<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="929" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour.jpg" alt="" class="wp-image-488636" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour.jpg 929w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-768x432.jpg 768w" sizes="auto, (max-width: 929px) 100vw, 929px" /><figcaption class="wp-element-caption">The Fort Knox Alaska operations of mining company Kinross, which has a new gold mine in Tetlin, Alaska, that has led to lawmaker concerns about trucking’s impact.
Courtesy: Kinross</figcaption></figure>



Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Harmony Gold&nbsp;HARJ.J, South Africa&#8217;s biggest gold producer by volume, said on Monday its profit probably doubled in the year ended June 30, buoyed by a rise in output of the precious metal, better grades and a price rally.



The Johannesburg-based miner reported preliminary headline earnings per share of $0.98 for the financial year, up from $0.45 per share a year earlier. It is due to release its final full-year results on Sept. 5.



Harmony is among South Africa&#8217;s few remaining gold miners squeezing profits from some of the world&#8217;s oldest and deepest gold mines. It said gold output is expected to have risen 6% to 1.56 million ounces in the year through June 30, surpassing an earlier target of 1.55 million ounces.



Still, Harmony&#8217;s profit was weighed down by a 2.8 billion rand ($157.51 million) writeoff of its Target North project in South Africa after recent studies showed its mineral reserves are less than previous assumptions.



The Target North project may no longer be viable, Harmony CEO Peter Steenkamp said, adding that additional studies are still ongoing.



Further investment in the project located in South Africa&#8217;s Free State province would be weighed against Harmony&#8217;s Eva Mine copper project in Australia and the Wafi-Golpu gold-copper project in Papua New Guinea, which it seeks to jointly develop with partner Newmont.



Harmony is among South African gold producers that have shifted focus to elsewhere in Africa, Australia and the Americas and to other metals as digging for gold in some of the world&#8217;s deepest mines becomes more costly and dangerous.



The Australian and PNG copper projects are part of Harmony&#8217;s pivot towards copper which is in demand for use in the production of electric vehicles and renewable energy systems, pushing its price to record highs this year.



($1 = 17.7326 rand)



(Reporting by Nelson Banya; editing by David Evans and Susan Fenton)

107387754-1710442603582-Fort-Knox-Gold-Pour

South Africa’s top gold miner sees profit surge as prices rally

How Wingstop Became One Of The Hottest Restaurant Stocks

<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/V4N2FQ4N2VNUJMZZF6YENPZG2E-820x547.jpg" alt="" class="wp-image-523532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the central business district is seen from a roof-top in Lagos, Nigeria February 10, 2016. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



ABUJA, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy grew 3.19% year on year in the second quarter of 2024, statistics agency data showed on Monday.



The growth rate was quicker than the 2.51% growth recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of this year.



(Reporting by Chijioke Ohuocha; Editing by Alexander Winning)

A view of the central business district is seen from a roof-top in Lagos

Nigeria’s GDP growth rises to 3.19% year on year in Q2

<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/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg" alt="" class="wp-image-523529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Spain&#8217;s Prime Minister Pedro Sanchez attends a press conference at Moncloa Palace in Madrid, Spain, July 31, 2024. REUTERS/Ana Beltran/File Photo</figcaption></figure>



MADRID/SANTA CRUZ DE TENERIFE, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Spain&#8217;s Prime Minister Pedro Sanchez starts his second visit this year to West Africa on Tuesday, aiming to curb migration to the Canary Islands and to counter the Russian presence in the Sahel region.



The West African migration route has seen a 154% surge this year, with 21,620 people crossing to the Canary Islands in the first seven months, according to data from the European Union border agency Frontex.



The wave has stretched resources on the Spanish archipelago, with local authorities saying they may have to house migrants in military camps or even in tents ahead of an expected rise in arrivals&nbsp;due to calmer conditions in the Atlantic Ocean.



Spanish authorities fear that as many as 150,000 more migrants from Africa may be set to make the perilous crossing in the coming months.



According to Frontex data, nearly half of the new arrivals are Malians, forced out of their country by a conflict and economic crisis in which the Russian mercenary group Wagner is involved.



Sanchez is focusing on strengthening relations with Mauritania, Senegal, and Gambia, the main departure points for migrant boats. The first two share land borders with Mali.



Spanish police have&nbsp;long&nbsp;operated in West Africa&nbsp;to strengthen&nbsp;border control&nbsp;as part of Madrid&#8217;s strategy to give financial and security aid to departure points for migrant boats.



<h2 class="wp-block-heading" id="h-return-to-mali">RETURN TO MALI</h2>



Spain is also planning a return to Mali following the closure of the EU military mission there last May. While France advocated for the mission&#8217;s termination, Spain is engaged in discussions with Bamako over bilateral military aid, according to a senior Spanish military officer.



&#8220;We cannot leave the ground empty for Russian forces to occupy. It is important to maintain a presence in the region,&#8221; the officer, who requested anonymity, told Reuters.



The Spanish mission could continue the training of the previous European mission, the source said.



Spain&#8217;s Defence Ministry confirmed that it was in talks over collaboration with Mali without providing further details.



Spain is advocating at the EU and NATO for a stronger focus on the global south, especially the Sahel, in light of the migration surge.



Jesus&nbsp;Nunez&nbsp;Villaverde, co-director of the Institute for Conflict Studies and Humanitarian Action, said that to resolve the Sahel&#8217;s problems, poverty and the effects of climate change need to be addressed.



&#8220;The solution is not military aid, which is a repetition of a failed model. A different kind of aid is needed,&#8221; he said.



Years of Islamist conflict in the Sahel have fuelled a humanitarian crisis with more than 3.1 million people displaced from their homes in Mali, Burkina Faso and Niger as of July, according to the International Organization for Migration (IOM).



In Mali, economic troubles have also worsened since the ruling junta seized power in 2020.



The conflict, unemployment and the impact of climate change on farming communities are the main drivers behind Malians&#8217; motivations to migrate, said Ousmane Diarre, head of a Malian NGO that defends migrant rights.



Moussa Diaby Wage, a 20-year-old from Mali, arrived in&nbsp;the&nbsp;Canaries in 2020&nbsp;in a boat from&nbsp;Mauritania.



Having secured Spanish nationality, his dream is to join the army. Meanwhile, he helps other migrant children in a centre for minors in Tenerife. Of the 50 teenagers living there, 30 came from Mali.



&#8220;We came here because Mali is at war, there is a lot of fighting in the north and many people have to make the decision to leave,&#8221; he told Reuters. &#8220;Most of those who come are young, very young, because it&#8217;s the only way to get a chance (in life)&#8221;.



(Reporting by Corina Pons in Canary Islands; Fadimata Kontao in Bamako; Belén Carreño in Madrid and Joan Faus in Barcelona; editing by Charlie Devereux and Angus MacSwan)

Spain’s PM Sanchez to hold press conference, in Madrid

Spain’s Sanchez visits West Africa aiming to stem migration surge

With more than 328 million terabytes of data <a href="https://whatsthebigdata.com/data-generated-every-day/">generated</a> daily, making sense of it all has become a key challenge for business, especially those seeking to thrive in a dynamic marketplace. The Hive Group, a leading Pan-African data and consumer insights performance agency, has been at the forefront of transforming this data into actionable insights, allowing brands to unlock efficiencies and opportunities.



<h2 class="wp-block-heading" id="h-a-fresh-focus">A fresh focus</h2>



Building on its legacy, The Hive Group has undergone an extensive restructuring, leading to the launch of its Tech Hive division. This division is designed to further strengthen The Hive Group’s capabilities by integrating advanced technology and data-driven methodologies into its service offerings. Through this, the Group is identifying more innovative ways to help brands navigate the complexities of the modern marketing landscape.



“We deliver creative solutions inspired by data and use insights from numerous sources. Tech Hive excites us because we now have our own data shop accessible 24/7, allowing us to deliver creative solutions quicker, map out consumer journeys, and ultimately produce high-quality products faster,” says Fiso Tshivhandekano, Managing Director of Idea Hive.



This repositioning reflects the Hive Group&#8217;s understanding of the dynamic landscape of marketing, where agencies must continually evolve and embrace innovation. The launch of Tech Hive underscores The Hive Group’s commitment to delivering precise, impactful solutions that drive organisational success.



<h2 class="wp-block-heading" id="h-a-refined-approach">A refined approach</h2>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Martech.jpg" alt="" class="wp-image-523508" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Martech.jpg 1200w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Martech-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Martech-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Martech-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Martech-768x402.jpg 768w" sizes="auto, (max-width: 1200px) 100vw, 1200px" /></figure>



Central to this approach is The Hive Group’s strategic partnerships. Collaborating with mParticle, which combines real-time data quality and governance protections with AI-powered insights, the Group can now unlock even more powerful data-driven insights for its clients. Similarly, its partnership with StoryTeq allows the Group to produce high volumes of personalized content at scale through creative automation, ensuring that every marketing campaign is targeted and relevant.



The Hive Group’s powerful customer data platform, driven by mParticle technology, empowers brands to create detailed customer profiles by integrating data from various sources. This gives a holistic view of customer behaviours and preferences to ensure that marketing campaigns are targeted and relevant. The goal is to provide brands with the insights needed to drive better engagement and higher conversion rates.



“Our use of mParticle shows the practical benefits of creating precise customer segments. Being able to identify frequent buyers and seasonal shoppers helps organisations tailor marketing messages to each group,” says Yaw Dwomoh, CEO of The Hive Group.



Moreover, Tech Hive’s Martech stack allows The Hive Group to group individuals with similar thoughts and develop personalised solutions. This insights-driven approach enables businesses to transform data into actionable strategies that foster deeper customer connections and drive success.



“Our precision marketing has now reached the next level,” says Tshivhandekano. “We are fully tech-enabled, using our AI tool to figure out real business challenges for creative solutions. This insights-driven approach removes the guesswork and focuses on finding the real challenges to solve for greater business success.”



<h2 class="wp-block-heading" id="h-data-driven-insights-help-break-down-stereotypes">Data-driven insights help break down stereotypes</h2>



One of the key areas where Tech Hive is making a difference is in its approach to debunking cultural stereotypes. Traditional marketing often relies on broad assumptions about consumer behaviour, which can lead to ineffective campaigns. However, Tech Hive’s data-driven insights reveal a different reality—one where consumers are more likely to engage with brands that resonate with their thoughts and values.



“Our Martech stack allows us to group individuals with similar thoughts and develop personalised solutions. Businesses set up loyalty programs and collect consumer data but often do not know how to use it to grow their business and derive income through loyalty. Tech Hive helps businesses overcome this challenge by transforming data into actionable insights, enabling closer customer connections and tailored services,” explains Tshivhandekano.



<h2 class="wp-block-heading" id="h-precise-marketing">Precise marketing</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Storyteq-820x429.jpg" alt="" class="wp-image-523509" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Storyteq-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Storyteq-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Storyteq-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Storyteq-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Storyteq.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



By leveraging in-house AI tools, Tech Hive can now identify real business challenges and devise creative solutions based on data-driven insights rather than gut feelings. This approach ensures that strategies are not only relevant but also aligned with business goals, leading to greater impact and success.



This precision in marketing has been significantly enhanced by leveraging in-house AI tools. Tech Hive can now identify real business challenges and devise creative solutions based on data-driven insights, ensuring strategies are not only relevant but also aligned with business goals.



<h2 class="wp-block-heading" id="h-data-solutions-across-africa">Data solutions across Africa</h2>



As Tech Hive continues to drive innovation, its data solutions resonate beyond just marketing. Globally, companies across industry sectors are turning to data-driven advertising solutions, with digital advertising spending <a href="https://www.statista.com/outlook/dmo/digital-advertising/worldwide">projected</a> to top $740 billion by the end of this year. The rapid growth of artificial intelligence (AI), machine learning, and real-time data analytics has transformed the marketing landscape, enabling brands to engage with customers in more personalised ways.



“Both Idea Hive and Tech Hive will continue to adapt and innovate to reflect market trends. Our focus will remain on delivering powerful solutions that unlock new opportunities for our clients to achieve their goals,” says Dwomoh.



<h2 class="wp-block-heading" id="h-evolving-to-meet-market-demands">Evolving to meet market demands</h2>



The Hive Group’s repositioning and the launch of Tech Hive mark a significant step forward in the company’s evolution. By merging creativity with cutting-edge technology and leveraging data-driven insights, The Hive Group is well-positioned to help brands navigate the complexities of the modern marketing landscape.



As the company continues to innovate and expand its capabilities, it remains committed to driving business success for its clients across Africa and beyond.



<figure class="wp-block-video"><video controls src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIDEO-2024-05-31-12-58-47.mp4"></video></figure>

Welcoming a new era of data-driven marketing

The end of a dream: What happens when an Olympian’s career is over

<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/ONNVXT2PNJOPTD2RGQADDQM6PQ-820x547.jpg" alt="" class="wp-image-523490" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Presidential candidate from the ruling New Patriotic Party (NPP) and Ghana&#8217;s Vice President, Dr. Mahamudu Bawumia, delivers a speech next to a poster with his picture, during his campaign launch event ahead of the 2024 presidential election in Accra, Ghana, February 7, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;The two main contenders in Ghana&#8217;s presidential election have launched duelling manifestos promising fiscal stability, jobs and a path out of the country&#8217;s worst economic downturn in a generation.



Voters will head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who is stepping down at the end of the two terms he is allowed to serve as head of the West African gold, oil and cocoa-producing nation.



The election will pit ex-president John Dramani Mahama of the main opposition National Democratic Congress party against Vice President Mahamudu Bawumia, an economist and former central banker, from Akufo-Addo&#8217;s ruling New Patriotic Party.



No party has ever won more than two consecutive terms in government in Ghana&#8217;s democratic history.



Frustrations about economic hardship have tainted Akufo-Addo&#8217;s presidency. Ghana defaulted on most of its $30 billion external debt in 2022 &#8211; the culmination of years of overstretched borrowing compounded by the COVID pandemic, the knock-on impacts of the war in Ukraine and a rise in global interest rates.



The government sought help from the International Monetary Fund and is now restructuring its debt as a condition for a $3 billion support package.



Both Mahama and Bawumia laid out their policy promises over the weekend ahead of a vote analysts predict to be tight two-man contest, even though others are running.



Mahama, 65, vowed to scrap first-year university fees to boost tertiary education and reduce taxes during his first three months in office.



&#8220;I will lead a ruthless war against corruption&#8221; and recover misappropriated assets, he told supporters in the south central city of Winneba on Saturday.



Mahama invested heavily in infrastructure during his 2013-17 presidency but drew criticism over power shortages, economic instability and alleged state corruption. He was never directly accused of wrongdoing but oversaw the government that was. His government denied wrongdoing.



NPP critics say graft continued and grew worse under Akufo-Addo&#8217;s administration. His administration has also denied wrongdoing.



Bawumia promised to simplify the tax system, almost halve the number of ministers and cut public spending by 3% of GDP.



Addressing reporters in the capital Accra on Sunday, he outlined a plan to provide digital training to one million young people to help them find jobs.



Both candidates are from northern Ghana, a long-standing NDC stronghold in which the NPP has made inroads over the past years.



(Reporting by Maxwell Akalaare Adombila; Editing by Sofia Christensen, Portia Crowe and Alison Williams)

ONNVXT2PNJOPTD2RGQADDQM6PQ

Ghana presidential contenders promise to ease hardship as campaign ramps up

<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, Aug 26 (Reuters) &#8211; The Ugandan shilling  was marginally firmer against the U.S. dollar on Monday, with some end-month inflows of hard currency from non-governmental organisations helping lend support to the local currency, traders said.



At 0920 GMT commercial banks quoted the shilling at 3,707/3,717, a notch firmer than Friday&#8217;s close of 3,710/3,720.



(Reporting by Elias Biryabarema; Editing by)

GettyImages-924883576-1

Ugandan shilling firms slightly on aid agency inflows

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



NAIROBI, Aug 26 (Reuters) &#8211; The Kenyan shilling was stable on Monday, with traders saying market activity was muted despite S&amp;P Global downgrading the country&#8217;s sovereign credit rating late on Friday.



At 0813 GMT, LSEG data showed the shilling at 128.50/129.50 to the U.S. dollar, the same level it closed on Friday.



The shilling has traded relatively evenly in recent weeks, shrugging off major protests that started in June and forced the government to abandon tax hikes contained in the government&#8217;s annual finance bill.



S&amp;P downgraded Kenya&#8217;s rating deeper into &#8220;junk&#8221; territory, to &#8216;B-&#8216; from &#8216;B,&#8217; citing the repeal of the latest year&#8217;s finance bill, which it said will slow fiscal consolidation.



&#8220;The market&#8217;s dead. Everyone is just holding off. Nobody is keen on buying, they&#8217;re just covering some small positions,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling steady in muted trade; no reaction to S&P downgrade

<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 26 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand weakened early on Monday, ahead of a slew of local economic data releases this week, which could give hints on the health of the local economy.



At 0732 GMT, the rand traded at 17.80 against the dollar, 0.51% weaker than its previous close.



The rand, like most emerging market currencies, benefited from a softer dollar on Friday after comments from Federal Reserve Chair Jerome Powell solidified bets of a September rate cut.



South African investors will focus on monthly producer inflation, money supply, budget and trade balance data due later this week.



On the stock market, the Top-40 index was little changed in early trade.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 2.5 basis points to 9.095%.



(Reporting by Bhargav Acharya; Editing by Kirsten Donovan)

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Monday.



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



Foreigners&#8217; trading in South African bonds and equities



South African weekly T-bill auction



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



South Africa&#8217;s state utility Eskom to brief media on summer outlook



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



The South African rand jumped on Friday, after comments by Federal Reserve Chair Jerome Powell signalled an interest rate cut next month.



On the Johannesburg Stock exchange, the blue-chip Top-40 index closed up 0.73%.



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



Major share markets turned hesitant in Asia on Monday, while the dollar and bond yields were on the wane ahead of inflation data that investors hope will pave the way for rate cuts in the United States and Europe.



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



U.S. stocks rallied on Friday as dovish remarks from U.S. Federal Reserve Chair Jerome Powell solidified expectations that the central bank will cut its key policy rate in September.



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



Gold prices held ground on Monday, buoyed by a weaker dollar and Treasury yields after U.S. Federal Reserve Chair Jerome Powell&#8217;s dovish remarks cemented expectations for a September rate cut.



&#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; Steinhoff 2.0 takes Reserve Bank to court



&#8211; Transnet asks Eskom for secret of its turnaround



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



&#8211; Turkcell vs MTN: Billion-dollar lawsuit over Iranian licence heads to appeals court



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 26

<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, Aug 26 (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 shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation data that investors hope will pave the way for rate cuts in the United States and Europe.



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



Oil prices extended gains on Monday on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies, while imminent U.S. interest rate cuts lifted the global economic and fuel demand outlook.



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



The South African rand jumped on Friday, after comments by Federal Reserve Chair Jerome Powell signaled an interest rate cut next month.



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



Kenya&#8217;s shilling was stable against the U.S. dollar on Friday, as the dollar was hit by a lull in demand, traders said.



<h2 class="wp-block-heading" id="h-kenya-ratings">KENYA RATINGS</h2>



Global credit ratings agency S&amp;P downgraded Kenya&#8217;s rating on Friday to &#8220;B-&#8221; from &#8220;B,&#8221; citing the recent repeal of the East African country&#8217;s 2024/2025 Finance Bill, which it said will slow its fiscal consolidation.



<h2 class="wp-block-heading" id="h-shipping-red-sea">SHIPPING RED SEA</h2>



Three fires blazed on a Greek-flagged oil tanker in the Red Sea, the United Kingdom Maritime Trade Operations said on Friday, one day after rescuers evacuated its crew in the wake of an assault by Yemeni Houthi militants.



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



Ghana&#8217;s cocoa marketing board, Cocobod, is fine-tuning a new funding model for bean purchases that will require global traders to deposit at least 60% of the value of their forward contracts at the start of the season, two sources told Reuters.



<h2 class="wp-block-heading" id="h-mali-security">MALI SECURITY</h2>



At least 21 people, including 11 children, were killed by drone strikes on Sunday on the town of Tinzaouaten in north Mali, near where the army suffered a heavy blow last month, Tuareg rebels said.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 26

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108025237-1724641337856-gettyimages-2167483575-AFP_36EN9KK-820x462.jpeg" alt="" class="wp-image-523407" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108025237-1724641337856-gettyimages-2167483575-AFP_36EN9KK-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108025237-1724641337856-gettyimages-2167483575-AFP_36EN9KK-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108025237-1724641337856-gettyimages-2167483575-AFP_36EN9KK-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108025237-1724641337856-gettyimages-2167483575-AFP_36EN9KK-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108025237-1724641337856-gettyimages-2167483575-AFP_36EN9KK.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">This photo taken from a position in northern Israel shows a Hezbollah UAV intercepted by Israeli air forces over north Israel on August 25, 2024. The Israeli military announced early August 25, 2024 that it was conducting pre-emptive strikes in Lebanon after detecting preparations for “large-scale” attacks by the Iran-backed militant group Hezbollah. Hezbollah said it had launched more than 320 rockets at Israel overnight, targeting a string of military positions, even as Israel’s military said it was carrying out pre-emptive strikes against the group.  Jalaa Marey | Afp | Getty Images</figcaption></figure>



Tensions in the Middle East and the risk of a wider conflict will keep oil prices elevated, said Vivek Dhar, mining and energy commodities strategist at the Commonwealth Bank of Australia.



Oil prices rose on Monday after Israel’s Air Force struck targets in Lebanon with over 100 fighter jets before the Iran-backed group fired more than 320 rockets into Israel.



U.S. West Texas Intermediate crude was up 0.75% at $75.39 a barrel, while Brent crude rose 0.67% to $79.55.



Iran-backed Hezbollah said the strikes were in retaliation to Israel’s killing of senior commander Fuad Shukr in Beirut last month. Israel said its pre-emptive strikes were aimed at foiling a bigger attack by the Hezbollah, Reuters reported.



“While market expectations are centered on Iran’s attack hurting Israel without triggering a wider regional conflict, Israel’s response will be equally important. And Israel’s response may include an attack on Iran’s oil supply and related infrastructure, which would put at risk 3 &#8211; 4% of global oil supply,” Dhar said.



Cedric Chehab, managing director and head of global risk at research firm BMI said the exchange of fire on Sunday does not mean that an “all-out war” is imminent.



Speaking to CNBC’s “Squawk Box Asia,” Chehab said that “what Hezbollah wanted to do, what Iran wanted to do, was to essentially allow for deterrence. So, [to] exercise that deterrence, and they’ve done that.”



While there is a risk that the confrontation spirals out into a wider conflict, there is still room for de-escalation, he added.



Both Israel and Iranian leaders “do not want this to get out of hand and to escalate &#8230; don’t forget, Iran has a new president who’s untested, and the idea is to apply pressure on Israel, but not necessarily engage in direct confrontation.”



While Dhar agreed with Chehab’s view that the events on Sunday are unlikely to be the catalyst for an all-out war in the region, he pointed out Iran has yet to retaliate against Israel following the assassination of Ismail Haniyeh, the political chief of Hamas, in Tehran last month.



Dhar also said the progress of Gaza truce talks will be an indicator of how Iran, Hezbollah, and Hamas interpret the events over the weekend.



Early Monday, Reuters reported that there was no agreement over ceasefire in talks on Sunday regarding the Gaza conflict, with Egyptian security sources telling the agency that neither Hamas nor Israel agreed to proposals presented by mediators in Cairo.



Dhar added while the escalation hurts truce talks at face value, the fact that Israel managed to thwart Hezbollah “may force Iran and its proxies to concede that Israel is in a position of power, particularly with U.S. backing, making the truce talks more palatable.”



He also forecasts that Brent futures will trade between $75 and $85 a barrel in September, with more potential upside if hopes for a truce in Gaza diminish, and as an Iranian reprisal against Israel is still “on the cards.”



“More broadly, the risk of a wider conflict in the Middle East that permanently embroils Iran is an upside risk to our outlook.”

108025237-1724641337856-gettyimages-2167483575-AFP_36EN9KK

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