<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Sept 11 (Reuters) &#8211; The Ugandan shilling was stable on Wednesday, supported by muted demand for dollars as some players held onto their local currency to meet pending mid-month tax payments, traders said.



At 0933 GMT commercial banks quoted the shilling at 3,710/3,720, same level as Tuesday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

UGANDA SHILLING

Ugandan shilling stable as pending taxes offer support

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1079" height="922" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1.jpg" alt="" class="wp-image-529344" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1.jpg 1079w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-300x256.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-820x701.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-105x90.jpg 105w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-768x656.jpg 768w" sizes="auto, (max-width: 1079px) 100vw, 1079px" /></figure>



Nestled on the foot of the rolling Udi Hills, which offer a picturesque backdrop to the concrete jungle below, Enugu is a city that is quietly reinventing itself. The capital of the eponymous Enugu State in southeastern Nigeria, Enugu was once a thriving coal mining hub.



British colonial administrators founded the city in 1909 as a coal mining camp. Coal was extracted and exported through a purpose-built railway line to the coast. Flushed with revenue and job opportunities, Enugu rapidly grew from a sleepy village to a bustling mining and administrative town.



But the coal mining industry in Nigeria collapsed long before the global transition from fossil&nbsp;fuels gathered steam. The discovery of crude oil in commercial quantities in the neighbouring Niger Delta region in the late 1950s dealt a fatal blow to Enugu&#8217;s coal mining industry. Oil was seen as more lucrative and strategic by the central government, prompting it to gradually divest from the coal industry into oil exploration and production.



What followed were decades of sluggish economic growth as the city struggled to find new economic relevance in an increasingly oil-driven Nigerian economy. The various macroeconomic headwinds that have hampered the growth of Nigeria also did not spare it.



However, in recent times, Enugu seems to have rediscovered its purpose and ambition. From education to technology, the city is positioning itself to thrive in the modern economy.



<h2 class="wp-block-heading" id="h-an-infrastructural-rebirth">An Infrastructural Rebirth</h2>



The state government is aggressively upgrading the city&#8217;s public infrastructure to&nbsp;facilitate private enterprise. New road constructions are transforming the cityscape, while plans to <a href="https://nairametrics.com/2024/05/13/enugu-state-orders-50-brt-buses-initiates-mega-bus-terminal-projects/">introduce modern bus terminals</a>, a bus rapid transport system, and an <a href="https://www.cnbcafrica.com/media/6341487697112/attracting-investment-in-nigerias-rail-infrastructure/">intrastate rail network</a> will ease public transportation and reduce the city&#8217;s carbon footprint.



Education is one of the areas that have witnessed massive investments. With more than 30 tertiary institutions located within and a few kilometers away from the city – including Nigeria&#8217;s first indigenous university, the University of Nigeria – Enugu aims to become an academic and knowledge-economy hub in Nigeria and West Africa.



<h2 class="wp-block-heading" id="h-from-coal-city-to-code-city">From Coal City to Code City</h2>



Being a secondary city, Enugu has often been in the shadows of larger urban centers like Lagos and Abuja. Its new graduates and economically active population have historically migrated in droves in search of employment opportunities elsewhere. With innovations like AI revolutionizing industries and economies around the world, tech is an area that Enugu is betting on to stem and reverse this trend.



It hopes that it can capitalize on its wealth of young and educated talent, entrepreneurial culture, and improving digital infrastructure like high-speed internet penetration to stake a claim in the global tech race&nbsp;and create knowledge jobs. The city&#8217;s lower cost of living&nbsp;compared to Lagos and Abuja makes it an attractive destination for tech startups. It currently ranks 4th in startup ecosystem development in Nigeria, according to the Global Startup Ecosystem Index 2024.



Greenage Technologies, a company driving energy inclusion in Nigeria by manufacturing and distributing Nigerian-made solar energy equipment, and Xend Finance, a fintech that provides payment solutions for small businesses, are among the growing list of VC-backed startups that call Enugu home. Funding rounds led by the likes of <a href="https://techcrunch.com/2021/03/22/binance-backed-xend-finance-launches-defi-platform-for-credit-unions-in-africa/">Google</a>, Binance, and <a href="https://all-on.com/media/media-releases/all-on-and-greenage-technologies-sign-investment-deal.html">All On</a>, a Shell-backed impact investor, have injected millions of dollars into Enugu&#8217;s tech startup ecosystem.



<h2 class="wp-block-heading" id="h-challenges-of-building-a-startup-ecosystem-in-an-african-secondary-city">Challenges of Building a Startup Ecosystem in an African Secondary City</h2>



But Enugu&#8217;s tech startup leadership ambition has faced significant hurdles.&nbsp;Building a startup in Enugu is still more challenging than it is in Lagos or Abuja. While there is no shortage of innovative ideas in the city, there is a shortage of supportive networks that will bring them to life.&nbsp;Like many other secondary cities in Africa, Enugu does not have the full complement of resources needed to sustain the growth of its tech startup scene.



Across the continent, economic resources and opportunities are often disproportionately concentrated in the primate cities. These are usually the economic or political capitals of their countries. Cities like Nairobi in Kenya, Cairo in Egypt, Abidjan in Cote d&#8217;Ivoire, Kigali in Rwanda, and Lagos and Abuja in Nigeria enjoy far&nbsp;greater access to capital, talent, and infrastructure than any other urban area in their countries, leading to wide regional disparities.



So, the cost of living may be comparatively lower in the city, but it lags behind in most other startup ecosystem enablers. Access to incubators, accelerators, and co-working spaces that offer mentorship, connections, visibility, and funding is particularly limited.



Niche businesses that offer specialized but critical services and extensive supply and distribution chains are also in short supply. All of these have left many startups in the city dependent on services from businesses and value chains in Lagos and Abuja to operate.



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



Making Enugu&#8217;s startup ecosystem largely self-sustaining is where the real work lies, and it requires synergy between the government – especially at the state level – and the private sector. The government must lead the charge by facilitating the creation of the enablers that it currently lacks.



Incentives like tax breaks, subsidized office spaces, and procurement contracts, along with innovative financing vehicles for local tech startups like government-backed privately managed venture capital funds, will motivate entrepreneurs and investors to see the city as a preferred investment destination.&nbsp;Policies that target the ease of doing business in the broader municipal economy will strengthen the local supply and distribution chains.



For the private sector, building a strong community and network of mentors and funders that can support local tech startups is a good place to start. Partnership and&nbsp;patronage&nbsp;to generate demand for their solutions and the&nbsp;establishment&nbsp;of corporate venture capital (CVC) initiatives are also essential.



The startups themselves must also play a role, especially by forging strategic partnerships and investing in marketing and publicity to boost their visibility and reduce information asymmetries. Integration with the broader Nigerian, African, and global economies is vital. This will help them to tap into a wider customer base, even whilst anchoring their operations in Enugu.



When properly pieced together, these and more strategies can pave the way for the emergence of Enugu’s very own unicorn in the next few years.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1688" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-scaled.jpg" alt="" class="wp-image-529343" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-300x247.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-820x676.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-109x90.jpg 109w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-768x633.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-1536x1266.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /></figure>



Chinedu George Nnawetanma is a development strategist working at the intersection of private sector development and local economic development (LED) in Africa. He is passionate about the empowerment of businesses and people to drive the accelerated, inclusive, and sustainable economic growth and development of the continent. He has designed and led advisory&nbsp;and financing&nbsp;initiatives&nbsp;that have improved access to capital, knowledge, market, and digital skills for thousands of SMEs, startups, and youths.

Chinedu George Nnawetanma Picture 2

From Coal Mines to Startup Labs – An African City’s Remarkable Tech Transformation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-820x540.jpg" alt="" class="wp-image-529340" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-1536x1011.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s President, Cyril Ramaphosa, speaks during the launch of the new Sandvik Khomanani manufacturing site at Khomanani in Kempton Park, Johannesburg, South Africa, September 9, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 11 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa&#8217;s office said he would sign into law a disputed education bill, prompting the first sign of real friction in his unity government when the second-biggest party said the move jeopardised the coalition deal.



Ramaphosa&#8217;s spokesperson called for restraint in response to the statement from the Democratic Alliance on Wednesday, saying there was no need to threaten the stability of government over a bill.



The DA entered into a coalition with Ramaphosa&#8217;s African National Congress and other smaller parties, despite strong ideological differences between them, after the ANC lost its parliamentary majority in a May election



The passing of the legislation would violate the agreements and understandings that formed the basis of the government of national unity, DA leader John Steenhuisen said in a statement.



&#8220;The DA regards this issue in the most serious light, and I will convey to the President the destructive implications it holds for the future of the GNU,&#8221; he said.



Steenhuisen did not spell out what the implications would be. He is due to address journalists in Cape Town on Thursday to outline what he sees as the DA&#8217;s role in the unity government.



Presidential spokesperson Vincent Magwenya said that disagreements over legislation were to be expected, and that the parties in government would be meeting on Wednesday evening to discuss a dispute resolution mechanism.



&#8220;There shouldn&#8217;t be any concern that each time there&#8217;s a dispute, the entire governance framework of this country will be under threat,&#8221; Magwenya told reporters in Cape Town.



&#8220;The president is not concerned about the GNU (government of national unity) collapsing,&#8221; he added.



The disputed bill makes several changes to basic education laws in South Africa. The clause that has caused the most controversy would strengthen government oversight over schools&#8217; language and admission policies, touching on a sensitive debate about racial integration.



The ANC says some children are still excluded from schools based on language, which has been used as a proxy for race, and that the legislation will help prevent that.



The DA has defended the right of school governing bodies to determine their language policies, citing the&nbsp;importance of mother-tongue education.



Although the bill does not name any specific language or group, some of its strongest opposition has come from South Africa&#8217;s white Afrikaans-speaking community, with interest group AfriForum saying it threatens the survival of Afrikaans schools.



The DA&#8217;s statement followed a presidency statement saying that Ramaphosa would sign into law the Basic Education Laws Amendment (BELA) bill on Friday in a ceremony at the Union Buildings, the seat of government in the capital Pretoria.



(Reporting by Nellie Peyton; Additional reporting by Tannur Anders; Editing by Alexander Winning, Ros Russell and Mark Porter)

FILE PHOTO: South African President Cyril Ramaphosa attends the launch of the new Sandvik Khomanani manufacturing site

South Africa’s coalition government sees first real friction over education bill

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-820x511.jpg" alt="" class="wp-image-460080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-768x478.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-1536x957.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



Sept 11 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s government raised $900 million in its first ever domestic dollar bond sale, the coordinator for the issue said on Wednesday, as it sought to diversify funding sources and avoid elevated yields in international capital markets.



The bond sale will be a welcome source of hard currency for Africa&#8217;s largest economy which has experienced crippling dollar shortages that have forced the central bank to devalue the naira twice in less than a year.



The five-year domestic dollar bond comes with a coupon of 9.75%, the coordinator Africa Finance Corporation said in a statement, and received a subscription rate of 180%.



Appetite for the bond showed &#8220;the benefits of African nations looking inward to tap the deep pool of domestic capital on the continent and taking the lead in financing their own development,&#8221; said Banji Fehintola, Executive Director at AFC.



Proceeds of the bond will be invested in &#8220;critical sectors&#8221; of the economy, AFC said, without giving more details.



Although frontier issuers like Kenya have been able to raise cash from international capital markets this year, they have been forced to pay interest rates of above 10%.



Nigeria&#8217;s 2029 international dollar bond currently yields 9.7%, indicating it might face double digits if it were to tap international bond markets though analysts have said the country can afford to wait longer before doing so.



The domestic dollar bond targeted local investors, pension funds and Nigerians living abroad, whose investments were expected to support the local naira currency.



Domestic and diaspora investors are usually stickier, leaving such securities less prone to big in- and outflows.



Investors will be able to trade the bond when it is listed locally on two exchanges, AFC said.



(Reporting by Libby George and Duncan Miriri; Writing by Alexander Winning; Editing by Karin Strohecker and Christina Fincher)

FILE PHOTO: Illustration shows U.S. dollar banknotes

Nigeria raises $900 mln in inaugural domestic dollar bond

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg" alt="Waldo Swiegers | Bloomberg | Getty Images" class="wp-image-381748" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-696x391.jpg 696w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption class="wp-element-caption">Waldo Swiegers | Bloomberg | Getty Images
</figcaption></figure>



JOHANNESBURG, Sept 11 (Reuters)&nbsp;&#8211;&nbsp;The South African rand edged higher against a weaker dollar in early trade on Wednesday, with the greenback on the defensive after a combative&nbsp;U.S. presidential debate.



Traders were also waiting nervously for a key U.S. inflation report later in the day that could provide clues on how aggressively the Federal Reserve cuts rates next week.



At 0600 GMT, the rand traded at 17.9050 against the dollar, about 0.2% stronger than Tuesday&#8217;s closing level.



The dollar was down around 0.3% against a basket of peers, as&nbsp;some currency analysts&nbsp;saw Kamala Harris winning the debate against rival Donald Trump.



Investors broadly see the dollar strengthening in the event of a victory by Trump, as tariffs might prop up the currency and higher fiscal spending could boost interest rates.



With no major economic data due in South Africa on Wednesday, the rand is likely to take its direction from moves on global markets.



South Africa&#8217;s benchmark 2030 government bond&nbsp;gained in early deals, with the yield down 5 basis points to 8.965%.



(Reporting by Alexander Winning; Editing by Andrew Heavens)

Waldo Swiegers | Bloomberg | Getty Images

South African rand edges higher as dollar dips after US election debate

<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 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



West Africa&#8217;s central bank, the BCEAO, is expected to announce its rate decision.



The Kenya Aviation Workers’ Union are due to start a strike notice on Wednesday about the planned lease of airport operations to the Indian company Adani Holdings.



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



Asian markets wobbled and U.S. stock futures slipped on Wednesday after Democratic Vice President Kamala Harris and Republican Donald Trump clashed in a keenly-awaited U.S. presidential debate.



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



Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand.



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



The South African rand weakened alongside other emerging market currencies on Tuesday, with markets looking to Wednesday&#8217;s U.S. inflation print for clues about the Federal Reserve&#8217;s interest rate path.



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



The Kenyan shilling was broadly steady against the U.S. dollar on Tuesday, with the supply of foreign exchange matched by demand from all sectors in a muted session, traders said.



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



The biggest union of Kenya&#8217;s aviation workers plans to go on strike on Wednesday to protest against a proposed deal for India&#8217;s Adani Group to lease the country&#8217;s main airport for 30 years in exchange for expanding it, a union official said on Tuesday.



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



Floods in north Nigeria have killed more than 80% of animals in a large zoo with an array of wildlife from lions and crocodiles to buffaloes and ostriches, the facility said on Tuesday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 11

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg" alt="" class="wp-image-481529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-1536x1000.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A visitor descends stairs outside the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



Sept 11 (Reuters) &#8211; Miner Anglo American on Wednesday said one of its subsidiaries has raised 7.2 billion rand ($403.21 million) from the sale of about a 5.3% stake in Anglo American Platinum (Amplats) as part of a share sale program that launched a day earlier.



Anglo American South Africa Proprietary Limited sold 13.9 million Amplats shares for $28.84 per share, the miner said.



An accelerated bookbuild offering of about 13 million shares of Amplats was launched on Tuesday, ahead of the South African unit&#8217;s demerger expected next year.



&#8220;The placing is intended to broaden the free float of Anglo American Platinum, reduce the number of shares distributed to Anglo American shareholders upon demerger and thereby reduce flowback following the demerger,&#8221; Anglo American said.



Amplats CEO Craig Miller had said in July that the company was planning a secondary listing in London.



($1 = 17.8824 rand)



(Reporting by Aatrayee Chatterjee and Yamini Kalia in Bengaluru; Editing by Shreya Biswas and Mrigank Dhaniwala)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo American nets over $400 mln from platinum unit share sale amid demerger plans

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="448" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/VZR7ERWAWBPMBAR7E4PB4GBYGY.jpg" alt="" class="wp-image-421144" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/VZR7ERWAWBPMBAR7E4PB4GBYGY.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/VZR7ERWAWBPMBAR7E4PB4GBYGY-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/VZR7ERWAWBPMBAR7E4PB4GBYGY-146x90.jpg 146w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Airways planes are seen through a window as the Jomo Kenyatta international airport reopens after flights were suspended following the coronavirus disease (COVID-19) outbreak in Nairobi, Kenya August 1, 2020. REUTERS/Njeri Mwangi/File Photo</figcaption></figure>



NAIROBI, Sept 11 (Reuters) &#8211; Workers at Kenya&#8217;s main international airport began a strike on Wednesday, blowing plastic trumpets and scuffling with police in a protest against an Indian company that caused flight cancellations and delays for hundreds of passengers.



Dozens of workers at Nairobi&#8217;s Jomo Kenyatta International Airport chanted &#8220;Adani must go&#8221; in reference to a proposed deal for the Adani Group to lease it for 30 years in exchange for $1.85 billion investment in expansion.



Outside the terminals, passengers sat on curbs and luggage trolleys waiting for updates on flights as departure and arrival boards were shut off.



&#8220;It&#8217;s very poor,&#8221; said one passenger, Ahmed Abdulrahman, recounting a six-hour wait.



&#8220;Nobody is coming out to tell us anything, whether we should leave or look for a hotel or something. I have a little child here waiting hungrily,&#8221; added Warda Omar, standing next to her child.



TV footage showed one police officer hitting a protester with a baton. By midday, lines were moving again, as police conducted security checks instead of airport staff.



It was unclear how many workers were taking part in the strike, which has been declared indefinite, or how much disruption had been caused.



Major regional carriers Kenya Airways, Ethiopian Airlines and RwandAir reported flight cancellations and delays.



<h2 class="wp-block-heading" id="h-job-losses">JOB LOSSES</h2>



The Kenya Aviation Workers Union argues that a deal with Adani would lead to job losses and bring in non-Kenyan workers.



Kenya&#8217;s government has said the airport is operating above capacity and needs modernising but that it is not for sale. It says no decision has been made on what it calls a proposed public-private partnership to upgrade the site.



The Kenya Airports Authority, which is responsible for managing the airport, said minimal operations at Jomo Kenyatta had resumed by 7 a.m. (0400 GMT) and it was engaging with relevant parties to normalise the situation.



The strike spread to workers at regional airports in the cities of Kisumu and Mombasa, the Nation newspaper reported.



Kenya&#8217;s high court on Monday temporarily blocked the Adani proposal, in which it would build a new runway and upgrade the passenger terminal, to allow time for a judicial review.



(Reporting by Hereward Holland, Humphrey Malalo and Edwin Waita; editing by Elaine Hardcastle and Andrew Cawthorne)

VZR7ERWAWBPMBAR7E4PB4GBYGY

Protest against India’s Adani causes chaos at Kenya’s main airport

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-820x461.jpeg" alt="" class="wp-image-529070" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration of a user browsing booking information for Huawei’s new foldable mobile phone in Suqian, Jiangsu province, China, Sept 8, 2024.  Cfoto | Future Publishing | Getty Images</figcaption></figure>



As Huawei tries to upstage Apple’s new iPhone with the launch of its own ‘trifold phone’ on Tuesday, its chip capabilities remain a weakness, despite recent breakthroughs, according to one analyst. 



Speaking to CNBC’s “Squawk Box Asia” on Tuesday, Martin Yang, senior analyst of emerging technologies at Oppenheimer &amp; Co., said Huawei’s chip remains two or three years behind the cutting edge.&nbsp;



The gap on technology for their systems-on-chip, or SoCs, that merge central processing with cellular connectivity,&nbsp;is “widening because [Huawei] still doesn’t have access to any below 7 nanometer processes,” said Yang.&nbsp;In chip manufacturing, a nanometer denotes the size of transistors on a processor.



The smaller the size of a transistor, the more can be fit on a chip, increasing its level of advancement.&nbsp;



Huawei had made a smashing breakthrough last year when it released its Mate 60 smartphone, which included an advanced 7-nanometer chip originating from China. 



The speed in which Chinese firms were able to reach this benchmark surpassed what many analysts thought possible under U.S. trade restrictions that limited China’s access to advanced semiconductor tech. 



On the back of this success, Huawei has been able to take back market share from Apple in China, the largest smartphone market in the world.&nbsp;



However, unlike with the Mate 50, Huawei has not announced a big chip breakthrough for its latest phone launch.&nbsp;&nbsp;



Meanwhile, Apple is now on its second generation of 3 nanometer processes, and are already showing a 10% to 15% performance boost on this year’s phone compared to last year’s first generation 3 nanometer process, according to Yang.&nbsp;



“I think the chip will not be a big focus area or big marketing point for Huawei’s upcoming phone this week,” Yang said.&nbsp;



Instead, the company will likely try to downplay this chip disadvantage in the coming launch week and instead try to highlight that its phone is the first trifold phone on the market, he added.&nbsp;



Huawei has been accepting preorders for the foldable phone, the Mate XT, since Sept. 7. According to its website, the phone had already received more than 3.5 million preorders as of Tuesday. 



However, the Mate 60 RS, which Huawei released last year similarly had respectable reservations numbers, but failed to transfer them to actual sales, according to Yang. 



“I wouldn’t expect real world shipments in the [3 million range],” he said.



Speaking to CNBC’s “Street Signs Asia,” on Tuesday, Navkendar Singh, of the International Data Corporation, said that while Huawei has dominated in sales of foldable smartphones, the market remains niche due to consumer concerns about price and functionality.

108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking

In Huawei’s battle against Apple, chips are still a weakness, says analyst

How Wingstop is outpacing its fast-food competitors

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="647" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GIDZ.png" alt="" class="wp-image-529029" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GIDZ.png 647w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GIDZ-300x225.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GIDZ-120x90.png 120w" sizes="auto, (max-width: 647px) 100vw, 647px" /></figure>



Competitively located next to sub-Saharan Africa’s largest international airport, the OR Tambo SEZ is playing a key role in advancing South Africa&#8217;s green economy growth – by facilitating the production and export of components that support the generation of green energy.&nbsp; &nbsp;



In addition to its linkages to OR Tambo International, the SEZ is well-positioned near a major platinum refinery, making it ideal for accessing and processing Platinum Group Metals (PGMs), which are essential for producing fuel cells—one of the most important components in the green hydrogen industry. This focus on PGMs aligns with South Africa&#8217;s position as a global leader in PGM production and the Hydrogen Society Roadmap of South Africa. &nbsp;



In support of its goal to stimulate fuel cell and hydrogen localization, the SEZ is excited about the onboarding and imminent operationalization of one of its investors who is focused on the production and export of key fuel cell components.&nbsp;



<h2 class="wp-block-heading" id="h-about-isondo-precious-metals">About Isondo Precious Metals</h2>



Established in 2012, Isondo Precious Metals (IPM) has set up a state-of-the-art facility in the SEZ that will produce key components like PGM catalysts and Membrane Electrode Assemblies (MEA) used in electrolysers and fuel cells.



The Isondo facility is set to be fully operational by late 2024, providing a basis for the OR Tambo SEZ to contribute to South Africa’s objectives to manufacture and export key components with an input into the green hydrogen landscape.



Without a doubt, the realization of Isondo’s imminent plant operationalisation is a major step in positioning South Africa as a leader in the global green hydrogen value chain. It also has significant economic benefits, including creating up to 300 skilled jobs.



<figure class="wp-block-gallery has-nested-images columns-2 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="584" height="438" data-id="529033" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidz2-1.png" alt="" class="wp-image-529033" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidz2-1.png 584w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidz2-1-300x225.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidz2-1-120x90.png 120w" sizes="auto, (max-width: 584px) 100vw, 584px" /></figure>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="582" height="436" data-id="529034" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidsz3-2.png" alt="" class="wp-image-529034" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidsz3-2.png 582w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidsz3-2-300x225.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidsz3-2-120x90.png 120w" sizes="auto, (max-width: 582px) 100vw, 582px" /></figure>
<figcaption class="blocks-gallery-caption wp-element-caption">Figure 1:Inside and Outside view of IPM (Building 07) at the OR Tambo SEZ Precinct 1</figcaption></figure>



<h2 class="wp-block-heading" id="h-why-or-tambo-sez-is-supporting-the-fuel-cell-and-green-hydrogen-market">Why OR Tambo SEZ is supporting the Fuel Cell and Green Hydrogen Market</h2>



The green hydrogen and fuel cell industry, driven by the growing demand for cleaner energy solutions, is still in its early stages of development. One key challenge the sector faces is the high price of hydrogen, which, while currently elevated, is expected to decline as demand increases over time.



Additionally, complexities surrounding the transportation of hydrogen, particularly for export, pose significant logistical hurdles. This is where Special Economic Zones (SEZs) such as the OR Tambo SEZ come in: by playing a critical role that assists in reducing production costs—through infrastructure, operational incentives, and localized ecosystems that lower all work together to reduce operational expenses. The SEZ also provides a regulatory framework through which huge investments required for this new industries can be effectively planned and located – with the support of government incentives that provide a basis for VAT and tax rebates; this is crucial in this still cost intensive industry.&nbsp;



The IPM &nbsp;facility located at the SEZ’s first operational precinct exemplifies this and how the SEZ is working on unlocking this new industry: in a way that fosters local manufacturing of components that form part of the fuel-cells value chain.&nbsp;



In addition to the first precinct where IPM is located, the SEZ is also in the advanced stages of planning a full scale PGM-focused SEZ where PGM related products, including mining and capital equipment as well as integrated energy solutions that utilize both gas and fuel cell systems will be located.&nbsp;



With the strong foundation realized with its operational precinct, the OR Tambo SEZ is ready and geared up to promote this new age industry, contributing not just to job creation but the imbedding of new skills and opportunities in South Africa.&nbsp;



For more information on the at OR Tambo SEZ, visit: <a href="http://www.ortambosez.co.za">www.ortambosez.co.za</a>

GIDZ

OR Tambo SEZ: contributing to the stimulation of fuel cell and hydrogen localization

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA.jpg" alt="" class="wp-image-529012" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-768x525.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: An oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo</figcaption></figure>



LONDON, Sept 10 (Reuters)&nbsp;&#8211;&nbsp;OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group&#8217;s second consecutive downward revision.



The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 2.03 million barrels per day (bpd) in 2024, down from growth of 2.11 million bpd it expected last month.



There is a wider than usual split between forecasters on the strength of oil demand growth in 2024, partly due to differences over China and more broadly over the pace of the world&#8217;s transition to cleaner fuels. The reduction still leaves OPEC at the top end of industry estimates.



&#8220;Looking ahead, China&#8217;s economic growth is expected to remain well supported,&#8221; OPEC said in the report.



&#8220;However, headwinds in the real estate sector and the increasing penetration of LNG trucks and electric vehicles are likely to weigh on diesel and gasoline demand going forward.&#8221;



OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd.



(Reporting by Alex Lawler; editing by Jason Neely)

FILE PHOTO: An oil pump jack outside Almetyevsk, Russia

OPEC again lowers 2024, 2025 global oil demand growth view

<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, Sept 10 (Reuters) &#8211; The Ugandan shilling was a notch firmer on Tuesday, with appetite for hard currency muted across both commercial banks and merchandise importers, traders said.



At 0930 GMT commercial banks quoted the shilling at 3,710/3,720, compared to Monday&#8217;s close of 3,714/3,724.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling trades slightly firmer on muted 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 10 (Reuters) &#8211; The Kenyan shilling was broadly steady against the U.S. dollar on Tuesday, with the supply of foreign exchange matched by demand from all sectors in a muted session, traders said.



As of 0849 GMT, data from London Stock Exchange Group (LSEG) indicated the shilling trading at 128.30/129.30 to the dollar, slightly different from Monday&#8217;s close of 128.25/129.25.



&#8220;There&#8217;s not much activity happening. There&#8217;s just enough demand for the supply,&#8221; a trader at a commercial bank said.



The shilling has been relatively stable for several months, after a strong rally in the first half of 2024 as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June.



(Reporting by Hereward Holland; Editing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling broadly steady in balanced market

Why are so many data centers popping up in Malaysia?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-scaled.jpg" alt="" class="wp-image-424765" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A small toy figure and gold imitation are seen in front of the AngloGold Ashanti logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



Sept 10 (Reuters) &#8211; AngloGold Ashanti will buy Egypt-focused smaller rival Centamin in a $2.5 billion stock and cash deal, the companies said on Tuesday, as the U.S.-listed global miner expands its operations in Africa.



Shares in Centamin jumped about 24% to 148.10 pence in early trade, their highest level since October 2020. Shares in Centamin&#8217;s London-listed peer Hochschild rose about 4%.



Under the terms of the deal, Centamin shareholders will receive 0.06983 new AngloGold shares for each Centamin share and $0.125 in cash.



The implied 163 pence ($2.14) per share offer represents a premium of 36.7% to Centamin&#8217;s Monday closing price of 120 pence, the companies said in a statement.



The acquisition coincides with a flurry of deal activity in the gold mining sector over the past couple of years, with the world&#8217;s top gold producer Newmont buying Australia&#8217;s Newcrest Mining for $16.8 billion in late 2023.



In May, miner BHP Group walked away from its $49 billion plan to take over rival Anglo American after its last-ditch request for more time was rejected by the London-listed firm, ending its six-week pursuit for now.



Following the completion of the Centamin deal, it is expected that AngloGold shareholders will own about 83.6% and Centamin shareholders about 16.4% of AngloGold Ashanti&#8217;s enlarged issued share capital.



AngloGold Ashanti said it expects the deal to be accretive to free cash flow per share in the first full year post completion of the transaction.



Terming the deal &#8220;highly compelling&#8221;, AngloGold Ashanti Chair Jochen Tilk said the acquisition offers &#8220;enormous geological potential&#8221; that the company is well placed to develop.



Centamin&#8217;s principal asset is the Sukari gold mine, which is Egypt&#8217;s largest gold mine as well as one of the world&#8217;s largest producing mines.



Adding Sukari&#8217;s annual output of 450,000 ounces would push AngloGold&#8217;s yearly production above 3 million ounces, making it the fourth largest gold producer in the world by volume, behind Newmont, Barrick Gold and Agnico Eagle.



The Centamin acquisition also expands AngloGold&#8217;s portfolio to yet another key gold producing region. It currently has assets in nine countries &#8211; Tanzania, the Democratic Republic of Congo, Ghana, Guinea, Australia, the U.S., Brazil, Argentina and Colombia.



The Centamin board said it intends to unanimously recommend the deal to its shareholders.



($1 = 0.7634 pounds)



(Reporting by Aby Jose Koilparambil in Bengaluru, additional reporting by Nelson Banya; Editing by Sonia Cheema, Miral Fahmy, Jan Harvey and David Evans)

FILE PHOTO: Small toy figure and gold imitation are seen in front of the AngloGold Ashanti logo in this illustration

AngloGold Ashanti to buy Centamin in $2.5 billion deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg" alt="" class="wp-image-502655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, Sept 10 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Tuesday, ahead of domestic manufacturing data for July.



At 0618 GMT the rand traded at 17.8350 against the dollar, about 0.2% firmer than its previous close.



Statistics South Africa is due to publish the country&#8217;s manufacturing production data for July at 1100 GMT.



Economists polled by Reuters predict the manufacturing sector will register year-on-year growth after declining in June, reflecting volatile conditions in a key sector of Africa&#8217;s most industrialised economy.



The rand is also likely to take direction from dollar movements as markets await a U.S. inflation report on Wednesday for more clues about the size of a predicted Federal Reserve cut to interest rates next week.



South Africa&#8217;s benchmark 2030 government bond was firmer in early deals, with the yield slipping by 1 basis point to 9.01%.



(Reporting by Tannur Anders; Editing by David Goodman)

home

Ugandan shilling stable as pending taxes offer support

From Coal Mines to Startup Labs – An African City’s Remarkable Tech Transformation

South Africa’s coalition government sees first real friction over education bill

Nigeria raises $900 mln in inaugural domestic dollar bond

South African rand edges higher as dollar dips after US election debate

African Markets – Factors to watch on Sept 11

Anglo American nets over $400 mln from platinum unit share sale amid demerger plans

Protest against India’s Adani causes chaos at Kenya’s main airport

In Huawei’s battle against Apple, chips are still a weakness, says analyst

How Wingstop is outpacing its fast-food competitors

OR Tambo SEZ: contributing to the stimulation of fuel cell and hydrogen localization

OPEC again lowers 2024, 2025 global oil demand growth view

Ugandan shilling trades slightly firmer on muted demand

Kenyan shilling broadly steady in balanced market

Why are so many data centers popping up in Malaysia?

AngloGold Ashanti to buy Centamin in $2.5 billion deal

South African rand firms ahead of manufacturing data

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home

Ugandan shilling stable as pending taxes offer support

From Coal Mines to Startup Labs – An African City’s Remarkable Tech Transformation

South Africa’s coalition government sees first real friction over education bill

Nigeria raises $900 mln in inaugural domestic dollar bond

South African rand edges higher as dollar dips after US election debate

African Markets – Factors to watch on Sept 11

Anglo American nets over $400 mln from platinum unit share sale amid demerger plans

Protest against India’s Adani causes chaos at Kenya’s main airport

In Huawei’s battle against Apple, chips are still a weakness, says analyst

How Wingstop is outpacing its fast-food competitors

OR Tambo SEZ: contributing to the stimulation of fuel cell and hydrogen localization

OPEC again lowers 2024, 2025 global oil demand growth view

Ugandan shilling trades slightly firmer on muted demand

Kenyan shilling broadly steady in balanced market

Why are so many data centers popping up in Malaysia?

AngloGold Ashanti to buy Centamin in $2.5 billion deal

South African rand firms ahead of manufacturing data

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