Why Airlines Like American Are Scrambling To Make Engines Last Longer

Saudi Arabia’s sovereign wealth fund assets reach $925 billion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/WNOCRFRNP5PYXB42R3OBGXFHQA-1-820x547.jpg" alt="" class="wp-image-521202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/WNOCRFRNP5PYXB42R3OBGXFHQA-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/WNOCRFRNP5PYXB42R3OBGXFHQA-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/WNOCRFRNP5PYXB42R3OBGXFHQA-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/WNOCRFRNP5PYXB42R3OBGXFHQA-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/WNOCRFRNP5PYXB42R3OBGXFHQA-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/WNOCRFRNP5PYXB42R3OBGXFHQA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Qatar Airways B777 aircraft arrives at the Cape Town International Airport, in Cape Town, South Africa, June 28, 2022. REUTERS/Shelley Christians/File Photo</figcaption></figure>



DOHA, Aug 20 (Reuters)&nbsp;&#8211;&nbsp;Qatar Airways will take a 25% stake in South Africa-based regional carrier Airlink as both airlines seek to boost services and passenger numbers across Africa, they said on Tuesday.



Qatar Airways CEO Badr Mohammed Al Meer, speaking alongside Airlink&#8217;s CEO Rodger Foster in Doha, told reporters the investment would boost Qatar Airways&#8217; access to passengers in regional cities in Africa.



Foster said it would allow privately owned Airlink to expand in Africa and eventually to operate larger aircraft on one or two routes. It would not expand beyond Africa, he said.



The executives did not disclose the value of the investment that was officially agreed on Tuesday, and Qatar Airways&#8217; Al Meer said it would require regulatory approval.



With a 25% equity stake in Airlink, Qatar Airways will take the maximum foreign ownership share that South African regulators allow for airlines, Foster said.



Airlink is currently owned by Foster&#8217;s family, South Africa&#8217;s Webb family and institutional investors Coronation Global and Sishen Iron Ore Company Community Development Trust, according to Foster.



Qatar Airways will gain two seats on Airlink&#8217;s 14 member board and will have 25% shareholder voting rights, Foster told Reuters.



State-owned Qatar Airways holds stakes in British Airways-owner International Airlines Group, Latam Airlines, Cathay Pacific Airways, and China Southern Airlines.



It has also been in talks to acquire a minority stake in Rwanda&#8217;s RwandAir and in 2019 agreed with the country&#8217;s government to take a majority stake in a new international airport in Rwanda.



Airlink, which flies to more than 45 destinations in 15 African countries, and RwandAir both operate on several of the same routes.



&#8220;It makes sense that as Qatar Airways gets more involved in RwandAir, we start rationalizing the duplicated activity,&#8221; Foster said, adding that though discussions have not started yet, it could mean an interline or code share agreement with the airline.



Airlink already has a code share agreement with Qatar Airways, which allows the airlines to sell tickets on flights operated by each other.



The African carrier has a similar agreement with Dubai&#8217;s state-owned Emirates, a competitor of Qatar Airways, which Foster said would continue.



(Reporting by Andrew Mills; Writing by Alexander Cornwell; Editing by Mark Heinrich, Sharon Singleton, Susan Fenton and Shounak Dasgupta)

Qatar Airways B777 aircraft arrives at the Cape Town International Airport

Qatar Airways says it will take 25% stake in South Africa’s Airlink

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-820x547.jpg" alt="" class="wp-image-521199" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NGZ3KIXADZONPII7S6ZTTRQTUQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: President Nana Addo Dankwa Akufo-Addo of Ghana speaks during a press conference during the Summit on Peace in Ukraine, in Stansstad, Switzerland, June 16, 2024. ALESSANDRO DELLA VALLE/Pool via REUTERS/File Photo</figcaption></figure>



ACCRA, Aug 20 (Reuters)&nbsp;&#8211;&nbsp;Ghanaian President Nana Akufo-Addo has broken ground on the construction of a 300,000 barrel-per-day oil refinery that the government hopes will turn the West African country into the region&#8217;s petroleum hub, but critics say the project is flawed.



Ghana, the world&#8217;s second biggest cocoa producer, became an oil producer in 2010. Output is currently around 132,000 bpd of crude oil and about 325 million standard cubic feet per day of natural gas.



&#8220;The project promises to be a cornerstone of our nation&#8217;s development,&#8221; Akufo-Addo said late on Monday at the site of the project in the southwestern city of Jomoro, which will also include petrochemical plants.



Phase one of the project, estimated to cost $12 billion, will be funded and constructed by a consortium of Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co, he said on state-owned Ghana Television (GTV).



West Africa consumes about 800,000 bpd, according to the African Refiners and Distributors Association, of which almost 90% is imported.



The petroleum hub aims to supply enough refined and by-products to supply the region by 2036, according to an agreement signed in June 2018.



Not everyone is convinced by the plan, however.



Bright Simons, a vice president at Accra-based think tank, IMANI Africa, said the consortium behind the project &#8220;is not primed for investment (and) the project has no bankable business plan.&#8221;



&#8220;Our position is that this is a speculative attempt to grab a landbank for cheap,&#8221; he said.



Some residents of the hub&#8217;s proposed 20,000-acre site have protested the plans, demanding the project&#8217;s footprint be reduced to 5,000 acres.



Oliver Barker-Vormawor, a senior partner of the law firm representing some affected farmer cooperatives, said his clients would not stand down.



&#8220;The abrasive manner that the government is proceeding discounts valid concerns around the social and environmental impact of the project, the livelihoods at risk by the displacement of farmers and the unsettled questions of ownership and community land rights.&#8221;



The government has so far rejected these concerns, citing petitions from other residents in support of the project.



(Editing by Alessandra Prentice and Conor Humphries)

FILE PHOTO: Summit on Peace in Ukraine, in Switzerland

Ghana begins construction of $12 bln petroleum hub

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="524" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/B2QSYQV4JRNZPJWD4IQ3X2TJ3I-820x524.jpg" alt="" class="wp-image-521181" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/B2QSYQV4JRNZPJWD4IQ3X2TJ3I-820x524.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/B2QSYQV4JRNZPJWD4IQ3X2TJ3I-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/B2QSYQV4JRNZPJWD4IQ3X2TJ3I-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/B2QSYQV4JRNZPJWD4IQ3X2TJ3I-768x491.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/B2QSYQV4JRNZPJWD4IQ3X2TJ3I-1536x982.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/B2QSYQV4JRNZPJWD4IQ3X2TJ3I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A fountain with a statue is seen outside the Supreme Court in Nairobi, Kenya, August 20, 2021. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Aug 20 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s top court on Tuesday suspended a lower court&#8217;s ruling that the 2023 finance law was unconstitutional, saying it was important to preserve stability in the budget until the merits of the government&#8217;s appeal are heard next month.



The finance bills, presented to parliament at the start of every financial year, are the main vehicle for the government to set out its revenue-raising measures including tax hikes.



The Court of Appeal&#8217;s judgment late last month that last year&#8217;s Finance Act was unconstitutional was a blow to the government of President William Ruto, who withdrew this year&#8217;s finance bill in June in the face of youth-led protests, the biggest challenge of his two-year presidency.



Ruto has been caught between the competing demands of Kenya&#8217;s hard-pressed citizens and of lenders such as the International Monetary Fund.



He has argued that tax increases are necessary to help fund development programmes and pay off a heavy public debt load.



&#8220;We find that public interest tilts in favour of granting conservatory and stay orders to &#8230; maintain stability in the budget and appropriation process pending the determination of this appeal,&#8221; Kenya&#8217;s Supreme Court said in its ruling.



The Supreme Court will hold hearings on Sept. 10 and 11 on whether the 2023 law is constitutional.



The government, which has been relying on the 2023 finance law to continue collecting taxes after Ruto withdrew this year&#8217;s bill, did not immediately comment.



The 2023 version was challenged in court following a round of violent street protests last year led by opposition parties.



Ruto&#8217;s government used the 2023 law to double the value-added tax on fuel, introduce a housing tax and raise the top personal income tax rate.



(Reporting by Hereward Holland; Editing by Alexander Winning and Conor Humphries)

Kenyan court to rule on appeal against halting of constitutional changes in Nairobi

Kenya’s top court suspends judgment nullifying 2023 finance law

How the ultra wealthy travel in Singapore

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1248" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg" alt="" class="wp-image-495627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-1536x936.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Aug 20 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gave back some gains in early trade on Tuesday, ahead of the country&#8217;s leading indicator data release, and as markets await clues on both local and U.S. interest rate paths this week.



At 0615 GMT, the rand traded at 17.73 against the dollar, about 0.2% softer than its previous close.



&#8220;The rand&#8217;s strong run continued yesterday as it closed at the day&#8217;s best level&#8230; on the back of the weaker dollar and positive risk sentiment,&#8221; Andre Cilliers, currency strategist at TreasuryONE, said.



&#8220;The local currency has given back some of the gains this morning in line with slightly softer EM (emerging market) currencies,&#8221; Cilliers added.



Local investors will on Tuesday focus on South Africa&#8217;s leading indicator for June, which collects data on vehicle sales, business confidence, money supply and other factors.



On Wednesday, focus will be on South Africa&#8217;s July inflation print for hints on the future interest rate path of Africa&#8217;s most industrialised economy.



Economists polled by Reuters expect the central bank to cut interest rates for the first time in more than two years on Sept. 19.



Globally, markets will look toward U.S. Federal Reserve minutes and Chair Jerome Powell&#8217;s speech at the Jackson Hole symposium this week for indications on how much the Fed will cut interest rates this year.



Like other risk-sensitive currencies, the rand often takes cues from global drivers including U.S. monetary policy alongside local data points.



South Africa&#8217;s benchmark 2030 government bond was little changed in early deals, as the yield gained 0.5 basis point to 9.28%.



(Reporting by Tannur Anders; Editing by Andrew Heavens)

FILE PHOTO: South African Rand coins are seen in this illustration picture

South African rand softer ahead of leading indicator

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



JOHANNESBURG, Aug 20 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Tuesday.



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



The South African Reserve Bank will publish the country&#8217;s leading indicator for June.



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



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



Petrochemical firm Sasol reported a 66% fall in full-year profit.



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



The South African rand strengthened to a nearly 13-month high on Monday, ahead of the release of domestic inflation data on Wednesday which may provide hints on the country&#8217;s future interest rate path.



On the stock market, the Top-40 index closed up 1.27%.



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



Asian stocks scaled a one-month peak on Tuesday, tracking a Wall Street rally driven by expectations that the Federal Reserve could offer further hints of imminent rate cuts later this week.



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



U.S. stocks advanced on Monday, building on their largest weekly percentage gain of the year as investors focused on the Democratic National Convention and the upcoming Jackson Hole Economic Symposium.



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



Gold held steady near its record high on Tuesday as investors awaited U.S. Federal Reserve minutes and Chair Jerome Powell&#8217;s speech for indications on how much the central bank will cut rates this year. 



&#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; Top US bank expects SA’s GDP to grow 2% next year



&#8211; SA’s ports do better, but agricultural exports slow



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 20

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-scaled.jpg" alt="" class="wp-image-521129" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-1536x1152.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Ousmane Sonko speaks after he was appointed prime minister by Senegal&#8217;s newly-elected President Bassirou Diomaye Faye, in Dakar, Senegal April 2, 2024. REUTERS/Abdou Karim Ndoye/File Photo</figcaption></figure>



DAKAR, Aug 19 (Reuters) &#8211; Senegal has set up a commission of legal, tax, and energy sector experts to review its oil and gas contracts and work to rebalance them in the national interest, Prime Minister Ousmane Sonko said on national television on Monday.



President Bassirou Diomaye Faye, who defeated the ruling coalition candidate in a landslide victory in March, ordered an audit of the oil, gas and mining sectors after coming into office, and vowed to renegotiate the terms of contracts with foreign operators in the country if needed.



Authorities have not shared details on the audit or updates on any renegotiation plans.



Sonko said they were committed to their promise to the Senegalese people &#8220;to come back to these various agreements to re-examine them and work to rebalance them, obviously in the national interest.&#8221;



He said the commission will have sufficient resources to look into the contracts and hire experts from abroad if necessary. He did not say how long the review would take.



The move comes soon after Senegal became an oil producer for the first time. Australia&#8217;s Woodside Energy announced in June that its Sangomar oil and gas field had produced its first oil.



Gas production is also due to begin by the end of the year at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, operated by BP.



(Writing by Alessandra Prentice; Editing by Sandra Maler)

FILE PHOTO: Senegal President Faye appoints ally Sonko as prime minister

Senegal sets up commission to review oil and gas contracts

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-820x547.jpg" alt="" class="wp-image-521126" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Cooling towers of South African petro-chemical company Sasol&#8217;s synthetic fuel plant in Secunda, north of Johannesburg, are seen in this picture taken March 1,2016.REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



Aug 20 (Reuters) &#8211; South African petrochemicals company Sasol reported a 66% fall in full-year profit on Tuesday, mainly due to weaker chemical prices, and skipped a final dividend.



Headline earnings, which strip out one-off items and are the main profit measure used by South African companies, were 11.5 billion rand ($648.47 million) in the year to June 30, compared with 33.8 billion rand a year earlier.



Sasol, which produces liquid fuels and chemicals from coal, said its income was hit as depressed chemicals prices exerted pressure on margins. Turnover fell 5% to 275.1 billion rand.



The company wrote down $3 billion in the carrying value of its chemicals and fuel assets mainly due the softer market pricing and outlook, resulting in a basic loss per share of 69.94 rand, compared to 14 rand basic earnings per share the previous year.



The biggest impairments, totalling nearly $2.6 billion, were recorded at its American chemicals unit.



Sasol did not declare a final dividend, leaving the interim 2 rand per share declared at half-year as the full-year payout for the 2024 financial year.



The company said it had changed its dividend policy, which was previously based on 2.5-2.8 times core headline earnings per share, to 30% of free cash flow generated, provided that net debt is below $4 billion on a sustained basis.



&#8220;The disconnect between headline earnings and cashflow generation, as well as elevated leverage levels, has necessitated a revision to the company&#8217;s dividend policy,&#8221; Sasol said in a statement.



Net debt for 2024 stood at $4.1 billion, just above the dividend trigger level.



($1 = 17.7341 rand)



(Reporting by Nelson Banya; Editing by Eileen Soreng, Kirsten Donovan)

FILE PHOTO: Cooling towers of South African petro-chemical company Sasol’s synthetic fuel plant in Secunda

Sasol profit plunges 66% on weak chemical prices, skips final dividend

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-820x547.jpg" alt="" class="wp-image-521108" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Medical personnel prepares a syringe with the vaccine against smallpox and monkeypox at Checkpoint Bln in Berlin, Germany on September 16, 2022. (Photo by Emmanuele Contini/NurPhoto via Getty Images)</figcaption></figure>



Aug 19 (Reuters) &#8211; Emergent BioSolutions said on Monday it would donate 50,000 doses of its smallpox vaccine to the Democratic Republic of the Congo and other impacted countries of Burundi, Kenya, Rwanda and Uganda to address the current mpox outbreak.



The World Health Organization last week declared mpox a global public health emergency for the second time in two years as a new variant of the virus, known as clade Ib, spread rapidly in Africa. At least one person in Sweden has been confirmed with the infection, marking the first time the new variant has been seen outside of Africa.



Emergent&#8217;s ACAM2000 vaccine, approved for smallpox, has been used as an mpox shot but the U.S. Food and Drug Administration is yet to approve its application for use against the virus.



According to the U.S. Centers for Disease Control and Prevention, ACAM2000, a live, replicating virus vaccine, has more known side effects and risks than Danish biotech Bavarian Nordic A/S&#8217;s BAVA.CO Jynneos vaccine, which is approved in the U.S. for both smallpox and mpox.



ACAM2000 is known to cause myocarditis/pericarditis &#8211; swelling in or around the heart muscle &#8211; in 1 in 175 new ACAM2000 vaccine recipients, according to the FDA.



Instead of an injection, the shot is given via a series of small pokes on the skin using a two-pronged needle. The injection site forms a scab, which takes 2-4 weeks to heal. Until the scab falls off, it could spread live virus to other parts of the body or people.



ACAM2000 is not recommended for people with compromised immune systems, such as HIV.



(Reporting by Christy Santhosh in Bengaluru and Julie Steenhuysen in Chicago; Editing by Shilpi Majumdar and Stephen Coates)

Vaccine Against Monkeypox In Berlin

Emergent to donate 50,000 vaccine doses to address mpox outbreak in Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1419" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; MTN Group swung to a half-year loss on Monday as Africa&#8217;s biggest telecom operator grappled with the devaluation of the Nigerian naira and operational challenges in Sudan.



The company reported a loss before tax of 9 billion rand in the six-month period ended June 30, compared with a restated profit of 8.3 billion rand a year earlier.



&#8220;The further devaluation in the naira against the U.S. dollar&#8230; and the ongoing conflict in Sudan had the most significant impact on reported results,&#8221; CEO Ralph Mupita said.



MTN Group, which has 288 million customers across 18 markets in Africa, said its group service revenue decreased 20.8% to 85.3 billion rand. In constant currency, group service revenue, which excludes device and SIM card revenue, rose 12.1%.



The company&#8217;s service revenue from South Africa surpassed that of MTN Nigeria&nbsp;MTNN.LG, its biggest market by revenue, and rose 3.3% to 21.1 billion rand.



Revenue from the company&#8217;s Nigeria operations tumbled 52.9% to 20.5 billion rand, while on a constant currency basis it increased 32.4%.



Nigeria has suffered chronic dollar shortages in recent months that have forced authorities to devalue the naira twice in less than a year, as part of the new government&#8217;s measures to stabilise the currency and attract investment.



MTN Group, which anticipates paying a minimum ordinary final dividend of 330 cents per share for fiscal 2024, is making inroads in raising 25 billion rand by next year from non-core asset sales and reducing its ownership in its businesses, Mupita said on a post-earnings call.



The company has already raised 21.7 billion rand so far from non-core asset sales and should reach its target of raising 25 billion rand by next year, Mupita added.



The telecom operator reduced its stakes in MTN Ghana and MTN Uganda during the reporting period for a combined 1.7 billion rand.



There will be further stake sales in Ghana of about 2.1%, and in Cameroon, Ivory Coast and Nigeria, according to Mupita.



(Reporting by Nqobile Dludla; Editing by Tom Hogue, Sherry Jacob-Phillips and Shounak Dasgupta)

FILE PHOTO: MTN downgrades medium-term margin target for South Africa on power outages

South Africa’s MTN swings to half-year loss as Nigeria currency devaluation weighs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">President of Kenya William Ruto during the United Nations Climate Change Conference COP28 High Level Segment meeting in Dubai, United Arab Emirates on December 1, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, Aug 19 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government&nbsp;will have to bring back some&nbsp;tax measures&nbsp;that&nbsp;it scrapped&nbsp;after deadly protests in June,&nbsp;the finance minister said,&nbsp;raising the risk of further&nbsp;unrest.



John Mbadi told Citizen TV in an interview broadcast on Sunday night that some of the measures would be tweaked and not all would be revived, but they were needed to pay for expenditure including wages for teachers.



Some people who were involved in the youth-led protest movement that rocked the East African nation said they were ready to go back onto the streets after the minister&#8217;s announcement.



&#8220;I was going to take a one month break from social media&#8230; but it seems that there is no rest for me,&#8221; Hanifa, who only uses one name, wrote on X.



&#8220;The struggle continues. @WilliamsRuto I dare you to bring back the finance bill,&#8221; she added.



President William Ruto&nbsp;abandoned&nbsp;the finance bill for this fiscal year on June 26, and later dismissed most of his cabinet, bowing&nbsp;to pressure from protesters who had&nbsp;stormed parliamentand&nbsp;launched demonstrations across the country.



The bill had contained new taxes and hikes to raise an extra 346 billion shillings ($2.70 billion) &#8211; plans that the protesters said would pile pressure onto a population already struggling with surging living costs.



Mbadi, who was brought into the cabinet from the opposition benches as Ruto tried to prop up his government, had ruled out further tax hikes during his first public remarks in the post on Aug. 4.



In the interview on Sunday,&nbsp;he said the government planned to reintroduce what he called an eco-levy on most goods &#8211; though plans to tax essential products such as sanitary&nbsp;pads,&nbsp;which were a focal point for protesters&#8217; anger,&nbsp;would be dropped.



&#8220;For eco-levy, we would target those areas that do not affect the common citizen,&#8221; he told the private broadcaster. The measures were needed to fund emerging government expenditures, and will be taken to parliament by Sept. 30, Mbadi said.



The government has been caught between&nbsp;the competing demands of hard-pressed citizens and of lenders such as the IMF,&nbsp;which is urging&nbsp;the government to cut deficits to obtain more financing.



After the bill was dropped, the government cut spending and widened the fiscal deficit.



Neither Mbadi, nor the finance ministry, responded to Reuters requests for comment on the interview.



The new moves would raise 150 billion shillings, Citizen TV reported. The minister rejected criticism of the levy by businesses operating in Kenya.



&#8220;This country is not a dumping place. If you are injurious to the environment, then you must pay to make good what you have caused,&#8221; he said.



The government was working to bring back 49 clauses from the original bill, some meant to streamline laws without raising or introducing new taxes, Mbadi told the broadcaster.



($1 = 128.2500 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Andrew Heavens)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="465" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-820x465.jpg" alt="" class="wp-image-520812" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-820x465.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-300x170.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-768x436.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-1536x871.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers walk within Merkato, one of Africa&#8217;s biggest open air market, in Addis Ababa, Ethiopia, April 25, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



NAIROBI, Aug 19 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia is ramping up efforts to restructure its $1 billion international bond as part of a broader debt rework. Investors have balked at indications that the government is seeking a haircut, setting the stage for tense negotiations.



Here are some key issues in the restructuring process:



<h2 class="wp-block-heading" id="h-why-is-ethiopia-restructuring-its-debt">WHY IS ETHIOPIA RESTRUCTURING ITS DEBT?</h2>



Pressed by acute foreign currency shortages and sluggish government revenues amid a civil war in the northern region of Tigray, the government said in early 2021 it would restructure its debt under the G20 Common Framework initiative.



Chad, Zambia and Ghana have all sought to restructure&nbsp;their debts&nbsp;under the programme designed to provide swift debt relief to developing countries.



Ethiopia&#8217;s process was drawn out by the Tigray conflict which ended in late 2022 and slow progress in meeting International Monetary Fund requirements to abandon its currency peg, ditch capital controls and introduce an interest rate-based monetary policy framework.



The East African nation, the continent&#8217;s second most populous with 120 million people, floated its birr currency on July 29, helping it secure a $3.4-billion four-year IMF loan programme.



The IMF deal unlocked more financing from lenders including the World Bank and paved the way for a fresh debt restructuring push.



<h2 class="wp-block-heading" id="h-what-are-the-expected-outcomes">WHAT ARE THE EXPECTED OUTCOMES?</h2>



Ethiopia&#8217;s external debt stood at $28.9 billion&nbsp;in March, according to the&nbsp;government.&nbsp;The IMF&nbsp;identified&nbsp;a $3.5 billion financing gap during the lending programme. Ethiopia needs to plug that through the debt rework, but how that will be attained depends on the restructuring negotiations.



The government said it hoped the restructuring would achieve $4.9 billion in debt relief, citing official creditor proposals, though without a specified time frame.



To achieve comparability of treatment, a Common Framework tenet that requires commercial creditors to be treated in a similar way to official counterparts, Ethiopian officials have indicated they will seek a 20% write down on the principal of its $1 billion bond.



That has angered bondholders who said last week it does not reflect Ethiopia&#8217;s economic fundamentals, and added that the government was not following a &#8220;good faith&#8221; approach to debt restructuring.



Ethiopia has not commented on the bondholder statement.



<h2 class="wp-block-heading" id="h-how-will-that-nbsp-dispute-nbsp-be-resolved">HOW WILL THAT&nbsp;DISPUTE&nbsp;BE RESOLVED?</h2>



The dispute revolves around whether Ethiopia has a liquidity problem &#8211; a short-term issue &#8211; or whether it faces a longer-term solvency crisis.



Export and tax revenues have been under pressure and FX reserves dwindling, hampering Ethiopia&#8217;s ability to service its debt, say those who see it as a solvency issue, even though at 40.3% of GDP, the debt is fairly low.



Kevin Daly, portfolio manager at abrdn, which holds the bond, said a potential solution could be found somewhere between the government proposed haircut and extending the repayment period.



The IMF&#8217;s debt sustainability analysis shows Ethiopia has seen protracted breaches of a number of indicators the fund usually uses to identify a solvency crunch, such as the external debt-to-exports ratio.



Diverging assessments could set the stage for tense negotiations.



&#8220;Unduly conservative assumptions, coupled with unambitious fiscal efforts, may lead to protracted restructuring negotiations,&#8221; the bondholder group warned.



<h2 class="wp-block-heading" id="h-how-are-the-reforms-working-and-what-are-the-next-steps">HOW ARE THE REFORMS WORKING AND WHAT ARE THE NEXT STEPS?</h2>



The birr currency has nearly halved in value this year to trade at 103.97 per dollar &#8211; according to data from Commercial Bank of Ethiopia, the country&#8217;s biggest lender, closing in on the black market rate of 115-120.



However, progress on the key objective of unifying the two rates was initially hampered by commercial banks&#8217; hesitance to&nbsp;do so&nbsp;swiftly. Traders also hiked prices of basic commodities such as cooking oil.



Authorities have responded by closing thousands of businesses that were deemed to have raised prices unjustifiably, and the federal government has sought to boost supplies of essential commodities by ramping up imports.



The IMF says the government will have to take further action, perhaps by tightening monetary policy, to curb inflationary pressures.



The Fund has scheduled an unusually fast pace of reviews in order to closely monitor the impact of reforms.



The first review, scheduled for mid-August, is already underway and will focus on aspects such as FX reserves and external debt.



Following reviews are scheduled&nbsp;for the end of September and in December, at which point both the IMF and government expect Ethiopia to have sealed a restructuring deal.



(Reporting by Duncan Miriri; Additional reporting by Dawit Endeshaw in Addis Ababa; Editing by Karin Strohecker and Andrew Heavens)

FILE PHOTO: Ethiopia’s economy struggles due to shortage of foreign currency

Key issues on Ethiopia’s road to debt restructuring

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-820x615.jpg" alt="" class="wp-image-520774" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A vehicle of Uber operating taxi is seen at a parking lot in Nairobi, Kenya February 12, 2018. Picture taken February 12, 2018. REUTERS/Maggie Fick/File Photo</figcaption></figure>



NAIROBI, Aug 19 (Reuters)&nbsp;&#8211;&nbsp;In eight years of working as a taxi driver in Kenya&#8217;s capital, Judith Chepkwony has never seen business this bad.



A bruising price war between ride-hailing companies Uber Technologies&nbsp;UBER.N, Estonia&#8217;s Bolt and local start-ups Little and Faras has driven fares down to a level that many drivers say is unsustainable, forcing them to set their own higher rates.



&#8220;Most of us have these cars on loan and the cost of living has risen,&#8221; Chepkwony told Reuters. &#8220;I try to convince the customers to agree to the higher rates. If they can&#8217;t pay, we cancel and let them find another driver.&#8221;



About half the passengers who get in touch eventually agree to pay more than the price flashing up on their app generated by the companies&#8217; algorithms, Chepkwony said, keeping her going.



But Uber has said such arrangements break its guidelines and told its drivers to get back into line, setting up a clash between the slick, automated world of the international ride-hailing industry and the messier realities of one of its biggest developing markets.



The East African nation of 50 million people has been rocked by deadly protests against tax hikes which, together with high prices of basic commodities and elevated interest rates, has been blamed for lower disposable incomes.



Kenya, Nigeria and Tanzania &#8211; with their growing economies and relatively low car ownership rates &#8211; are among the most important markets for Uber in Africa, its executives have said.



But there have been challenges along the way. Drivers have gone on strike in Kenya,&nbsp;twice this year and at least once last year, over low commissions.



Uber Head of East Africa Imran Manji told Reuters it was reviewing reports of customers being overcharged. &#8220;We encourage all riders to report such instances.&#8221;



Linda Ndung&#8217;u, Bolt&#8217;s manager for Kenya, said they were discouraging fare-hiking while the industry searches for a solution to balance the needs of drivers and customers.



While everyone waits, the drivers are finding ways to get round the industry&#8217;s united front.



Many say they use walkie-talkie app Zello to collectively agree on higher prices, meaning a customer will get the same rate even if they shop around.



Drivers have also produced a fare guide,&nbsp;which they print, laminate and post up inside their cars for customers to see.



One seen by Reuters set the minimum fare at 300 shillings ($2.33), above the&nbsp;200 shillings set by Uber and Bolt who sometimes offer further discounts.



&#8220;We first ask the client where they are going and how much is shown on the app. Then we propose a rate based on our chart which can also be done by quickly multiplying by 1.5,&#8221; Nairobi-based driver Erick Nyamweya said.



&#8220;If they agree, we take the ride. If not we either negotiate further or decline because the current rates are not sustainable with higher fuel and spare parts prices.&#8221;



There has been some movement. Local start-up Faras Cabs raised its fares by up to a fifth&nbsp;this month&nbsp;to accommodate drivers&#8217; demands, Chief Commercial Officer Osman Abdi said.



At the end of the day, it is the customer that pays, in money and time spent haggling.



&#8220;The negotiations end up taking so much time that it ends up beating the logic of trying to save time by taking a cab,&#8221; said one customer, Lameck Owesi. &#8220;It is frustrating.&#8221;



($1 = 128.5000 Kenyan shillings)



(Reporting by Edwin Okoth; Editing by Duncan Miriri and Andrew Heavens)

A vehicle of Uber operating taxi is seen at a parking lot in Nairobi

Hard-pressed Kenyan drivers defy Uber’s algorithm, set their own fares

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-820x547.jpg" alt="" class="wp-image-520771" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Thungela Resources CEO July Ndlovu speaks to Reuters during the Investing in African Mining Indaba 2023 conference in Cape Town, South Africa, February 6, 2023. REUTERS/Shelley Christians/File Photo</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; Thungela Resources, a South African exporter of thermal coal burned in power stations, expects the country&#8217;s shipments of the fossil fuel to rebound from next year as rail bottlenecks ease, CEO July Ndlovu said on Monday.



The country&#8217;s coal shipments fell to a three-decade low of about 47 million tons per year in 2023 as state-owned ports and rail company Transnet struggled to move sufficient volumes to ports due to lack of locomotives and spares, as well as cable theft and vandalism of infrastructure.



Coal shipments could rise to more than 50 million tons per year from 2025, Ndlovu said. Transnet&#8217;s rail unit moved about 76.47 million tons of the fossil fuel in 2017.



&#8220;The worst is probably behind us,&#8221; Ndlovu said on a media call. &#8220;The building blocks are in place, therefore it stands to reason that there will be improvement.&#8221;



South Africa&#8217;s rail crisis has curbed coal shipments for companies including Thungela, Exxaro Resources and Glencore, forcing some miners to truck the fossil fuel by road and to use alternative ports in neighboring Mozambique.



The lack of rail capacity has also hit earnings for producers at a time when prices for the fuel have softened. Thungela said its profit in the six months through June plunged 61% to 1.2 billion rand ($67.34 million).



Thungela could lift shipments from South Africa to more than 12.5 million tons next year if the rail network improves, Ndlovu said. Exxaro CEO Nombasa Tsengwa last week that the rail crisis had &#8220;bottomed out&#8221;.



Thungela is weighing plans to invest in new coal production around its Ensham mine in Australia, which it acquired last year and where the CEO sees &#8220;additional potential given the size of the resource&#8221;.



While most banks and financiers are now shunning funding new coal production, Ndlovu said the company was able to fund its development projects.



&#8220;If we do identify attractive opportunities, and we believe that they are more value accretive and enhance shareholder returns, we should be able to fund those,&#8221; Ndlovu said.



($1 = 17.8195 rand)



(Reporting by Nelson Banya and Felix Njini; Editing by Conor Humphries)

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Why Airlines Like American Are Scrambling To Make Engines Last Longer

Saudi Arabia’s sovereign wealth fund assets reach $925 billion

Qatar Airways says it will take 25% stake in South Africa’s Airlink

Ghana begins construction of $12 bln petroleum hub

Kenya’s top court suspends judgment nullifying 2023 finance law

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South African rand softer ahead of leading indicator

South African Markets – Factors to watch on Aug 20

Senegal sets up commission to review oil and gas contracts

Sasol profit plunges 66% on weak chemical prices, skips final dividend

Emergent to donate 50,000 vaccine doses to address mpox outbreak in Africa

South Africa’s MTN swings to half-year loss as Nigeria currency devaluation weighs

Kenya to bring back some scrapped tax plans, risking more unrest

Why are U.S. brands allowed into China?

Key issues on Ethiopia’s road to debt restructuring

Hard-pressed Kenyan drivers defy Uber’s algorithm, set their own fares

Thungela CEO sees South Africa coal exports rebounding as rail improves

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