<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)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya expects more IMF funding by year-end

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-820x533.jpg" alt="" class="wp-image-540241" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-1536x998.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s Deputy President Rigathi Gachagua address legislators ahead of the lawmakers&#8217; vote over his impeachment motion at the Parliament buildings in Nairobi, Kenya October 8, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, (Reuters) &#8211; 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.



&#8220;According to the results &#8230; of the motion that I&#8217;ve just declared, a total of 281 members being more than two thirds of the members of the National Assembly have voted in support of the motion,&#8221; Moses Wetang&#8217;ula said.



Gachagua, who has denied all the charges, backed President William Ruto in his 2022 election win and helped secure a large block of votes from the populous central Kenya region.



But in recent months, he has spoken of being sidelined, amid widespread reports in local media that he has fallen out with Ruto as political alliances have shifted.



Ruto dismissed most of his cabinet and brought in members of the main opposition following nationwide protests against unpopular tax increases in June and July in which more than 50 people were killed.



On Tuesday evening, Gachagua urged lawmakers to &#8220;search your conscience&#8221; before voting.



&#8220;If you search your conscience and listen to the issues that have been raised and you find that there are no grounds to impeach the deputy president of Kenya, please make the right decision.&#8221;



Members of parliament voted to impeach him by a margin of 281 to 44, with one abstention.



Kimani Ichung&#8217;wah, parliament&#8217;s majority leader, said the 59-year-old politician had &#8220;violated not one, but eight provisions of our constitution.&#8221;



At one point during the proceedings, he led lawmakers in a chant saying &#8220;Rigathi must go&#8221;, describing him as &#8220;a great danger to our nationhood, a great danger to the unity of our republic.&#8221;



Gachagua proclaimed his innocence, offering a detailed denial of the allegations, which include amassing a large unexplained property portfolio, and promoting &#8220;ethnic balkanisation&#8221;.



&#8220;I will fight to the end,&#8221; he told a press conference on the eve of the impeachment proceedings.



The senate will now hear the charges and may appoint a special committee to investigate them, where Gachagua or his representative can respond to the allegations.



If at least two-thirds of the senate vote to uphold the impeachment, Gachagua will be dismissed.



Gachagua has filed a court petition to halt the proceedings, which were initiated by Ruto&#8217;s coalition allies last week.



Prior to the vote, TIFA Research, a pollster, found that a narrow majority of 41% of Kenyans supported the impeachment against 38% who opposed it.



Ruto has not commented publicly on the impeachment proceedings.



Gachagua outraged many in Ruto&#8217;s coalition for likening the government to a company and suggesting that those who voted for the coalition had first claim on public sector jobs and development projects.



(Reporting by George Obulutsa, Hereward Holland and Ammu Kannampilly; Editing by Christina Fincher, Ros Russell and Daniel Wallis)

Kenya’s Deputy President Rigathi Gachagua address legislators ahead of the lawmakers’ vote over his impeachment motion at the Parliament buildings in Nairobi

Kenya lawmakers impeach deputy president, paving way for senate vote

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



JOHANNESBURG, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged lower on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.



At 0746 GMT, the rand traded at 17.6125 against the dollar, 0.11% lower than its previous close.



The dollar index was last up 0.17% against a basket of currencies.



Fed minutes due later in the day are expected to provide an explanation for the central bank&#8217;s big interest rate cut last month, and could potentially offer more clues on its interest rate trajectory.



The risk-sensitive rand is susceptible to global movers like the direction of U.S. monetary policy and its recent weakness was expected ahead of closely watched U.S. data, analysts say.



&#8220;Uncertainties in the US are keeping the rand under pressure. A stronger USD would make the ZAR relatively weaker, and the Fed&#8217;s messaging regarding interest rate cuts is a key factor here,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On Thursday, September U.S. consumer inflation figures will be released, while domestic investors also turn their focus towards monthly mining and manufacturing data.



On the stock market, the Top-40 index was down 0.85%.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 2.5 basis points to 9.210%.



(Reporting by Bhargav Acharya, Editing by Louise Heavens)

Illustration photo of South African rand

South African rand edges lower ahead of Fed minutes

<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 9 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.



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



The South African rand weakened on Tuesday, and is likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.95% lower.



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



Chinese shares slumped and commodities were struggling to find a footing on Wednesday as investors tempered expectations for a robust Chinese economic recovery, while a downbeat outlook from New Zealand&#8217;s central bank sent the kiwi to a seven-week low.



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



Wall Street&#8217;s benchmarks finished up on Tuesday, recouping some of the previous session&#8217;s losses, as investors bought back in to technology stocks and investors shifted their focus to upcoming inflation data and the start of third-quarter earnings season.



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



Gold prices were subdued on Wednesday as investors strapped in for minutes from the Federal Reserve&#8217;s latest policy meeting for insights into the U.S. central bank&#8217;s interest rate trajectory. 



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



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



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



&#8211; Visa relief for SA employers as Schreiber gazettes reforms



&#8211; ARC Investments reassesses JSE listing



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



&#8211; Facebook body to make key ruling over posts glorifying apartheid, old SA flag



&#8211; SA&#8217;s new transmission company needs cost-reflective power tariff &#8211; chair



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 9

<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 9 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



Mozambicans talks about their hopes and fears as the country votes in presidential and parliamentary elections.



Nigeria&#8217;s Federal High Court in Abuja will rule on whether to release on bail Binance&#8217;s head of financial compliance Tigran Gambaryan or keep him in prison custody while he undergoes trial on money laundering charges, which he denies.



Kenya&#8217;s central bank governor holds a news conference a day after announcing the bank&#8217;s latest lending rate decision.



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



Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.



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



Oil prices steadied in Asian trading on Wednesday as traders weighed developments in the Middle East conflict against continued bearish expectations for demand.



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



The South African rand weakened on Tuesday, and is likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.



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



Kenya&#8217;s shilling was unchanged against the dollar on Tuesday, data from the London Stock Exchange Group showed.



<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.



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



Mozambique votes on Wednesday in a tense general election highly likely to deliver victory to the ruling party, Frelimo, which has governed the Southern African nation since 1975.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 9

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-820x511.jpg" alt="" class="wp-image-540176" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-768x479.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-1536x958.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman prepares her stall, with election posters in the background, ahead of the presidential elections, in the suburb of Katembe, Maputo, Mozambique. REUTERS/Siphiwe Sibeko.</figcaption></figure>



MAPUTO, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;Mozambique votes on Wednesday in a tense general election highly likely to deliver victory to the ruling party, Frelimo, which has governed the Southern African nation since 1975.



Four candidates are vying to replace President Filipe Nyusi, who is stepping down after serving two terms. The favourite is Daniel Chapo, 47, a lawyer viewed as a safe choice for business and a fresh face for the long-ruling party.



He faces Venancio Mondlane, a charismatic independent candidate who draws huge crowds, former rebel commander Ossufo Momade, and a small opposition party leader, Lutero Simango.



Dozens of posters of Chapo&#8217;s face were pasted along Maputo&#8217;s palm tree-lined seaside promenade, and red Frelimo flags flew over streets flanked by high rises dispersed with Portuguese colonial buildings. No opposition poster was in sight.



Poverty is the major concern of Mozambique&#8217;s 35 million people, about half of them registered to vote. An Islamist insurgency in the north that has forced thousands to flee their homes and halted multi-billion dollar gas projects also weighs.



&#8220;The next president must create jobs. We are tired of hearing promises,&#8221; said Amandio Sergio, 32, a small business owner in the seaside capital.



Frelimo first allowed elections in 1994 and has since been accused of rigging them, which it denies. Rebel force turned-opposition party Renamo usually comes a distant second.



Mondlane poses a challenge to both this year, but lacks the machinery of established parties and may struggle to win votes in rural areas, analyst Dercio Alfazema said.



&#8220;This election is different because we have new actors &#8230; (but) Frelimo has a big probability to win,&#8221; Alfazema said.



Chapo has experience in local government but has not been tainted by Frelimo&#8217;s corruption scandals, he added.



Counting will start after the polls close at 6 p.m. (1600 GMT), although it can take up to two weeks for official results.



A disputed outcome would likely trigger protests, which broke out after Frelimo swept last year&#8217;s municipal elections and were forcefully suppressed.



Apathy may dampen them, however.



&#8220;I feel it doesn&#8217;t make any difference,&#8221; 26-year-old fisherman Mussa Issufo said of the poll.



&#8220;Nothing ever changes.&#8221;



(Reporting by Nellie Peyton and Manuel Mucari; Additional reporting by Thando Hlophe and Sisipho SkweyiyaEditing by Tim Cocks and Sandra Maler)

A woman prepares her stall, ahead of the presidential elections, in the suburb of Katembe, Maputo

Mozambique votes in tense election likely to see ruling party win

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-820x461.jpeg" alt="" class="wp-image-539941" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An Uber-dedicated charger at a BP Pulse electric vehicle charging station in central London, U.K., on Monday, April 11, 2022. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Uber CEO Dara Khosrowshahi on Tuesday announced that the company is updating its platform with new sustainability-minded features, including an “EV preference” that will let customers opt for fully electric vehicles by default, whenever they hail a ride.



The company previously launched an “Uber Green,” service which has historically included a mix of battery electric vehicles, and hybrid electric models. Now, Uber can offer battery electric vehicles as the sole “green” option in more than 40 cities globally, executives said at Uber’s annual Go Get Zero sustainability conference in London on Tuesday.



Speaking at Uber’s GO-GET Zero event in London, Khosrowshahi said that the company’s rollout of new sustainability-focused features arrives ahead of the 2024 U.S. elections, adding this is a time when the topic of EVs has become a “politically-charged issue.”



However, he noted that the overall trend is moving toward all-electric mobility options.



“The reality is that we will only reach or zero emission goals if policymakers and other businesses do their part as well,” Khosrowshahi said at the event.



“We need more affordable EVs, we need stronger EV mandates, we need incentives for people who are driving the most. We want to make sure that chargers are available at every community, not just the wealthiest. So we all need to step up,” he said.



For drivers, Uber said it is rolling out an “EV Mentor” program, which connects drivers for any questions about electric mobility. The company also debuted an AI chatbot powered by OpenAI’s ChatGPT, looking to answer questions for drivers on the ride-hail network about what it takes to buy and use a battery electric vehicle instead of a gas-burning vehicle.



Transportation has been responsible for about 25% of carbon emissions from human activity globally, according to estimates by the non-profit International Council on Clean Transportation. Carbon emissions, and other greenhouse gases from human activity, cause long-term shifts in temperatures and weather, while also contributing to respiratory disease by forming smog and air pollution.



Ride-hailing services like Uber’s can contribute to traffic congestion and therefore, pollution, according to analysis by Suvrat Dhanorkar, Gordon Burtch and others published in the journal of Transportation Science. Uber has been working to reduce its environmental footprint and looks to become a “zero-emissions platform” by 2040.



On the delivery side of its platform, Uber is adding farmers’ market produce to Uber Eats offerings in two major U.S. markets: New York City and Los Angeles.



Uber said it will also be investing nearly $1 million to enable restaurants in Paris that sell meals via Uber Eats to switch to more sustainable packaging, such as seaweed-based packaging from NotPLA,&nbsp;bags made of foliage by Releaf, and&nbsp;straws made of agricultural suAgar residuals from IAmPlasticFree.



According to statistics tracked by the Organization for Economic Co-operation and Development (OECD), residents in Paris generate more than 400 kg (880 lb) of waste each year. France has implemented laws to reduce this waste, requiring fast food restaurants to move away from disposable, plastic packaging and utensils.



In the U.K., specifically, Uber said it’s launched a partnership with British energy supplier Octopus Energy and Chinese EV firm BYD to co-fund 1,000 free home chargers worth almost £1,000 each for drivers in the U.K.



The deal will give Uber drivers the ability to access Octopus’ “Intelligent Go” tariff to help them with EV charging costs. Drivers will also be able to get 8% off at public charging systems across Octopus’ Electroverse network.



“This is the first partnership between uber a power company and an EV manufacturer and it will meaningfully reduce charging costs for drivers,” Rebecca Tinucci, Uber’s head of global sustainability, said at the London event Tuesday. Tinucci was formerly senior director of charging infrastructure at Tesla.

107240789-1684075132097-gettyimages-1240490159-UK_UBER

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-820x540.jpg" alt="" class="wp-image-539880" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers&#8217; vote over his impeachment motion at his residence in Karen, Nairobi Kenya, October 7, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;Kenyan Deputy President Rigathi Gachagua was fighting to keep his job on Tuesday as lawmakers began impeachment proceedings against him, accusing him of enriching himself, stirring ethnic hatred and undermining the government.



Gachagua, who denies all the charges, backed President William Ruto in his 2022 election win and helped secure a large block of votes from the populous central Kenya region.



The deputy president says he has since been sidelined, amid widespread reports in local media that he has fallen out with Ruto as political alliances have shifted.



Ruto dismissed most of his cabinet and brought in members of the main opposition following nationwide protests against unpopular tax increases in June and July in which more than 50 people were killed.



The high court has declined a request by Gachagua to halt the impeachment proceedings, initiated by Ruto&#8217;s coalition allies a week ago. Gachagua, who has refused to resign, was expected to defend himself in parliament later on Tuesday.



&#8220;I am innocent of all these charges,&#8221; Gachagua told a press conference late on Monday and offered a detailed denial of the allegations, which include amassing a large unexplained property portfolio, and promoting &#8220;ethnic balkanisation&#8221;.



&#8220;I have no intention whatsoever to resign from this job. I will fight to the end.&#8221;



Almost two thirds of people who took part in a public consultation last week approved of Gachagua&#8217;s impeachment, lawmaker Millie Odhiambo told parliament on Tuesday as the hearing began.



Ruto has not commented publicly on the impeachment proceedings. More than 80% of lawmakers signed up to launch the motion on Oct. 1.



If the national assembly votes by more than two-thirds to impeach Gachagua, the senate will be asked to uphold the motion.



Gachagua outraged many in Ruto&#8217;s coalition for likening the government to a company and suggesting that those who voted for the coalition had first claim on public sector jobs and development projects.



&#8220;I have done nothing wrong against the people of Kenya. I have worked hard. I have been very loyal to my boss, President William Ruto,&#8221; Gachagua said Monday.



(Reporting by George Obulutsa; Writing by Hereward Holland; Editing by Ammu Kannampilly, Christina Fincher and Ros Russell)

Kenya’s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers’ vote over his impeachment motion at his residence in Karen, Nairobi

Kenya’s deputy president vows to fight impeachment ‘to the end’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="500" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg" alt="" class="wp-image-495627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trade on Tuesday, and was likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.



At 0720 GMT, the rand traded at 17.48 against the dollar, about 0.6% weaker than its previous close.



&#8220;The USD/ZAR is influenced by U.S. CPI data, the Fed’s monetary policy direction, and the U.S. election,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;The dollar remains strong, supported by solid U.S. jobs data, while the ZAR awaits further clarity on these factors.&#8221;



Minutes from the Fed&#8217;s September meeting due on Wednesday are expected to explain the central bank&#8217;s big rate cut last month, possibly offering further clues to the bank&#8217;s future path on interest rates.



Thursday&#8217;s focus will also be on U.S. September inflation figures, which Cilliers said could provide signs of disinflation, crucial for shaping Fed policy.



Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. monetary policy in the case of a light domestic calendar.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 1.7% in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, with the yield up 0.5 basis points at 9.215%.



(Reporting by Tannur Anders; Editing by Clarence Fernandez)

FILE PHOTO: South African Rand coins are seen in this illustration picture

South African rand weakens, focus on upcoming US data

<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 8 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled events, equity and currency market moves may affect South African markets on Tuesday.



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



Africa Oil Week conference commences



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



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



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



South Africa&#8217;s rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.



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



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



Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.



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



Wall Street&#8217;s three major indexes closed down around 1% on Monday while Treasury yields rose, as traders tamped down bets for Federal Reserve interest-rate easing and worried about the Middle East conflict&#8217;s impact on oil prices.



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



Gold prices edged lower on Tuesday, pressured by a stronger dollar, while market participants awaited minutes of the Federal Reserve&#8217;s last meeting and economic data for further cues on U.S. interest rate path.



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



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



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



&#8211; SA to file memorial against Israel at ICJ by month end, Lamola says



&#8211; Industry conditions still challenging but De Beers expects return to growth in 2025



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



&#8211; SA grid crisis: New National Transmission Company to open door for private sector



(Compiled by Tannur Anders; Editing by Kim Coghill)

South African Markets – Factors to watch on Oct 8

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-820x590.jpg" alt="" class="wp-image-539817" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-1536x1106.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Daniel Chapo, presidential candidate of the ruling Frelimo party, President of Mozambique Filipe Nyusi and former President of Mozambique Joaquim Chissano react during the final rally campaign ahead of the national election, in Matola, Mozambique October 6, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;Whoever wins Mozambique&#8217;s presidential election on Wednesday will face an economy battered by worsening cyclones, insecurity, delays to planned gas projects and high levels of debt.



Ruling party candidate Daniel Chapo is the frontrunner though there are three other candidates vying to replace Felipe Nyusi as president of the southeast African nation.



Rising borrowing costs are putting pressure on Mozambique to embrace fiscal discipline, particularly as delayed gas revenues mean it is running out of options to refinance its debt &#8211; which is nearly as big as its annual GDP.



&#8220;Debt in the country is rocketing,&#8221; Gabriel Muthisse, a former transport and communications minister, told Reuters. &#8220;Debt servicing is (diverting)&#8230;resources that could be used to finance the real economy.&#8221;



The yield on Mozambique&#8217;s international bond due 2031 stands at close to 13%.



The country of 34 million people is still trying to shake off a decade-old &#8220;tuna bonds&#8221; scandal involving Credit Suisse, in which loans for a fishing fleet went missing, leading Mozambique to default on its debt and the International Monetary Fund to suspend lending.



Last year, the Swiss bank settled out of court.



&#8220;Financing options for the deficit are limited,&#8221; said Kevin Daly, portfolio manager at Abrdn, which holds Mozambique&#8217;s 2031 international bond.



Mozambique struck a $456 million deal with the IMF in May 2022, but its programme expires next year and will have to be renegotiated.



&#8220;The future of the economy is really based on the development of these oil and gas&#8230;(fields),&#8221; said Thys Louw, portfolio manager at global asset manager, Ninety One. Yet Islamist violence has delayed TotalEnergies and ExxonMobil&#8217;s development of some of Africa&#8217;s biggest gas fields.



Total says it is still committed to them, but investor enthusiasm is waning.



&#8220;There was a time where everyone was excited and waiting to go into Mozambique,&#8221; said Tshepo Ncube, head of International Coverage at Absa Corporate and Investment Bank.



&#8220;Now it is all about: &#8216;let&#8217;s see how it plays out&#8217;.&#8221;



(Reporting by Kopano Gumbi in Johannesburg and Duncan Miriri in Nairobi; Additional reporting by Libby George and Karin Strohecker in London; Editing by Tim Cocks and Christina Fincher)

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South Africa poised for LPG gas boom amid electricity price hikes

Kenya expects more IMF funding by year-end

Ozempic Underworld — The Black Market Of Obesity Drugs

Could Apple be launching a smart ring by 2026?

Kenya lawmakers impeach deputy president, paving way for senate vote

South African rand edges lower ahead of Fed minutes

South African Markets – Factors to watch on Oct 9

African Markets – Factors to watch on Oct 9

Mozambique votes in tense election likely to see ruling party win

Why Jeep And Dodge’s Parent Company Stellantis Is Struggling

Uber gives users option to only hail full-electric cars, launches AI chatbot for EV-curious drivers

Where florist Kaiva Kaimins unwinds in Dalston

Ever wanted a personal assistant? An AI one could be around the corner

Kenya’s deputy president vows to fight impeachment ‘to the end’

South African rand weakens, focus on upcoming US data

South African Markets – Factors to watch on Oct 8

Mozambique election winner faces tough financial squeeze

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