<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-1012630006-820x547.jpg" alt="" class="wp-image-520768" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A new corporate logo stands above the entrance to the Absa Group Ltd. headquarters office in Johannesburg, South Africa, on Tuesday, Aug. 7, 2018. Barclays Africa Group Ltd. has ditched the name to revert to Absa Group Ltd. as it severs ties with Barclays Plc, after the London-based company sold down the controlling stake it bought in 2005. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; South Africa&#8217;s Absa Group posted a 5% decline in half-year profit on Monday as operating expenses rose faster than revenue but flagged a moderation in cost growth in the second half and a slight improvement in credit loss levels.



Inflationary pressure, high interest rates, regular power blackouts and logistical bottlenecks are taking a toll on South African banks&#8217; most sensitive retail and small business customers.



Absa posted diluted headline earnings per share of 1,228.4 cents for the six months ended June 30, down from 1,293.1 cents in the corresponding period a year earlier.



Operating expenses rose 8% to 28.3 billion rand ($1.59 billion). But revenue grew just 3% to 53.7 billion rand as net interest income &#8211; the difference between that amount banks earn from loans and pay on deposits &#8211; rose by 7% to 35.3 billion rand and non-interest income fell 2%.



Net loans and advances grew by 4% or 6% in constant currency terms, to 1.3 trillion rand, while credit impairment charges were flat, producing a credit loss ratio of 123 basis points (bps) from 127 bps, still outside its target range.



A credit loss ratio is a measure of bad loans versus total loans.



Absa&#8217;s customers remained in distress in the first half, but early delinquencies have improved significantly, Group Financial Director Deon Raju said on a call with media.



&#8220;We have seen even more affluent customers demand credit which tells you that they&#8217;ve depleted savings and more broadly affordability levels in the first half were certainly under pressure,&#8221; Raju said.



&#8220;With interest rate cuts on our horizon we do see some of that pressure being relieved.&#8221;



The lender said it expects mid-single digit growth in both revenue and operating expenses for the full year, to give a similar cost-to-income ratio to 2023&#8217;s 53.2%.



($1 = 17.8119 rand)



(Reporting by Nqobile Dludla; Editing by Himani Sarkar, Kirsten Donovan)

Absa Reboots Image As 100 Years Of Barclays In Africa Ends

South African lender Absa reports lower half-year profit

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



JOHANNESBURG, Aug 19 (Reuters) &#8211; The South African rand was slightly weaker in early trading on Monday, after gaining last week, ahead of the release of domestic inflation data on Wednesday which may provide hints on the country&#8217;s future interest rate path.



At 0631 GMT, the rand traded at 17.8775 against the dollar, about 0.1% softer than its closing level on Friday. The dollar was down about 0.38% against a basket of global currencies.



Investors will look to South Africa&#8217;s July inflation figures on Wednesday for hints on the central bank&#8217;s future interest rate path.



&#8220;Investors will be watching closely at the number to see if inflation is softening enough for the central bank to begin cutting rates in September,&#8221; said Rand Merchant Bank analysts in a research note.



A Reuters poll found that economists expect the central bank to cut interest rates for the first time in more than two years on Sept. 19.



This week, global markets will likely focus on the release of minutes from a Federal Reserve meeting and the Jackson Hole symposium of central bankers where Fed Chair Jerome Powell will give a speech.



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



South Africa&#8217;s benchmark 2030 government bond was slightly firmer in early trading, and the yield slipped 2.5 basis points to 9.295%.



(Reporting by Tannur Anders; Editing by Bernadette Baum)

South African Rand coins are seen in this illustration picture

South African rand dips ahead of inflation data this week

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, Aug 19 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Kenya Airways, one of Africa&#8217;s three biggest carriers, will release its half-year results for 2024.



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



Asian stocks edged up and the dollar slid on Monday after global equities enjoyed their best week in nine months on expectations the U.S. economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts.



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



Oil prices eased in early Asian trading on Monday as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks.



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



South Africa&#8217;s rand was on course for gains of over 2% this week, while stocks hit a record high in intra-day trade on Friday, as upbeat U.S. economic data allayed fears of an imminent recession in the world&#8217;s top economy.



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



Kenya&#8217;s shilling was stable against the U.S. dollar on Friday, but traders said they expected it to come under pressure from foreign-currency demand from the manufacturing sector.



<h2 class="wp-block-heading" id="h-southern-africa-drought">SOUTHERN AFRICA DROUGHT</h2>



About 68 million people in Southern Africa are suffering the effects of an El Nino-induced drought which has wiped out crops across the region, the regional bloc SADC said on Saturday.



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



Sudan&#8217;s government said it will send a delegation to Cairo for discussions with U.S. and Egyptian officials on Monday, keeping open the question of participation in peace talks aimed at ending a 16-month war.



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



The biggest union of Kenya&#8217;s aviation workers has postponed for two weeks a planned strike that was scheduled to start on Monday, to allow talks with the government over a proposed deal with an Indian company to develop the country&#8217;s main airport.



<h2 class="wp-block-heading" id="h-mali-economy">MALI ECONOMY</h2>



Four years after the military ousted Mali’s then-president and came to power, many residents say economic troubles are worsening and constant power cuts are hurting businesses.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 19

<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 19 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.



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



South Africa&#8217;s Johannesburg Stock Exchange will release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.



South Africa&#8217;s government will hold its weekly auction for Treasury bills.



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



South African lender Absa Group&#8217;s half-year results



Thermal coal exporter Thungela&#8217;s half-year results



Africa&#8217;s biggest telecoms operator MTN&#8217;s half-year results



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



South Africa&#8217;s rand gained last week, while stocks hit a record high on Friday, as upbeat U.S. economic data allayed fears of an imminent recession in the world&#8217;s top economy.



The Johannesburg Stock Exchange&#8217;s Top-40 index hit a record high on Friday. It closed more than 0.7% higher.



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



Asian stocks edged up and the dollar slid on Monday after global equities enjoyed their best week in nine months on expectations the U.S. economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts.



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



U.S. stocks ended higher on Friday, extending their biggest weekly percentage gains of the year as worries of an economic downturn eased and investors focused on the Jackson Hole Economic Symposium next week.



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



Gold prices eased on Monday and hovered around key $2,500 level, as traders locked in profits following bullion&#8217;s climb to an all-time peak in the previous session on expectations of a U.S. interest rate cut next month.



&#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; More to come as JSE soars to a record high



&#8211; Private equity fundraising hits 13-year record



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 19

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-820x571.jpg" alt="" class="wp-image-520727" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-1536x1070.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Absa Group logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; South African lender Absa Group on Monday said Chief Executive Officer Arrie Rautenbach will take early retirement from the company, effective on April 15, 2025.



Charles Russon will become interim CEO of Absa Group and Absa Bank effective on Oct. 15, 2024, subject to regulatory approval, the bank said in a statement.



&#8220;Charles&#8217; appointment will enable a smooth transition, while the board conducts a diligent search for a new permanent group chief executive,&#8221; Absa said.



Absa said the change was taken following &#8220;engagements&#8221; between the board and Rautenbach, but gave no further details.



Rautenbach will be on a 6-month contractual notice period that will be served as garden leave, the lender said.



Rautenbach has been with the bank since 1997 and took the helm in 2022, becoming the fourth person to take the reins since the departure of longstanding CEO Maria Ramos in 2019.



Russon has been CEO of Absa&#8217;s Corporate and Investment Bank since 2018 and a group executive committee member since 2014. Yasmin Masithela will become interim CEO of Absa&#8217;s Corporate and Investment Bank effective on Oct. 15.



(Reporting by Nqobile Dludla; Editing by Tom Hogue)

Illustration shows a smartphone with displayed Absa Group logo

South Africa’s Absa CEO Arrie Rautenbach to retire next year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1822" height="1271" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE.jpg" alt="" class="wp-image-506368" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE.jpg 1822w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-1536x1071.jpg 1536w" sizes="auto, (max-width: 1822px) 100vw, 1822px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto speaks at a press conference where he announced spending cuts in government after protests against Kenya&#8217;s proposed finance bill 2024/2025, in Nairobi, Kenya, July 5, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Aug 19 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government plans to reintroduce to parliament tax measures contained in legislation that was pulled in June after deadly protests, aiming to raise an extra 150 billion shillings ($1.2 billion), Citizen TV reported citing the finance minister.



The tax proposals to be brought back include an eco-levy on most goods, Finance Minister John Mbadi told the private TV station, adding that sensitive products like sanitary pads would be exempted from the levy.



The move to revive some of the measures is due to growing demands for expenditures by the government, the minister told the station.



($1 = 128.5000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Tom Hogue)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-820x531.jpg" alt="" class="wp-image-519734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chicks of broiler chicken are seen at Gruisfontein farm in Lichtenburg in the North West province, South Africa, January 19, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Aug 16 (Reuters)&nbsp;&#8211;&nbsp;Namibia has resumed imports of live poultry and birds from South Africa, the agriculture ministry said in a statement on Friday.



Namibia banned imports of live poultry, birds and poultry products from neighbouring South Africa in September 2023, following an outbreak of highly pathogenic avian influenza in the country.



Namibia consumes an estimated 2,500 metric tons of chicken every month, typically relying on imports mainly from South Africa.



The ministry also said it had suspended imports of live birds and uncooked poultry products from Brazil&#8217;s Rio Grande do Sul state following an outbreak of the avian Newcastle disease.



Consignments containing poultry products from the state packed in their final packaging on or after June 18, the date of suspension, will be sent back or destroyed at the importer&#8217;s cost, Namibia&#8217;s agriculture ministry said.



(Reporting by Nyasha Nyaungwa; Editing by Tannur Anders, Kirsten Donovan)

Broiler chickens at Gruisfontein farm in Lichtenburg

Namibia resumes live poultry, bird imports from South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4.jpg" alt="" class="wp-image-519697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: A man receives a dose of the mpox vaccine at the Edison municipal vaccination centre in Paris, France July 27, 2022. Alain Jocard/Pool via REUTERS/File Photo</figcaption></figure>



Aug 16 (Reuters)&nbsp;&#8211;&nbsp;More imported cases of a new mpox strain will appear in Europe in the coming weeks but the risk of sustained transmission remains low, the head of Europe&#8217;s disease prevention agency said on Friday.



The agency raised its risk assessment for sporadic cases of mpox clade I in Europe to moderate on Friday. The risk was high for travellers to affected areas in Africa in close contact with people there, and moderate for their contacts.



&#8220;There will be more cases in the coming weeks. That&#8217;s the expectation&#8230; But regarding the risk [for the] general European population, we have to say that our assessment is that the risk is very low at the moment,&#8221; European Centre for Disease Prevention and Control director Pamela Rendi-Wagner said in an interview.



She called for European countries to&nbsp;step up&nbsp;preparedness and raise awareness to prevent further spread.



An outbreak of mpox in Democratic Republic of Congo caused by two different forms of mpox, an endemic form and a new offshoot called clade Ib, has caused global concern after it spread to more countries in Africa.



On Thursday, Sweden became the first country outside Africa to confirm a case of clade Ib. The WHO declared the outbreak a global health emergency on Wednesday.



The European CDC recommended that public health authorities plan and prepare for quick detection of any clade I cases that may reach Europe.



It predicts the impact from this strain of the virus will be low in Europe if proper surveillance and control measures are implemented, using the expertise garnered when another strain of mpox, clade II, spread globally in 2022.



During that emergency, the virus spread mainly among men who had sex with men, and behaviour change as well as vaccines helped bring it under control in Europe.



Mpox is a viral infection that causes flu-like symptoms and pus-filled lesions, and while usually mild, it can be fatal in rare cases. It spreads through close contact, including sexual contact, and clade Ib appears to spread more easily among people than other forms of the virus, although there are many open questions about its severity and transmissibility, Randi-Wagner said.



Anyone with symptoms and travel history or a contact with travel to affected areas in Africa should immediately contact a doctor, she added.



&#8220;Test, test, test, in order to find the suspect cases in Europe as soon as possible and avoid further spreading,&#8221; she said in recommendations to European public health authorities.



(Reporting by Bhanvi Satija in Bengaluru; Editing by Shinjini Ganguli and Angus MacSwan)

A man receives a dose of the mpox vaccine at the Edison municipal vaccination centre in Paris

More imported cases of new mpox strain in Europe expected, public health agency says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="529" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4.jpg" alt="" class="wp-image-518486" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/U4ZO2CUGW5IUBMTRVQDPXQQ7R4-768x508.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Christian Musema, a laboratory nurse, takes a sample from a child declared a suspected case Mpox &#8211; an infectious disease caused by the monkeypox virus that spark-off a painful rash, enlarged lymph nodes and fever; at the the treatment centre in Munigi, following Mpox cases in Nyiragongo territory near Goma, North Kivu province, Democratic Republic of the Congo July 19, 2024. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



LONDON, Aug 16 (Reuters) &#8211; The World Health Organization has declared that an outbreak of mpox, a viral infection that spreads through close contact, represents a global health emergency for the second time in two years.



Here&#8217;s what that means.



<h2 class="wp-block-heading" id="h-what-is-mpox">WHAT IS MPOX?</h2>



Mpox is a viral infection that causes flu-like symptoms and pus-filled lesions, and while usually mild, it can kill. Children, pregnant women and people with weakened immune systems, such as those with HIV, are all at higher risk of complications.



The WHO declared the recent outbreak of the disease a public health emergency after a new offshoot of the mpox virus, first identified in Democratic Republic of Congo, began spreading to other neighbouring countries.



Mpox transmits through close physical contact, including sexual contact, but there is no evidence that it spreads easily through the air.



The new offshoot has caused global alarm because it appears to spread more easily between people.



<h2 class="wp-block-heading" id="h-what-is-a-global-health-emergency">WHAT IS A GLOBAL HEALTH EMERGENCY?</h2>



A &#8220;public health emergency of international concern&#8221;, or PHEIC, is the WHO&#8217;s highest form of alert. It is announced when diseases are spreading in new or unusual ways, and is aimed at galvanising international co-operation and funding to tackle an outbreak.



The WHO&#8217;s declaration follows a similar label from the Africa Centres for Disease Control and Prevention earlier this week.



<h2 class="wp-block-heading" id="h-why-is-mpox-an-emergency-again">WHY IS MPOX AN EMERGENCY AGAIN?</h2>



Two years ago, the WHO declared mpox was an emergency when a form of the disease, clade IIb, began to spread globally, largely among men who have sex with men.



That outbreak was brought under control after behaviour change and safe sex practices, plus vaccines, helped people at risk protect themselves in many countries.



But mpox has been a public health problem in parts of Africa for decades. The first ever human case was in Congo in 1970, and it has had outbreaks ever since.



The current outbreak, Congo&#8217;s worst ever, has seen 27,000 cases and more than 1,100 deaths since January 2023, largely among children.



Two strains of mpox are now spreading in Congo &#8211; the endemic form of the virus, clade I, and a new offshoot called clade Ib, with the term &#8216;clade&#8217; referring to a form of the virus.



The new offshoot has now moved from eastern Congo to Rwanda, Uganda, Burundi and Kenya.



Sweden reported the first case of the new form, clade Ib, outside Africa on Thursday.



A WHO spokesperson said the case reiterated the need for partnership, and the agency continues to advise against travel restrictions to stop the spread of mpox.



Pakistan on Friday also confirmed a case of the mpox virus in a patient who had returned from a Gulf country, though it was unclear whether it was of the new variant or of the clade that has been spreading globally since 2022.



<h2 class="wp-block-heading" id="h-what-happens-now">WHAT HAPPENS NOW?</h2>



Scientists hope that the emergency declarations will speed up efforts to get more medical tools and funding to Congo to help the authorities there tackle the outbreak. Better surveillance is needed to study the virus and help stop the spread.



But in 2022, a WHO appeal for $34 million to fight mpox got no take-up from donors, and there was huge inequity in who had access to vaccine doses. African countries had no access to the two shots used in the global outbreak, made by Bavarian Nordic and KM Biologics.



Two years later that remains the case, although there are efforts to change that, the WHO said on Wednesday as it appealed for dose donations from countries with stockpiles.



Africa CDC said it has a plan to secure doses, without elaborating further, but stocks are currently limited.



<h2 class="wp-block-heading" id="h-how-worried-should-i-be">HOW WORRIED SHOULD I BE?</h2>



Fatality rates vary, and depend heavily on the healthcare available to the sickest patients. In Congo in this outbreak, the rate across both clade I and clade Ib has been around 4%. Clade II, which spread globally, was much less deadly.



However, mpox is not COVID-19. There are tools that are proven to work to stop the spread and help those at risk, and it does not spread as easily.



The challenge now, which the emergency declarations aim to highlight, is making sure those tools reach those who need them most, in Congo and neighbouring countries.



(Reporting by Jennifer Rigby; Editing by Crispian Balmer and Jan Harvey)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Aug 16 (Reuters) &#8211; Kenya&#8217;s shilling was stable against the U.S. dollar on Friday, but traders said they expected it to come under pressure from foreign-currency demand from the manufacturing sector.



At 0900 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same level it closed on Thursday.



Foreign-currency inflows for a 50 billion Kenyan shilling infrastructure bond auction earlier this week have helped support the local unit in recent sessions.



&#8220;There&#8217;s a lot of (FX) demand kicking in,&#8221; one trader said. &#8220;What had lifted the shilling was the infrastructure bond (auction). Now the (market) fundamentals are coming back into play.&#8221;



(Reporting by Hereward Holland; Editing by Alexander Winning)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling stable but traders see FX demand picking up

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1368" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-scaled.jpg" alt="" class="wp-image-519644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/IGCSI2ZMYJNARJNQD2J6NFMHZE-1-1536x1026.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria Finance Minister Wale Edun is interviewed by Karin Strohecker, Reuters Chief Correspondent Emerging Markets, during the G20 Finance Ministers and Central Bank Governors&#8217; Meeting at the IMF and World Bank’s 2024 annual Spring Meetings in Washington, U.S., April 18, 2024. REUTERS/Ken Cedeno/File Photo</figcaption></figure>



ABUJA, Aug 16 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Finance Minister Wale Edun launched a $500 million dollar-denominated bond sale on the local market on Thursday, targeting domestic and foreign investors, the finance ministry said on Friday.



The ministry said in a statement that the move was part of plans to stabilise the naira currency by attracting dollars held by Nigerians abroad, as well as international investors who back reforms initiated by President Bola Tinubu.



Edun told Reuters in May that Nigeria would launch a diaspora bond in the third quarter. He said the bond would be issued locally but denominated in U.S. dollars.



While promoting the $500 million bond, Edun said on Thursday government revenue and expenditure had improved and interventions to reduce inflation were yielding results.



Nigeria&#8217;s headline inflation rate fell in July for the first time in well over a year, dipping to 33.40% in annual terms from 34.19% in June, data from the statistics agency showed on Thursday.



The ministry gave no details of the bond&#8217;s duration and when the sale will close.



Edun has considered plans for Nigeria to sell Eurobonds in the past. He said in the ministry&#8217;s statement that &#8220;the ratings system often does not favour the continent&#8221;. African issuers have faced challenges in international capital markets particularly with pricing for their debt.



In June, the World Bank approved a total of $2.25 billion loan for Nigeria to help stabilise its economy following reforms and to scale up support for the poor.



(Reporting by Camillus Eboh;Writing by Chijioke Ohuocha; Editing by Emelia Sithole-Matarise)

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South African lender Absa reports lower half-year profit

South African rand dips ahead of inflation data this week

African Markets – Factors to watch on Aug 19

South African Markets – Factors to watch on Aug 19

South Africa’s Absa CEO Arrie Rautenbach to retire next year

Kenya to reintroduce some tax measures to raise $1.2 bln, TV report

How Americans Are Losing Their Life Savings To Crypto Fraud

What it takes to chase the Olympic dream

How Chinese EVs Are Taking Over Mexico

Desirèe Henry looks back at her first Olympics

Who is Thailand’s new prime minister?

Namibia resumes live poultry, bird imports from South Africa

More imported cases of new mpox strain in Europe expected, public health agency says

Why is mpox an emergency again, and how worried should I be?

Japan’s quest for the most powerful microchip

Kenyan shilling stable but traders see FX demand picking up

Nigeria launches $500 million dollar bond on local market

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