<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WPXJD4O4SJIPDIGFXZH6UFCJQM-820x547.jpg" alt="" class="wp-image-530184" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WPXJD4O4SJIPDIGFXZH6UFCJQM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WPXJD4O4SJIPDIGFXZH6UFCJQM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WPXJD4O4SJIPDIGFXZH6UFCJQM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WPXJD4O4SJIPDIGFXZH6UFCJQM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WPXJD4O4SJIPDIGFXZH6UFCJQM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WPXJD4O4SJIPDIGFXZH6UFCJQM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s President Cyril Ramaphosa holds up the signed Basic Education Laws Amendment Bill, which aims to strengthen governance in the education sector, surrounded by Premier of Gauteng Andrek Panyaza Lesufi, Deputy Minister of Basic Education, Dr Makgabo Reginah Mhaule and provincial education leadership at the Union Buildings in Pretoria, South Africa, September 13, 2024. REUTERS/Alet Pretorius</figcaption></figure>



PRETORIA, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s president signed contentious education legislation into law on Friday, angering his party&#8217;s main coalition partner amid a debate centred on the integration of schools that teach in Afrikaans.



Part of the bill&nbsp;gives the education department the power to approve school boards&#8217;&nbsp;language policies, which President Cyril Ramaphosa&#8217;s African National Congress (ANC) says&nbsp;will help prevent&nbsp;discrimination.



The ANC says that students are being excluded from some schools because of the language they speak, which it says has been used as a proxy for racial exclusion.&nbsp;Afrikaans was promoted by South Africa&#8217;s white minority rulers under apartheid.



&#8220;The signing of this bill marks an important step towards resolving longstanding challenges in our education system,&#8221; Ramaphosa said at the signing ceremony at the Union Buildings, the seat of government in capital Pretoria.



Coalition partner the Democratic Alliance (DA), which has struggled to shake an image as a party of the white minority, has defended single-language schools, saying it is important for children to be taught in their mother tongue.



Shortly before the signing, it promised to fight the legislation in the courts. Earlier this week it said the bill went against the principle of consensus-building of the government of national unity and threatened the coalition.



&#8220;Primarily it&#8217;s about the use of Afrikaans as a medium of instruction, which is seen as an attempt to exclude people that are not able to speak Afrikaans,&#8221; Andre Duvenhage, a politics professor at North-West University, told Reuters.



&#8220;In a way the &#8230; legislation is an attempt at opening up these schools for all people,&#8221; he told Reuters.



The Basic Education Laws Amendment (BELA) Bill also makes one year of pre-primary school mandatory, reinforces a ban on corporal punishment in schools and regulates home-schooling.



Ramaphosa said he would allow for three months of consultation on the most controversial sections of the bill and if a solution was not reached then implementation would go ahead.&nbsp;The DA said it would pursue its court challenge.



(Reporting by Nellie Peyton; Additional Reporting by Tannur Anders; Editing by Andrew Heavens)

South Africa’s President Ramaphosa signs into law the Basic Education Laws Amendment

South Africa’s president signs contentious education bill, testing coalition

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/QYHOX6JU6ZP33IVMKVBRYCGM7Q-820x547.jpg" alt="" class="wp-image-426578" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/QYHOX6JU6ZP33IVMKVBRYCGM7Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/QYHOX6JU6ZP33IVMKVBRYCGM7Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/QYHOX6JU6ZP33IVMKVBRYCGM7Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/QYHOX6JU6ZP33IVMKVBRYCGM7Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/QYHOX6JU6ZP33IVMKVBRYCGM7Q-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/QYHOX6JU6ZP33IVMKVBRYCGM7Q-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The offices of Fitch Ratings building appears empty in Canary Wharf, following the outbreak of the coronavirus disease (COVID-19), London, Britain, May 27, 2020. REUTERS/Dylan Martinez/File photo</figcaption></figure>



JOHANNESBURG, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s National Treasury said on Friday its plan to reduce expenditure and raise revenue, while implementing critical reforms, was in progress after credit rating agency Fitch affirmed its debt rating at &#8220;BB-&#8221; with a stable outlook.



Fitch said that key drivers affecting its decision to keep South Africa below investment grade include the country&#8217;s high debt-to-GDP ratio, low growth and high levels of inequality.



The ratings agency said that the formation of a government of national unity (GNU) after the May. 29 general elections lowers short term uncertainty and that the reform programme could contribute to modestly increasing real GDP growth.



Fitch acknowledged the marked improvement in power utility Eskom&#8217;s performance this year, but highlighted that ongoing challenges at state logistics group Transnet continue to constrain growth.



South Africa&#8217;s National Treasury said in response that the government would continue to implement &#8216;Operation Vulindlela&#8217;, a programme aimed at accelerating reforms in network industries.



&#8220;Extensive reforms in energy, freight, water, and telecommunications are also in progress,&#8221; it said in a statement.



The Treasury also said that fiscal consolidation efforts would continue and further steps to reduce borrowing over the medium term were being taken.



(Reporting by Kopano Gumbi; Editing by Elaine Hardcastle)

Outbreak of the coronavirus disease (COVID-19) in London

South Africa says reform agenda in progress after Fitch affirms ratings

Commerzbank shares up after UniCredit buys stake

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5R2BE5PG4RMMTDUCOPH2YZFV5Q-820x429.jpg" alt="" class="wp-image-530148" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5R2BE5PG4RMMTDUCOPH2YZFV5Q-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5R2BE5PG4RMMTDUCOPH2YZFV5Q-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5R2BE5PG4RMMTDUCOPH2YZFV5Q-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5R2BE5PG4RMMTDUCOPH2YZFV5Q-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5R2BE5PG4RMMTDUCOPH2YZFV5Q-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5R2BE5PG4RMMTDUCOPH2YZFV5Q.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Colorized transmission electron micrograph of mpox virus particles captured at the NIAID Integrated Research Facility in Fort Detrick</figcaption></figure>



DAKAR, Sept 12 (Reuters)&nbsp;&#8211;&nbsp;The Africa Centres for Disease Control and Prevention (Africa CDC) is able to raise $600 million to fight a surging mpox outbreak on the continent, the agency&#8217;s head said on Thursday.



The World Health Organization declared mpox a global health emergency in mid-August, after a new strain began spreading from the Democratic Republic of Congo to neighbouring countries.



&#8220;If you want to know if I&#8217;m positive that we can raise the $600 million, I will safely say yes,&#8221; Jean Kaseya, director general of Africa CDC, told reporters.



In August, the agency put the estimated cost of the mpox response at $245 million and said that it had secured only about $20 million. Kaseya did not say why the cost, which excludes the cost of vaccines, had increased.



Kaseya said funding could come from African Union countries, development partners, philanthropies and the private sector.



He said that international vaccine alliance GAVI had pledged assistance and Africa CDC was in discussions with The Pandemic Fund, a multilateral organisation that funds pandemic response.



Kaseya said that a transfer of technology to the continent would reduce the price of vaccines by 80%-90%.



Africa CDC said last month that talks had started with Danish biotech firm Bavarian Nordic BAVA.CO to manufacture its mpox vaccine in Africa, which Kaseya said would help make the vaccine affordable for African countries.



Kaseya will announce the amount raised at the U.N. General Assembly in New York this month.



Africa has seen over 26,000 suspected mpox cases including 724 deaths so far this year, Africa CDC data showed.



In Democratic Republic of Congo, children under 15 years account for about 60% of suspected cases and 80% of deaths this year, UNICEF said in a statement on Thursday.



(Reporting by Anait Miridzhanian; Editing by Cynthia Osterman)

5R2BE5PG4RMMTDUCOPH2YZFV5Q

Africa CDC confident it can raise $600 million for mpox response

<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-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau 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, Sept 13 (Reuters) &#8211; The Ugandan shilling was broadly stable on Friday with a slight bias on the stronger side, driven by scant appetite for hard currency, traders said.



At 0923 GMT commercial banks quoted the shilling at 3,710/3,720, little-changed from Thursday&#8217;s close of 3,712/3,722.



(Reporting by Elias Biryabarema; Editing by Aaron Ross)

Ugandan Economy Following Rate Cut

Ugandan shilling stable on scant hard currency demand

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



NAIROBI, Sept 13 (Reuters) &#8211; The Kenyan shilling edged lower against the dollar on Friday, according to data from the London Stock Exchange Group (LSEG), though it remained within a stable range seen over the past month.



LSEG data, as of 0854 GMT on Friday, showed the Kenyan shilling trading at 128.50/129.50 to the dollar, a slight dip from Thursday&#8217;s closing rate of 128.30/129.30.



Traders forecast the shilling to remain stabile in the upcoming week, following its strong rally earlier this year. The rally was attributed to easing concerns over a potential default by the East African nation on a $2 billion Eurobond due in June.



(Reporting by Hereward Holland; Editing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling inches lower versus dollar, LSEG data shows

<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 13 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Friday, as markets weighed up bets on the size of a rate cut expected in the world&#8217;s biggest economy next week.



At 0804 GMT, the rand traded at 17.7550 against the dollar, near its Thursday closing level of 17.7625.



The dollar last traded softer against a basket of peers, as investors remained on tenterhooks ahead of next week&#8217;s Federal Reserve meeting.



While markets are certain the Fed will cut rates, uncertainty around whether it will go with a 25-basis-point or 50-basis-point cut remains.



On Friday, the rand will likely track developments in the lead up to the meeting. The risk-sensitive local unit often takes direction from global drivers like U.S. monetary policy in the absence of major local data points.



Next week, local investors will focus on August consumer inflation figures on Sept. 18 and the South African Reserve Bank&#8217;s (SARB) interest rate announcement on Sept. 19. Economists polled by Reuters predict the SARB will announce a 25 basis point rate cut.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was up about 0.3% in early trade.



South Africa&#8217;s benchmark 2030 government bond also firmed in early deals, as the yield slipped 3 basis points to 8.97%.



(Reporting by Tannur Anders; Editing by Mrigank Dhaniwala)

South African Rand coins are seen in this photo illustration

South African rand flat; markets focus on Fed rate cut next week

<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/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg" alt="" class="wp-image-423316" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas/</figcaption></figure>



NAIROBI, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;A team of staff from the International Monetary Fund is visiting Kenya on a fact-finding trip, the IMF said late on Thursday, part of efforts to craft a way forward in the wake of deadly protests that scuppered the government&#8217;s planned tax hikes.



President William Ruto abandoned this year&#8217;s finance bill in June, leaving the heavily indebted government with a bigger budget deficit for this financial year, mounting unpaid bills, and a delay in disbursement of IMF funding.



&#8220;This is a fact-finding mission and is part of our ongoing and constructive dialogue with the Kenyan authorities to find a balanced path forward,&#8221; Julie Kozack, the head of communications for the IMF, told a news briefing.



She did not provide more details, saying further updates will be given when the team completes its mission.



Kenya agreed a four-year loan with the IMF in 2021, and signed up for additional lending to support climate change measures in May 2023, taking its total IMF loan access to $3.6 billion.



The IMF requires regular reviews of reforms &#8211; in Kenya&#8217;s case every six months &#8211; before it releases tranches of funding.



Kenya reached a staff level agreement with the IMF in June on the seventh review of its programme, but the protest and ensuing withdrawal of the finance bill put a sign-off by the fund&#8217;s executive board, and subsequent payout, on hold.



Kenyan government officials have previously said they expect the IMF board to consider approving the disbursement of a $600 million tranche later this month, but no date has been set for a meeting to discuss this.



(Reporting by Duncan Miriri; Editing by Karin Strohecker and Christina Fincher)

FILE PHOTO: Man walks past the IMF logo at HQ in Washington

IMF staff in Kenya for fact-finding mission after protests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-820x547.jpg" alt="" class="wp-image-530080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/O5OSHLQ2ENJABK4UIKWVT7ANBU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo</figcaption></figure>



ABUJA, Sept 13 (Reuters) &#8211; Nigerian communities are claiming 505 billion naira ($310 million) in damages from Shell, which they accuse of breaching an existing court order by striking a deal to sell its onshore assets in the Niger Delta, court papers showed on Friday.



Shell is set to exit Nigeria&#8217;s onshore oil and gas sector after agreeing in January to sell its business to a consortium of five mostly local companies for $2.4 billion.



But more than 1,200 representatives of Ilaje communities in the Niger Delta asked the Federal High Court in Abuja to stop the deal, arguing that Shell was violating a December 2023 ruling that suspended any assets sale until a compensation lawsuit was concluded.



The community has a pending lawsuit against Shell, which it accuses of causing an oil spill that damaged waterways and farms.



Shell has long maintained that such spills were mostly due to theft of oil and interference with pipelines.



In the court papers, the community said Shell should be penalised for going ahead with asset sale &#8220;when the plaintiffs and the host of their community members have remained in perpetual suffering over the failure of the defendants to obey the preservative orders of a competent court.&#8221;



Shell did not immediately comment.



It was not immediately clear when the court would hear the case.



The oil major has faced a string of lawsuits locally and abroad from communities demanding environmental restoration or compensation for land damaged by historical oil spills.



Shell&#8217;s asset sale is yet to be approved by the energy regulator and the petroleum minister.



($1 = 1,630.0000 naira)



(Reporting by Camillus Eboh; Editing by Mark Potter)

FILE PHOTO: LNG 2023 energy trade show in Vancouver

Nigerian communities seek $310 mln from Shell, want asset sale stopped

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;The following political and economic events, company announcements, equity and currency market moves may affect South African markets on Friday.



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



South Africa&#8217;s President Cyril Ramaphosa will sign a contested education bill into law.



Ramaphosa will engage with the media on the Seventh Administration and the government of national unity.



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



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



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



Retailer Mr Price will host a capital markets day.



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



South Africa&#8217;s rand inched higher against a weaker dollar on Thursday, with the next big local drivers &#8211; inflation data and an interest rate decision &#8211; due next week.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed up more than 1.1%. South Africa&#8217;s benchmark 2030 government bond was little moved, the yield at 9%.



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



The dollar slumped to its lowest this year on Friday versus the yen while gold hit a record high as investors ratcheted up bets for a super-sized Federal Reserve interest rate cut next week.



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



Wall Street&#8217;s main indexes closed higher on Thursday after the latest inflation data reinforced expectations for a 25-basis point rate cut by the Federal Reserve, while Moderna&#8217;s weak revenue forecast made it the S&amp;P 500&#8217;s biggest percentage loser.



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



Gold prices soared to an all-time high on Friday as the dollar weakened amid the prospect of a reduction in U.S. interest rates, while palladium has gained 15% so far this week.



&#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; Pravin Gordhan, former minister and struggle veteran, has died



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



&#8211; FirstRand opts for caution as it pencils in only three rate cuts for SA



&#8211; Radioactive waste, small reactors and geopolitics will shape SA&#8217;s nuclear plans



(Compiled by Tannur Anders; Editing by Mark Potter)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 13

<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 13 (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-global-markets">GLOBAL MARKETS</h2>



The dollar on Friday slumped against the yen while gold hit an all-time peak as investors ratcheted up bets for a super-sized Federal Reserve interest rate cut next week after media reports suggested the decision was a tough one for officials.



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



Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana.



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



South Africa&#8217;s rand inched higher against a weaker dollar on Thursday, with the next big local drivers &#8211; inflation data and an interest rate decision &#8211; due next week.



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



The Kenyan shilling was flat on Thursday despite a slight pickup in foreign-currency demand, and traders said it was expected to remain in a tight range.



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



The Kenyan, Ugandan, Ghanaian and Zambian currencies are expected to be broadly stable in the next week to Thursday, while Nigeria&#8217;s could fall, traders said.



<h2 class="wp-block-heading" id="h-un-africa">UN AFRICA</h2>



The United States supports creating two permanent United Nations Security Council seats for African states and one seat to be rotated among small island developing states, U.S. Ambassador to the U.N. Linda Thomas-Greenfield announced on Thursday.



<h2 class="wp-block-heading" id="h-senegal-politics">SENEGAL POLITICS</h2>



Senegal President Bassirou Diomaye Faye on Thursday dissolved the opposition-led national assembly, clearing the way for early legislative elections on Nov. 17.



<h2 class="wp-block-heading" id="h-africa-mpox">AFRICA MPOX</h2>



The Africa Centres for Disease Control and Prevention (Africa CDC) is able to raise $600 million to fight a surging mpox outbreak on the continent, the agency&#8217;s head said on Thursday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 13

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-928551768-820x547.jpg" alt="" class="wp-image-530059" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-928551768-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-928551768-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-928551768-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-928551768-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-928551768-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-928551768-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pravin Gordhan, South Africa&#8217;s minister for public enterprises, arrives on stage to speak during the future of South Africa conference in Cape Town, South Africa, on Wednesday, March 7, 2017. South Africa &#8220;could easily see&#8221; its economy expand by 2 percent to 3 percent in the next year or two as the government tackles graft at state-owned companies and implements plans to create jobs, Gordhan said. Photographer: Halden Krog/Bloomberg via Getty Images</figcaption></figure>



Former South African Finance Minister Pravin Gordhan has died after a short illness.



His family said Gordhan, who also previously served in the Ministries of Public Enterprises and Cooperative Governance, died in the early hours of Friday. He was 75.



Gordhan was lauded for standing up against corruption under former President Jacob Zuma during a period that came to be known as state capture when India’s Gupta brothers were accused of widespread bribery and corruption of government officials. He was a freedom fighter for the African National Congress during its struggle against apartheid rule.



“We have lost an outstanding leader whose unassuming persona belied the depth of intellect, integrity and energy with which he undertook his activism, his duty as a parliamentarian and his roles as a member of Cabinet,’’ President Cyril Ramaphosa said in a condolence message.



Gordhan was appointed as Commissioner of the South African Revenue Service (SARS) in 1999, after a period as Deputy Commissioner as South Africa transitioned to democratic rule. His decade at SARS was marked by improved tax collection and governance, which led to his appointment as Finance Minister in 2009 till 2014.



His family said Gordhan understood public service was for the greater good rather than self-enrichment.



“He understood that participation in government was not merely a technical or technocratic role. Rather, it was to advance the high public duty that the Constitution bestows on all of us: to uplift the poor, eliminate inequalities, fight racism, greed and corruption, and create a society where social justice and economic emancipation occur within a far-reaching transformation of our society.’’



Gordhan also briefly served as Minister of Cooperative Governance and Traditional Affairs from 2014 until 2015, and then as Minister of Public Enterprises from February 2018 until March this year when he retired.



“In the latter years of this service to the nation, and as a beacon of our fight against corruption, Pravin Gordhan stood up to derision and threats emanating from some in our nation who were scorched by his insistence that justice be dispensed against those who sought to undermine our democracy and raid our public resources and assets.’’



This is a breaking news story. Please check back for updates.

Pravin Gordhan

Former South African Finance Minister Pravin Gordhan Passes on

Why Everyone Is Flocking To North Carolina’s Tech Hub

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE64AB445NMSZBY6PXTJEU3TG4-820x547.jpg" alt="" class="wp-image-529796" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE64AB445NMSZBY6PXTJEU3TG4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE64AB445NMSZBY6PXTJEU3TG4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE64AB445NMSZBY6PXTJEU3TG4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE64AB445NMSZBY6PXTJEU3TG4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE64AB445NMSZBY6PXTJEU3TG4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE64AB445NMSZBY6PXTJEU3TG4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of Amazon is seen on the door of an Amazon Books retail store in New York City, U.S., February 14, 2019. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



JOHANNESBURG, Sept 12 (Reuters)&nbsp;&#8211;&nbsp;U.S. e-commerce giant Amazon.com&nbsp;is in South Africa for the long run, its regional marketplace head said on Thursday, after its&nbsp;first foray&nbsp;into Sub-Saharan Africa four months ago.



Africa&#8217;s most advanced economy is usually seen as a good entry point for companies to expand into the continent and Amazon could be doing the same, analysts have said.



Its entry comes amid a sharp rise in online shopping in South Africa after the pandemic created an opportunity for e-commerce to finally take hold, with retailers including Naspers-owned&nbsp;e-commerce leader Takealot.com doubling down on investments in response.



Unlike the fanfare arrival that shoppers expected, Amazon launched in May with limited products on its website and little marketing while it worked to bring independent sellers onto its platform. The company has not given details of its plans.



Amazon&#8217;s Head of Marketplace for Sub-Saharan Africa, Suzelle Abe, hinted at a gradual approach, telling potential sellers at an e-commerce conference in Johannesburg that the retailer would keep building its online store with more categories and sellers.



&#8220;We want to get to know the customers. We want to get to know a lot of important learnings and through that, we keep on building,&#8221; Abe said.



&#8220;And yes, we&#8217;re definitely here for the long run.&#8221;



The retailer, which made South Africa its 23rd launch country, recently added jewellery and luggage to its growing list of categories, Abe added, with more to come.



Amazon has two fulfilment centres in South Africa, one in Johannesburg and one in Cape Town, and has partnered with click-and-collect companies such as Pargo and home courier companies for last-mile delivery.



Apart from Takealot.com and local retailers, Amazon is also competing with U.S. retail giant Walmart Inc, which owns food and general merchandise group Massmart, and low-price fast-fashion sites Shein and Temu, which have disrupted South Africa&#8217;s discount fashion market.



(Reporting by Nqobile Dludla; Editing by Mark Potter)

FILE PHOTO: FILE PHOTO: The logo of Amazon is seen on the door of an Amazon Books retail store in New York

Amazon is in South Africa for the long run, says marketplace head

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AU3TIBJDBBNTFCB7MP32IQ4O5A-1-820x429.jpg" alt="" class="wp-image-529778" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AU3TIBJDBBNTFCB7MP32IQ4O5A-1-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AU3TIBJDBBNTFCB7MP32IQ4O5A-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AU3TIBJDBBNTFCB7MP32IQ4O5A-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AU3TIBJDBBNTFCB7MP32IQ4O5A-1-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AU3TIBJDBBNTFCB7MP32IQ4O5A-1-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AU3TIBJDBBNTFCB7MP32IQ4O5A-1.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



NAIROBI, Sept 12 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan, Ugandan, Ghanaian and Zambian currencies are expected to be broadly stable in the next week to Thursday, while Nigeria&#8217;s could fall, traders said.



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



Kenya&#8217;s shilling is expected to be little changed in the coming week, extending a recent period of stability that has lasted about a month.



LSEG data quoted the shilling at 128.50/129.50 per dollar, compared with 128.25/129.25 at last Thursday&#8217;s close.



&#8220;We&#8217;re stuck within this range,&#8221; one trader said. &#8220;The shilling has reached a stable zone.&#8221;



The local unit rallied strongly early this year as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June, but it lost momentum from April onwards.



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



Nigeria&#8217;s naira could lose ground due to rising foreign-currency demand, despite the country raising $900 million from a domestic dollar bond sale.



The naira was quoted at 1,650 to the dollar on the official market on Thursday, LSEG data showed, the same rate at which the currency was changing hands in street trading.



That compares with a closing rate of around 1,592 naira a week earlier.



&#8220;The dollar raise in itself does not translate to an appreciation, until the central bank puts out those dollars to the market,&#8221; one trader said, adding: &#8220;Demand is overpowering supply&#8221;.



The trader said if the central bank increases the size of its interventions on the currency market that could support the naira, but its interventions had been too small.



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



Ghana&#8217;s cedi is seen trading relatively stable on the back of weak foreign-currency demand and continued central bank support.



LSEG data showed the cedi trading at 15.65 to the dollar versus 15.62 a week ago.



&#8220;The cedi traded relatively stable against the dollar in the past week, with very little interbank activity. Corporate demand has also decreased in the last few sessions,&#8221; said Sedem Dornoo, a senior trader at Absa Bank Ghana.



&#8220;We expect the pair to remain relatively stable in the coming week,&#8221; he added.



Another trader said the central bank&#8217;s interventions could anchor the pair in the short term.



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



Uganda&#8217;s shilling is seen trading in a tight range in the coming days, underpinned by subdued demand for dollars as most firms reserve their local currency for mid-month tax payments.



Commercial banks quoted the shilling at 3,715/3,725 to the dollar, compared to last Thursday&#8217;s close of 3,716/3,726.



&#8220;Mid-month tax payments are around the corner, I anticipate some support for the local unit from that,&#8221; one trader said.



He said the local unit was likely to oscillate in the 3,700-3,730 range against the dollar in the next week.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



Zambia&#8217;s kwacha is likely to hold steady, supported by companies selling dollars as they prepare to pay taxes.



On Thursday the kwacha was quoted at 26.25 per dollar from 26.30 a week ago.



&#8220;We have VAT (Value Added Tax) payments due mid-next week and this should support the local unit,&#8221; one financial analyst said.



(Reporting by Hereward Holland, Chris Mfula, Chijioke Ohuocha, Elias Biryabarema and Christian AkorlieEditing by Alexander Winning)

AU3TIBJDBBNTFCB7MP32IQ4O5A (1)

Kenyan and Zambian currencies seen stable, Nigeria’s could weaken

Will the U.S. allow Nvidia chip exports to Saudi Arabia?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/34VAE6NZTJLMTNUVKTT6O3FWY4-820x536.jpg" alt="" class="wp-image-529745" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/34VAE6NZTJLMTNUVKTT6O3FWY4-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/34VAE6NZTJLMTNUVKTT6O3FWY4-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/34VAE6NZTJLMTNUVKTT6O3FWY4-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/34VAE6NZTJLMTNUVKTT6O3FWY4-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/34VAE6NZTJLMTNUVKTT6O3FWY4-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/34VAE6NZTJLMTNUVKTT6O3FWY4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Shoppers look for items as they shop at an outlet of retailer Checkers in Sandton City mall, in Sandton, South Africa, August 28, 2024. REUTERS/Lelethu Madikane</figcaption></figure>



JOHANNESBURG, Sept 12 (Reuters)&nbsp;&#8211;&nbsp;South African analysts, business people and trade unions further lowered their inflation expectations in the third quarter of this year, bringing them closer to the level targeted by the central bank, a quarterly survey showed on Thursday.



The results of the survey &#8211; a key data point for the central bank at its monetary policy meetings &#8211; are likely to reinforce expectations that the bank will cut its key rate for the first time in more than four years on Sept. 19.



The average inflation forecast for 2024 fell to 5.1% in the third quarter from 5.3% in the second quarter, the Bureau for Economic Research&#8217;s survey showed.



For 2025 the average dropped to 4.8% from 5.0% in the second quarter, and for 2026 it fell to 4.8% from 4.9%.



The South African Reserve Bank (SARB) tries to keep inflation close to 4.5%, the midpoint of its target band of 3%-6%. In explaining previous decisions to keep rates unchanged, it said inflation expectations were still uncomfortably high.



Forecasts for a September rate cut were buttressed by July&#8217;s year-on-year inflation falling to within a whisker of the midpoint at 4.6%. August&#8217;s inflation print is scheduled for release on Sept. 18, the day before the SARB&#8217;s rate announcement.



At the last monetary policy meeting in July two of the six members of the SARB&#8217;s Monetary Policy Committee voted for a 25 basis point cut, while four preferred no change, the eventual decision.



One worry for the central bank in the latest inflation expectations survey is that the inflation forecast of households rose steeply, reaching its highest level this year at 6.9% from 6.4% in the second quarter.



The rise was driven by the respondents in the low-income category, suggesting the poorest South Africans may be more exposed to price pressures.



(Reporting by Kopano Gumbi; Editing by Alexander Winning, William Maclean)

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South Africa’s president signs contentious education bill, testing coalition

South Africa says reform agenda in progress after Fitch affirms ratings

Commerzbank shares up after UniCredit buys stake

Africa CDC confident it can raise $600 million for mpox response

Ugandan shilling stable on scant hard currency demand

Kenyan shilling inches lower versus dollar, LSEG data shows

South African rand flat; markets focus on Fed rate cut next week

IMF staff in Kenya for fact-finding mission after protests

Nigerian communities seek $310 mln from Shell, want asset sale stopped

South African Markets – Factors to watch on Sept 13

African Markets – Factors to watch on Sept 13

Former South African Finance Minister Pravin Gordhan Passes on

Why Everyone Is Flocking To North Carolina’s Tech Hub

Amazon is in South Africa for the long run, says marketplace head

Kenyan and Zambian currencies seen stable, Nigeria’s could weaken

Will the U.S. allow Nvidia chip exports to Saudi Arabia?

South African inflation expectations fall again in Q3

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home

South Africa’s president signs contentious education bill, testing coalition

South Africa says reform agenda in progress after Fitch affirms ratings

Commerzbank shares up after UniCredit buys stake

Africa CDC confident it can raise $600 million for mpox response

Ugandan shilling stable on scant hard currency demand

Kenyan shilling inches lower versus dollar, LSEG data shows

South African rand flat; markets focus on Fed rate cut next week

IMF staff in Kenya for fact-finding mission after protests

Nigerian communities seek $310 mln from Shell, want asset sale stopped

South African Markets – Factors to watch on Sept 13

African Markets – Factors to watch on Sept 13

Former South African Finance Minister Pravin Gordhan Passes on

Why Everyone Is Flocking To North Carolina’s Tech Hub

Amazon is in South Africa for the long run, says marketplace head

Kenyan and Zambian currencies seen stable, Nigeria’s could weaken

Will the U.S. allow Nvidia chip exports to Saudi Arabia?

South African inflation expectations fall again in Q3

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