<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 2 (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-global-markets">GLOBAL MARKETS</h2>



Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized.



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



Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world&#8217;s two biggest oil consumers.



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



South Africa&#8217;s rand was stable on Friday against a buoyant dollar, after the local unit hit a fresh 13-month high earlier in the day supported by improved investor sentiment on signs the domestic economy is starting to gain momentum.



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



Nigeria&#8217;s state-oil firm NNPC on Sunday said it is facing financial strain making it unable to import petrol into Africa&#8217;s most populous nation, that has seen weeks-long fuel scarcity across its retail stations.



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



The Kenyan shilling was unchanged on Friday, with little market activity, traders said.



<h2 class="wp-block-heading" id="h-kenya-inflation">KENYA INFLATION</h2>



Kenya&#8217;s inflation edged up to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.



<h2 class="wp-block-heading" id="h-china-africa-summit">CHINA AFRICA SUMMIT</h2>



China will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.



<h2 class="wp-block-heading" id="h-democratic-republic-of-congo-gold">DEMOCRATIC REPUBLIC OF CONGO GOLD</h2>



Democratic Republic of Congo is looking for new buyers of gold from its eastern territories after taking full control of Primera Gold which had an exclusive contract to buy and sell gold mined in the east, the company&#8217;s head said.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-820x546.jpg" alt="" class="wp-image-525967" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Gabon&#8217;s President Brice Clotaire Oligui Nguema waves as he arrives at Beijing Capital International Airport ahead of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, Sep. 1, 2024. Ken Ishii/Pool via REUTERS</figcaption></figure>



BEIJING/NAIROBI, Sept 2 (Reuters)&nbsp;&#8211;&nbsp;China will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.



But the dozens of African leaders arriving in the Chinese capital for the three-yearly event may not be easy bait. They will want to hear how China plans to meet an unfulfilled pledge from the previous summit in 2021 to buy $300 billion of goods.



They will also seek assurances on the progress of incomplete Chinese-funded infrastructure projects, such as a railway designed to link the greater East African region.



&#8220;The prize is going to go to those countries who have carefully studied the changes in China and align their proposals with China&#8217;s new slimmed-down priorities,&#8221; said Eric Olander, co-founder of the China-Global South Project.



&#8220;That&#8217;s a big ask for a continent that generally has very poor China literacy.&#8221;



Africa&#8217;s biggest two-way lender, investor and trade partner is moving away from funding big-ticket projects in the resource-rich continent, preferring instead to sell it the advanced and green technologies Chinese firms have invested in heavily.



As Western curbs on Chinese exports loom, Beijing&#8217;s top priority will be finding buyers for its EVs and solar panels, areas where the U.S. and European Union say it has overcapacity, and building overseas production bases for emerging markets.



China has already started tweaking conditions for its loans to Africa, setting aside more for solar farms, EV plants and 5G Wi-Fi facilities, while cutting back on bridges, ports and railways.



Last year, China offered 13 loans of just $4.2 billion to eight African states and two regional banks, data from Boston University&#8217;s Global Development Policy Centre showed, with about $500 million for hydropower and solar projects.



<h2 class="wp-block-heading" id="h-geopolitical-jostling">GEOPOLITICAL JOSTLING</h2>



When President Xi Jinping opens the ninth Forum on China-Africa Co-operation Summit on Thursday, he is expected to pitch plugging into China&#8217;s burgeoning green energy industry to leaders from Gambia, Kenya, Nigeria, South Africa, and Zimbabwe.



In attendance will also be delegates from every African state except Eswatini, with which Beijing has no ties.



To avoid losing market share, China&#8217;s geopolitical rival, the United States, has started to host African leaders.



Britain, Italy, Russia and South Korea have also held Africa summits in recent years, recognising the potential of the region&#8217;s young people and its 54 U.N. seats.



China&#8217;s outsized role as a financial and trade partner makes its meetings a far bigger deal, however.



&#8220;There is no other development partner that does that much,&#8221; said Hannah Ryder, founder of Development Reimagined, an African-owned consultancy.



&#8220;But are African leaders able to push China to really dig in so that the balance of the &#8216;win&#8217; is way more towards the African side?&#8221;



<h2 class="wp-block-heading" id="h-matching-wants-and-needs">MATCHING WANTS AND NEEDS</h2>



China will want to talk up boosting trade and access to minerals like copper, cobalt and lithium in countries such as Botswana, Namibia, and Zimbabwe.



But it could be cautious about more funding commitments following debt restructuring bids in economies such as Chad, Ethiopia, Ghana and Zambia, since the 2021 summit.



&#8220;We are likely to see a continued prudence in terms of financing mega projects,&#8221; said Lina Benabdallah, of the Centre for African Studies at Harvard University, adding that Beijing would push for technology transfers instead.



&#8220;I am most certainly keen to understand how many new finance commitments may come out of this, and how they&#8217;re going to deal with existing debt to African countries,&#8221; said Yvette Babb, portfolio manager at asset management firm William Blair.



But China&#8217;s enthusiasm to lend might be dampened by security concerns, such as a spat between Niger and Benin that killed six Nigerien soldiers guarding a PetroChina-backed pipeline, or deadly protests in Kenya over tax hikes.



(Writing by Joe Cash; Editing by Clarence Fernandez)

China Africa Forum in Beijing

China to pitch green tech exports to African leaders as Western curbs loom

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How Data Centers Became Hot Real Estate Investments

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-820x547.jpg" alt="" class="wp-image-525059" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Paul Dunne the CEO of Northam Platinum attends the Platinum Group Metals (PGMS) Industry Day in Johannesburg, South Africa, April 10, 2024. REUTERS/Ihsaan Haffejee/File Photo</figcaption></figure>



Aug 30 (Reuters) &#8211; South Africa&#8217;s platinum mining industry has entered a phase of irreversible decline as producers struggle with low prices and demand suffers from the rise of battery electric vehicles, Northam Platinum CEO Paul Dunne said on Friday.



The price of the white metal used primarily in autocatalysts, which once topped $2,000 an ounce, has slid 13% since the beginning of last year to $939 an ounce.



Northam said on Thursday its headline earnings per share fell 81.6% in the year to end June to 4.45 rand ($0.2506) from 24.15 rand previously, largely due to lower prices.



The price of platinum&#8217;s sister metal palladium also fell 40% in 2023 and is down 10% so far this year, while rhodium is trading around $4,750 an ounce, well below its 2021 peak of nearly $30,000 an ounce.



Shares in South Africa&#8217;s fourth largest platinum miner were down 8.2% by 1321 GMT.



Platinum output in South Africa, the world&#8217;s top supplier of the metal, has been gradually declining since a peak of about 5.3 million ounces in 2006, according to data from Johnson Matthey.



Dunne said he expects South African output to fall by about 10% over the next five years to around 3.5 million ounces from some 3.9 million ounces currently.



He said however he expects Northam&#8217;s output to stabilise at around 1 million ounces a year, a long-term target for the group, which produced just under 900,000 ounces in the year to June 30. Northam has been ramping up production at the Eland mine which it bought in 2017.



South African production has been weighed down by years of under-investment in new mines, while growth in battery-powered vehicles has hurt demand, Dunne said.



&#8220;We haven&#8217;t replaced that asset base and the asset base is a depleting asset, all mines are depleting assets from day one,&#8221; Dunne said. &#8220;This will exacerbate the natural depletion of South Africa’s ageing shafts.&#8221;



The CEO estimates that, industry-wide, platinum output will probably decline by 500,000 ounces every five years as investors balk at investing in building new mines.



South Africa&#8217;s platinum miners, among the country&#8217;s largest foreign currency earners, employ more than 181,000 workers directly.



The sector&#8217;s decline mirrors that of South Africa&#8217;s gold mining industry, which was once the world&#8217;s largest, but now ranks 12th globally, according to the World Gold Council.



Impala Platinum CEO Nico Muller said on Thursday it was &#8220;highly improbable&#8221; that new mines could be built in South Africa as low metal prices continue to batter the industry.



South Africa&#8217;s platinum mines, some of which are the world&#8217;s deepest, are not highly mechanised and therefore costly to operate.



($1 = 17.7568 rand)



(Reporting by Felix Njini and Nelson Banya; Editing by Jan Harvey)

FILE PHOTO: Platinum Group Metals (PGMS) Industry Day in Johannesburg

South Africa’s platinum mining industry in terminal decline, Northam CEO says

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How Google, Microsoft And Amazon Are Raiding AI Startups For Talent

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4.jpg" alt="" class="wp-image-525041" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A customer stands in front of the bread section at a supermarket in Nairobi, Kenya May 8, 2017. Picture taken May 8, 2017. REUTERS/Baz Ratner/File Photo</figcaption></figure>



NAIROBI, Aug 30 (Reuters) &#8211; Kenya&#8217;s inflation edged up to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.



On a month-on-month basis inflation was flat at 0.0% from -0.2% in July, 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.



Kenya&#8217;s central bank cut its benchmark lending rate by 25 basis points earlier this month, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



(Reporting by George Obulutsa and Hereward Holland; Editing by Alexander Winning)

MLMMPYYK3JO6FGC6TA5OERDDR4

Kenya’s inflation rises slightly to 4.4% yr/yr in August

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="234" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-820x234.jpg" alt="" class="wp-image-525024" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-1536x439.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Credit: Johannes Eisele/AFP via Getty Images</figcaption></figure>



Women are leading more central banks than ever before, thanks to appointments in the past year, but recent gains still leave the share of female governors far short of parity.



The number of women in governor roles rose to 29 this year from 23 last year, though that left the share of female leaders at just 16 percent of the world’s 185 central banks, according to an April&nbsp;<a href="https://www.omfif.org/gbi2024/?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">report</a>&nbsp;by the Official Monetary and Financial Institutions Forum. Greater gender balance in senior positions may help increase the diversity of thought and checks and balances, in turn contributing to increased economic and financial stability and improved performance, IMF&nbsp;<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2024/01/12/Interim-Guidance-Note-on-Mainstreaming-Gender-at-The-IMF-543779?utm_medium=email&amp;utm_source=govdelivery">research shows</a>.



Appointments this year in Bosnia and Herzegovina and Papua New Guinea are examples of how smaller economies are driving more progress on gender balance, according to OMFIF, a London-based think tank for monetary, economic and investment issues.



This year’s rise was the biggest gain in more than a decade of surveys, but&nbsp;the&nbsp;<a href="https://www.imf.org/en/Blogs/chart-of-the-week?utm_medium=email&amp;utm_source=govdelivery">Chart of the Week</a>&nbsp;shows how central banks still have much room to make progress toward greater parity in the ranks of top policymakers steering the global economy.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/08/29/women-lead-record-number-of-central-banks-but-more-progress-is-needed?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/08/10062931/cotw-female-central-bank-governors-newsletter_original.png" alt="chart showing the number of female central bank governors from 2014-2024"/></a></figure>



The tally adds to evidence of the struggle of women at central banks as well as in the economics discipline, where they remain underrepresented even after steady gains.



A first-of-its-kind&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2023/05/05/Who-are-Central-Banks-Gender-Human-Resources-and-Central-Banking-533096?utm_medium=email&amp;utm_source=govdelivery">IMF survey</a>&nbsp;of the European Central Bank and its Group of Seven counterparts showed last year that fewer than half of employees at those institutions are women, but on average only a third of women are economists or managers. This survey underscores how policies to eliminate gender gaps have been only partially successful.



ECB Executive Board member Isabel Schnabel has cited a substantial gender imbalance in economics—one that the institution is determined to change among its own staff. Schnabel noted in a 2020&nbsp;<a href="https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200928~97c7e2ba27.en.html?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">speech</a>&nbsp;that the barriers aren’t insurmountable, and that mentoring opportunities and ensuring childcare can help narrow gender imbalances.&nbsp;



The latest additions to the list of countries naming a woman as central bank chief came in January, when&nbsp;<a href="https://www.cbbh.ba/Content/Read/119?lang=en&amp;utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Jasmina Selimović</a>&nbsp;began a six-year term in Bosnia and Herzegovina and&nbsp;<a href="https://pmnec.gov.pg/prime-minister-marape-announces-historic-appointment-of-ms-elizabeth-genia-as-the-first-woman-governor-of-the-bank-of-papua-new-guinea/?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Elizabeth Genia</a>&nbsp;was appointed to the top job after serving as acting governor. Last year,&nbsp;<a href="https://www.rba.gov.au/about-rba/people/gov.html?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Michele Bullock</a>&nbsp;became the first woman to lead the Reserve Bank of Australia.



Cambodia, Georgia, Moldova and Montenegro also appointed women as the heads of their monetary authorities last year, according to OMFIF’s 2024 gender balance index.&nbsp;

blog-2099×600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images

Women Lead Record Number of Central Banks, but More Progress is Needed

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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, Aug 30 (Reuters) &#8211; The Ugandan shilling was flat on Friday, due to low dollar supply and demand, traders said.



At 1036 GMT, commercial banks quoted the shilling at 3,710/3,720, the same level as Thursday&#8217;s closing rate.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/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, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened to a fresh 13-month high on Friday, supported by improved investor sentiment on signs the domestic economy is starting to gain momentum.



At 0935 GMT, the rand was 0.7% higher at 17.63 per dollar. It earlier hit 17.5950 against the greenback, a level not seen since late July 2023.



The rand&#8217;s gains come ahead of U.S. core personal consumption expenditure data, a key inflation reading, later on Friday that could cement bets on a Federal Reserve interest rate cut next month.



Analysts have linked recent rand strength to a structural improvement on the supply side of Africa&#8217;s most industrialised economy, with South Africa not witnessing rolling power cuts for over 150 days thanks to a big improvement in state power utility Eskom&#8217;s performance.



&#8220;There have been no power cuts in South Africa for several months, which may not sound very impressive at first, but this has not happened in South Africa for years,&#8221; Commerzbank FX analyst Volkmar Baur said in a research note.



Power cuts have hampered South Africa&#8217;s economic growth for over a decade, with outages on a record 335 days last year.



Inflation also appears to have turned a corner.



Data released on Thursday showed annual producer inflation in South Africa dropped to 4.2% in July.



July consumer inflation fell to a three-year low of 4.6%, falling close to the midpoint of the South African central bank&#8217;s 3% to 6% target range and bolstering expectations the bank will cut its main interest rate for the first time in four years next month.



Baur said lower domestic interest rates could stimulate further investment and structural improvements in the economy.



&#8220;This positive development reduces the risk premium that the foreign exchange market has placed on South Africa in recent years and strengthens the rand,&#8221; he added.



South Africa&#8217;s central bank governor Lesetja Kganyago said on Thursday that the country was getting to grips with reforms that could lift its growth potential.



On the Johannesburg Stock Exchange, the Top-40 index was down 0.4%.



(Reporting by Bhargav Acharya and Alexander Winning; Editing by Susan Fenton)

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

South African rand hits new 13-month high on signs of economic turnaround

<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, Aug 30 (Reuters) &#8211; The Kenyan shilling was unchanged on Friday, with little market activity, traders said.



At 0823 GMT, LSEG data showed the shilling at 128.25/129.25 to the U.S. dollar, the same as at the close of Thursday&#8217;s session.



&#8220;We&#8217;re not seeing any interest on either side. No major tickets on bids or offers,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling unchanged in quiet market, traders say

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg" alt="" class="wp-image-524999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district, on the outskirts of Lagos, Nigeria August 7, 2019. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



LAGOS, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s state-owned NNPC Ltd oil company said it has started the tender process for the operation of the Warri and Kaduna refineries, which are scheduled to begin processing crude this year.



The oil refineries, which are being upgraded after being shut for several years, have the capacity to process 125,000 barrels per day (bpd) and 110,000 bpd, respectively.



Nigeria, which is Africa&#8217;s biggest oil producer, is seeking operators &#8220;to ensure reliability and sustainability towards meeting the nation&#8217;s fuel supply and energy security obligations,&#8221; NNPC said in a public notice on Thursday.



Warri and Kaduna are among state-owned refineries that have been mothballed for years, but which the government is trying to revive to end Nigeria&#8217;s reliance on imported refined products.



The tendering process for the Port Harcourt oil refinery, in the Niger Delta, opened in January and is currently ongoing, the government said.



State-owned refineries will offer an alternative to the 650,000 bpd capacity Dangote refinery, built by Africa&#8217;s richest man, Aliko Dangote, on the outskirts of Lagos. It is undergoing test runs for gasoline production, with full operation expected by mid-September.



(Reporting by Isaac Anyaogu)

FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district

Nigeria seeking operators for state-owned oil refineries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-820x574.jpg" alt="" class="wp-image-524996" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Delegates walk past the Transnet logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



CAPE TOWN, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;South African state logistics group Transnet&nbsp;on Friday agreed&nbsp;a 5 billion rand ($283.53 million) loan from the New Development Bank set up by the BRICS group of emerging economies.



The loan will be guaranteed by the South African government, director general Duncan Pieterse told Reuters on the sidelines of a meeting of the New Development Bank being held in Cape Town.



Transnet is saddled with about 130 billion rand in debt and has struggled to provide adequate freight rail and port services because of equipment shortages and maintenance backlogs after years of under-investment.



Transnet&#8217;s chief executive said the money from the BRICS bank would be used for the company&#8217;s turnaround plan.



&#8220;There is lots of work to be done in Transnet, we&#8217;ve got major challenges. We need to sort it out and that&#8217;s what we need the money for,&#8221; Transnet CEO Michelle Phillips said after a signing ceremony for the loan agreement.



($1 = 17.6351 rand)



(Reporting by Wendell Roelf; Writing by Bhargav Acharya; Editing by Alexander Winning)

BMQRSYHVQ5KPZEVUFBZAFEVTYQ

South Africa’s Transnet gets 5 bln rand loan from BRICS bank

By Mpho Sadiki, Network International Group MD – Africa Acquiring, and Richard Kadiaka, Network International Regional MD &#8211; Southern Africa and Palops.



Across the world, the business community watched the SA elections with great concern as to how the outcome will affect sentiments and the ability to do business in South Africa. The known structural, economic, policy certainty and governance challenges created a challenging operating environment for business and therefore the seventh elections of our democracy provided a good opportunity to reset. The lack of an outright majority winner has itself presented some unknowns for all observers and the entire nation.



The dawn of the Government of National Unity (GNU) in South Africa has ignited a renewed sense of optimism among businesses, particularly global investors. This shift presents a unique opportunity for a more collaborative approach to economic development. One critical area ripe for innovation and growth is the field of digital payments, which holds the potential to revolutionise the informal sector and empower young entrepreneurs, thereby boosting economic growth and creating new jobs.



<h2 class="wp-block-heading" id="h-a-call-for-inclusive-financial-services">A call for inclusive financial services</h2>



The GNU&#8217;s openness to new collaborations marks a significant change from the previous single-party administrations. This new approach aligns with the shared objectives of the country, including the development of an inclusive payments ecosystem. The South African Reserve Bank&#8217;s Digital Payment Roadmap, part of Vision 2025, and the proposed activity-based licensing under the COFI Bill are pivotal steps toward creating a conducive regulatory environment.



This for us, creates the platform for true innovation and true scale in endeavours to be financially inclusive. It opens the door for non-banks and fintechs to accelerate their initiatives into digital payments and actual services finally reaching the informal and cash-heavy segments of our market.



Our challenges with cash-handling operations and risk associated with this is a major concern for South Africa as a country and could not be a greater motivator for accelerating digital payments with aggressive acceleration.



<h2 class="wp-block-heading" id="h-industry-landscape-the-role-of-digital-payments">Industry landscape: The role of digital payments</h2>



In many cash-dependent societies, the lack of digitisation leads to missed opportunities for data insights. Digital payments not only promote financial inclusion but also provide valuable data that can inform government policy, inform product innovation and drive economic growth. The expansion of payment options can significantly accelerate the adoption of digital payments.



Network International as a leading payments enabler across Middle East and Africa has seen the positive impact of in successful implementations of Alternative Payment Methods (APMs) like mobile money acceptance at Point-of-Sale, or of late, the acceptance of UPI and AANI wallets in the UAE market enabled through Network International. We have seen the staggering uptake from Indian visitors to the UAE.



Multi-tender acceptance plans are critical in ensuring that merchants can accept payments at the point of interaction with the customer without preference. There is great industry excitement in the next launch of Request-to-Pay (RTP) for PayShap which also introduces new customer payment methods for example Person-to-Merchant (P2M).



<h2 class="wp-block-heading" id="h-readiness-for-hyper-scale-payment-platforms-simplifying-entry-to-payments">Readiness for hyper-scale payment platforms simplifying entry to payments</h2>



Network International made a staggering R560mn investment in the SA market in 2023, a decision driven by the market appetite for leading payment products, high card adoption compared to other market in the MEA region, regulatory readiness and requirements for an on-soil relationship (a great hub for support institutions across the SADC region).



We have witnessed the transformative power of digital payments and best of breed technology offering based on the response from the market, new partnerships established and the enhanced desire from industry players to collaborate.



Our experience in facilitating seamless digital payments enablement across the Middle East and Africa has showcased potential and competence to deliver for similar initiatives in South Africa. If we are to accelerate adoption of digital payments, collaborative efforts are crucial for achieving the common objective for true financial inclusion.



Even more exciting, we have seen a growing intent from non-financial service providers like mobile network operators (MNOs), retailers and fintechs looking to take advantage of our role as a leading enabler of payments and commerce to launch their key payments capabilities in the market. By partnering with these new players in creating an interoperable payment environment, we aim to equip small entrepreneurs and informal segments with the tools they need for accelerated growth.



<h2 class="wp-block-heading" id="h-skin-in-the-game-for-a-socially-responsible-payments-industry">Skin in the game for a socially responsible payments industry</h2>



We see our role as a catalyst for growth, supporting innovation, testing new concepts, and enabling fintech collaborations. Payment platforms lower the barriers to innovation, even for those constrained by legacy infrastructure, and serve as conduits for successful business collaborations.



While there is restored optimism through the newly formed GNU, the industry cannot afford to be passive. There must be collective efforts to create capacity, accelerate collaboration and a desire to accelerate policy implementation. As we look to the future, we are confident in the direction set by the South African Reserve Bank and the increasing interest from both fintechs and large enterprises. This positive trajectory not only reinforces our commitment to our local operations but also encourages us to invest in meaningful social initiatives, skills development programs, youth employment and other initiatives such as staff ownership programmes.



Socially responsible corporate citizens are critical to a conducive and ever-growing payments landscape. It is our responsibility to invest in the industry as much as we benefit from it. Our achievement of level 1 B-BBEE accreditation is our way of showing full and ongoing commitment to the social and economic objectives of the country.



<h2 class="wp-block-heading" id="h-in-conclusion">In conclusion</h2>



The key to sustained growth and innovation lies in the trust and collaboration between the public and private sectors. When businesses are confident in a country&#8217;s future, they are more likely to engage in significant social investments and industry collaborations, creating a fertile ground for innovative solutions and further investment.

Close up of female customer paying for a coffee with her smart watch

Digital payments: A catalyst for South Africa’s growth

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1440" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-scaled.jpg" alt="" class="wp-image-524946" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KEKQMRCGQZMYBELW76W4QVRB5U-1536x1080.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view shows cooling towers and reactors of the Electricite de France (EDF) nuclear power plant in Cattenom, France, June 13, 2023. REUTERS/Yves Herman/File Photo</figcaption></figure>



WASHINGTON, Aug 29 (Reuters)&nbsp;&#8211;&nbsp;Ghana on Thursday signed an agreement with a U.S. developer for a nuclear reactor using technology from NuScale Power&nbsp;SMR.N, the U.S. State Department said on Thursday, as the country seeks its first atomic power plant.



Nuclear Power Ghana and Regnum Technology Group signed the agreement to deploy a NuScale VOYGR-12 small modular reactor, or SMR, at a U.S.-Africa nuclear energy summit in Nairobi.



SMRs are smaller than today&#8217;s reactors and can be built in a factory. But there are lingering questions about whether they will ever be widespread commercially.



<h2 class="wp-block-heading" id="h-why-it-is-important">WHY IT IS IMPORTANT</h2>



The U.S. is looking to promote technologies it considers to be clean energy and sell them to developing countries. The administration of President Joe Biden believes that nuclear energy, which generates power virtually emissions free, is critical in the fight against climate change.



Nuclear power, on the other hand, produces long lasting nuclear waste.



NuScale is the only company with a license to build a U.S. SMR. Last year it canceled its only project in the U.S. amid rising costs.



<h2 class="wp-block-heading" id="h-who-was-vying-to-sign-with-ghana">WHO WAS VYING TO SIGN WITH GHANA?</h2>



Other contenders for the plant included France&#8217;s EDF, and China National Nuclear Corporation, an energy ministry official in Ghana said in May.



South Korea&#8217;s Kepco and its subsidiary Korea Hydro Nuclear Power Corporation, as well as Russia&#8217;s ROSATOM were also competing for the contract expected to span the next decade, the official said at the time.



<h2 class="wp-block-heading" id="h-key-quote">KEY QUOTE</h2>



“Ghana and many other African countries are pursuing nuclear energy to achieve their economic development, energy security, and decarbonization goals,&#8221; said Aleshia Duncan, deputy assistant secretary for international cooperation at the U.S. Department of Energy. “It’s imperative that the United States remain a strong and engaged partner, offering technical expertise and resources to ensure the successful deployment of nuclear energy across the continent.”



(Reporting by Timothy Gardner; Editing by Marguerita Choy)

FILE PHOTO: A general view shows the Electricite de France (EDF) nuclear power plant in Cattenom

Ghana signs agreement to build small NuScale nuclear reactor

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-820x562.jpg" alt="" class="wp-image-489318" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-1536x1052.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers push trolleys as they shop at a Pick n Pay store at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Aug 29 (Reuters) &#8211; South African grocery retailer Pick n Pay said on Thursday that proceeds from listing its discount grocery chain Boxer could total 8 billion rand ($450 million), according to its preliminary estimate.



Chief Executive Sean Summers is tasked with reviving through a turnaround and two-step recapitalisation plan a retail business that has been losing market share to bigger rivals Shoprite and others for more than a decade.



A deterioration in the performance of the group&#8217;s core Pick n Pay supermarket business resulted in a substantial trading loss in the Pick n Pay division of 1.5 billion rand in its financial year that ended Feb. 25, and an overall loss at group level of 3.2 billion rand.



At the same time its net debt escalated.



In order to lower its debt and strengthen the underlying performance of its Pick n Pay Supermarkets business, the group recently raised 4 billion rand through a rights issue and will now begin the process of listing Boxer towards the end of 2024, subject to shareholder and final board approval.



Details of the number of shares in issue, price and target amount will be shared closer to the time, but &#8220;for illustrative purposes only, the share issue will generate 8 billion rand in proceeds,&#8221; the retailer said in a statement.



&#8220;The Boxer IPO (initial public offering) will also ensure that Boxer is accorded a market value that appropriately reflects its growth trajectory and return on invested capital, thereby unlocking shareholder value embedded in the Group,&#8221;&nbsp;Pick n Pay said.



($1 = 17.7700 rand)



(Reporting by Nqobile Dludla; Editing by Susan Fenton)

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home

African Markets – Factors to watch on Sept 2

China to pitch green tech exports to African leaders as Western curbs loom

Why injuries can end Olympic careers

How Data Centers Became Hot Real Estate Investments

South Africa’s platinum mining industry in terminal decline, Northam CEO says

How Google, Microsoft And Amazon Are Raiding AI Startups For Talent

Kenya’s inflation rises slightly to 4.4% yr/yr in August

Women Lead Record Number of Central Banks, but More Progress is Needed

Xpeng releases mass-market EV with basic driver-assist for less than $20,000

Ugandan shilling flat amid thin activity

South African rand hits new 13-month high on signs of economic turnaround

Kenyan shilling unchanged in quiet market, traders say

Nigeria seeking operators for state-owned oil refineries

South Africa’s Transnet gets 5 bln rand loan from BRICS bank

Digital payments: A catalyst for South Africa’s growth

Ghana signs agreement to build small NuScale nuclear reactor

South African grocer Pick n Pay says its Boxer IPO could raise $450 mln

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