<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Sept 9 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged against the dollar on Monday, although it was seen under pressure from renewed hard currency demand by manufacturers and fuel importers, traders said.



Commercial banks quoted the shilling at 128.25/129.25 per dollar at 0936 GMT, compared with Friday&#8217;s closing rate.



(Reporting by Hereward Holland; Editing by Bate Felix)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling unchanged versus dollar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Sept 9 (Reuters) &#8211; The Ugandan shilling traded in the same position on Monday from the previous session as hard currency inflows from remittance provided some support, traders said.



At 0830 GMT commercial banks quoted the shilling at 3,710/3,720, compared to Friday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

GettyImages-924883576-1

Ugandan shilling flat as remittance inflows lend support

<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-1815421853-820x547.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of Kenya William Ruto during the United Nations Climate Change Conference COP28 High Level Segment meeting in Dubai, United Arab Emirates on December 1, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s finance ministry will seek suggestions from the public on new legislation to boost revenue and tackle other challenges, Finance Minister John Mbadi said on Monday, after protesters forced the government to withdraw its financing law.



President William Ruto discarded tax hikes worth more than 346 billion shillings ($2.7 bln) in June after protests that killed more than 50 people.



The move left the heavily indebted government with a bigger budget deficit for this financial year, mounting pending bills, and a delay in funding from the International Monetary Fund.



&#8220;We are barely managing. This is not where we wanted to be, but we are here,&#8221; Mbadi told a budget preparation meeting. He was appointed from the opposition last month as Ruto sought to stabilise his government.



The minister initially said he would revive some tax hikes in the abandoned finance bill, before rowing back after a public outcry and threat of more protests.



&#8220;I will be issuing a circular tomorrow, inviting the public&#8217;s participation to submit proposals on some legislative reforms to improve our current economic situation,&#8221; he said.



Kenyans will have until Sept. 20 to submit views.



Mbadi said the country had no choice but to keep servicing its debt, which stands at above the optimum level recommended by the World Bank and the International Monetary Fund, after years&nbsp;of borrowing driven by&nbsp;infrastructure construction.



&#8220;We have no two ways about it. There is no debt restructuring in this country. We will not accept it. We will not do it. We will manage our debts and pay and remain afloat,&#8221; he said.



Once the situation improves, the government will consider tax cuts in the medium term, Mbadi said, including reducing the value added tax on goods and services to 14% from 16%, and slashing the corporate income tax by 500 basis points to 25%.



($1 = 128.2500 Kenyan shillings)



(Reporting by Duncan Miriri; editing by George Obulutsa and Andrew Cawthorne)

COP28 In Dubai High Level Segment

Kenya asks public for help with economic fix laws after protests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slipped against a stronger dollar in early trade on Monday, and analysts said the U.S. currency and economic data were likely to largely determine the rand&#8217;s trajectory this week.



At 0635 GMT, the rand traded at 17.8850 against the dollar, about 0.3% weaker than its previous close.



The dollar was up around 0.2% against a basket of global currencies, as markets looked to Wednesday&#8217;s U.S. inflation report for more clues about the size of a Federal Reserve rate cut expected next week.



U.S. producer inflation and consumer sentiment data are scheduled for release.



&#8220;Direction in currency markets will likely be taken from U.S. data releases,&#8221; ETM Analytics said in a research note, adding that a bigger Fed rate cut would likely boost the risk-sensitive rand&#8217;s prospects.



Local data points this week include July manufacturing output figures on Tuesday and mining production numbers on Thursday.



Economists polled by Reuters predict both sectors will register year-on-year growth after declines in June, reflecting volatile conditions in key sectors of Africa&#8217;s most industrialised economy.



South Africa&#8217;s benchmark 2030 government bond was unchanged in early trade, the yield at 8.99%.



(Reporting by Alexander Winning; Editing by Gareth Jones)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand slips with dollar in driving seat

<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.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.



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



Treasury bill auction



Offshore trading in bonds and equities



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



Sun International half-year earnings



Avi annual results



Land Bank briefing on agreement to cure default



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



The South African rand slipped on Friday after U.S. data suggested a big Federal Reserve interest rate cut was likely not warranted, while the benchmark government bond hit an almost three-year high on improved investor sentiment.



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



Asian share markets slid on Monday after worries about a possible U.S. economic downturn slugged Wall Street, though U.S. stock futures did rally from an early dip and bond yields came off their lows.



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



U.S. stocks fell on Friday, weighed down by a jobs report that showed a continued labour market slowdown but left traders uncertain about how far the Federal Reserve will go in cutting interest rates.



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



Gold prices were flat on Monday, as investors awaited U.S. inflation print due this week to strengthen their bets on the size of a likely reduction in Federal Reserve&#8217;s interest rates.



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



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



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



&#8211; Big accounting hurdle for Transnet&#8217;s 11 bln rand tender



&#8211; Carmakers ration supply of petrol vehicles to UK



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



&#8211; What happened to the BRICS bank&#8217;s Medupi loan?



&#8211; SA&#8217;s financial watchdog has approved the split of the JSE&#8217;s main board. Here&#8217;s what it means



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 9

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



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



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



Kenya&#8217;s finance ministry is expected to start preparations for the 2025/26 (July-June) fiscal budget.



Ethiopia&#8217;s statistics agency is expected to release inflation data for August.



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



Asian share markets slid on Monday after worries about a possible U.S. economic downturn slugged Wall Street, though U.S. stock futures did rally from an early dip and bond yields came off their lows.



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



Oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October, alongside dwindling hopes of a hefty U.S. interest rate cut next month, following data showing strong consumer spending.



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



The South African rand slipped on Friday after U.S. data suggested a big Federal Reserve interest rate cut was likely not warranted, while the country&#8217;s benchmark government bond hit an almost three-year high on improved investor sentiment.



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



Kenya&#8217;s shilling slipped slightly on Friday, but it was expected to strengthen later in the session due to dollar inflows from remittances and the tourism sector, traders said.



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



The World Bank and French Development Agency (AFD) have given Uganda more than $600 million to fund infrastructure development and manage waste in the capital Kampala, the government and World Bank said on Thursday.



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



Both sides in Sudan&#8217;s civil war have committed abuses that may amount to war crimes, and world powers need to send in peacekeepers and widen an arms embargo to protect civilians, a U.N.-mandated mission said on Friday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 9

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030594-1725652477107-gettyimages-2170574271-bb2_4502_cdgy76wl-820x461.jpeg" alt="" class="wp-image-528528" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030594-1725652477107-gettyimages-2170574271-bb2_4502_cdgy76wl-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030594-1725652477107-gettyimages-2170574271-bb2_4502_cdgy76wl-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030594-1725652477107-gettyimages-2170574271-bb2_4502_cdgy76wl-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030594-1725652477107-gettyimages-2170574271-bb2_4502_cdgy76wl-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030594-1725652477107-gettyimages-2170574271-bb2_4502_cdgy76wl-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030594-1725652477107-gettyimages-2170574271-bb2_4502_cdgy76wl.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. Secretary of the Treasury Janet Yellen speaks listens to a presentation during a tour at the IRS Processing Facility on September 06, 2024 in Austin, Texas.  Brandon Bell | Getty Images</figcaption></figure>



Treasury Secretary&nbsp;Janet Yellen&nbsp;sought to reassure the public on Saturday that the U.S. economy remains strong, despite a string of weak job reports that have rattled investors and weighed on the stock market. “We’re seeing less frenzy in terms of hiring and job openings, but we’re not seeing meaningful layoffs,” Yellen said at the&nbsp;Texas Tribune Festival&nbsp;in Austin. “I’m attentive to downside risk now on the employment side, but what I think we’re seeing, and hope we will continue to see, is a good, solid economy.”



Yellen said job growth has slowed compared to the “hiring frenzy” when the U.S. reopened after the Covid-19 pandemic, but the economy is “deep into a recovery” and “basically operating at full employment.”



The treasury secretary’s comments come a day after the&nbsp;Bureau of Labor Statistics&nbsp;reported another month of cooler-than-expected jobs data.



Nonfarm payrolls, a measure of U.S. job creation, increased by 142,000 in August, lower than the Dow Jones forecast of 161,000. The miss renewed worries about a slowing labor market, with the S&amp;P 500 falling Friday to finish out the&nbsp;worst week since March 2023.



The unemployment rate, however, edged lower to 4.2% and job growth in August was higher than July. The stock market&nbsp;sold off steeply early last month, after the weak July report touched off renewed fears of a recession in the U.S.



Yellen on Saturday tried to calm jitters about the state of the economy: “I don’t see red lights flashing.”



The jobs data has raised worries about whether the Federal Reserve can clinch a so-called “soft landing,” raising interest rates to bring inflation under control and then executing cuts before the economy enters a recession. The Fed is widely expected to lower interest rates this month.



Yellen said the U.S. is on that path: “It really has been amazing to be able to get inflation down as meaningfully as we have. This is what most people would call the soft landing,” she said.

108030594-1725652477107-gettyimages-2170574271-bb2_4502_cdgy76wl

Yellen says U.S. economy remains solid, on path to ‘soft landing’ with no meaningful layoffs

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Airplane engines are in short supply. The business of fixing older ones is booming

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-820x462.webp" alt="" class="wp-image-527832" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-820x462.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108030350-1725631014939-Untitled-1.webp 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Combination showing Elon Musk (L), Gautam Adani (C), and Jensen Huang (R) | Reuters
</figcaption></figure>



A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer.&nbsp;<a href="https://www.cnbc.com/inside-wealth-newsletter/">Sign up</a>&nbsp;to receive future editions, straight to your inbox.



On Sept. 29, 1916, newspapers across the country announced a wealth milestone once thought to be unreachable: the world’s first billionaire.



“Standard (Oil) at $2,014 makes its head a billionaire,” blared The New York Times headline, adding that Standard Oil’s soaring share price “makes John D. Rockefeller, founder and largest shareholder, almost certainly a billionaire.”



More than a century after the first U.S. billionaire (in measurable dollar terms), the question of who will be first to reach the trillionaire mark continues to fascinate. At least a half-dozen companies have done it, most recently&nbsp;<a href="https://www.cnbc.com/quotes/BRK.B/">Berkshire Hathaway</a>, which&nbsp;<a href="https://link.cnbc.com/click/36628680.16541/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyNC8wOC8yOC9idWZmZXR0cy1iZXJrc2hpcmUtaGF0aGF3YXktaGl0cy0xLXRyaWxsaW9uLW1hcmtldC12YWx1ZS1maXJzdC11cy1jb21wYW55LW91dHNpZGUtb2YtdGVjaC10by1kby1zby5odG1sP19fc291cmNlPW5ld3NsZXR0ZXIlN0NpbnNpZGV3ZWFsdGglN0MyMDI0MDkwNQ/5b69019824c17c709e62ad3cBf363f153" target="_blank" rel="noreferrer noopener">topped $1 trillion</a>&nbsp;just before&nbsp;<a href="https://www.cnbc.com/warren-buffett/">Warren Buffett</a>’s&nbsp;<a href="https://link.cnbc.com/click/36628680.16541/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyNC8wOC8zMC93YXJyZW4tYnVmZmV0dC1sZWFkcy1iZXJrc2hpcmUtaGF0aGF3YXktdG8tbmV3LWhlaWdodHMtYXQtYWdlLTk0Lmh0bWw_X19zb3VyY2U9bmV3c2xldHRlciU3Q2luc2lkZXdlYWx0aCU3QzIwMjQwOTA1/5b69019824c17c709e62ad3cB7aa032b6" target="_blank" rel="noreferrer noopener">94th birthday</a>.&nbsp;<a href="https://www.cnbc.com/quotes/NVDA/">Nvidia</a>&nbsp;is now at $2.6 trillion, having hit the 13-figure club last year.



And what about individuals? According to a new report from&nbsp;<a href="https://informaconnect.com/academy/companies-entering-trillion-dollar-club-in-2024/" target="_blank" rel="noreferrer noopener">Informa Connect Academy</a>, which predicts trillionaire status based on average annual growth rate in wealth,&nbsp;<a href="https://www.cnbc.com/quotes/TSLA/">Tesla</a>&nbsp;CEO&nbsp;<a href="https://www.cnbc.com/elon-musk/">Elon Musk</a>&nbsp;will likely be the first trillionaire.



Musk is currently the world’s richest person, with $251 billion, according to the&nbsp;<a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noreferrer noopener">Bloomberg Billionaires Index</a>. Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.



The second to reach trillionaire status, according to the report, will be India’s Gautam Adani, founder of the Adani Group conglomerate. If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.



Jensen Huang, CEO of Nvidia, who has seen his&nbsp;<a href="https://www.cnbc.com/2024/05/24/nvidia-ceo-jensen-huangs-net-worth-swells-by-87-billion-in-5-years.html">wealth skyrocket</a>&nbsp;from $3 billion to more than $90 billion in five years, would become a trillionaire by 2028, according to the report. His wealth would have to continue growing at an average annual rate of 112%. Nvidia’s stock is already up about 115% this year, after more than tripling last year.



Fourth on the list is Indonesia’s Prajogo Pangestu, founder of the Indonesian energy and mining conglomerate Barito Pacific. The report predicts Pangestu could reach trillionaire status by 2028.



Rounding out the top five would be&nbsp;<a href="https://www.cnbc.com/quotes/MC-FR/">LVMH</a>&nbsp;CEO Bernard Arnault, who is currently the world’s third-richest person, with just under $200 billion. The report has the luxury king becoming a trillionaire sometime in 2030, along with&nbsp;<a href="https://www.cnbc.com/quotes/META/">Meta</a>&nbsp;CEO&nbsp;<a href="https://www.cnbc.com/mark-zuckerberg/">Mark Zuckerberg</a>.



Some top billionaires who seem like strong candidates to quickly reach the four-comma club don’t make the top 10. Jeff Bezos, currently the world’s second-richest person, with $200 billion, according to Bloomberg, is listed at No. 12, and wouldn’t become a trillionaire until 2036. Larry Page and Sergey Brin, the&nbsp;<a href="https://www.cnbc.com/quotes/GOOG/">Google</a>&nbsp;founders, are also slated to wait 12 years to become trillionaires — although artificial intelligence may accelerate their rise.



Granted, wealth-watchers have been predicting the first trillionaire for years. And the stocks of Tesla, Nvidia and LVMH may not go up as fast in the next five years as they did in the past five.



Yet more than 100 years after the first billionaire, the first trillionaire could well be crowned in the next decade.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="687" height="497" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/image.png" alt="" class="wp-image-527834" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/image.png 687w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/image-300x217.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/image-124x90.png 124w" sizes="auto, (max-width: 687px) 100vw, 687px" /></figure>



<iframe title="Top 10 people most likely to become trillionaires" aria-label="Table" id="datawrapper-chart-t9WKd" src="https://datawrapper.dwcdn.net/t9WKd/1/" scrolling="no" frameborder="0" style="width: 0px; border: none; min-width: 100% !important; height: 452px;" height="475" data-external="1"></iframe>

Combination showing Elon Musk (L), Gautam Adani (C), and Jensen Huang (R)

Top 10 people most likely to reach trillionaire status

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-820x544.jpg" alt="" class="wp-image-527542" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-1536x1020.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ralph Mupita, chief executive officer of MTN Group Ltd., poses for a photograph following an interview in London, U.K., on Wednesday, May 29, 2019. Asked in a Bloomberg Television interview whether the U.S. government has put pressure on MTN Group to stop using Huawei as a supplier, Chief Executive Officer Rob Shuter said: &#8220;Not at all.&#8221; Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Sept 6 (Reuters) &#8211; The board of Africa&#8217;s biggest mobile network operator MTN Group said on Friday it was in full support of its group CEO Ralph Mupita after an independent report found no evidence to support anonymous allegations of improper conduct against him.



South Africa&#8217;s Sunday Times newspaper reported on Sunday that a number of group executives it did not identify had threatened to quit after complaining Mupita had allegedly showed favouritism to a female executive and lacked accountability.



The board held a special meeting on Wednesday to deliberate on a report by an independent law firm tasked to verify allegations contained in an anonymous complaint against members of the MTN executive, the operator said in a statement on Friday.



&#8220;The independent report stated that attempts to engage with the complainant were unsuccessful and found that there was no evidence of improper conduct by those cited in the complaint,&#8221; the company said.



&#8220;In its deliberations, the board accepted the report finding and is of the view that the matter has been addressed and is now closed.&#8221;



The board further expressed &#8220;its full support&#8221; for Mupita and the MTN strategy, the company added.



Mupita is leading the Johannesburg-based mobile operator at a time when it is grappling with currency devaluations in its biggest market Nigeria, leading to a half-year loss before tax of 9 billion rand ($508 million).



Under the operator&#8217;s Ambition 2025 strategy, Mupita has also made a big bet on financial services, fibre and data as these services enjoy growing demand from data-hungry consumers and businesses.



($1 = 17.7132 rand)



(Reporting by Nqobile Dludla; Editing by Jan Harvey)

MTN Group Ltd. CEO Rob Shuter Interview

MTN board says it is in full support of CEO Mupita after allegations

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-820x461.jpeg" alt="" class="wp-image-527510" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108029570-1725536037667-gettyimages-122313864-66061432.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Lion King directors Roger Allers (L) and Rob Minkoff. Kevin Winter | Getty Images</figcaption></figure>



Artificial intelligence is a “Wild West” with “very few rules” — but it has the potential to democratize the film industry in the long term, according to the director of “The Lion King.”



Rob Minkoff, who co-directed the classic 1994 animated Disney film with Roger Allers, told CNBC in an interview that AI has the potential to “democratize” filmmaking in such a way that it’ll become less costly to produce and direct motion pictures by slashing the amount of expensive equipment involved. 



“I think what AI will do is potentially democratize the process of making content, because if literally anyone is given these incredibly powerful tools, then what we should see is truly an explosion of content, an explosion of new voices,” Minkoff, 62, told CNBC.&nbsp;



Minkoff was speaking with CNBC ahead of the Reply AI Film Festival. The event, held by Italian tech firm Reply during the Venice International Film Festival, is a competition that awards filmmakers using AI to develop short films. Minkoff is a judge on the panel that decides the winners.&nbsp;



<h2 class="wp-block-heading" id="h-hyperbole-versus-legitimate-concerns"><a></a>‘Hyperbole’ versus ‘legitimate concerns’</h2>



The arrival of new technology has for decades been a fear among people working in the film industry, Minkoff noted. For example, when computer animation arrived in the 1990s, there were similar fears about the impact it would have on jobs.



“When computer animation came along, there were a lot of people that were very afraid about it — what it would mean, how it would impact people’s jobs,” Minkoff, who also directed 1999′s “Stuart Little” and 2003′s “The Haunted Mansion,” told CNBC.&nbsp;



“What became very apparent early on was that, if people wanted to maintain their own personal relevancy in the industry, it became very important for them to really learn and adapt to changes in technology,” he added. “We’re experiencing something quite similar now with AI.”&nbsp;



Minkoff recalls the use of computers to create the famous stampede scene in “The Lion King.” In the scene, dozens of wildebeests are seen rushing after Simba, the movie’s protagonist.&nbsp;



In that scene, Minkoff recalls, “we could have 1000s of wildebeests rendered, but the technique that we used made it look very seamless with the rest of the drawn animation.”&nbsp;



“People are naturally and understandably worried when they look at what AI can do,” Minkoff said. However, he added, he doesn’t think the technology can replace all filmmakers, and that there’s a lot of “hyperbole” at the moment surrounding AI’s capabilities.



Still, Minkoff said, there are concerns about the application of AI in film that are warranted, such as those relating to copyright and the use of intellectual property in entertainment for training AI models.



“I hope that technology ultimately&nbsp;will save us, in some regards, or make life better, easier or more more prosperous,” Minkoff told CNBC. “But it’s the Wild West, where it seems like anything is possible and anything can be done.”&nbsp;



&nbsp;Minkoff added that there are “legitimate concerns” with AI when it comes to issues like the protection of media IP and tackling copyright theft. “I understand why people might want to slow it down or put guardrails on it to be careful, to be safe,” he said.&nbsp;



But ultimately, he doesn’t think the AI positive momentum will slow. “My impression is that it probably&nbsp;won’t be slowed down, because these decisions are left to judges and courtrooms to decide what’s right and wrong,” Minkoff said.



On the copyright question, he suggested the creation of a dedicated body designed to protect filmmakers’ intellectual property and remunerate them, like what the American Society for Composers, Authors and Publishers and Broadcast Music, Inc. do for the music industry.&nbsp;



<h2 class="wp-block-heading"><a></a>‘Always the human behind the technology’</h2>



The Reply AI Film Festival, which awarded three winners this week, started out as an internal competition among employees, with staff using AI tools to produce movie-quality videos, Filippo Rizzante, chief technology officer of Reply, told CNBC.



“There has been a lot of progress with technology for producing creative work,” Rizzante said in an interview last week. “This is impacting a lot the quantity and quality of what we are producing as humanity.”&nbsp;



Rizzante pushed back on fears that AI will displace people working in entertainment. The technology, he said, “will completely change how the industry is delivering content today, but not necessarily change the number of people employed in the movie industry.”&nbsp;



In this year’s edition of the festival, one of the runners-up, “Gia Pham,” depicts a woman looking at a takeout menu before being transported to a colorful picturesque 2D world. The narrator of the video, who begins by speaking in English, starts talking in Japanese after the shift from 3D to 2D.&nbsp;



Alexander de Lukowicz, co-director of “Gia Pham,” told CNBC that humans are essential to how he and his team work to generate short films. AI tools such as DALL-E and Midjourney, he said, helped the directors of his short film “enhance worlds we weren’t able to generate before.”&nbsp;



“It’s always the human behind the technology that has to guide the technology to gain the proper result out of it. We wanted to produce something like a film to really check the boundaries of what’s possible,” de Lukowicz told CNBC.&nbsp;

108029570-1725536037667-gettyimages-122313864-66061432

Director of Disney’s Lion King says AI is a ‘West West,’ echoes how animation changed film

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was stable in early trade on Friday, as markets looked to U.S. jobs data for hints on the depth of an expected interest rate cut by the Federal Reserve this month.



At 0715 GMT, the rand traded at its Thursday closing level of 17.70 against the dollar.



&#8220;Markets remain on edge as traders await today&#8217;s key U.S. nonfarm payrolls and unemployment data which is likely to dictate the upcoming Fed monetary policy decisions,&#8221; Andre Cilliers, currency strategist at TreasuryONE, said.



&#8220;Analysts are also still leaning toward a soft landing for the U.S. economy which is seeing EM (emerging market) currencies like the rand trade firmer over the last few days,&#8221; Cilliers added.



Like other risk-sensitive currencies, the rand often takes cues from U.S. monetary policy and other global drivers in addition to domestic factors.



Local central bank data on Friday showed that South Africa&#8217;s net foreign reserves rose to $60.141 billion at the end of August from $59.165 billion in July.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 0.86% in early trade.



South Africa&#8217;s benchmark 2030 government bond hit its strongest level in almost three years in early deals on Friday, as the yield slipped 2 basis points to 8.985%.



(Reporting by Tannur Anders; Editing by Andrew Heavens)

South African Rand coins are seen in this photo illustration

South African rand stable, focus on US jobs data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYNXMPED080GF.jpg" alt="" class="wp-image-527491" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYNXMPED080GF.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYNXMPED080GF-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYNXMPED080GF-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">A utility pole supporting wires for electricity distribution is seen in Nairobi, Kenya, November 11, 2015. REUTERS/Siegfried Modola</figcaption></figure>



NAIROBI, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;A power outage hit most parts of Kenya on Friday, Kenya Power&nbsp;KPLC.NR&nbsp;said, the second major blackout in a week.



The national distributor did not give any details on the cause. Large areas were affected, apart from parts of the North Rift and Western regions, it said in a statement.



Kenya has suffered a number of blackouts over the past year including one that lasted for several hours on the evening of Friday last week.



One that Kenya Power said was caused by a system disturbance affected most of the country in May.



In August last year, the transport minister apologised after another widespread blackout plunged Nairobi&#8217;s main airport into darkness.



(Reporting by George Obulutsa and Humphrey Malalo; Editing by Andrew Heavens)

LYNXMPED080GF

Power blackout hits most of Kenya, utility says

<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, Sept 6 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



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



*Seychelles and Mauritius&#8217; statistics offices are due to release their respective consumer inflation data for August.



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



Asian shares clung to tight ranges and the dollar nursed losses on Friday, with investors on tenterhooks ahead of U.S. jobs data that could decide the size and speed of coming rate cuts in the world&#8217;s largest economy.



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



Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data.



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



The South Africa rand extended gains on Thursday as risk sentiment improved on bets for a deeper interest rate cut this month in the United States, analysts said.



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



The Kenyan and Ugandan shillings are expected to hold steady against the dollar in the next week to Thursday, while Ghana&#8217;s cedi and Zambia&#8217;s kwacha could fall, traders said.



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



Nigeria&#8217;s state-oil firm will supply the Dangote Oil refinery a total of 13 crude cargoes in October to ease pressure on local gasoline supply, head of the firm&#8217;s downstream operations said on Thursday.



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



The Kenyan shilling eased slightly on Thursday due to increased importer demand for dollars that outstripped supply from remittances, tea exporters and telecommunications companies, traders said.



(Compiled by Nairobi Newsroom)

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home

Kenyan shilling unchanged versus dollar

Ugandan shilling flat as remittance inflows lend support

Kenya asks public for help with economic fix laws after protests

South African rand slips with dollar in driving seat

South African Markets – Factors to watch on Sept 9

African Markets – Factors to watch on Sept 9

Yellen says U.S. economy remains solid, on path to ‘soft landing’ with no meaningful layoffs

Why Rivian And VW Both Need Each Other

Airplane engines are in short supply. The business of fixing older ones is booming

Top 10 people most likely to reach trillionaire status

How Disney Vacations Became Too Expensive For Many Americans

A tale of two travel recoveries: Japan soars, while China struggles to lure travelers back

MTN board says it is in full support of CEO Mupita after allegations

Director of Disney’s Lion King says AI is a ‘West West,’ echoes how animation changed film

South African rand stable, focus on US jobs data

Power blackout hits most of Kenya, utility says

African Markets – Factors to watch on Sept 6

News Tips

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