<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="929" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi.jpeg" alt="" class="wp-image-512927" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi.jpeg 929w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi-768x432.jpeg 768w" sizes="auto, (max-width: 929px) 100vw, 929px" /><figcaption class="wp-element-caption">Aerial view of cityscape and skyscraper at sunset in Dubai Marina. Lu Shaoji | Moment | Getty Images</figcaption></figure>



The United Arab Emirates is on track to be the world’s top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report.



At the same time, the U.K. – already the source of many of the UAE’s expatriates – is projected to see its millionaire population drop by 17% by 2028, according to Swiss bank UBS.



High-net worth individuals are in many cases voting with their feet, seeking greener pastures – or in the case of tax-free expat hubs like Dubai, sandier beaches – as costs and taxes rise in their home country. The trend is likely to accelerate in the wake of the landslide election victory for the U.K.’s Labour Party in June, according to some financiers.



“There are push and pull factors for this trend of millionaires opting to relocate to Dubai,” Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC.



“Push factors include the prospect of higher taxes under a new Labour government. For example, one of Labour’s campaign pledges was to levy VAT on private school tuition, which would raise the cost by 20%,” he said. “Pull factors include Dubai’s perception of being extremely safe and visa reforms that encourage migration.”



The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June. That’s nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.&nbsp;



“With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires,” the report said. The UAE’s golden visa is a long-term residence visa that allows foreign residents to live, work or study in the UAE.



While the millionaires migrating to the UAE most commonly come from India, the wider Middle East, Russia, and Africa, a larger number of Brits and Europeans are expected to move to the glitzy desert emirate as well, it added.&nbsp;



Development and reforms in the UAE’s “wealth management ecosystem” are to thank for much of this, said Sunita Singh-Dalal, partner at the Hourani Private Wealth &amp; Family Offices in Dubai.&nbsp;



“In less than five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve and enhance their wealth,” she said.&nbsp;



Factors such as modern infrastructure and a robust international school system, geographical connectivity, low crime, no income tax, the remote worker visa and a number of investment incentives also help attract the wealthy to Dubai.&nbsp;&nbsp;



Britain, by contrast, is set to see its millionaire population drop from 3,061,553 last year to 2,542,464 by 2028, the UBS Global Wealth Report, which came out in June, forecast. But it’s important to note that the U.K.’s large millionaire population – the third-highest in the world – includes many foreign residents from places like Russia, the Middle East and elsewhere.



Now that the U.K. government is phasing out its “non-dom” status – which allowed wealthy and often foreign residents not to pay British taxes on overseas income – much of that population will be looking to drop their U.K. residencies.



“The outflow already generated by the economic and political turmoil in Britain risks being accelerated by further unwelcome policy decisions,” Hannah White, director of the independent think tank the Institute for Government in London, commented in the Henley report.&nbsp;



She pointed to the 40% duty already in effect on estates above a threshold of £325,000 ($417,755), as well as the ending of the UK’s non-dom tax regime starting in 2025.&nbsp;



The current Labour government has also pledged to drop the exemption for a 20% VAT charge on Britain’s private school tuition fees, which would make education significantly more expensive for those sending their children to the elite institutions.&nbsp;



“Labour’s commitment to remove their exemption from 20% VAT is a further unwelcome development,” White said.&nbsp;

107430690-1718744144150-gettyimages-1661425000-101_0193_gi

Dubai set to welcome even more millionaires as wealthy individuals abandon the UK

Samsung bets on the Galaxy Ring and AI as its next big thing

<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, July 30 (Reuters) &#8211; The Ugandan shilling was little-changed on Tuesday, although it was forecast to strengthen due to a slowdown in importer demand for dollars, traders said.



At 0929 GMT, commercial banks quoted the shilling at 3,716/3,726, compared with Monday&#8217;s closing rate of 3,720/3,730.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling little-changed, to firm due to slow importer demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1254" height="836" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w" sizes="auto, (max-width: 1254px) 100vw, 1254px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



July 30 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks slipped while a gauge of currencies edged higher as investors awaited the outcome of key central bank meetings, while a slump in commodity prices on worries about demand in China kept sentiment cautious.



MSCI&#8217;s index tracking emerging market equities fell 0.3%, as rate decisions from the Bank of Japan and the U.S. Federal Reserve were awaited on Wednesday. The index is on track to fall by about 1% in July as a rout in U.S. tech stocks weighed on global stocks.



A currencies gauge edged up about 0.1% against a largely unchanged U.S. dollar.



Worries about demand from China, the world&#8217;s second-largest economy, also weighed after the country&#8217;s Politburo meeting. While pledging to support the economy, there were no specific new stimulus efforts announced.



&#8220;Most investors are waiting for central bank movements, with many trimming holdings, and as optimism wanes over China&#8217;s government stimulus plans,&#8221; said Ahmed Azzam, regional financial market analyst at Equiti Group.



Oil prices briefly touched their lowest since early June, and were last about flat on the day, while prices of iron ore, copper and other metals fell. 



The Federal Reserve is widely expected to keep rates on hold at its meeting on Wednesday, but investors will watch for a dovish tone from policymakers to gauge whether market bets on a September rate cut are on the right track.



Looser U.S. monetary policy would be a boon for riskier emerging market assets, brightening their relative appeal.



China&#8217;s blue-chip stocks and Hong Kong shares fell for a second straight day.



In Europe, the Czech crown was about flat and the Hungarian forint weakened 0.3% against the euro after weak economic data.



Weak foreign demand weighed on industry in both central European economies, with Hungary&#8217;s gross domestic product falling 0.2% on a quarterly basis, the first contraction since the first quarter of 2023. Versus the euro, the forint fell to a three-week low.



Meanwhile, in the Czech Republic, increasing domestic demand helped buoy the economy but both quarterly and annual growth figures were a touch below forecasts from analysts polled by Reuters.



The Czech central bank is expected to ease policy by 25 basis points at its meeting later this week.



&#8220;The Czech koruna remains our favourite currency for this week given our hawkish expectations from the CNB meeting,&#8221; analysts at ING said in a note.



Meanwhile, Ethiopia&#8217;s only international sovereign bond jumped to its highest level since 2021 after the country secured a long-awaited support programme with the International Monetary Fund for $3.4 billion in financing.



The $1 billion dollar bond, which is in the process of being restructured, rose more than 2 cents on the dollar to 77.7 cents, Tradeweb data showed.



South Africa&#8217;s rand regained ground against the dollar, strengthening about 0.7% to 18.32 versus the greenback after falling in the previous session.



(Reporting by Lisa Mattackal in Bengaluru; Editing by David Holmes)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Stocks, FX cautious as commodity slump and Fed jitters weigh

<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, July 30 (Reuters) &#8211; Kenya&#8217;s shilling held steady on Tuesday, with traders projecting that dollar inflows from the tourism and agriculture sectors would bolster its strength.



Commercial banks quoted the shilling at 130.00/131.00 per dollar at 0800 GMT, unchanged from Monday&#8217;s closing rate.



(Reporting by George ObulutsaEditing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Steady Kenyan shilling eyes boost from dollar inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1353" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-476066998-scaled.jpg" alt="" class="wp-image-512888" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-476066998-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-476066998-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-476066998-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-476066998-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-476066998-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-476066998-1536x1015.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Cranes and trucks get ready near a container ship on May 5, 2015 in the Doraleh harbour in Djibouti. AFP PHOTO / CARL DE SOUZA (Photo credit should read CARL DE SOUZA/AFP via Getty Images)</figcaption></figure>



In 2018, the Government of Djibouti forcibly seized Doraleh Container Terminal, a key gateway for trade in the Horn of Africa, a region of 140 million people.



Tribunals in multiple jurisdictions have all ruled in DP World’s favour.



However, the Government of Djibouti appears unmoved by negotiation or legal rulings.



Dubai, UAE, 26 July 2024: DP World welcomes the decision by a US court to enforce a $200 million award against the Government of Djibouti, giving it yet another win in its ongoing legal battle over the ilegal seizure of its concession to run a container terminal in the Red Sea country.



DP World filed the proceedings in the US courts last year, seeking to enforce a third partial award issued by the London Court of International Arbitration (LCIA) over the concession for the Doraleh Container Terminal (DCT). In a decision on Tuesday, the US District Court for the District of Columbia granted the unopposed petition to confirm the partial award issued in 2022.



DCT was seized arbitrarily by the local authorities in February 2018 after they claimed the agreement they had signed unfairly favoured DP World. Those claims were dismissed by judges and arbitrators both in the High Court in England, and before the LCIA.



Built and operated by DP World, the 1.2 million TEU terminal was when built widely recognised as the most advanced container terminal on the east coast of Africa, enabling safe, smooth and efficient movement of cargo in and out of the country. It remains Djibouti’s largest source of revenue and the country’s single biggest employer, responsible for creating thousands of jobs – both direct and indirect – for the local community. Under DP World, it operated at a profit every year.



A prolonged battle has ensued in courts in multiple jurisdictions, with every one finding in favour of DP World. Damages already awarded for lost dividends, breaches of exclusivity and management fees now amount to nearly $700 million.&nbsp; In the event of a total expropriation, DP World’s claim will exceed a further billion US dollars.



DP World has vowed never to stop its ongoing legal battle, until the return of its port concession in Djibouti or it receives full compensation for its lost investment.



A spokesperson for DP World said: “The authorities in Djibouti have repeatedly shown an utter contempt for the rule of law and the norms of good business, with no respect for legal agreements. Their actions are a warning to investors across the world who should think twice about the safety of their existing business in Djibouti and the future value of any new investments.&nbsp; Put simply, the Djibouti government is bad for business.”



DP World has been in Africa for 20 years – investing in critical infrastructure to enable trade. In Sub-Saharan Africa, it employs more than 27,000 people across 48 countries, with a total container handling capacity of over 2 million TEUs year in Somaliland, Senegal, Angola and Mozambique.

DJIBOUTI-ECONOMY-TRANSPORT

US court enforces $200M award against government of Djibouti over illegal port seizure

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-820x518.jpg" alt="" class="wp-image-512885" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-1536x970.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Samples of different beer flavours are displayed at the East African Breweries&#8217; microbrewery as the company released its half-year results in Ruaraka, Nairobi, Kenya, January 26, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



AIROBI, July 30 (Reuters) &#8211; Kenya&#8217;s East African Breweries said on Tuesday its pretax profit dropped to 16.77 billion Kenyan shillings ($129.0 million) in its full year to end-June, down from 18.71 billion shillings in the previous year.



EABL, which also operates in Uganda and Tanzania, said net revenues were up 13% to 124.13 billion shillings, while foreign exchange losses rose to 3.87 billion shillings from 2.10 billion shillings.



Net finance costs rose 8.18 billion shillings from 5.49 billion shillings, it said.



($1 = 130.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Tom Hogue)

Kenya’s East African Breweries half-year results

Kenya’s East African breweries FY pretax profit falls to 16.77 bln shillings

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-820x515.jpg" alt="" class="wp-image-512882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-768x483.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1536x965.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/NKYFZRFDD5MS5NQEZSVZ6PYNTI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi, Kenya November 13, 2020. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



JOHANNESBURG, July 30 (Reuters) &#8211; South Africa&#8217;s biggest supermarket group Shoprite said on Tuesday that total sales of merchandise for the full year jumped 12%, buoyed by new store openings and as the majority of its store brands reported double digit sales growth.



Shoprite&#8217;s total sales from continuing operations rose to 240.7 billion rand ($13 billion), including the hyperinflation impact in Ghana.&nbsp;Like-for-like sales growth for the period measured 6.3%, with the stores acquired from Walmart-owned Massmart included in like-for-like sales growth only for the second half period.



The group&#8217;s core business, Supermarkets South Africa, grew sales by 12.3%, contributing 81% to group sales, with its upmarket grocery chain Checkers growing sales by 12.3%. The Checkers Sixty60 online grocery delivery business grew sales by 58.1%.



Its discount grocery brands, Shoprite and Usave, which compete with Pick n Pay&#8217;s Boxer chain, reported sales growth of 10.7%.



The retailer, which also operates in nine countries across Africa, opened 292 stores during the period, including 63 new format, adjacent category specialist stores such as pet, baby and clothing, to a total of 3,639 stores from continuing operations, it said.



Grocery retailers are diversifying their revenue streams and aiming to capture a greater share of the retail consumer market, spanning outdoor gear to baby clothes, strollers and pet shops.



($1 = 18.4593 rand)



(Reporting by Shanima A in Bengaluru; Editing by Eileen Soreng and Louise Heavens)

Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi

South African grocery retailer Shoprite’s annual sales jump 12%

<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-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, July 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand pared the previous session&#8217;s losses in early trade on Tuesday, as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.



At 0729 GMT, the rand traded at 18.38 against the dollar, about 0.3% stronger than its previous close, after tumbling against a stronger greenback on Monday.



Investors will focus on the Fed on Wednesday for insights into the future interest rate path in the world&#8217;s biggest economy. The Fed is expected to leave interest rates unchanged, but markets are betting on a cut at its September meeting.



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



South Africa&#8217;s National Treasury will publish the country&#8217;s budget balance figures for June later on Tuesday.



On the Johannesburg Stock Exchange, the Top-40 index eased about 0.1% in early trade. South Africa&#8217;s benchmark 2030 government bond was slightly stronger, with the yield down 1.5 basis points at 9.49%.



(Reporting by Tannur Anders; Editing by Kirsten Donovan)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand pares losses, focus on Fed

<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, July 30 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Oil traded near seven-week lows on Tuesday as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.



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



Oil prices fell on Tuesday, extending losses from the previous session, amid concerns about demand in China, the world&#8217;s largest crude importer, while the market shrugged off the risk of conflict escalating in the Middle East.



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



South Africa&#8217;s rand slipped against a stronger dollar on Monday as markets looked towards a U.S. policy decision later this week, while concerns grew over a possible escalation in conflict in the Middle East.



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



Nigeria&#8217;s government gave approval on Monday for state oil company NNPC Ltd to sell crude in the naira currency to the mega Dangote refinery effective immediately to help ease foreign exchange pressure.



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



The Kenyan shilling slightly strengthened early on Monday, and traders anticipate further gains backed by expected dollar inflows from tea exports.



<h2 class="wp-block-heading" id="h-kenya-east-african-breweries-results">KENYA EAST AFRICAN BREWERIES RESULTS</h2>



Kenya&#8217;s East African Breweries said on Tuesday its pretax profit dropped to 16.77 billion Kenyan shillings ($129.0 million) in its full year to end-June, down from 18.71 billion shillings in the previous year.



<h2 class="wp-block-heading" id="h-kenya-centum-investments-results">KENYA CENTUM INVESTMENTS RESULTS</h2>



Kenya&#8217;s Centum Investments Company said on Tuesday it swung into a pretax profit of 2.91 billion shillings ($22.38 million)in its full year to March-end from a loss of 6.25 billion shillings in the same period a year earlier.



<h2 class="wp-block-heading" id="h-ethiopian-airlines-results">ETHIOPIAN AIRLINES RESULTS</h2>



Ethiopian Airlines posted revenue of $7 billion for its 2023/24 financial year, up from $6.1 billion a year earlier, helped by higher passenger numbers, state-owned Ethiopian Broadcasting Corporation (EBC) reported on Monday.



<h2 class="wp-block-heading" id="h-ethiopia-currency">ETHIOPIA CURRENCY</h2>



Ethiopia&#8217;s central bank floated the birr currency on Monday, a move it hopes will secure International Monetary Fund (IMF) support and enable progress on a long-delayed debt restructuring.



<h2 class="wp-block-heading" id="h-ethiopia-imf">ETHIOPIA IMF</h2>



Ethiopia has secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion, the IMF said on Monday.



<h2 class="wp-block-heading" id="h-mozambique-bond">MOZAMBIQUE BOND</h2>



Mozambique has substantially won its $3.1-billion lawsuit at London&#8217;s High Court against Emirati-Lebanese shipbuilder Privinvest for allegedly paying bribes in relation to the decade-old &#8220;tuna bond&#8221; scandal.



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



Cocoa arrivals at ports in top grower Ivory Coast had reached 1.655 million metric tons by July 28 since the start of the season on Oct. 1, down 27.1% from the same period last season, exporters estimated on Monday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 30 (Reuters)&nbsp;&#8211;&nbsp;The following economic events, equity and currency market moves may affect South African markets on Tuesday.



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



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



South Africa&#8217;s budget balance figures for June will be published.



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



South Africa&#8217;s rand slipped against a stronger dollar on Monday as markets looked towards a U.S. policy decision later this week, while concerns grew over a possible escalation in conflict in the Middle East.



On the Johannesburg Stock Exchange, the Top-40 index closed over 0.2% weaker.



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



Oil traded near seven-week lows on Tuesday as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.



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



The S&amp;P 500 closed barely higher after Monday&#8217;s choppy trading session as investors held their breath ahead of a raft of big technology company earnings, a Federal Reserve policy decision on interest-rate cuts and key US labor data, all due this week.



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



Gold prices held steady on Tuesday as investors looked for more cues on when the U.S. central bank will cut interest rates from this week&#8217;s Federal Reserve policy meeting and economic data releases.



&#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; Africa needs major advances for universal banking inclusion, says Standard Bank



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



&#8211; Alone in the water? Africa Energy the last man standing as TotalEnergies quits offshore gas finds



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 30

<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/M7XIG3WP7VOCBNYDU2FDLXPJS4-820x547.jpg" alt="" class="wp-image-512857" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/M7XIG3WP7VOCBNYDU2FDLXPJS4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, July 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s government gave approval on Monday for state oil company NNPC Ltd to sell crude&nbsp;in the naira currency to&nbsp;the&nbsp;mega Dangote&nbsp;refinery effective&nbsp;immediately&nbsp;to help ease foreign exchange pressure.



The $20 billion Dangote refinery, Nigeria&#8217;s main oil refinery and billed to be the largest in Africa at full throttle, started production in January but has struggled to secure enough crude to meet its 650,000-barrel-per-day capacity.



Dangote previously had to buy oil on the international market, but it filed a complaint saying oil majors were blocking its access to locally produced crude by selling it above market price or claiming it was unavailable, forcing the refinery to rely on expensive imports.



The cabinet gave the nod for NNPC Ltd to start selling crude to Dangote and other local&nbsp;refineries&nbsp;immediately&nbsp;in naira to ease pressure on foreign exchange, Zacch Adedeji, a&nbsp;cabinet&nbsp;member&nbsp;who is chairman&nbsp;of&nbsp;Nigeria&#8217;s Federal&nbsp;Inland Revenue Service (FIRS), told reporters.



The refineries will also be able to sell refined fuels to local marketers in naira, he said.



&#8220;By this decision, the pressure on foreign exchange rates today will be reduced,&#8221; Adedeji said.



He explained that the previous scenario exerted a burden of $660 million in demand on foreign exchange per month, amounting to $7.92 billion annually. The new arrangement is projected to reduce this amount to around $50 million per month, or $600 million annually, leading to annual savings of $7.32 billion, Adedeji said.



Africa&#8217;s most populous country has suffered chronic dollar shortages that have forced authorities to devalue the naira twice within the past year.



Analysts say the decision to approve the crude sales in naira could reduce the need for the refineries to seek new loans from foreign lenders and help lower transportation costs.



&#8220;It is essentially a policy choice between substantial naira transactions versus Nigeria&#8217;s need for foreign currency,&#8221; said Ayodele Oni, energy lawyer and partner at Bloomfield, a Lagos-based law firm.



Local fuel marketers had been worried they would be unable to pay for supplies from the Dangote refinery when it starts pumping gasoline next month if priced in dollars.



Earlier this month, Nigeria&#8217;s oil regulator struck a deal with producers to allow sales of crude oil to domestic refiners at market prices as it sought to end a supply dispute that had strained relations with the oil majors.



(Additional reporting by Isaac Anyaogu; Writing by Elisha Bala-Gbogbo; Editing by Mark Potter, Susan Fenton and Paul Simao)

FILE PHOTO: A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos

Nigeria allows state oil firm sales in local currency to mega refinery

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



WASHINGTON, July 29 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia has secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion, the IMF said on Monday.



Ethiopia&#8217;s central bank floated the country&#8217;s birr currency on Monday, a key step to secure IMF support, and to make progress on a long-delayed debt restructuring.



The Horn-of-Africa nation, which is struggling with high inflation and chronic foreign currency shortages, became the third economy on the continent in as many years to default on its debt at the end of last year.



It has been in talks with the IMF since last year to establish a new lending program, after the last fund-supported program agreed in 2019 was abandoned due to conflict in the northern region of Tigray that ended with a November 2022 peace deal.



Reuters previously reported Ethiopia was seeking to secure about $3.5 billion in a deal with the IMF.



The IMF said the agreement will enable an immediate disbursement of about $1 billion.



Africa&#8217;s second-most populous country requested a debt restructuring under the Group of 20&#8217;s Common Framework process in early 2021, but progress was slowed by the civil war in Tigray that lasted two years.



The government in Addis Ababa has unveiled some economic reforms, which analysts say are linked to the negotiations for a new IMF program, including the adoption of an interest rate-based monetary policy earlier this month.



(Reporting by Jasper Ward and Eric Beech; Writing by Duncan Miriri;)

IMF logo is seen outside the headquarters building in Washington

IMF, Ethiopia reach deal for $3.4 billion in financing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="570" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-820x570.jpg" alt="" class="wp-image-512563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-1536x1068.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2T3ATFNZVRN27LLBDMQ2WMTFI4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s former President Jacob Zuma, leader of the uMkhonto we Sizwe party, arrives to give an address on current political developments post-elections, in Sandton, South Africa, June 16, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, July 29 (Reuters) &#8211; Former South African president Jacob Zuma has been expelled from the African National Congress after backing a rival party in May&#8217;s parliamentary election, the ANC said on Monday.



Zuma was suspended from&nbsp;his long-time party&nbsp;in January after announcing he would&nbsp;support the&nbsp;new uMkhonto we Sizwe (MK) in the general election.&nbsp;He later became the leader and face of MK.



MK did better than expected in the poll and won about 15% of the vote, a major factor in the ANC&#8217;s loss of its majority for the first time since the apartheid era.



&#8220;Former President Jacob Zuma has actively impugned the integrity of the ANC and campaigned to dislodge the ANC from power, while claiming that he had not severed his membership,&#8221; ANC Secretary General Fikile Mbalula told the media.



&#8220;This conduct is irreconcilable with the spirit of organisational discipline and letter of the ANC Constitution.&#8221;



The ANC won 40.18% of the vote in the election, down from 57.50% it gathered in 2019, forcing it into a coalition government for the first time since it took power at the end of white minority rule in 1994. MK is now the official opposition.



MK responded to media reports that Zuma had been expelled in a statement earlier on Monday, criticizing the ANC&#8217;s process and condemning &#8220;grave injustices&#8221; against Zuma.



&#8220;President Zuma will engage his legal team to urgently determine the course of action,&#8221; it said.



Zuma will have 21 days to appeal the decision, the ANC said.



Zuma, whose nine years in office from 2009 were marked by corruption scandals and sluggish economic growth, has been at odds with the ANC&#8217;s leadership since he was forced to quit as party leader in 2018. He has repeatedly lashed out against his successor, President Cyril Ramaphosa.



(Reporting by Bhargav Acharya; Writing by Tannur Anders; Editing by Nellie Peyton and Peter Graff)

South Africa’s former President Zuma briefs media on political developments

South Africa’s ANC expels former president Zuma after election betrayal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-820x533.jpg" alt="" class="wp-image-512560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-1536x998.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cape Town South Africa, Aerial view of Table Mountain and city of Cape Town . In foreground passenger ferry bound for Robben Island. (Photo by: Peter Titmuss/UCG/Universal Images Group via Getty Images)</figcaption></figure>



CAPE TOWN, July 29 (Reuters)&nbsp;&#8211;&nbsp;More equipment is being mobilised to contain an oil spill from the ship &#8220;Ultra Galaxy&#8221; which ran aground on South Africa&#8217;s west coast and started to break up in stormy weather, authorities said on Monday.



Rough sea swells have battered the Panama-flagged general cargo vessel since it drifted onto a sand bank three weeks ago close to Doring Bay, some 300 km (186 miles) north of Cape Town, after the ship&#8217;s crew abandoned the vessel when it started taking on water.



&#8220;Salvage operations are continuing and more equipment is being mobilized to contain the oil spill,&#8221; said Tebogo Ramatjie, spokesperson for the South African Maritime Safety Authority (SAMSA).



The spill took place over the weekend when the ship broke into four sections, with large waves almost seven metres (23 ft) high crashing into the wreck every 15 seconds at one stage, SAMSA said.



An oil spill contingency plan was immediately launched and about 125 people from local communities are helping with mopping up operations, Ramatjie added.



The salvage team has managed to remove several lube oil drums and about eight tons of marine gas oil from the wreck&#8217;s fuel tanks. SAMSA has said there were approximately 500 tons of fuel aboard the vessel that need to be removed.



(Reporting by Wendell Roelf, Editing by William Maclean)

Cape Town South Africa, Aerial view of Table Mountain and city of Cape Town . In foreground passenger ferry bound for Robben Island.

South Africa steps up fight to contain oil spill from grounded ship

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



July 29 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks gained on Monday, while major currencies slipped against a stronger dollar as investors looked ahead to a week packed with key central bank policy decisions and assessed a potentially escalating conflict at the Israel-Lebanon border.



MSCI&#8217;s index of emerging markets (EM) stocks jumped 0.6%, tracking global stocks higher as equities recovered from a Wall Street led sell-off last week. 



Meanwhile, the likelihood of widening conflict in the Middle East also weighed on sentiment, after the U.S. and Israel blamed a rocket strike in the Israeli-occupied Golan Heights on the Iran-backed Lebanese militant group Hezbollah.



Oil rose, while the shekel dropped to a more than three-week low against the dollar.



EM currencies broadly slipped against a strong dollar, with the Polish zloty and Hungarian forint down 0.5% and 0.4%, respectively. MSCI&#8217;s broader gauge of EM currencies was little changed on the day.



Rate decisions are due this week from a number of major central banks, with emerging market investors particularly focusing on the U.S. Federal Reserve and the Bank of Japan.



The Fed is widely expected to keep rates on hold at its meeting this week, with all focus on whether policymakers signal they could start easing policy in September, while the BOJ will be watched for a potential rate hike and any further changes to its bond-buying programme.



&#8220;Should the BoJ tighten monetary policy further, the yen would benefit from that and the selling pressure on high yielding EM currencies could resurface or intensify,&#8221; said Piotr Matys, senior FX analyst at InTouch Capital Markets.



&#8220;That said, the Fed may provide some relief if the overall message is relatively dovish (or) far less hawkish, cementing market expectations for a September rate cut.&#8221;



Meanwhile, the Czech crown edged 0.2% lower against the euro ahead of a central bank policy decision later this week.



&#8220;The consensus expectation is for the CNB to slow down the pace of easing at this week&#8217;s meeting by lowering the policy rate by 25 basis points, yet another 50 bps move cannot be completely excluded,&#8221; Matys said.



Emerging market stocks had clocked their second week of declines on Friday, losing more than 1.5%, as a move out of expensive U.S. technology megacaps sparked global equity declines. Wall Street indexes recovered some ground on Friday.



Wall Street&#8217;s recovery, combined with hopes for easing policy in the U.S., helped Asian stocks ex-Japan rise, though China&#8217;s Shanghai Composite index closed flat ahead of a key Politburo meeting this week.



Saudi Arabian stocks edged 0.1% lower, while Turkey&#8217;s BIST fell 0.5%.



Elsewhere, Indian stocks, briefly touched record highs, led by banking and energy stocks, and were last flat on the day.



Meanwhile, Ethiopia&#8217;s birr slumped 30% against the dollar after the central bank floated the currency.



(Reporting by Lisa Mattackal in Bengaluru; Editing by Alex Richardson)

Stocks gain, FX slips as rate decisions, Middle East conflict in focus

<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/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-820x547.jpg" alt="" class="wp-image-512525" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



LAGOS, July 29 (Reuters)&nbsp;&#8211;&nbsp;Fuel queues lengthened across major Nigerian cities on Monday after state-oil company Nigerian National Petroleum Corp. faced problems supplying gasoline to local traders and depots.



Last year President Bola Tinubu&#8217;s government opened up gasoline imports to private companies but foreign currency shortages and a cap on the price of petrol has mean that NNPC remains the only importer. Nigeria&#8217;s new Dangote Refinery is yet to start processing gasoline.



&#8220;The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the Federal Capital is as a result of a hitch in the discharge operations of a couple of vessels,” Olufemi Soneye, NNPC spokesperson said in a statement over the weekend when queues began forming.



Gasoline prices at retail stations have risen to over 800 naira ($0.5063) from around 617 naira per litre in May 2023 when the government announced it was ending gasoline subsidies. The price surge has added to already high inflation in Nigeria and a cost of living crisis.



The NNPC Ltd owes gasoline suppliers over $6 billion, thus affecting supplies, and is seeking to raise financing to settle the debts.



($1 = 1,580.0000 naira)



(Reporting by Isaac Anyaogu; Editing by Susan Fenton)

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Dubai set to welcome even more millionaires as wealthy individuals abandon the UK

Samsung bets on the Galaxy Ring and AI as its next big thing

Ugandan shilling little-changed, to firm due to slow importer demand

Stocks, FX cautious as commodity slump and Fed jitters weigh

Steady Kenyan shilling eyes boost from dollar inflows

US court enforces $200M award against government of Djibouti over illegal port seizure

Kenya’s East African breweries FY pretax profit falls to 16.77 bln shillings

South African grocery retailer Shoprite’s annual sales jump 12%

South African rand pares losses, focus on Fed

African Markets – Factors to watch on July 30

South African Markets – Factors to watch on July 30

Nigeria allows state oil firm sales in local currency to mega refinery

IMF, Ethiopia reach deal for $3.4 billion in financing

South Africa’s ANC expels former president Zuma after election betrayal

South Africa steps up fight to contain oil spill from grounded ship

Stocks gain, FX slips as rate decisions, Middle East conflict in focus

Nigerians queue for fuel as NNPC blames operational hitch

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Dubai set to welcome even more millionaires as wealthy individuals abandon the UK

Samsung bets on the Galaxy Ring and AI as its next big thing

Ugandan shilling little-changed, to firm due to slow importer demand

Stocks, FX cautious as commodity slump and Fed jitters weigh

Steady Kenyan shilling eyes boost from dollar inflows

US court enforces $200M award against government of Djibouti over illegal port seizure

Kenya’s East African breweries FY pretax profit falls to 16.77 bln shillings

South African grocery retailer Shoprite’s annual sales jump 12%

South African rand pares losses, focus on Fed

African Markets – Factors to watch on July 30

South African Markets – Factors to watch on July 30

Nigeria allows state oil firm sales in local currency to mega refinery

IMF, Ethiopia reach deal for $3.4 billion in financing

South Africa’s ANC expels former president Zuma after election betrayal

South Africa steps up fight to contain oil spill from grounded ship

Stocks gain, FX slips as rate decisions, Middle East conflict in focus

Nigerians queue for fuel as NNPC blames operational hitch

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