<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>



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



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.



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



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



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Christina Fincher)

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>



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.



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.



&#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.



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.



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.



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.



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.



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



&#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.



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%.



(Reporting by Nairobi bureau; Editing by Hugh Lawson)

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>



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.



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.



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.



&#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;



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



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.



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.



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.



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



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



ExxonMobil is expected to make a final investment decision by end-2025.



&#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.



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



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



(Reporting by Wendell Roelf; Editing by Tim Cocks and Alex Richardson)

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>



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.



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



S&amp;P Global Whole Economy PMI for September.



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



South African mining executives gather for an annual industry conference.



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



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



The South African rand weakened against a stronger dollar on Wednesday.



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



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



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.



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



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.



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



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.



(Compiled by Tannur Anders; Editing by David Goodman)

istockphoto-1076949610-612×612-1

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>



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.



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



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



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



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.



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



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.



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



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



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



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



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



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.



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



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.



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



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.



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



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.



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



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.



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



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.



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



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.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 3

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="502" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-820x502.jpg" alt="" class="wp-image-537870" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-820x502.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-300x184.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-147x90.jpg 147w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-768x471.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-1536x941.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers walk beneath a company logo for the South African supermarket chain SPAR Group as they arrive at a supermarket in Johannesburg, South Africa, June 7, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s second-biggest grocery group SPAR&nbsp;SPPJ.J&nbsp;appointed Moegamat Reeza Isaacs as chief financial officer with effect from Jan 1, 2025, the company said in a statement on Thursday.



Isaacs was the group finance director of upmarket retailer and SPAR competitor Woolworths Holdings Limited from 2013 to 2023.



&#8220;Mr Isaacs has strong strategic and operational finance experience that will add considerable value to the company,&#8221; SPAR said in the statement.



He succeeds Mark Godfrey, whose decision to retire was announced in June. Godfrey will step back from his role as group CFO on Dec. 31.



(Reporting by Tannur Anders; Editing by Clarence Fernandez and Himani Sarkar)

FILE PHOTO: Customers walk beneath a company logo for the South African supermarket chain SPAR Group as they arrive at a supermarket in Johannesburg, South Africa,

South African grocery retailer SPAR appoints new CFO

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042150-1727870753022-gettyimages-1402178496-mt_25085_c18473a3-f9fe-4ce4-93d8-345c2499380c-820x462.png" alt="" class="wp-image-537837" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042150-1727870753022-gettyimages-1402178496-mt_25085_c18473a3-f9fe-4ce4-93d8-345c2499380c-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042150-1727870753022-gettyimages-1402178496-mt_25085_c18473a3-f9fe-4ce4-93d8-345c2499380c-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042150-1727870753022-gettyimages-1402178496-mt_25085_c18473a3-f9fe-4ce4-93d8-345c2499380c-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042150-1727870753022-gettyimages-1402178496-mt_25085_c18473a3-f9fe-4ce4-93d8-345c2499380c-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108042150-1727870753022-gettyimages-1402178496-mt_25085_c18473a3-f9fe-4ce4-93d8-345c2499380c.png 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Mario Tama | Getty Images News | Getty Images</figcaption></figure>



President Joe Biden and his administration are sticking to their position of not invoking the Taft-Hartley Act to force International Longshoremen’s Association dock workers back on the job at East and Gulf coast ports where a strike is hitting day two on Wednesday, a political decision that reflects the power of unions one month out from an election but risks losing some progress on what is the No. 1 issue for many voters: the economy.



Rhetoric from Cabinet secretaries, including Transportation Secretary Pete Buttigieg and acting Labor Secretary Julie Su, has become sharper in recent days, pointing the finger at the ports ownership and ocean carriers. But right now, there is no sign of any progress bringing the ILA and port owners back to the table for a new round of negotiations, according to CNBC sources. And there remains a big risk on the other side of the political decision-making: wage increases that are a win for workers but ultimately ripple through the economy in the form of higher prices, both domestically and around the world.



Much of the focus about the economic impact of the ports strike to date has been focused on the direct hit to the economy from the massive trade shutdown, and the ways in which supply chain congestion and delays can result in higher prices being passed along to consumers, which will become a bigger factor the longer a strike persists. But maritime and business experts are also warning about the risk of persistent wage inflation making its way into supply chain prices that the Federal Reserve has recently been successful in taming.



“The wage increase would indeed be passed on and eventually be paid by the importers,” said Lars Jensen, CEO of Vespucci Maritime, a maritime shipping consultant. “The inflationary impact would vary dramatically depending on the value of the goods inside the container,” he said, adding the influence would be an even bigger impact for agricultural exporters.



The ILA’s president, Harold Daggett, is seeking a raise as high as $5 per hour, per year, over a six-year period in a new contract for union port workers in a labor battle with the United States Maritime Alliance. The USMX, which represents port ownership, last offered what it described as a nearly 50% wage increase over six years on Monday, an offer rejected by the union. The USMX reiterated that offer on Tuesday, saying in a statement that its “current offer of a nearly 50% wage increase exceeds every other recent union settlement, while addressing inflation, and recognizing the ILA’s hard work to keep the global economy running.”



But Daggett countered claims of any “significant increase,” saying in the ILA’s own Tuesday statement that the USMX “conveniently omit that many of our members are operating multi-million-dollar container-handling equipment for a mere $20 an hour. In some states, the minimum wage is already $15.” The ILA president added that “the USMX also overlooks the fact that two-thirds of our members are constantly on call, with no guaranteed employment if no ships are being worked. Our members qualify for benefits only based on the hours they worked the previous year, making them vulnerable if there’s a downturn in work.”



Daggett told CNBC on Tuesday morning that the ILA is seeking a wage increase of 61.5%.



The USMX has not reached back out to the ILA with any new counteroffer, and the sides are not currently at the negotiating table, according to sources granted anonymity due to the sensitive nature of the labor discussions.



While a significant wage hike would undoubtedly be a big win for workers and a resurgent labor movement — which has used extreme terminology to tell Biden what it would think of a decision to intervene in the strike — with the union and port ownership group at an impasse, the ocean carriers have begun to take steps to protect their own financial position in the near term for as long as a strike persists. CMA CGM, one of the world’s largest ocean carriers, declared a force majeure on Tuesday, a legal maneuver to free itself of contract requirements with shipping clients due to forces beyond its control, and said it “may charge any additional operational costs” associated with vessels delayed due to the strike to cargo on the water as of Oct. 1, 2024 with a U.S. East or Gulf coast port of discharge.



Biden said Tuesday that his administration will be “monitoring for any price gouging activity” that benefits foreign ocean carriers, including those on the USMX board. He also said “foreign ocean carriers have made record profits since the pandemic, when Longshoremen put themselves at risk to keep ports open.”



Based on prior port strikes, ocean carriers normally profit from soaring freight rates based on demand for other ports as well as detention and demurrage fees on containers stranded during a ports shutdown. Analysts have been warning ocean spot rates could increase by 20%-50%. UBS forecast that 20% of Maersk’s total volume would touch a U.S. port that would be impacted by the strike. Maersk is on the board of the USMX. UBS estimated that if freight rates increased 30% over two quarters, a revenue tail wind of more than $1 billion would be generated.



Buttigieg said Tuesday that the DOT is monitoring “any attempts by companies to opportunistically raise prices, including ocean shippers or others,” and called on ocean carriers to withdraw surcharges. “No one should exploit a disruption for profit,” he said in a DOT statement. He added that the Federal Maritime Commission will use expanded authority signed into law by Biden to “ensure any fees assessed are legitimate and lawful.”



But the still more significant price hikes would occur after a successful deal for the ILA, according to some economists, even though the total number of workers involved in the strike, at around 50,000, is a blip in a U.S. labor market that employs well over 100 million people. It comes amid other union battles across the U.S. economy targeting aviation and automakers. “The scale of wage demands at the ports,&nbsp;<a href="https://www.cnbc.com/2024/09/23/boeing-labor-proposal-best-and-final-offer-strike.html">at Boeing</a>, and at&nbsp;<a href="https://www.cnbc.com/2024/09/19/uaw-warns-of-potential-strikes-at-ford-stellantis.html">autoworkers</a>, make one laugh at the claims that the labor market is soft and that wage inflation is dead,” said Larry Lindsey,&nbsp;CEO of The Lindsey Group.



Acting Labor Secretary Su lashed out at the idea that labor wage increases would be passed onto U.S. exporters and importers.



“At the same time that we were urging them to put a fair offer on the table to avoid all the disruption, they were calculating how much of a surcharge they could charge for shipping in light of a strike,” said Su said in an interview. “I mean, it’s really an outrageous position.”



For months, logistics and business trade groups representing major industries from retail to manufacturing and agriculture have sent numerous letters to Biden and his administration urging intervention. Now, with the president sticking to his position that collective bargaining is the only means for a “fair deal” for the ILA, executives across the economy are beginning to weight the potential pricing impacts for their business models.



“It quickly renders our U.S. agriculture exports much less competitive in the global marketplace,” said Peter Friedmann, executive director of the Agriculture Transportation Coalition, of any logistics rate increases his sector would see. “Our foreign customers can satisfy their food, farm, and fiber needs from other countries, which is where they will go, &nbsp;as costs of moving containers through U.S. ports continue to increase.”



Su said she is very sympathetic to the needs of the business community, but stuck to the administration’s position. “I’ve been in many conversations with them too,” she said. “I understand just how important the impact of a good resolution is. I know they understand, just as consumers and American workers understand, that foreign companies who profit from our economy and who employ American workers and have an impact on American consumers should do the right thing, and in that battle, we are always going to stand with American workers, American businesses and American consumers.”



The Federal Reserve has recently become more concerned about the labor market than inflation and has begun cutting interest rates to “recalibrate” its monetary policy in a bid to prevent a rise in layoffs and betting inflation is on its way back to 2%, which recent data supports. In the most recent nonfarm payrolls report for August, average hourly earnings increased by 0.4% on the month and 3.8% from a year ago, both higher than estimates. The September nonfarm payrolls report is due out Friday and in the short term, the union battle could influence the data on both wages and layoffs.



The big payroll report immediately ahead of the government data, the ADP private payrolls report, showed on Wednesday that while hiring increased, pay growth has continued to trend down. The annual gain for those remaining in their jobs decreased to 4.7%, while it fell even more for job switchers, to 6.6%, down 0.7 percentage point from August. The upcoming nonfarm payrolls report is the last the Fed will receive before its next interest rate policy decision in November, and it could include downward pressures in the labor market as well, influenced by both layoffs related to the strike and Hurricane Helene.



“This would just completely complicate everything that the Fed is trying to do because they’re not getting a read to what the economy is actually performing,” Jim Bianco, head of Bianco Research, told CNBC’s “Fast Money” on Tuesday.



In the longer-term analysis, the wage increase being sought by the union will confirm that wage growth is not going back to its pre-Covid trend, of about 2.5%, according to Peter Boockvar, chief investment officer at Bleakley Financial Group. Instead, he estimates it will settle around 4%, which will put a floor under inflation.



“I continue to believe that after the disinflation plays out, which is mostly taking place in goods, 3-4% will be the normalized inflation rate,” said Boockvar. “And this wage deal, when it happens, will result in goods prices to inflect higher.”



At its recent September Federal Open Market Committee meeting, Fed officials lowered their inflation outlook to 2.3% from 2.6% previously, and the central bank’s own supply chain indicator has stabilized after the pandemic shocks. But its forecast of a long-run neutral rate near 2.9% has moved higher as the Fed continues to pursue its stated mandate of 2% inflation.



“For those dependent on functioning ports for their livelihood, the collateral damage is often underestimated by those watching from afar,” said Alan Baer, CEO of logistics firm OL USA. &nbsp;



On Wednesday, the National Retail Federation coordinated a coalition of 272 trade associations including manufacturers, farmers, wholesalers, retailers, restaurants, and importers and exporters, to send another letter to Biden pleading for him to end the strike.



Steve Lamar, CEO of the American Apparel &amp; Footwear Association, one of the groups which signed the letter, said it’s imperative that the Biden administration use all the tools at its disposal, including its authorities under Taft-Hartley, to keep the parties at the negotiating table, the ports opened and goods moving efficiently. “Allowing the status quo to persist increases the likelihood that this port crisis will hurt our industry and the overall U.S. economy through job losses, higher prices, and goods shortages,” said Lamar.



In December 2022, Biden signed legislation making a planned freight rail strike illegal, even though key issues sought by rail workers and their unions were not included in the bill. At that time, the president said it “helps our nation avoid what, without a doubt, would have been an economic catastrophe at a very bad time in the calendar.”



That situation put “union Joe” Biden in a difficult position, but he said at the time of the signing that while his support for unions was as strong as ever, as president of the United States, rather than a single senator from Delaware, it was his job to look out for all Americans.&nbsp;



— Reporting by CNBC’s Jeff Cox contributed to this article.



Correction: Lars Jensen is CEO of Vespucci Maritime. An earlier version misspelled his name.

108042150-1727870753022-gettyimages-1402178496-mt_25085_c18473a3-f9fe-4ce4-93d8-345c2499380c

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-820x575.jpg" alt="" class="wp-image-454022" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man shows off Zimbabwean currency notes outside a grocery store in Harare, Zimbabwe, March 17, 2022. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s President Emmerson Mnangagwa on Wednesday vowed to implement corrective measures to protect people&#8217;s incomes after the country&#8217;s new gold-backed currency slid on the black market five months after it was introduced.



The ZiG, short for Zimbabwe Gold, was devalued 43% last Friday after it lost nearly 47% on the black market.



&#8220;We note with concern the resurgence of the parallel market activities driven by speculative tendencies. Corrective measures are being instituted to protect Zimbabweans from disruptions,&#8221; Mnangagwa said in an address to the parliament.



Since the devaluation, the ZiG has again weakened from Friday&#8217;s rate of 24.3902 to 25.2824 on Wednesday, while on the black market it has slipped to 32 per U.S. dollar.



Mnangagwa said the devaluation of the ZiG will allow &#8220;greater flexibility&#8221; and encourage people holding forex to trade on the official market.



&#8220;Government remains committed to backing the currency through setting aside 50% of royalties to build reserves,&#8221; he said.



The ZiG is the southern African country&#8217;s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under former longtime leader Robert Mugabe.



Following a meeting with central bank officials, the Bankers Association of Zimbabwe on Wednesday said last week&#8217;s move would cause price hikes and weaken confidence.



(Reporting by Nyasha Chingono, Editing by Bhargav Acharya and Andrea Ricci)

FILE PHOTO: Zimbabwe’s poor feel the impact of far away Ukraine war

Zimbabwe’s president vows to implement measures to stop currency slide

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;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.



Kenya&#8217;s government targets an inflation rate of between 2.5% and 7.5% in the medium term.



Inflation fell to 3.6% year-on-year in September from 4.4% a month earlier, while it stood at 4.3% in July.



&#8220;Inflation rate is firmly under control now,&#8221; Mbadi said during an appearance at the Senate.



&#8220;We think now that the central bank should start lowering the interest rate so that we encourage the private sector to uptake more loans, create job opportunities.&#8221;



The central bank is due to announce its next interest rate decision on Oct. 8.



It lowered its benchmark lending rate by 25 basis points in August, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



Mbadi said the effects of a strengthening shilling and the central bank&#8217;s earlier tight monetary policy stance had also contributed to the falling inflation rates.



(Reporting by George Obulutsa; Editing by Jason Neely and Peter Graff)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-820x548.jpg" alt="" class="wp-image-537523" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A motorist drives on the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 20, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;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.



The second quarter of 2023 gross domestic product data was revised upward from a previous figure of 5.0%.



The Kenyan statistics office attributed second-quarter growth to the robust performance of sectors including agriculture, forestry &amp; fishing, real estate, financial and insurance activities, and wholesale and retail.



However, the mining, quarrying and construction sectors saw a contraction, the statistics office said in its statement.



Kenya&#8217;s finance ministry has projected a 5.2% economic growth for 2024, a slight decrease from 5.6% in the previous year.



At the end of the second&nbsp;quarter, nationwide protests against proposed tax increases resulted in disruption and violence in major cities.



President William Ruto subsequently scrapped the tax measures, but demonstrations persisted into the third quarter, with protesters calling for better governance, an end to corruption and better service delivery.



(Reporting by George Obulutsa; Editing by Louise Heavens and Bate Felix)

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<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/TMSNKUJWFBJW7E2ELN3LY74EOY-820x547.jpg" alt="" class="wp-image-537520" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Mozambique President Filipe Jacinto Nyusi addresses the &#8220;Summit of the Future&#8221; in the General Assembly Hall of the United Nations Headquarters in New York City, U.S., September 22, 2024. REUTERS/Caitlin Ochs/File Photo</figcaption></figure>



JOHANNESBURG, Oct 2 (Reuters) &#8211; Mozambicans will vote next week in presidential and legislative elections that are almost certain to extend the ruling Frelimo party&#8217;s half century in power, as it battles a long-running Islamist insurgency in one of Africa&#8217;s largest gas fields.



Ruling party candidate Daniel Chapo, a former radio announcer and law lecturer, is widely expected to replace Filipe Nyusi as president of the southeast African nation.



Here are some key issues facing one of the world&#8217;s poorest countries and its more than 34 million people as it heads to polls.



<h2 class="wp-block-heading" id="h-islamist-insurgency">ISLAMIST INSURGENCY</h2>



Islamic State-linked militants launched an insurgency in the northern gas-rich province of Cabo Delgado in 2017, killing thousands of civilians, destroying livelihoods and internally displacing hundreds of thousands, aid agencies say. The insurgency has disrupted multi-billion-dollar energy projects.



Aided by regional troops and Rwanda, the government has contained the insurgency, but there has been a surge in deadly attacks since the start of the year.



<h2 class="wp-block-heading" id="h-stalled-gas-projects">STALLED GAS PROJECTS</h2>



Before the wave of insurgent attacks, gas projects worth over $50 billion were earmarked for development. The projects were aimed at turning the country into a major liquefied natural gas (LNG) producer.



French energy giant TotalEnergies halted work on its $20 billion LNG project and declared force majeure in 2021 after insurgents attacked the northern town of Palma, a logistics hub near the site.



Its Chief Executive Officer Patrick Pouyanné said in July the company hoped to chart a path to restart its LNG plant after the presidential election.



Another LNG project led by Exxon Mobil and its partner Eni was also delayed. Exxon expects a final investment decision by the end of 2025.



<h2 class="wp-block-heading" id="h-debt-scandal">DEBT SCANDAL</h2>



Mozambique is still reeling from a $1.5 billion-plus &#8220;tuna bond&#8221; scandal in which money lent to state-run firms for fishing fleets, funded in part by Credit Suisse, went missing.



Last year Credit Suisse, now owned by UBS reached an out of court settlement with Mozambique over the decade-old scandal, which prompted the International Monetary Fund and other donors to temporarily cut off support to the country, triggering a currency collapse and debt default.



Mozambique maintained that it was the victim of a conspiracy among shipbuilders, corrupt officials and banks. President Nyusi, who was defense minister at the time, denied any wrongdoing.



The scandal triggered criminal investigations from Maputo to New York, while senior Frelimo politicians were charged for their involvement, dealing a blow to the party&#8217;s image.



<h2 class="wp-block-heading" id="h-climate-shocks">CLIMATE SHOCKS</h2>



Mozambique is one of the most disaster-prone countries in the world, vulnerable to extreme climate shocks like droughts, cyclones and floods.



An El-Nino induced drought has ravaged southern African countries, wiping out crops, including in Mozambique. Around 1.8 million people have been affected by the drought in central and southern parts of the country, the United Nations Mozambique said in August.



Devastating cyclones also regularly hit Mozambique. Along with neighbouring Malawi and Madagascar, Mozambique bore the brunt of Cyclone Freddy last year, when the storm &#8211; one of the deadliest to hit the continent in two decades &#8211; ripped through the region, killing over 1,000 people.



<h2 class="wp-block-heading" id="h-peace-agreement">PEACE AGREEMENT</h2>



Frelimo has been in power since Mozambique&#8217;s independence in 1975.



Shortly after independence, a 16-year civil war between Frelimo and former guerilla movement Renamo &#8211; now the country&#8217;s main opposition &#8211; killed around 1 million people before a truce in 1992 ended the worst of the bloodshed.



However, violence has flared up periodically, around elections.



In a bid to bring &#8220;definitive peace&#8221;, the two parties signed the Maputo Accord for Peace and National Reconciliation shortly before the elections in 2019 to end years of conflict.



Over 5,000 former combatants gave up arms and have been reintegrated into society since.



(Reporting by Bhargav Acharya; Editing by Tim Cocks and Michael Perry)

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<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-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Oct 2 (Reuters) &#8211; The Ugandan shilling was little-changed on Wednesday, but was expected to weaken, undercut by an uptick in demand for dollars from the energy and manufacturing sectors, traders said.



At 0739 GMT, commercial banks quoted the shilling at 3,671/3,681, compared with Tuesday&#8217;s closing rate of 3,665/3,675.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling stable, to ease due to energy sector FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 2 (Reuters) &#8211; Kenya&#8217;s shilling was steady on Wednesday, and was expected to firm, helped by dollar inflows from tea exporters, traders said.



At 0633 GMT, the shilling traded at 128.50/129.50 per dollar, the same as Tuesday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling steady, to gain due to tea export dollar inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI.jpg" alt="" class="wp-image-537498" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">An employe holds loaves of bread at a supermarket in Nairobi, Kenya May 8, 2017. REUTERS/Baz Ratner/File photo</figcaption></figure>



NAIROBI, Oct 2 (Reuters) &#8211; Kenya&#8217;s inflation fell to 3.6% year-on-year in September from 4.4% a month earlier, the statistics office said on Wednesday.



On a month-on-month basis inflation was at 0.2% from 0.0% a month earlier, the Kenya National Bureau of Statistics said in a statement.



The Kenyan government targets an inflation rate of between 2.5% and 7.5% in the medium term.



The central bank is due to announce its next interest rate decision on Oct. 8.



It cut its benchmark lending rate by 25 basis points in August, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



(Reporting by George Obulutsa; Editing by Tom Hogue)

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Ugandan shilling stable, to ease due to energy sector FX demand

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Tanzania central bank holds lending rate at 6%

Kenyan private sector conditions weaken in September, PMI shows

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

South African Markets – Factors to watch on Oct 3

African Markets – Factors to watch on Oct 3

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Kenya’s economic growth slows in the second quarter of 2024

What are the key issues in Mozambique elections?

Ugandan shilling stable, to ease due to energy sector FX demand

Kenyan shilling steady, to gain due to tea export dollar inflows

Kenya’s inflation falls to 3.6% in Sept

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