<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107418094-1716321352537-gettyimages-2153474140-AFP_34TH9TC-scaled.jpeg" alt="" class="wp-image-511392" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107418094-1716321352537-gettyimages-2153474140-AFP_34TH9TC-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107418094-1716321352537-gettyimages-2153474140-AFP_34TH9TC-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107418094-1716321352537-gettyimages-2153474140-AFP_34TH9TC-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107418094-1716321352537-gettyimages-2153474140-AFP_34TH9TC-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107418094-1716321352537-gettyimages-2153474140-AFP_34TH9TC-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107418094-1716321352537-gettyimages-2153474140-AFP_34TH9TC-1536x1024.jpeg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



OpenAI on Thursday announced a prototype of its search engine, called SearchGPT, which aims to give users “fast and timely answers with clear and relevant sources.”



The company said it eventually plans to integrate the tool, which is currently being tested with a small group of users, into its ChatGPT chatbot.



The rollout could have implications for Google and its dominant search engine. Since the launch of ChatGPT in November 2022, Alphabet investors have been concerned that OpenAI could take market share from Google in search by giving consumers new ways to seek information online. 



With this prototype, OpenAI is testing the waters for doing just that, promising users the chance to “search in a more natural, intuitive way” and ask follow-up questions “just like you would in a conversation.”



“We think there is room to make search much better than it is today,” OpenAI CEO Sam Altman wrote Thursday in a post on X.



Alphabet shares fell more than 3% on Thursday to close at $167.28, while the Nasdaq was down less than 1%.



In May, Google launched AI Overview, which CEO Sundar Pichai called the biggest change in search in 25 years, to a limited audience, allowing users to see a summary of answers to queries at the very top of Google Search.



Though Google had been working on AI Overview for more than a year, public criticism mounted after  users quickly noticed that queries returned nonsensical or inaccurate results within the AI feature — without any way to opt out.



“Google has been kind of shaking in their boots a little bit since this stuff first popped off,” said Daniel Faggella, founder and head of research at Emerj Artificial Intelligence Research, referring to generative artificial intelligence. “We haven’t seem their company crumble in the interim, but we have seen them kind of fumble.”&nbsp;



The SearchGPT announcement follows OpenAI’s launch last Thursday of a new AI model, “GPT-4o mini.” The new model is an offshoot of GPT-4o, the startup’s fastest and most powerful model to date, which it launched in May during a livestreamed event with executives. 



OpenAI, backed by Microsoft, has been valued at more than $80 billion by investors. The company, founded in 2015, is under pressure to stay on top of the generative AI market while finding ways to make money as it spends massive sums on processors and infrastructure to build and train its models.



Last Month, OpenAI announced the hiring of two top executives as well as a partnership with Apple that includes a ChatGPT-Siri integration. Sarah Friar, previously CEO of Nextdoor and finance chief at Square, joined as chief financial officer, and Kevin Weil, an ex-president at Planet Labs and former senior vice president at Twitter and a vice president at Facebook and Instagram, joined as chief product officer.



OpenAI is bolstering its C-suite as its large language models gain importance across the tech sector and as competition rapidly emerges in the burgeoning generative AI market.&nbsp;



Both OpenAI’s new mini AI model and the prototype of SearchGPT are also part of the company’s push to be at the forefront of “multimodality,” or the ability to offer a wide range of types of AI-generated media, like text, images, audio, video and search, inside one tool: ChatGPT.



For SearchGPT, OpenAI’s blog post said the tool’s visual results will lead to “richer understanding” for users.



Last year, OpenAI Chief Operating Officer Brad Lightcap told CNBC, “The world is multimodal.” He added that as humans “engage with the world, we see things, we hear things, we say things,” so limiting interactions to text is insufficient.

107418094-1716321352537-gettyimages-2153474140-AFP_34TH9TC

OpenAI announces a search engine called SearchGPT; Alphabet shares dip

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="1920" height="1080" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108004882-1720728328098-gettyimages-2161665996-economy451659_szz6uf7k.jpeg" alt="" class="wp-image-511374" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108004882-1720728328098-gettyimages-2161665996-economy451659_szz6uf7k.jpeg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108004882-1720728328098-gettyimages-2161665996-economy451659_szz6uf7k-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108004882-1720728328098-gettyimages-2161665996-economy451659_szz6uf7k-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108004882-1720728328098-gettyimages-2161665996-economy451659_szz6uf7k-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108004882-1720728328098-gettyimages-2161665996-economy451659_szz6uf7k-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108004882-1720728328098-gettyimages-2161665996-economy451659_szz6uf7k-1536x864.jpeg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Economic activity in the U.S. was considerably stronger than expected during the second quarter, boosted by a strong consumer, government spending and a sizeable inventory build, according to an initial estimate Thursday from the Commerce Department.



Real gross domestic product, a measure of all the goods and services produced during the April-through-June period, increased at a 2.8% annualized pace adjusted for seasonality and inflation. Economists surveyed by Dow Jones had been looking for growth of 2.1% following a 1.4% rise in the first quarter.



Consumer spending helped propel the growth number higher, as did contributions from private inventory investment and nonresidential fixed investment, according to the first of three estimates the department will provide.



Personal consumption expenditures, the main proxy in the Bureau of Economic Analysis report for consumer activity, increased 2.3% for the quarter, up from the 1.5% acceleration in Q1. Both services and goods spending saw solid increases for the quarter.



Inventories also were a significant contributor, adding 0.82 percentage point to the total gain. Government spending added a tailwind as well, rising 3.9% at the federal level, including a 5.2% surge in defense outlays.



On the downside, imports, which subtract from GDP, jumped 6.9%, the biggest quarterly rise since Q1 of 2022. Exports were up just 2%.



Stock market futures drifted higher following the report while Treasury yields moved lower.



“The composition of growth was one of the better mixes that we have observed in some time,” said Joseph Brusuelas, chief economist at RSM. The report “tends to support the idea that the American economy is in the midst of a productivity boom which over the medium term will lift living standards across the country via lower inflation, low employment and rising real wages.”



There was some good news on the inflation front: the personal consumption expenditures price index, a key measure for the Federal Reserve, increased 2.6% for the quarter, down from the 3.4% move in Q1. Excluding food and energy, core PCE prices, which the Fed focuses on even more as a longer-term inflation indicator, were up 2.9%, compared to a 3.7% increase in the prior period.



The so-called chain-weighted price index, which takes into account changes in consumer behavior, increased 2.3% for the quarter, below the 2.6% estimate.



Treasury Secretary Janet Yellen saw the GDP report as “affirming the path we’re on to steady growth and declining inflation,” in remarks she delivered Thursday morning in Rio de Janeiro.



One other key variable, final sales to private domestic purchasers, which the Fed considers a good indicator of underlying demand, accelerated at a 2.6% pace, the same as in the prior quarter.



However, the report also indicated that the personal savings rate continues to decelerate, at 3.5% for the quarter, compared with 3.8% in Q1.



There have been signs of cracks lately in the consumer picture.



A report Wednesday from the Philadelphia Federal Reserve showed credit card delinquencies at an all-time high according to data going back to 2012. Revolving debt balances also reached a new high even as banks reported tightening credit standards and declining new card originations.



However, retail sales numbers have continued to climb indicating that consumers are weathering the headwinds of high interest rates and persistent inflation.



There also is pressure in the housing market: Sales are declining while home prices continue to rise, putting stress on first-time homebuyers.



Federal Reserve officials are expected to hold interest rates steady when they meet next week, though market pricing is pointing to the first cut in four years in September. Policymakers have been circumspect about when they might start reducing rates, though recent comments indicate more of a willingness to start easing policy and most central bankers have said they see further increases as unlikely.



In other economic news Thursday, the Labor Department reported that initial jobless claims totaled 235,000 for the week ended July 20, down 10,000 from the previous week and exactly in line with the Dow Jones forecast. Continuing claims, which run a week behind, edged lower to 1.85 million.



Also, orders for durable goods — generally big-ticket items such as aircraft, appliances and computers — unexpectedly fell 6.6% in June, compared with the forecast for a 0.3% increase. However, excluding transportation, new orders increased 0.5%.

108004882-1720728328098-gettyimages-2161665996-economy451659_szz6uf7k

U.S. economy grew at a 2.8% pace in the second quarter, much more than expected

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-820x571.jpg" alt="" class="wp-image-511175" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-1536x1069.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BLOEMFONTEIN, SOUTH AFRICA JUNE 15: (SOUTH AFRICA OUT) President of the Supreme Court of Appeal (SCA) Mandisa Maya opens up during an interview at her offices on June 15, 2017 in Bloemfontein, South Africa. Maya is the first female to occupy the post of President of the SCA in South Africa. (Photo by Gallo Images / The Times / Simphiwe Nkwali)</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa on Thursday named Mandisa Maya as the first female chief justice, effective on Sept. 1, following consultations with the Judicial Service Commission.



This is a significant milestone for the country, the presidency said in a statement.



Maya, the current deputy chief justice, will replace Raymond Zondo, whose term ends on Aug. 31.



This is a developing story&#8230;



(Reporting by Bhargav Acharya; Editing by Kevin Liffey and Richard Chang)

Close up with Supreme Court of Appeal head Mandisa Maya

South Africa appoints first woman chief justice

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1.jpg" alt="" class="wp-image-511113" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-768x576.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photos: via Flickr</figcaption></figure>



July 25 (Reuters) &#8211; Malawi&#8217;s central bank kept its benchmark lending rate unchanged at 26.0% in a decision announced on Thursday.



(Reporting by Bhargav Acharya; writing by Tannur Anders; editing by Mark Heinrich)

48085890627_1aed377e0b_k-820×615

Malawi central bank keeps main interest rate unchanged at 26%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="619" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg" alt="" class="wp-image-511102" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-300x227.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-119x90.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-768x580.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-1536x1160.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO &#8211; Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare, Zimbabwe, September 10, 2018. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, July 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s 2024 budget deficit is forecast to be 1.3% of gross domestic product, Finance Minister Mthuli Ncube said on Thursday,but warned that concerns remained over the impact of a drought on finances.



The finance ministry projected 2024 growth at 2% earlier this month, down from 3.5% forecast in November, as southern Africa suffers its worst drought in decades.



In his midterm budget review, Ncube told lawmakers that the agriculture sector was now projected to contract by 21.2%, against a contraction of 4.9% in November, due to the drought.



Ncube added that spending priorities for the remainder of the year could change as the government takes stock of the impact of the drought on food security and water.



In April, the southern African nation introduced its new gold-backed currency, Zimbabwe Gold (ZiG), its sixth attempt at a domestic currency in 15 years.



&#8220;Since the introduction of the ZiG currency, the economy is experiencing relatively stable prices and exchange rate,&#8221; Ncube said, adding that inflation had remained stable in the two months since its introduction.



Zimbabweans however have been slow to adopt the new currency, opting instead to continue trading in foreign currency, mainly US dollars.



Ncube introduced revised tax proposals which he says will encourage greater use of the currency, including changes to corporate taxes and making some domestic taxes only payable in local currency.



(Reporting by Nyasha Chingono in Harare and Kopano Gumbi in Johannesburg, additional reporting by Tannur Anders and Bhargav Acharya, writing by Kopano Gumbi, editing by Mark Heinrich and Bernadette Baum)

FILE PHOTO – Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

How Paris Pulled Off One Of The Cheapest Olympics

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg" alt="" class="wp-image-511082" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Solar panels are seen near the cooling towers of a retired coal-fired Komati Power Station, operated by Eskom, near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa, the world&#8217;s 14th biggest carbon emitter, has made strong commitments to climate action but is moving too slowly to wean itself off coal and roll out renewables to meet them, a key report said on Thursday.



Africa&#8217;s most industrialised country has been lauded for making ambitious pledges to cut greenhouse gas emissions &#8211; which are higher even than far richer nations like France, Britain and Italy &#8211; and for producing a comprehensive plan to achieve them.



&#8220;Despite all the strong public support and policy commitments, we&#8217;ve got a huge discrepancy between that and what&#8217;s actually happening,&#8221; Melissa Fourie, one of the authors of the Presidential Climate Commission report, said at its launch in the commercial capital Johannesburg.



The report, commissioned by the president&#8217;s office but independent, said a more than six-fold increase in the pace of renewables buildout was needed.



Several countries&#8217; actions globally are lagging behind their pledges.



President Cyril Ramaphosa signed a sweeping climate change act into law this week that set caps for large emitters.



Donors are providing $12 billion of mostly loans to fund South Africa&#8217;s energy transition, a model they hope to export elsewhere in the developing world.



At the same time, the country has been firing up its coal burners to end years of power shortages. Last year, officials backtracked on pledges to shut down eight coal-fired power stations and have admitted South Africa will not meet its 2030 targets.



The report said total renewable capacity in South Africa was 10.4 gigawatts (GW) in 2022, growing by 1 GW per year since 2015. To meet net zero by 2050, however, it would need between 190 GW and 390 GW, requiring between 6 GW and 14 GW per year.



The report blamed &#8220;contradictory public policies &#8230; particularly regarding the future of the energy



sector,&#8221; adding: &#8220;The lack of consensus about the pace of the coal phaseout is delaying the &#8230; the transition&#8221;.



It added that investment was far below what was required, with 131 billion rand ($7.09 billion) a year being committed, against the 334 billion to 535 billion needed.



($1 = 18.4799 rand)



(Reporting by Tim Cocks; Editing by Alexandra Hudson)

FILE PHOTO: South Africa’s ANC walks political tight rope over coal plant shutdowns

South Africa’s climate action too slow to meet its bold pledges, says report

<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 25 (Reuters)&nbsp;&#8211;&nbsp;Stocks in most developing markets dropped to more than a one-month low on Thursday, as risk taking took a dive after a surprise interest rate decision out of China, while Ukraine bond yields ticked up following a credit rating downgrade.



MSCI&#8217;s index tracking equities across emerging markets dropped 0.6% on track for its ninth day of declines out of ten, but still hanging onto gains of over 4% year-to-date.



A currencies gauge edged up 0.2% against a softer dollar, with markets awaiting economic growth data out of the U.S. later in the day.



The People&#8217;s bank of China (PBOC) surprised markets for a second time this week with an unscheduled lending operation at steeply lower rates, in a heavier effort to prop the economy, which spooked investors and sent China stocks lower by 0.5% each.



China&#8217;s offshore yuan, however, firmed to levels seen last in early May, while bond yields across the curve were flat.



&#8220;The PBOC is trying to shore-up sluggish Chinese economic activity. However, until China deals with its huge debt overhang (total debt is more than 300% of GDP), the country looks set for weaker growth in the years ahead,&#8221; said Elias Haddad, senior markets strategist at Brown Brothers Harriman.



Indian equities continued their decline for the fifth straight day, with the indexes on track for their first weekly losses since late May after equity trading tax hikes earlier in the week.



The capital gains tax revisions sparked a selloff with data showing foreign investors offloaded nearly $1 billion worth of equities in the two days since the budget announcement.



South Africa&#8217;s rand depreciated 0.8%, tracking a weakness in precious metal prices, a top export item from the country.



In central and eastern Europe, Hungary&#8217;s forint weakened for the third-straight day by 0.1% to a two-week low on expectations of more monetary policy easing after an interest rate cut earlier in the week. Concerns also remain as the country struggles with the largest debt in the region.



An index tracking stocks in central and eastern Europe also slid 1.5% to a more than one month low.



Investors monitored ceasefire negotiations between Israel and Hamas, which U.S. officials said were appearing to be in their closing stages. The shekel was flat.



Elsewhere, Ukraine&#8217;s central bank was due to announce an interest rate decision.



Yields on dollar bonds ticked up 28 basis points (bps) as ratings agency Fitch downgraded the war-torn country&#8217;s credit rating further into default territory, citing a recently concluded in-principle agreement with a group of creditors to restructure $20 billion of international bonds.



(Reporting by Johann M Cherian in Bengaluru; editing by Philippa Fletcher)

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

Stocks slide to more than one-month low; China, Ukraine in focus

<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/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg" alt="" class="wp-image-511030" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-1536x999.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Protestors chant slogans during a rally against what they say are rampant corruption and human rights abuses by the country&#8217;s rulers in Kampala, Uganda July 23, 2024. REUTERS/Michael Muhati/File Photo</figcaption></figure>



KAMPALA, July 25 (Reuters)&nbsp;&#8211;&nbsp;Ugandan police detained several people in the capital Kampala on Thursday during a second day of anti-corruption protests that are demanding the resignation of the parliament speaker, footage broadcast by local media showed.



Drawing inspiration from weeks of youth-led protests in neighbouring Kenya that forced the president there to withdraw proposed tax hikes, young Ugandans began demonstrating this week against alleged graft by elected leaders.



The police quickly shut down a planned march to parliament on Tuesday. They arrested at least 73 young protesters, according to Chapter Four Uganda, an organisation providing legal services to those detained.



On Thursday, more demonstrators took to the streets, according to video posted on X by the Daily Monitor newspaper. The footage showed police in riot gear forcing several&nbsp;young adults&nbsp;into the back of a truck as they shouted protest slogans.



Footage broadcast by NTV Uganda showed about a dozen people marching with signs that said, &#8220;The Corrupt are Messing with a Wrong Generation&#8221; and &#8220;This is our 1986&#8221;, a reference to when President Yoweri Museveni overthrew a repressive government.



Reached for comment, police spokesperson Kituuma Rusoke referred Reuters to comments on Monday in which he said protests had been banned because they would be hijacked by people looking to loot and vandalise.



Museveni, who over the weekend warned protesters against &#8220;playing with fire&#8221;, accused them on Thursday of receiving foreign funding.



&#8220;Those involved should know that Uganda is not a neo-colony,&#8221; he said. &#8220;The fight against corruption is in my hands. I just need evidence and action will be taken.&#8221;



Ugandan and Kenyan activists have used audio forums on X as the main platform for organising their protests.



In one such forum on Thursday, activists encouraged Ugandans to take to the streets but acknowledged the challenge of mobilising in a country where anti-government demonstrations routinely draw forceful police crackdowns.



&#8220;You want it done today? Get out of your house &#8230; Be the soldier for this anti-corruption fight,&#8221; said one speaker identified only by their X handle.



The protesters&#8217; demands include the resignation of parliament speaker Anita Among, who was sanctioned this year by the United States and Britain for alleged involvement in corruption.



Among has denied all allegations of graft and says she is being targeted by Western governments for her role pushing through harsh anti-LGBTQ legislation last year.



The Ugandan protesters have borrowed slogans from their counterparts in Kenya, where more than 50 people have been killed in six weeks of protests, characterising themselves as &#8220;fearless&#8221; and &#8220;leaderless&#8221;.



Nigerian activists are also looking to emulate the protests in Kenya and have called for demonstrations next month in response to a cost of living crisis.



(Reporting by Elias Biryabarema in Kampala and Aaron Ross in Nairobi; Editing by Toby Chopra)

FILE PHOTO: Ugandan security forces detain young protesters marching in Kampala

Uganda police arrest more people protesting corruption

<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-1604532392-scaled.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, July 25 (Reuters) &#8211; The Ugandan shilling weakened on Thursday, pressured by increased demand for dollars from commercial banks, traders said.



At 0812 GMT, commercial banks quoted the shilling at 3,725/3,735, compared with Wednesday&#8217;s closing rate of 3,715/3,725.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling weakens on increased FX demand from commercial banks

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



NAIROBI, July 25 (Reuters) &#8211; Kenya&#8217;s shilling was stable on Thursday, but could to come under pressure due to offshore dollar demand, while any sales by the central bank could give it a boost, traders said.



At 0741 GMT, commercial banks quoted the shilling at 132.50/133.50 per dollar, the same as Wednesday&#8217;s rate.



(Reporting by George Obulutsa; Editing by Bate Felix)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenya shilling steady, central bank sales could provide support

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



LONDON, July 25 (Reuters) &#8211; Anglo American took a further $1.6 billion writedown on its costly British fertiliser project on Thursday, but the miner said it expects to reach a deal for the sale of its coal assets by early 2025, despite a fire at one of its mines.



CEO Duncan Wanblad is under pressure to boost returns to investors and demonstrate he can deliver on his May 14 plan to radically refocus the company on copper and iron ore, after fighting off a $49 billion takeover attempt from bigger rival BHP Group.



Wanblad pinned his approach on getting an early start with selling Anglo&#8217;s coking coal assets in Australia, but a fire at its Grosvenor mine threatened to set back the timing with a likely hit to the deal&#8217;s valuation.



Anglo said the company plans to conduct a two-stage auction process for the coal assets, including Grosvenor, adding that the mine would probably only resume operations under a new owner.



&#8220;There are so many interested potential buyers for this set of assets,&#8221; Wanblad told reporters.



&#8220;Our expectation is that hopefully by the end of this year, very early next year&#8230;we will have a deal,&#8221; he added.



Anglo&#8217;s shares were unchanged at the London market open.



The CEO said Anglo is still looking for partners at its Woodsmith fertiliser project in northern England, despite the impairment. It already wrote down $1.7 billion on the project a year ago.



The miner also said its nickel assets in Brazil have attracted interest from potential buyers.



&#8220;We have had inbound interest from a number of credible parties and we will be starting a formal process later this year,&#8221; a spokesperson told Reuters via email.



The company declared an interim dividend of $0.42 per share, down from $0.55 a year earlier and far below the record levels of 2021.



It posted a $672 million loss for the first half, mostly reflecting the impairment at Woodsmith, while core earnings or EBITDA of $5 billion was slightly lower than $5.1 billion a year earlier but above the $4.6 billion seen in an analysts&#8217; consensus estimate.



Anglo cut diamond production by 19% during the first six months of the year amid lower prices. Production guidance at its De Beers unit was revised down to 23-26 million carats from 26-29 million to help preserve cash.



The company&#8217;s restructuring plan includes the divestment of De Beers and also of its nickel mines, and the demerger of its South African platinum unit.



(Reporting by Clara Denina in London and Felix Njini in Johannesburg; editing by Jon Boyle and Jason Neely, Kirsten Donovan)

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

Anglo takes further fertiliser writedown, sees coal deal by early 2025

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was weaker in early trade on Thursday, ahead of U.S. economic data readings that could give hints on the future interest rate path of the world&#8217;s biggest economy.



At 0631 GMT, the rand traded at 18.42 against the dollar, about 0.2% weaker than its previous close.



Markets await a U.S. gross domestic product reading on Thursday and personal consumption expenditure data &#8211; the Federal Reserve&#8217;s favoured measure of inflation &#8211; on Friday. These readings could give hints on the country&#8217;s the future interest rate path.



&#8220;Ahead of this afternoon&#8217;s much anticipated U.S. data&#8230; markets have seen risk off sentiment increase and thus EM (emerging market) currencies remain on the back foot,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;The rand&#8230; could possibly test the R18.50 mark in the current market conditions, with headwinds for commodity currencies also flaring up,&#8221; Cilliers added.



Like other risk-sensitive currencies, the rand often takes cues from global factors in addition to domestic drivers.



Locally, investors will turn their attention to South Africa&#8217;s producer inflation figures for June, expected around 0930 GMT.



On Wednesday, Statistics South Africa data showed headline consumer inflation eased to 5.1% year-on-year in June from 5.2% in May.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 0.2 basis point to 9.5%.



(Reporting by Tannur Anders; Editing by Toby Chopra)

Illustration photo of South African rand

South African rand weaker, focus on US economic data

<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 25 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



GLOBAL MARKETS



Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, including short-dated bonds, the yen and Swiss franc.



WORLD OIL PRICES



Oil prices eased on Thursday as concerns over weak demand in China, the world&#8217;s largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories.



SOUTH AFRICA MARKETS



The South African rand recouped some losses against a weaker dollar on Wednesday even as national inflation slowed, fuelling hopes of an interest rate cut by the South African Reserve Bank (SARB).



NIGERIA PETROLEUM



Eni has received formal approval from the Nigerian Upstream Petroleum Regulatory Commission to sell its unit Nigerian Agip Oil Company (NAOC) to the country&#8217;s leading energy company OANDO, the Italian group said on Tuesday.



NIGERIA POLITICS



Nigeria&#8217;s government on Wednesday pleaded for more time and patience to end economic hardships as citizens mobilise for demonstrations, a day after the country&#8217;s police chief warned against protests.



KENYA MARKETS



Kenya&#8217;s shilling was weaker against the dollar in early trade on Wednesday, LSEG data showed.



KENYA POLITICS



Kenyan President William Ruto on Wednesday nominated four members of the main opposition party to a &#8220;broad-based&#8221; cabinet he promised in response to nationwide protests, but activists criticised the new government as a corrupt bargain.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 25

<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 25 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Thursday.



ECONOMIC EVENTS



Statistics South Africa will publish the country&#8217;s producer inflation figures for June.



SOUTH AFRICAN MARKETS



The South African rand recouped some losses against a weaker dollar on Wednesday even as national inflation slowed, fuelling hopes of an interest rate cut by the South African Reserve Bank (SARB).



On the stock market, the Top-40 index was last down 0.2%.



GLOBAL MARKETS



Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, including short-dated bonds, the yen and Swiss franc.



WALL STREET



The S&amp;P 500 and Nasdaq ended at multi-week lows on Wednesday, with the S&amp;P snapping one of its longest streaks without a daily decline of more than 2%, as lackluster Alphabet and Tesla earnings undermined investor confidence in megacap names.



GOLD



Gold prices fell nearly 1% on Thursday, as investors booked profits ahead of U.S. economic data that could offer more cues on when the central bank will cut interest rates this year and by how much.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



BUSINESS DAY



&#8211; SA mounts bid to hang on to its Agoa trade benefits



&#8211; Tide is slowly turning for distressed SA household finances



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 25

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-820x499.jpg" alt="" class="wp-image-510929" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-1536x934.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: FILE PHOTO: Shein logo and their web shop are seen in this illustration taken, May 16, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo</figcaption></figure>



JOHANNESBURG, (Reuters) &#8211; Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.



Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.



&#8220;Bringing the Shein experience directly to the end consumer is a key part of Shein&#8217;s strategy,&#8221; the company said on Wednesday in an emailed response.



&#8220;Given that Shein is a digital-first company, Shein&#8217;s hugely successful pop-ups are an opportunity for our consumers to touch and feel our products, as well as to interact and engage directly with Shein&#8217;s local brand ambassadors.&#8221;



Shein will open its pop-up store from Aug. 2-11 as an &#8220;exhibition space&#8221; for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post.



Local influencers were tapped for a pre-opening marketing campaign.



Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.



A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.



&#8220;That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain,&#8221; the spokesperson added.



(Reporting by Nqobile Dludla; Editing by Richard Chang and David Evans)

FILE PHOTO: FILE PHOTO: Illustration shows Shein logo

Shein to open pop-up store in South Africa to woo more shoppers

home

OpenAI announces a search engine called SearchGPT; Alphabet shares dip

U.S. economy grew at a 2.8% pace in the second quarter, much more than expected

South Africa appoints first woman chief justice

Malawi central bank keeps main interest rate unchanged at 26%

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

How Paris Pulled Off One Of The Cheapest Olympics

South Africa’s climate action too slow to meet its bold pledges, says report

Stocks slide to more than one-month low; China, Ukraine in focus

Uganda police arrest more people protesting corruption

Ugandan shilling weakens on increased FX demand from commercial banks

Kenya shilling steady, central bank sales could provide support

Anglo takes further fertiliser writedown, sees coal deal by early 2025

South African rand weaker, focus on US economic data

African Markets – Factors to watch on July 25

South African Markets – Factors to watch on July 25

Shein to open pop-up store in South Africa to woo more shoppers

How CNBC helped break the Crowdstrike global I.T. outage

News Tips

Advertise With Us

home

OpenAI announces a search engine called SearchGPT; Alphabet shares dip

U.S. economy grew at a 2.8% pace in the second quarter, much more than expected

South Africa appoints first woman chief justice

Malawi central bank keeps main interest rate unchanged at 26%

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

How Paris Pulled Off One Of The Cheapest Olympics

South Africa’s climate action too slow to meet its bold pledges, says report

Stocks slide to more than one-month low; China, Ukraine in focus

Uganda police arrest more people protesting corruption

Ugandan shilling weakens on increased FX demand from commercial banks

Kenya shilling steady, central bank sales could provide support

Anglo takes further fertiliser writedown, sees coal deal by early 2025

South African rand weaker, focus on US economic data

African Markets – Factors to watch on July 25

South African Markets – Factors to watch on July 25

Shein to open pop-up store in South Africa to woo more shoppers

How CNBC helped break the Crowdstrike global I.T. outage

News Tips

Advertise With Us

Newsletters