forecast for economic growth of 5.5% next year.



On Tuesday the bank lowered its 2024 growth forecast to 5.1% from 5.4% after slower growth in the second quarter.



Thugge said on Wednesday there could be scope for local interest rates to fall further given that the shilling exchange rate was stable.



(Reporting by George Obulutsa; Editing by Alexander Winning)

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