
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The country&#8217;s Treasury has already cut this year&#8217;s growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



<p>NAIROBI, Oct 4 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Friday, London Stock Exchange Group data showed.</p>



<p>At 0655 GMT, the shilling traded at 128.50/129.50 per dollar, the same as Thursday&#8217;s closing rate.</p>



<p>(Reporting by Sonia Rao; Editing by George Obulutsa)</p>


General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling unchanged versus dollar, LSEG data shows


<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>



<p>JOHANNESBURG, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Friday.</p>



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



<p>South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.</p>



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



<p>The South African rand slumped against a buoyant dollar on Thursday as tensions simmered in the Middle East following Iran&#8217;s ballistic missile attack on Israel.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.75% weaker.</p>



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



<p>Asian stocks retreated on Friday while oil prices headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge ahead of a U.S. jobs report later in the day.</p>



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



<p>U.S. stocks finished lower on Thursday ahead of Friday&#8217;s monthly U.S. payrolls report and as investors kept a watchful eye on the growing conflict in the Middle East.</p>



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



<p>Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards U.S. payrolls report to gauge the trajectory of the Federal Reserve&#8217;s policy path.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Growth could triple if government reform accelerates, says think-tank</p>



<p>&#8211; Eskom price hike to kill smelters and create ghost towns, says Rio Tinto exec</p>



<p>&#8211; Ramokgopa will oppose Eskom hike above 20%, wants delay of carbon tax</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 4


<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>



<p>NAIROBI, Oct 4 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



<p>*Ghana&#8217;s finance ministry and the International Monetary Fund (IMF) to hold a joint news conference following the third review of a $3 billion loan programme.</p>



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



<p>Asian stocks retreated on Friday while oil prices headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge ahead of a U.S. jobs report later in the day.</p>



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



<p>Oil prices inched up in early Asian trading hours on Friday, holding on to their strong weekly gains, as investors weighed the Middle East conflict and the potential disruption in crude flows against an amply-supplied global market.</p>



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



<p>The South African rand slumped against a buoyant dollar on Thursday as tensions simmered in the Middle East following Iran&#8217;s ballistic missile attack on Israel.</p>



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



<p>The Kenyan, Nigerian and Zambian currencies are expected to be broadly steady against the dollar in the next week to Thursday, while Ghana&#8217;s is forecast to weaken and Ugandan&#8217;s could strengthen, traders said.</p>



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



<p>Kenya&#8217;s shilling was unchanged on Thursday, with dollar inflows from tea exporters matching importer demand, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-pmi">KENYA PMI</h2>



<p>Kenya&#8217;s private sector saw a slight deterioration in business conditions in September as output and new orders contracted again, reversing the brief recovery seen in August, Stanbic Bank reported on Thursday.</p>



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



<p>Kenya&#8217;s government has asked the International Monetary Fund to conduct an official assessment of corruption and governance issues, two sources familiar with the situation told Reuters, after a push by Western nations.</p>



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



<p>Ghana&#8217;s investors have signed off on its proposal to restructure $13 billion worth of international bonds, the government said on Thursday, paving the way for the country to emerge from a painful 2022 debt default.</p>



<h2 class="wp-block-heading" id="h-ethiopia-debt">ETHIOPIA DEBT</h2>



<p>A group of Ethiopia&#8217;s international bondholders rejected on Thursday the outlines of a government restructuring proposal for its $1 billion bond that was presented in an investors call earlier this week.</p>



<h2 class="wp-block-heading" id="h-ethiopia-central-bank">ETHIOPIA CENTRAL BANK</h2>



<p>Ethiopia&#8217;s central bank said on Thursday it plans to sell $175 million into the foreign exchange market to address fuel-related import payments due over the coming months.</p>



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



<p>Tanzania&#8217;s central bank held its key interest rate unchanged at 6%, it said on Thursday.</p>



<h2 class="wp-block-heading" id="h-tanzania-politics">TANZANIA POLITICS</h2>



<p>Tanzania&#8217;s communications regulator has suspended the digital platforms of a local media company over the publication of what it called restricted content, a move one opposition group said was aimed at muzzling media that is critical of the government.</p>



<h2 class="wp-block-heading" id="h-mauritius-chagos-island">MAURITIUS CHAGOS ISLAND</h2>



<p>Britain said on Thursday it would cede sovereignty of the Chagos Islands to Mauritius in a deal it said secured the future of the UK-U.S. Diego Garcia military base, and which could also pave the way for people displaced decades ago to return home.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 4


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-820x539.jpg" alt="" class="wp-image-538297" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Nation Centre and Lonrho Africa building in central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Oct 3 (Reuters) &#8211; Kenya&#8217;s government has asked the International Monetary Fund to conduct an official assessment of corruption and governance issues, the IMF told Reuters, after a push by Western nations.</p>



<p>Kenya has struggled with debt that has reached precarious levels in recent years, and its withdrawal of proposed tax hikes earlier this year &#8211; following deadly protests &#8211; complicated its efforts to unlock a $600 million disbursement from the IMF.</p>



<p>Countries themselves must request the so-called &#8220;governance diagnostic&#8221;, which investigates whether corruption and governance vulnerabilities are draining revenue or creating other problems in state finances.</p>



<p>“We have received a governance diagnostics request from the authorities,&#8221; an IMF spokesperson said in response to written questions.</p>



<p>&#8220;The government of Kenya aims to strengthen its governance and anti-corruption policies. They intend to utilize these diagnostics to enhance public spending efficiency, boost competitiveness, foster growth, and reduce poverty in an inclusive manner.”</p>



<p>One source familiar with the situation said the assessment, while not directly linked to the disbursement, would be a show of goodwill in the country&#8217;s efforts to get its finances back on track.</p>



<p>Perceived government waste and corruption were a core driver of mass demonstrations in June that forced President William Ruto to withdraw $2.7 billion in planned tax increases.</p>



<p>Kenya&#8217;s finance ministry did not respond to requests for comment.</p>



<p>Reuters on Tuesday first reported that Western nations were pushing for the IMF assessment.</p>



<p>(Reporting by Aaron Ross; additional reporting by Rodrigo Campos; Writing by Duncan Miriri; Editing by Libby George, Andrea Ricci and Lincoln Feast.)</p>


General view of the central business district in Nairobi

Kenya asks IMF to review corruption issues after Western push


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042845-1727966861492-gettyimages-2175574979-US_JOBS-820x461.jpeg" alt="" class="wp-image-538264" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042845-1727966861492-gettyimages-2175574979-US_JOBS-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042845-1727966861492-gettyimages-2175574979-US_JOBS-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042845-1727966861492-gettyimages-2175574979-US_JOBS-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042845-1727966861492-gettyimages-2175574979-US_JOBS-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042845-1727966861492-gettyimages-2175574979-US_JOBS-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042845-1727966861492-gettyimages-2175574979-US_JOBS.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Attendees at the Albany Job Fair in Latham, New York, US, on Wednesday, Oct. 2, 2024. <br>Angus Mordant | Bloomberg | Getty Images</figcaption></figure>



<p>September’s jobs picture is expected to look a lot like August’s — a gradual slowdown in hiring from earlier this year, a modest increase in wages and a labor market that is looking a lot like many policymakers had hoped it would.</p>



<p>Nonfarm payrolls are projected to show growth of 150,000, from 142,000 the month before, with a steady unemployment rate of 4.2%, according to the Dow Jones consensus. On the wage side, the forecast is for a 0.3% monthly gain and a 3.8% increase from a year ago — the annual rate being the same as August.</p>



<p>Should the numbers come in as expected, they would hit close to a sweet spot allowing the Federal Reserve to continue to lower interest rates without a sense of urgency that it could be behind the curve and at risk of causing a recession.</p>



<p>“The jobs market is slowing down and becoming less tight,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management. “The balance of power has shifted back to employers and away from employees, and that certainly will alleviate the wage pressure, which has been a key component of inflation. We’ve been team soft-landing for a while, and this is exactly what a soft landing looks like.”</p>



<p>Of course, there’s always the possibility of a substantial upside or downside surprise to the numbers. Then there are the monthly revisions that have been dramatic at times, causing the Labor Department to overcount hiring by more than 800,000 for the 12-month period through March 2024, adding uncertainty to jobs market analysis.</p>



<p>“While we’re looking at 150,000 jobs added, I would not be surprised if it comes in at 50,000 and I would not be surprised if it comes in at 250,000,” said David Kelly, chief global strategist at JPMorgan Asset Management. “I don’t think people should get too freaked out either way about this number.”</p>



<p>The Bureau of Labor Statistics will release the report at 8:30 a.m. While there will still be one more nonfarm payrolls count before the presidential vote next month, the October report is expected to be distorted by the dock workers’ strike as well as Hurricane Helene — making September the last “clean” report before Election Day.</p>



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



<p>Still, markets will in fact be watching the report closely.</p>



<p>Specifically, they’ll be looking for indications as to whether the Fed will be able to loosen policy and lower interest rates in a gradual manner more in keeping with prior easing cycles, or will have to repeat the dramatic half percentage point interest rate cut it implemented in September.</p>



<p>At the same meeting where they approved the reduction, policymakers indicated another half percentage point, or 50 basis points, in cuts before the end of 2024 and another full percentage point in 2025. Markets, though, are pricing in a more aggressive schedule.</p>



<p>“A strong number wouldn’t really change their position,” JPMorgan’s Kelly said. “A weak number could tempt them to another 50 basis points.”</p>



<p>However, Kelly said the Fed is more likely to look at the employment picture as a “mosaic” rather than just an individual data point.</p>



<h2 class="wp-block-heading" id="h-the-bigger-picture"><a></a>The bigger picture</h2>



<p>For the past several months, labor market indicators have been trending lower, though far from falling off a cliff. Manufacturing and services sector surveys have pointed to slower hiring, while Fed Chair Jerome Powell earlier this week characterized the labor market as solid but softening.</p>



<p>Excluding a brief slump at the onset of the Covid pandemic, the last time the monthly hiring rate was the level seen this summer — 3.3% of the labor force in both June and August — was in October 2013 when the unemployment rate was 7.2%, according to Labor Department data.</p>



<p>Job openings also have fallen and pushed the ratio of available positions to unemployed workers down to 1.1 to 1, from 2 to 1 just a couple years ago.</p>



<p>However, a kind of stasis has hit a labor market that not that long ago was wrestling with the “Great Resignation” as workers confident they could find better deals elsewhere left their jobs en masse.</p>



<p>Excluding the pandemic gyrations in 2020, the quits rate hasn’t been lower than its current 1.9% since December 2014, while the separations rate, even including Covid, was last lower than the current 3.1% in December 2012.</p>



<p>“Whatever leverage labor had, [it] has dissipated or just eased as the economy’s normalized,” said Joseph Brusuelas, chief economist at tax consultancy RSM. “So we’re going to have a lot less turnover. We’re seeing it in our business. We’re hearing it from our clients.”</p>



<p>Still, had someone told Brusuelas back during the Covid tumult four years ago that the economy would be adding nearly 150,000 jobs a month now with an unemployment rate in the low 4% range, he said, “I’d have bought you a steak dinner.”</p>


108042845-1727966861492-gettyimages-2175574979-US_JOBS

Here’s everything to expect when the September jobs report is released Friday


<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/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-820x547.jpg" alt="" class="wp-image-537989" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk in front of closed shops as traders lock up their stores in protest of Ghana&#8217;s worsening economic conditions in Accra, Ghana October 19, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



<p>NAIROBI/LONDON, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s investors have signed off on its proposal to restructure $13 billion worth of international bonds, the government said on Thursday, paving the way for the country to emerge from a painful 2022 debt default.</p>



<p>More than 90% of bondholders voted in favour of the plan, the government said in a regulatory news statement, calling it a &#8220;pivotal milestone&#8221;, adding that the new bonds would be issued as part of the debt restructuring on or around Oct. 9.</p>



<p>&#8220;Our economy has turned a corner,&#8221; Ghana&#8217;s President Nana Akufo-Addo said in a separate statement. &#8220;This will allow Ghana to stabilise our finances and focus all our efforts on continuing the implementation of the ambitious reform program to improve the well-being of the Ghanaian people.&#8221;</p>



<p>Ghana&#8217;s near completion of the debt restructuring process leaves Ethiopia as the only other country on the continent that is still working to overhaul its debt.</p>



<p>Ghana has secured investor approval of its bonds restructuring after data showed its economy expanded at the fastest pace in five years in the second quarter of this year. Inflation has also been falling, allowing policymakers to cut its benchmark interest rate last month, the first easing since January.</p>



<p>The West African gold and cocoa producer defaulted on most of its $30 billion of international debt in 2022, as the strain of the COVID-19 pandemic, war in Ukraine and higher global interest rates tipped it into crisis.</p>



<p>It secured an agreement in principle with two bondholder groups in June, paving the way for the exchange offer and consent solicitation.</p>



<p>The existing defaulted bonds will be swapped for a number of new instruments &#8211; including so-called &#8220;disco&#8221; bonds and a par bond option capped at $1.6 billion.</p>



<p>Ghana is restructuring its debt under the G20 Common Framework, which has seen Zambia and Chad also reach agreements.</p>



<p>Investors welcomed the results of the consent solicitation and bonds exchange.</p>



<p>&#8220;The overwhelming support from regional and international bondholders shows strong support of the Ghana&#8217;s economic reform programme,&#8221; said Samuel Sule, financial adviser to the regional bondholders group.</p>



<p>&#8220;The government can now, accordingly, focus on implementation and execution of programme including promoting economic growth and fiscal consolidation.&#8221;</p>



<p>(Reporting by Anait Miridzhanian, Duncan Miriri and Karin Strohecker; Editing by Toby Chopra and David Evans)</p>


Ghana traders close shops to protest worsening economy

Ghana says bondholders have signed off on $13 bln debt overhaul

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<p>Despite it being more difficult and expensive, there are a number of benefits to making our machines more like us &#8211; from making them more practical for a human-designed world to lending them greater credibility.</p>
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Why we build robots that look and move like humans


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MDGNNNW45RL23ECVBDK6NGTPTE-820x562.jpg" alt="" class="wp-image-537954" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MDGNNNW45RL23ECVBDK6NGTPTE-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MDGNNNW45RL23ECVBDK6NGTPTE-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MDGNNNW45RL23ECVBDK6NGTPTE-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MDGNNNW45RL23ECVBDK6NGTPTE-768x527.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MDGNNNW45RL23ECVBDK6NGTPTE-1536x1053.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MDGNNNW45RL23ECVBDK6NGTPTE.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">File photo of fuel tanks at the edge of a miltary airstrip on Diego Garcia, largest island in the Chagos archipelago and site of a major United States military base in the middle of the Indian Ocean leased from Britain in 1966. clh/HO/U.S. CLH/File Photo</figcaption></figure>



<p>LONDON, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;Britain said on Thursday it would give up sovereignty of the Chagos Islands to Mauritius in a deal that would allow people displaced decades ago to return home while London retains use of the UK-U.S. military base on Diego Garcia.</p>



<p>Britain said that the operation of Diego Garcia, a strategic military base jointly operated with the United States, was protected by the agreement, which also allows Mauritius to resettle the rest of the islands after its population was displaced.</p>



<p>&#8220;This government inherited a situation where the long-term, secure operation of the Diego Garcia military base was under threat, with contested sovereignty and ongoing legal challenges,&#8221; British Foreign Minister David Lammy said in a statement.</p>



<p>&#8220;Today’s agreement secures this vital military base for the future. It will strengthen our role in safeguarding global security, shut down any possibility of the Indian Ocean being used as a dangerous illegal migration route to the UK, as well as guaranteeing our long-term relationship with Mauritius.&#8221;</p>



<p>Britain, which has controlled the region since 1814, detached the Chagos Islands in 1965 from Mauritius &#8211; a former colony that became independent three years later &#8211; to create the British Indian Ocean Territory.</p>



<p>In the early 1970s, it evicted almost 2,000 residents to Mauritius and the Seychelles to make way for an airbase on the largest island, Diego Garcia, which it had leased to the United States in 1966.</p>



<p>The World Court said in 2019 that Britain should give up control of the islands and said it had wrongfully forced the population to leave in the 1970s to make way for a U.S. air base.</p>



<p>In a joint statement, Britain and Mauritius said that the political agreement had the support and assistance of the United States and India.</p>



<p>(Reporting by Alistair Smout, William James, Muvija M and Michael Holden; Editing by Kate Holton)</p>


FILE PHOTO OF FUEL TANKS ON INDIAN OCEAN ISLAND OF DIEGO GARCIA

Britain agrees Chagos Island sovereignty deal with Mauritius


<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/RWX7GTOMDNPMJHIAC5WECATPMQ-820x573.jpg" alt="" class="wp-image-537951" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/RWX7GTOMDNPMJHIAC5WECATPMQ-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/RWX7GTOMDNPMJHIAC5WECATPMQ-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/RWX7GTOMDNPMJHIAC5WECATPMQ-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/RWX7GTOMDNPMJHIAC5WECATPMQ-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/RWX7GTOMDNPMJHIAC5WECATPMQ-1536x1073.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/RWX7GTOMDNPMJHIAC5WECATPMQ-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>



<p>HARARE, Oct 3 (Reuters) &#8211; Zimbabwe has softened its requirements for lithium miners to process the mineral locally, a government official said on Thursday, as the industry battles to survive a price slump over the past year.</p>



<p>Africa&#8217;s top lithium producer, Zimbabwe had last year given producers up to March 2024 to submit plans of how they would produce battery-grade lithium in the impoverished southern African country.</p>



<p>Prices of lithium, which is mainly used in battery technologies, have fallen more than 80% in the past year largely due to overproduction from China and a drop in demand for electric vehicles.</p>



<p>The price collapse has forced companies like Chinese battery giant CATL to suspend production at certain mines. Albemarle, the world&#8217;s top lithium miner, implemented a second round of cost cuts earlier this year and laid off workers.</p>



<p>In Zimbabwe, lithium miners including Sinomine Resource Group&#8217;s Bikita Minerals, have been forced to cut production and lay off workers as the impact of weak prices has been compounded by the country&#8217;s poor infrastructure, currency volatility and policy inconsistencies.</p>



<p>The Zimbabwe government would now take a measured approach in its quest to localise lithium processing, deputy mines minister Polite Kambamura told Reuters.</p>



<p>&#8220;We are now considering them on a case by case basis and also considering the level of investments already put in the country,&#8221; Kambamura said.</p>



<p>Chinese firms including Sinomine, Zhejiang Huayou Cobalt, Chengxin Lithium Group, Yahua Group and Canmax Technologies have spent more than $1 billion over the past three years to acquire and develop lithium projects in Zimbabwe.</p>



<p>&#8220;Some commenced mining operations five months before the deadline, so we are considering where the project is,&#8221; he added.</p>



<p>Sinomine has said it plans to spend up to $500 million building a lithium sulphate plant at Bikita within the next five years.</p>



<p>Huayou has said it is conducting feasibility studies for a lithium sulphate plant at its Arcadia mine.</p>



<p>Kambamura said the government was open to dialogue with lithium miners over their struggles.</p>



<p>&#8220;We understand the prices are low but they are beginning to firm up. The fact that there are upcoming projects means the environment is favourable,&#8221; he added.</p>



<p>(Reporting by Nyasha Chingono; Editing by Nelson Banya and Angus MacSwan)</p>


Workers load lithium concentrate at Prospect Lithium Zimbabwe mine in Goromonzi

Zimbabwe softens stance on local lithium processing after price collapse


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-820x572.jpg" alt="" class="wp-image-537933" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-1536x1072.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Ethiopian Prime Minister Abiy Ahmed attends the 60th anniversary of the Organization of African Unity (OAU)/African Union (AU) at the African Union Commission (AUC) Headquarters in Addis Ababa, Ethiopia May 25, 2023. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



<p>NAIROBI, Oct 3 (Reuters) &#8211; A group of Ethiopia&#8217;s international bondholders rejected on Thursday the outlines of a government restructuring proposal for its $1 billion bond that was presented in an investors call earlier this week.</p>



<p>Ethiopia became Africa&#8217;s third default in as many years in December 2023. Progress on debt restructuring has been sluggish amid slow movement on reforms and drawn-out negotiations of a $3.4 billion programme with the International Monetary Fund.</p>



<p>During a call with global investors on Tuesday, the government sketched out &#8220;illustrative&#8221; terms of a bond restructuring, saying an 18% haircut &#8211; or writedown &#8211; on the nominal value of its sole outstanding dollar bond, excluding past due interest, would be compatible with debt sustainability targets.</p>



<p>&#8220;A haircut of the 2024 Notes principal claim is wholly inconsistent with the Committee’s evaluation of Ethiopia’s economic fundamentals,&#8221;&nbsp;the group of bondholders&nbsp;said in an emailed statement.</p>



<p>&#8220;As such, the Committee does not consider the illustrative terms to be a reasonable starting point for negotiation, a view that is shared by others in the wider bondholder community,&#8221; the&nbsp;group&#8217;s statement said.</p>



<p>A new bond issued to holders as part of the restructuring would have a 5% coupon and mature in June 2031, the government said in its presentation.</p>



<p>(Reporting by Duncan Miriri and George Obulutsa, editing by Karin Strohecker and Gareth Jones)</p>


FILE PHOTO: 60th anniversary of the Organization African Unity (OAU)/African Union (AU) in Addis Ababa

Ethiopia bondholders reject government’s $1 bln bond restructuring outline


<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>



<p>JOHANNESBURG, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;The South African rand wavered on Thursday against a buoyant dollar, as tensions simmered in the Middle East following Iran&#8217;s ballistic missile attack on Israel.</p>



<p>At 0830 GMT, the rand was trading at 17.34 against the dollar, about 0.1% firmer than its previous close, after trading slightly weaker in earlier trade.</p>



<p>&#8220;The USD saw strength due to Middle East tensions and strong U.S. labour data, placing pressure on the ZAR,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>The dollar strengthened after robust U.S. jobs data on Wednesday reinforced bets that the Federal Reserve will not rush to cut interest rates in the world&#8217;s biggest economy.</p>



<p>The greenback saw additional demand after an Iranian missile attack on Israel on Tuesday boosted safe-haven assets.</p>



<p>Like other risk-sensitive currencies, the rand often takes direction from global drivers in the absence of major local factors.</p>



<p>&#8220;While the ZAR has been the best-performing emerging market currency, a correction was overdue after significant appreciation,&#8221; Cilliers said.</p>



<p>The rand has gained about 6% over the last three months.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded about 1.2% weaker.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly firmer, with the yield down 2.5 basis points at 9.035%.</p>



<p>(Reporting by Tannur Anders; Editing by Sherry Jacob-Phillips and Mark Potter)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand seesaws against buoyant dollar


<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="720" height="458" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA.jpg" alt="" class="wp-image-537913" style="width:720px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA-141x90.jpg 141w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">A general picture shows the skyline of Tanzania&#8217;s port city of Dar es Salaam, File. REUTERS/Andrew Emmanuel</figcaption></figure>



<p>DAR ES SALAAM, Oct 3 (Reuters) &#8211; Tanzania&#8217;s central bank held its key interest rate unchanged at 6%, it said on Thursday.</p>



<p>In the two quarters to September, the central bank held the benchmark rate at 6%, from 5.5% that was announced in January when the bank introduced the rate.</p>



<p>The bank targets inflation of 5%, but consumer inflation has stayed comfortably below that figure, despite growing pressure on the shilling.</p>



<p>Inflation increased to 3.1% year-on-year in August from 3.0% the previous month, data from the statistics office showed.</p>



<p>(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Christina Fincher)</p>


https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA

Tanzania central bank holds lending rate at 6%


<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/JE32P5X24BNSPKUAPSW6ES36KM-820x547.jpg" alt="" class="wp-image-537910" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A security guard stands at the entrance of the Stanbic Bank in Abidjan, Ivory Coast April 9, 2018.  REUTERS/Luc Gnago</figcaption></figure>



<p>NAIROBI, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector saw a slight deterioration in business conditions in September as output and new orders contracted again, reversing the brief recovery seen in August, Stanbic Bank reported on Thursday.</p>



<p>The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) fell to 49.7 in September from 50.6 in August, dropping below the 50.0 threshold that separates growth from contraction and marking the third decline in four months.</p>



<p>&#8220;Business conditions contracted slightly in September, implying that the pickup in August was due to some recovery after the disruptions caused by protests earlier this year,&#8221; said Christopher Legilisho, Economist at Stanbic Bank.</p>



<p>The survey highlighted that economic challenges for both businesses and households led to reduced sales and a fresh drop in activity. However, the slowdown helped cut input price inflation, resulting in only a marginal rise in output prices.</p>



<p>Despite the overall decline, some sectors showed improvement, with manufacturing and construction firms reporting higher sales. However, agriculture, wholesale &amp; retail, and services sectors experienced declines.</p>



<p>Employment levels were stable, with the employment subindex at the 50.0 no-change mark. Firms reported little need to hire new staff or replace voluntary leavers due to slowing production capacity.</p>



<p>Input price inflation softened, leading to the weakest rise in business expenses in four months. The marginal increase in input costs resulted in a similarly mild jump in prices charged to customers.</p>



<p>Business expectations for the coming year remained subdued, with only 4% of survey respondents expecting an upturn.</p>



<p>&#8220;Business expectations for the coming year remain at their weakest levels in a decade due to the economic headwinds of this year,&#8221; Legilisho added.</p>



<p>The survey also noted that stable exchange rates and fuel prices over the past two months contributed to the moderation in cost pressures, with inflation expected to remain muted at around 4-4.5%.</p>



<p>(Reporting by Nairobi bureau; Editing by Hugh Lawson)</p>


Security guard stands at the entrance of the Stanbic Bank in Abidjan

Kenyan private sector conditions weaken in September, PMI shows


<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/D4ASV6Y32RILJI4KL3SWHYT4ZY-820x547.jpg" alt="" class="wp-image-537892" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Soldiers from the Rwandan security forces are seen near the Afungi natural gas site, Mozambique September 22, 2021. REUTERS/Baz Ratner/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 3 (Reuters) &#8211; Mozambique&#8217;s ruling party candidate in this month&#8217;s elections, who is almost certain to win, is likely to continue relying on Rwanda&#8217;s military and European money to secure its huge gas fields in a region beset by Islamist violence, analysts say.</p>



<p>Campaigning under the slogan &#8220;let&#8217;s get to work&#8221;, ex-high school teacher Daniel Chapo, 47, is expected to oversee the building of two liquefied natural gas (LNG) projects currently on hold because of insecurity in northern Cabo Delgado province.</p>



<p>To achieve this,&nbsp;he must lean heavily on Rwanda&#8217;s military, brought in by current President Felipe Nyusi in 2021 to bolster struggling local troops.</p>



<p>&#8220;The Rwandans are undeniably competent,&#8221; Tertius Jacobs, lead analyst for Mozambique at risk consultancy Focus Group, said. &#8220;Mozambique &#8230; has little to no better alternative.&#8221;</p>



<p>Rwandan units, including special forces, are tasked with securing territory around the Afungi site where TotalEnergies and ExxonMobil plan LNG projects.</p>



<p>Nyusi&#8217;s introducing Chapo to Rwandan president Paul Kagame in June was a nod to continuity, Jacobs said, amid civil society reports from Maputo that Rwandan security forces could build a new camp in Quissanga district to buffer against insurgent activity from the north, thereby enhancing security during elections.</p>



<p>Rwandan forces are shouldering larger responsibilities after regional southern African soldiers withdrew in July this year. A spokesperson did not respond to an emailed request for comment.</p>



<p>Recent attacks by suspected Islamists include a February ambush that killed more than 20 Mozambican soldiers, helping displace tens of thousands of people in one of the worst skirmishes since 2021, when TotalEnergies halted its $20 billion project.</p>



<p>ExxonMobil&#8217;s neighbouring project is also on hold, frustrating Mozambique&#8217;s ambitions to become a major gas exporter.</p>



<p>TotalEnergies CEO Patrick Pouyanne has said work could restart this year if security continues to improve, although funding is another concern.</p>



<p>ExxonMobil is expected to make a final investment decision by end-2025.</p>



<p>&#8220;Rwanda will remain the key. They have thousands of troops there to protect the LNG sites,&#8221; Robert Besseling, CEO of consultancy Pangea-Risk said.</p>



<p>Already a major funder, the EU is mulling further support to Rwandan efforts to quell the insurgency, a spokesperson said.</p>



<p>&#8220;The fight against terrorism in Cabo Delgado is a common fight,&#8221; she said.</p>



<p>(Reporting by Wendell Roelf; Editing by Tim Cocks and Alex Richardson)</p>


FILE PHOTO: Soldiers from the Rwandan security forces are seen near the Afungi natural gas site

Mozambique’s presidential frontrunner likely to keep Rwandans protecting gas sites


<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>



<p>JOHANNESBURG, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, equity and currency market moves could affect South African markets on Thursday.</p>



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



<p>S&amp;P Global Whole Economy PMI for September.</p>



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



<p>South African mining executives gather for an annual industry conference.</p>



<p>South Africa&#8217;s second-biggest grocery group SPAR appointed Moegamat Reeza Isaacs as chief financial officer with effect from Jan. 1, 2025.</p>



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



<p>The South African rand weakened against a stronger dollar on Wednesday.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.6% higher.</p>



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



<p>Japanese stocks jumped and the yen fell on Thursday as the risk of further tightening in monetary policy this year faded, while a sizzling rally in Hong Kong&#8217;s share market took a breather.</p>



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



<p>The S&amp;P 500 ended little changed on Wednesday, with technology shares gaining but investors nervous about Middle East tensions and more U.S. labour data due this week.</p>



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



<p>Gold prices were trading in a tight range on Thursday as traders remained on the sidelines ahead of U.S. economic data that could provide clues about the size of Federal Reserve interest rate cuts expected later this year.</p>



<p>(Compiled by Tannur Anders; Editing by David Goodman)</p>


South African Markets – Factors to watch on Oct 3


<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>



<p>NAIROBI, Oct 3 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>*Tanzania&#8217;s central bank announces its latest lending rate decision.</p>



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



<p>Japanese stocks jumped and the yen fell on Thursday as the risk of further tightening in monetary policy this year faded, while the sizzling rally in Hong Kong&#8217;s share market took a breather.</p>



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



<p>Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook.</p>



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



<p>The South African rand weakened against a stronger dollar on Wednesday, as markets worried about rising tensions in the Middle East.</p>



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



<p>Kenya&#8217;s shilling  was steady on Wednesday, and was expected to firm, helped by dollar inflows from tea exporters, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-economy">KENYA ECONOMY</h2>



<p>Kenya&#8217;s economy expanded by 4.6% year-on-year in the second quarter of 2024, down from 5.6% in the corresponding quarter of the previous year, the national statistics office said on Wednesday.</p>



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



<p>Kenya&#8217;s central bank rate should start lowering its lending rate due to falling inflation in recent months, Finance Minister John Mbadi said on Wednesday.</p>



<h2 class="wp-block-heading" id="h-uganda-foreign-exchange-reserves">UGANDA FOREIGN EXCHANGE RESERVES</h2>



<p>Uganda&#8217;s foreign exchange reserves shrank 4.3% in the three months to the end of July from the previous three months, extending a recent downward trend, the central bank said in a report published on Wednesday.</p>



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



<p>Uganda is seeking funds to build three hydropower plants that would add over 1,600 megawatts (MW) of capacity to help meet rising power demand, an energy official said on Wednesday.</p>



<h2 class="wp-block-heading" id="h-madagascar-mining">MADAGASCAR MINING</h2>



<p>Madagascar&#8217;s nickel and cobalt miner Ambatovy has shut down a pipeline supplying ore from its mine in the country&#8217;s east to a processing and refinery plant due to damage, its major shareholder Sumitomo Corp 8053.T said.</p>



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



<p>Ivory Coast, the world&#8217;s top cocoa producer, has granted cocoa export licences to 106 companies and cooperatives for the 2024/25 season, up from 92 last season, according to a document from the Coffee and Cocoa Council (CCC) seen by Reuters on Wednesday.</p>



<h2 class="wp-block-heading" id="h-mozambique-petroleum">MOZAMBIQUE PETROLEUM</h2>



<p>Patrick Pouyanne, the chairman and chief executive of TotalEnergies, said he planned to go to Mozambique later this month to meet the country&#8217;s new president over the company&#8217;s planned project in Mozambique.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Oct 3

<p><iframe loading="lazy" src="https://www.youtube.com/embed/5BppVvsoZ3s" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Once the stuff of science fiction, robots that move and look like humans are becoming a reality. </p>
<p>So-called humanoid robots are often designed to walk and talk, and makers of the machines tout a range of possible uses, including filling jobs in factories and even hospitals. </p>
<p>In 2024, there has been record levels of funding into companies develo&#8230;</p>


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Kenyan shilling unchanged versus dollar, LSEG data shows

South African Markets – Factors to watch on Oct 4

African Markets – Factors to watch on Oct 4

Kenya asks IMF to review corruption issues after Western push

Here’s everything to expect when the September jobs report is released Friday

Ghana says bondholders have signed off on $13 bln debt overhaul

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Ethiopia bondholders reject government’s $1 bln bond restructuring outline

South African rand seesaws against buoyant dollar

Tanzania central bank holds lending rate at 6%

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South African Markets – Factors to watch on Oct 3

African Markets – Factors to watch on Oct 3

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Advertise With Us

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