
<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>



<p>JOHANNESBURG, Aug 16 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.</p>



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



<p>Inflation-linked bond auction</p>



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



<p>South Africa&#8217;s rand was not deterred by dollar gains on Thursday, firming after stronger-than-expected U.S. economic data and as markets look toward Federal Reserve comments at a meeting of global central bankers next week.</p>



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



<p>Asia shares were headed for a weekly gain on Friday and Japan&#8217;s Nikkei was poised for its best week in over four years as upbeat risk sentiment spilled over from Wall Street, while the dollar and U.S. Treasury yields held steady.</p>



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



<p>Wall Street&#8217;s main indexes closed higher on Thursday, with the Nasdaq rising more than 2% after July U.S. retail sales data signalled resilient consumer spending, allaying fears of an imminent recession in the world&#8217;s largest economy.</p>



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



<p>Gold prices steadied on Friday and were headed for a weekly gain on optimism about a U.S. interest rate cut, while traders wait for Federal Reserve Chairman Jerome Powell&#8217;s speech due next week for cues on the size of the cut.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Lesetja Kganyago says monetary policy no panacea for inequality</p>



<p>&#8211; Now medical professionals say they will not sign Ramaphosa&#8217;s health compact</p>



<p>&#8211; Rand firms below R18/$ for the first time in a month</p>



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



<p>&#8211; Why Standard Bank is betting on insurance and investments in SA, Nigeria and Kenya</p>



<p>(Compiled by Alexander Winning)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 16


<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>



<p>Aug 16 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



<p>Asia shares were headed for a weekly gain on Friday and Japan&#8217;s benchmark Nikkei was poised for its best week in over four years as upbeat risk sentiment spilled over from Wall Street, while the dollar and U.S. Treasury yields held broadly steady.</p>



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



<p>Oil prices edged lower in early Asian trading on Friday, but the market&#8217;s benchmarks were set for a second consecutive weekly gain after upbeat U.S. economic data eased investor worries about a potential recession in the top oil consuming nation.</p>



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



<p>The Kenyan and Ghanaian currencies are expected to be broadly stable in the next week to Thursday, while the Nigerian, Ugandan and Zambian currencies could fall, traders said.</p>



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



<p>South Africa&#8217;s rand was not deterred by dollar gains on Thursday, firming after stronger-than-expected U.S. economic data and as markets look toward Federal Reserve comments at a meeting of global central bankers next week, analysts said.</p>



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



<p>Kenya&#8217;s shilling was unchanged against the U.S. dollar on Thursday, despite a slight uptick in foreign exchange demand from fuel traders and manufacturers, traders said.</p>



<h2 class="wp-block-heading" id="h-africa-mpox">AFRICA MPOX</h2>



<p>Global health officials on Thursday confirmed an infection with a new strain of the mpox virus in Sweden and linked it to a growing outbreak in Africa, the first sign of its spread outside the continent a day after the World Health Organization declared the disease a global public health emergency.</p>



<h2 class="wp-block-heading" id="h-nigeria-pipeline">NIGERIA PIPELINE</h2>



<p>Nigeria and Equatorial Guinea have signed an agreement to establish and operate a gas pipeline, Nigerian presidential spokesperson Ajuri Ngelale said in a statement on Thursday.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 16


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-scaled.jpg" alt="" class="wp-image-420995" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; 2022/07/27: A Kenya Airways plane seen parked at the parking bay of the Jomo Kenyatta International Airport in Nairobi. (Photo by John Ochieng/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



<p>NAIROBI, Aug 16 (Reuters)&nbsp;&#8211;&nbsp;The Kenya Airports Authority&nbsp;(KAA)&nbsp;said on Friday that it had contingency measures in place to prevent a strike by the country&#8217;s main aviation union that is set to begin on Aug. 19 from disrupting airport operations.</p>



<p>The Kenya Aviation Workers Union, which represents workers at airports and the national carrier Kenya Airways, said it would launch industrial action from Monday over a proposed deal with India&#8217;s Adani Airports Holdings to develop the country&#8217;s biggest airport in the capital Nairobi.</p>



<p>The union has said it thinks the Adani deal will lead to job losses and bring in non-Kenyan workers, and referred to it in a strike notice as the &#8220;intended sale&#8221; of Jomo Kenyatta International Airport.</p>



<p>Kenya&#8217;s government has said the airport is not for sale and that no decision had been made on whether to proceed with what it called a proposed public-private partnership to upgrade the East African travel hub.</p>



<p>&#8220;Discussions are ongoing between the Ministry of Roads and Transport, Ministry of Labour and Social Protection, KAA Management and Kenya Aviation Workers Union to reach an amicable agreement,&#8221; the airports authority said in a statement.</p>



<p>(Reporting by Humphrey Malalo; Writing by Hereward Holland; Editing by Alexander Winning)</p>


A Kenya Airways plane seen parked at the parking bay of the

Kenya Airports Authority says Aug. 19 strike won’t disrupt operations


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="929" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108021270-1723768369491-gettyimages-2157639739-CHINA_LUJIAZUI_FORUM.jpeg" alt="" class="wp-image-519571" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108021270-1723768369491-gettyimages-2157639739-CHINA_LUJIAZUI_FORUM.jpeg 929w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108021270-1723768369491-gettyimages-2157639739-CHINA_LUJIAZUI_FORUM-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108021270-1723768369491-gettyimages-2157639739-CHINA_LUJIAZUI_FORUM-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108021270-1723768369491-gettyimages-2157639739-CHINA_LUJIAZUI_FORUM-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108021270-1723768369491-gettyimages-2157639739-CHINA_LUJIAZUI_FORUM-768x432.jpeg 768w" sizes="auto, (max-width: 929px) 100vw, 929px" /><figcaption class="wp-element-caption">Pan Gongsheng, governor of the People’s Bank of China (PBOC), during the Lujiazui Forum in Shanghai, China, on Wednesday, June 19, 2024. <br>Bloomberg | Bloomberg | Getty Images</figcaption></figure>



<p>BEIJING — China’s financial risks have dropped, including from local government debt, People’s Bank of China Governor Pan Gongsheng said in state media interviews published late Thursday.</p>



<p>Pan also said the central bank will work with the Ministry of Finance to enable China to reach its full-year growth targets. He said that monetary policy would remain supportive.</p>



<p>Beijing has increasingly prioritized addressing risks from high debt levels in the real estate sector, which is closely linked to local government finances. International institutions have long called on China to reduce its ballooning debt levels.</p>



<p>“China’s overall financial system is sound. The overall risk level has significantly declined,” Pan said in an interview released by state broadcaster CCTV. That’s according to a CNBC translation of the transcript.</p>



<p>He noted that “the number and debt levels of local government financing platforms are declining,” and that the cost of their debt burden has “dropped significantly.”</p>



<p>Local government financing vehicles emerged in China in the last two decades to enable local authorities, who couldn’t easily borrow directly, to fund infrastructure and other projects. LGFVs primarily obtained financing from shadow banking.</p>



<p>The lack of regulatory oversight often meant indiscriminate funding of infrastructure projects with limited financial return. That raised the debt burden on LGFVs, for which the local governments are responsible.</p>



<p>Coordinated efforts in the last year by local governments, financial institutions and investors have “alleviated the most pressing repayment needs of the weakest LGFVs and boosted market sentiment,” S&amp;P Global Ratings analysts said in a July 25 report, one year since Beijing made a concerted effort to reduce LGFV risk.</p>



<p>However, the report said LGFV debt “remains a big problem.” The analysis found that more than 1 trillion yuan ($140 billion) of LGFV bonds are due to mature over the next couple of quarters, while such debt growth remains in the high single digits.</p>



<p>Exacerbating debt challenges is China’s slowing growth. The economy grew by 5% in the first half of the year, raising concerns among analysts that the country would not be able to reach its target of around 5% growth for the full year without additional stimulus.</p>



<p>The International Monetary Fund on Aug. 2 said in its regular review of China’s financial situation that macroeconomic policy should support domestic demand to mitigate debt risks.</p>



<p>“Small and medium-sized commercial and rural banks are the weak link in the large banking system,” the IMF report said, noting China has nearly 4,000 such banks that account for 25% of total banking system assets.</p>



<h2 class="wp-block-heading" id="h-addressing-real-estate"><a></a>Addressing real estate</h2>



<p>The number of high-risk small and medium-sized banks has dropped to half of what it was at their peak, Pan said via state media on Thursday, without sharing specific figures.</p>



<p>In real estate, he pointed out the mortgage down payment ratio has reached a record low of 15% in China, and that interest rates are also low. Pan noted central authorities are helping local governments with financing so they can acquire property and turn them into affordable housing or rental units.</p>



<p>Property and related sectors once accounted for at least one-fourth of China’s economy. But in recent years Beijing has sought to shift the country away from relying on real estate for growth, toward advanced tech and manufacturing.</p>



<p>Pan’s public comments come after a week of heightened volatility in the government bond market.</p>



<p>Earlier on Thursday, the PBOC made the rare decision to delay a rollover of its medium-term lending facility in favor of a 577.7 billion yuan capital injection via another tool called the 7-day reverse repurchase agreement. Pan highlighted that 7-day tool in June when discussing PBOC efforts to revamp its monetary policy structure.</p>



<p>The PBOC is scheduled Tuesday morning to release its monthly loan prime rate, another benchmark rate. The central bank cut the 1-year and 5-year loan prime rates by 10 basis points each in July, after keeping the 1-year unchanged for 10 straight months, and the 5-year unchanged for four months.</p>


108021270-1723768369491-gettyimages-2157639739-CHINA_LUJIAZUI_FORUM

China’s central bank says risks from local government debt have dropped

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<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/NXWKCDUVZNLTBAFY4YNDDH4KKA-820x547.jpg" alt="" class="wp-image-519326" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NXWKCDUVZNLTBAFY4YNDDH4KKA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman receives a bag of food from the government during the distribution of food items by the government to cushion the high cost of living in Abuja, Nigeria, September 20, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



<p>ABUJA, Aug 15 (Reuters) &#8211; 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.</p>



<p>Analysts had said June&#8217;s reading could mark the peak in inflation as currency devaluation effects start to fade.</p>



<p>July&#8217;s slowdown will bring some relief to frustrated Nigerians, who protested this month over cost-of-living pressures and governance issues in Africa&#8217;s most populous nation.</p>



<p>Price pressures have been stoked by President Bola Tinubu&#8217;s decision to remove a decades-old fuel subsidy, devalue the naira currency and hike electricity tariffs. The reforms are aimed at lifting economic growth and shoring up public finances but have sent inflation soaring, eroding people&#8217;s incomes.</p>



<p>The last month that annual inflation fell was December 2022.</p>



<p>The central bank has increased interest rates four times this year to try to get inflation under control, but after the last hike in July some analysts said that could be the final act in the bank&#8217;s hiking cycle.</p>



<p>The Central Bank of Nigeria&#8217;s next rate setting meeting is scheduled for late September.</p>



<p>A report by the National Bureau of Statistics on Thursday showed food and non-alcoholic beverages continued to be the biggest contributor to inflation in July.</p>



<p>Food inflation eased to 39.53% from 40.87% in June.</p>



<p>(Additional reporting by Shamsuddin Mohd; Editing by Alexander Winning and Tomasz Janowski)</p>


A woman receives a bag of food from the government during the distribution of food items by the government to cushion the high cost of living in Abuja

Nigeria inflation falls for first month in well over a year


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1565" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-scaled.jpg" alt="" class="wp-image-519322" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-820x627.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-768x587.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-1536x1174.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption"><em>Thembinkosi Mkalipi, Acting Deputy Director General (DDG) for Labour Policy and Industrial Relations at the Department of Employment and Labour</em></figcaption></figure>



<p>The 2023-2024 Commission for Employment Equity (CEE) Annual Report (24<sup>th</sup> CEE Annual Report) published by the Department of Employment and Labour (DEL) marks a significant milestone in the nation’s ongoing journey towards workplace equality and inclusivity.</p>



<p>This year&#8217;s report not only highlights the progress made but also sets a hopeful tone for the future of employment equity in South Africa.</p>



<p>One of the most commendable aspects of the 2023-2024 EE Annual report is its clear demonstration of the positive impact of the Employment Equity Act. The Act’s primary goal is to promote equal opportunity and fair treatment in employment through the elimination of unfair discrimination and the implementation of affirmative action measures. This year’s report shows that these measures are bearing fruit, with a notable increase in the representation of designated groups across various occupational levels.</p>



<p>The report also underscores the importance of the amendments to the Employment Equity Act, which aim to reduce the regulatory burden on small businesses and empower the Minister to regulate sector-specific EE numerical targets. These amendments are crucial for ensuring that the principles of equity are applied consistently across all sectors, thereby fostering a more inclusive economy.</p>



<p>Moreover, the 2023-2024 report highlights the significant strides made in gender equality. There has been a marked increase in the representation of women in professionally qualified/ middle management positions, reflecting a positive shift towards gender parity in the workplace. This progress is a testament to the effectiveness of targeted affirmative action measures and the commitment of both the government and the private sector to fostering an inclusive work environment.</p>



<p>Another noteworthy aspect of the report is its emphasis on accountability and compliance. The introduction of the EE Compliance Certificate as a prerequisite for access to State contracts is a strategic move to ensure that businesses adhere to the principles of employment equity. This measure not only promotes compliance but also incentivises businesses to prioritise diversity and inclusion in their workforce.</p>



<p>The Employment Equity Compliance Certificate seen as a catalyst of driving change and a crucial component of South Africa&#8217;s efforts to promote workplace equality. This certificate is mandatory for businesses irrespective of their size that wish to engage in contracts with any State entity, ensuring that companies doing business with the government adhere to employment equity principles.</p>



<p>To obtain the certificate, all employers must meet several criteria. Noteworthy is that for designated employers that employ 50 or more, they must submit an annual EE report, comply with their own annual EE targets towards the five-year sector EE target, adhere to the National Minimum Wage (NMW) or have an exemption granted not to pay the NMW for the previous 12 months, and have no unfair discrimination awards against them from the Commission for Conciliation, Mediation and Arbitration (CCMA) in the previous 12 months.</p>



<p>The EE Compliance Certificate is valid for 12 months from the date of issue. This means businesses need to maintain compliance continuously to renew their certificate annually.</p>



<p>The certificate aims to strengthen compliance with the Employment Equity Act and promote real transformation in the workplace. By making the certificate a prerequisite for state contracts, the government incentivises businesses that promote equity and transformation in their workplaces by prioritising diversity and inclusion.</p>



<p>The amendments to the Employment Equity Act also aim to reduce the regulatory burden on small businesses, ensuring that the compliance requirements are manageable and do not hinder their operations.</p>



<p>It is significant to highlight that the process of issuing the EE Compliance Certificate will be automated. To apply Online for the Employment Equity Compliance Certificate, businesses must follow a structured process to ensure they meet all necessary criteria. Here are the steps involved:</p>



<p>First, businesses that employ 50 or more employees must submit an annual Employment Equity report. This report should detail the company’s progress in implementing employment equity measures and achieving set targets.</p>



<p>Second, businesses must comply with their own annual EE targets towards the five-year sector EE target. This involves setting and working towards specific goals that align with the broader sector targets established by the Department of Employment and Labour.</p>



<p>Third, businesses must adhere to the National Minimum Wage (NMW) or have an exemption granted not to pay the NMW for the previous 12 months. This ensures that all employees are compensated fairly according to national standards.</p>



<p>Fourth, businesses must have no unfair discrimination awards against them from the Commission for Conciliation, Mediation, and Arbitration (CCMA) in the previous 12 months.</p>



<p>This criterion ensures that companies maintain fair and equitable practices in their operations. Once these criteria are met, businesses can apply for the EE Compliance Certificate through the DEL’s online system.</p>



<p>If a business fails to meet the Employment Equity compliance criteria, the Department of Employment and Labour can impose several penalties. For a first-time offense, the business may face a fine of the greater of R1.5 million or 2% of its turnover. If the business has previously contravened the provision, the fine increases to the greater of R1.8 million or 4% of its turnover. For repeat offenders, the fines can reach up to R2.7 million or 10% of annual turnover, whichever is greater.</p>



<p>Additionally, businesses that fail to comply may be referred to the Labour Court, where penalties can be imposed. The court considers various factors when determining the appropriate penalty, including the extent and duration of the non-compliance, the employer’s intentions, and investments in workforce development.</p>



<p>Non-compliant businesses may also be excluded from State contracts, as the EE Compliance Certificate is a prerequisite for engaging in contracts with any state entity. This exclusion can significantly impact a business’s opportunities and revenue.</p>



<p>Ensuring compliance with the EE criteria is crucial for businesses to avoid these penalties and contribute to a more equitable and inclusive workplace. Businesses can play a crucial role in advancing employment equity by implementing a variety of strategies. Developing comprehensive diversity and inclusion policies is essential. These policies and practices should promote diversity and inclusion at all levels of the organisation, addressing recruitment, retention, promotion, and workplace culture.</p>



<p>Conducting regular equity audits is another important step. By regularly assessing the company&#8217;s practices and policies, businesses can identify areas where inequities may exist and use the findings to make informed changes and improvements.</p>



<p>Providing training and education on diversity, equity, and inclusion helps employees understand the importance of these values and how to incorporate them into their daily work. Fostering an inclusive culture is also crucial. Encouraging an inclusive workplace culture where all employees feel valued and respected can be achieved through open communication, employee resource groups, and celebrating diverse backgrounds and perspectives.</p>



<p>Implementing fair recruitment practices ensures that recruitment processes are free from bias and unfair discrimination. This can include using diverse hiring panels, standardising interview questions, and actively seeking candidates from underrepresented groups.</p>



<p>Supporting career development by providing opportunities for advancement, particularly for those from underrepresented groups, is vital. This can include mentorship programs, leadership and management training, and clear pathways for promotion.</p>



<p>Setting and tracking diversity goals is important for accountability. Establishing specific, measurable goals for diversity and inclusion and regularly tracking progress towards these goals helps ensure that leadership is held accountable.</p>



<p>Engaging with the community by partnering with community organisations, educational institutions, and other stakeholders supports broader diversity and inclusion efforts. This can include internships, scholarships, and community outreach programs.</p>



<p>Promoting work-life balance through flexible work arrangements, such as remote work options, flexible hours, and generous parental leave policies, helps attract and retain a diverse workforce.</p>



<p>Ensuring pay equity by conducting regular pay audits ensures that employees are compensated fairly and equitably. Addressing any pay disparities that are found is essential for maintaining fairness in the workplace and promoting the principle of equal pay for work of equal value. By implementing these strategies, businesses can create a more equitable and inclusive workplace, benefiting both employees and the organisation as a whole.</p>



<p>The 2023-2024 Employment Equity report is a beacon of progress and hope. It reflects the collective efforts of the government, businesses, and civil society in creating a more equitable and inclusive workplace. As South Africa continues to build on these achievements, the future looks promising for employment equity, with the potential to unlock greater economic growth and social cohesion. The journey towards full employment equity is ongoing, but the strides made thus far are indeed worth celebrating.</p>



<p>The 2024 Employment Equity roadshows, organised by the Department of Employment and Labour, are currently taking place across South Africa. These workshops, which began on August 6th and will run until September 18<sup>th,</sup> 2024, aim to address and promote diversity and inclusion in the workplace under the theme <strong><em>&#8220;Bridging the Equity Gap Through Diversity &amp; Inclusion&#8221;</em></strong>. The roadshows focus on the current status of employment equity, updates on EE amendments, and insights into unfair discrimination cases. They are designed to engage employers, HR practitioners, trade unions, and other stakeholders in meaningful discussions to foster a more equitable work environment.</p>



<p></p>


0L2A1262 1

Employment Equity Progress Report highlights the collaborative efforts of government, businesses, and civil society in fostering a fairer, more inclusive, and diversified workplace

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg" alt="" class="wp-image-519304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-1536x804.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Aug 15 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan and Ghanaian currencies are expected to be broadly stable in the next week to Thursday, while the Nigerian, Ugandan and Zambian currencies could fall, traders said.</p>



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



<p>Kenya&#8217;s shilling has in recent weeks shrugged off major demonstrations which forced the government to abandon tax hikes and triggered credit rating downgrades. It is seen remaining relatively steady.</p>



<p>This week traders said foreign-currency inflows for a bond auction had played a role supporting the currency.</p>



<p>Commercial banks quoted the shilling at 128.50/129.50 per dollar on Thursday, compared with last Thursday&#8217;s closing rate of 128.75/129.75.</p>



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



<p>Nigeria&#8217;s naira could slip on the official market, unless the central bank intervenes to ease the pressure.</p>



<p>LSEG data showed the naira was quoted at 1,582 to the dollar on the official market, compared with around 1,580 a week ago. The unit changed hands at 1,595 naira to the dollar in street trading on Thursday.</p>



<p>The central bank injected dollars into the market last week, but pressure on the currency is building again.</p>



<p>&#8220;It&#8217;s most likely going to continue depreciating unless the central bank intervenes again,&#8221; one trader said.</p>



<h2 class="wp-block-heading" id="h-ghana">GHANA</h2>



<p>Ghana&#8217;s cedi is expected to remain steady on the back of improved dollar liquidity and a slowdown in demand on the interbank market.</p>



<p>LSEG data showed the cedi trading at 15.60 to the dollar, from 15.52 at last Thursday&#8217;s close.</p>



<p>&#8220;The cedi has posted marginal gains in recent sessions as FX liquidity has improved and corporate demand reduced,&#8221; said Sedem Dornoo, a senior trader at Absa Bank Ghana.</p>



<p>&#8220;In the coming week, we expect a relatively stable (dollar-cedi) pair, with bid-offer spreads narrowing as liquidity continues to improve,&#8221; he added.</p>



<h2 class="wp-block-heading" id="h-uganda">UGANDA</h2>



<p>Uganda&#8217;s shilling is seen trading with a weakening tone on an expected pick-up in dollar demand after mid-month tax payments.</p>



<p>Commercial banks quoted the shilling at 3,720/3,730 to the dollar, compared with last Thursday&#8217;s close of 3,725/3,735.</p>



<p>&#8220;Typically after mid-month taxes we see a surge in interest for dollars, I think that dynamic is likely to push the shilling on the lower side (weaker),&#8221; one trader said.</p>



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



<p>Zambia&#8217;s kwacha could post minor losses because of elevated dollar demand in the wake of a severe drought which has spurred imports.</p>



<p>On Thursday the kwacha was slightly weaker at 26.25 per dollar, from 26.05 a week ago.</p>



<p>&#8220;Dollar supply remains limited and demand continues to be high, putting pressure on the kwacha,&#8221; one trader said.</p>



<p>(Reporting by Hereward Holland, Chijioke Ohuocha, Christian Akorlie, Elias Biryabarema and Chris Mfula;Editing by Alexander Winning)</p>


LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenya and Ghana currencies seen steady


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DH62NRAIFZKMXEUDMGT2BNEGPY.jpg" alt="" class="wp-image-519182" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DH62NRAIFZKMXEUDMGT2BNEGPY.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DH62NRAIFZKMXEUDMGT2BNEGPY-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DH62NRAIFZKMXEUDMGT2BNEGPY-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DH62NRAIFZKMXEUDMGT2BNEGPY-768x537.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">A woman walks past a Standard Bank logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>JOHANNESBURG, Aug 15 (Reuters) &#8211; Africa&#8217;s biggest lender by assets Standard Bank said on Thursday its half-year profit rose by 4%, with performance supported by franchise growth in its banking businesses and strong earnings growth in its insurance and asset management unit.</p>



<p>South Africa-based Standard Bank said headline earnings&nbsp;rose&nbsp;to 22 billion rand ($1.22 billion) in the six months ended June 30, up from 21.2 billion rand in the previous year.</p>



<p>Standard Bank, with operations in 20 sub-Saharan African countries, said further earnings growth was hindered by currency devaluations across its operations in the rest of Africa, which contributed 41% to group headline earnings.</p>



<p>Net interest income (NII) &#8211; the amount banks earn from loans minus what they pay on deposits- in its banking business grew by 7%.</p>



<p>Gross loans and advances grew by 3% to 1.7 trillion rand, as increased competition and higher interest rates negatively impacted demand and affordability, resulting in subdued growth in the bank&#8217;s retail portfolios.</p>



<p>This, however, &#8220;was more than offset by strong momentum in the corporate and sovereign lending portfolio&#8221; supported by projects in the energy and infrastructure sector.</p>



<p>Total provisions for credit impairments increased by 8% to 66.8 billion rand, while credit impairment charges decreased by 15% to 8 billion rand.</p>



<p>($1 = 18.0562 rand)</p>



<p>(Reporting by Nqobile Dludla; Editing by Kim Coghill and Toby Chopra)</p>


Investing in African Mining Indaba 2024 conference in Cape Town

South Africa’s Standard Bank posts 4% rise in half-year profit


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="675" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108020266-1723639428249-gettyimages-2160057485-UK_YORK.png" alt="" class="wp-image-519226" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108020266-1723639428249-gettyimages-2160057485-UK_YORK.png 1200w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108020266-1723639428249-gettyimages-2160057485-UK_YORK-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108020266-1723639428249-gettyimages-2160057485-UK_YORK-820x461.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108020266-1723639428249-gettyimages-2160057485-UK_YORK-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108020266-1723639428249-gettyimages-2160057485-UK_YORK-768x432.png 768w" sizes="auto, (max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">A guided tour in the center of in York, UK, on Friday, June 7, 2024.<br>Bloomberg | Bloomberg | Getty Images</figcaption></figure>



<p>The U.K. economy grew by 0.6% in the second quarter of the year, the Office for National Statistics said Thursday, continuing the country’s cautious recession rebound.</p>



<p>The reading was in line with the expectations of economists polled by Reuters and follows an expansion of 0.7% in the first quarter.</p>



<p>Economic growth was flat in June, in line with a Reuters poll, as activity in the U.K.’s dominant services sector dipped 0.1%. Construction and production output rose by a respective 0.5% and 0.8% in the month.</p>



<p>The British economy has recorded slight but steady growth almost every month so far this year, as the U.K. exits a shallow recession. GDP was also flat in April, when wet weather quelled retail sales and construction output.</p>



<p>On an annual basis the economy was 0.9% bigger in the second quarter, against a forecast of 0.8%.</p>



<p>“These figures confirm that the UK’s recovery from recession picked up steam in the second quarter, despite strike action and wet weather causing activity to flatline in June,” Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, said in a note.</p>



<p>“The UK’s strong second quarter owes more to temporary momentum from the large recent falls in inflation and a boost to consumer spending from events like Euro 2024 than from a meaningful improvement in the UK’s underlying growth trajectory,” Thiru continued.</p>



<p>The pace of growth is unlikely to continue into the second half amid weaker wage growth, high interest rates and supply challenges, Thiru added.</p>



<p>U.K. inflation rose to 2.2% in July, data published Wednesday by the ONS showed, coming in slightly below a consensus forecast of 2.3%. The headline figure had been at the Bank of England’s 2% target rate for the two months prior, helping spur the central bank’s decision to cut interest rates by 25 basis points at the start of August.</p>



<p>The July figures were described by analysts as supportive of consistent monetary easing through the rest of the year, despite stubbornness in services inflation.</p>



<p>Over the April-June period, U.K. wage growth excluding bonuses cooled to a two-year low, but remained relatively hot at&nbsp;5.4%.</p>



<p>Richard Carter, head of fixed interest research at Quilter Cheviot, said lower interest rates should “help stimulate more economic growth by making borrowing more affordable for households and businesses” in the coming months — but noted that it would take time for the impact to be felt.</p>



<p>The British pound ticked slightly higher following Thursday’s GDP release, and was up by 0.1% against the U.S. dollar and 0.2% against the euro at 7:35 a.m. in London.</p>



<p>Institutions including the International Monetary Fund, investment bank Goldman Sachs and the Bank of England have all hiked their growth forecasts for the U.K. economy in recent months. The IMF now sees growth of 0.7% this year, up from 0.5% previously.</p>



<p>Factors cited include the decline in inflation and reforms to planning and business rules planned by the new Labour government, which took office in July. Prime Minister Keir Starmer and Finance Minister Rachel Reeves have repeatedly stated that boosting economic growth will be the bedrock of their policymaking, setting a target for the U.K. to achieve the fastest per capita GDP growth among the Group of 7 nations.</p>



<p>“The new Government is under no illusion as to the scale of the challenge we have inherited after more than a decade of low economic growth and a £22 billion black hole in the public finances,” Reeves said in a statement Thursday.</p>



<p>Labour is due to deliver its first budget on Oct. 30, with analysts saying the announcement will give more clarity on the government’s fiscal strategy and plans for changes to taxation and public spending.</p>



<p>Because of this, “it is unlikely that we will see a marked acceleration in GDP in the short term,” said Quilter Cheviot’s Richard Carter.</p>



<p>“For now, the economy is expected to continue on its relatively moderate growth path, bolstered by wage growth that remains ahead of inflation and the recent easing of monetary policy,” he added.</p>


108020266-1723639428249-gettyimages-2160057485-UK_YORK

UK economy expands 0.6% in second quarter; June growth stalls

<p><iframe loading="lazy" src="https://www.youtube.com/embed/sHdKv1i7-cA" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Aug 15 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged against the U.S. dollar on Thursday, despite a slight uptick in foreign exchange demand from fuel traders and manufacturers, traders said.</p>



<p>At 0910 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same level it closed on Wednesday.</p>



<p>The shilling has traded relatively evenly recently, shrugging off major protests which forced the government to abandon planned tax hikes and triggered credit rating downgrades.</p>



<p>(Reporting by Hereward Holland; Editing by Alexander Winning)</p>


ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling flat despite slight uptick in dollar demand


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-scaled.jpg" alt="" class="wp-image-459065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Mthuli Ncube, Zimbabwe&#8217;s finance minister, sits in the audience during a plenary session on day two of the 28th World Economic Forum (WEF) on Africa in Cape Town, South Africa, on Thursday, Sept. 5, 2019. The World Economic Forum on Africa meeting runs from 4-6 September. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>The&nbsp;current global financial architecture faces significant challenges in addressing the financial needs for climate action, sustainable development, and debt management. The calls for reform are growing louder, seeking to create a more equitable, inclusive, and sustainable financial system.</p>



<p>Increasing the representation of developing countries, particularly African nations, in global economic decision-making processes is crucial for the continent&#8217;s development and prosperity. We therefore commend the International Monetary Fund (IMF) for creating a third chair (board membership) for sub-Saharan Africa to improve its voice and representation.</p>



<p>Climate change is one of the most pressing issues of our time, with far-reaching consequences for our planet and its inhabitants.&nbsp;Addressing climate action requires a multi-faceted approach that involves individuals, communities, organizations, and governments.</p>



<h2 class="wp-block-heading" id="h-tackling-public-debt-in-african-countries">Tackling public debt in African countries</h2>



<p>We need to build a prosperous, inclusive, and resilient Africa through renewed partnerships and strong institutions. However, a troubling trend has emerged: governments worldwide are grappling with mounting public debts, limiting their ability to invest in core social services that their citizens so desperately need.</p>



<p>The average public debt in Africa is around 65% of GDP, amounting to $1.1 trillion, with some countries having much higher debt levels. Alarmingly, nearly 40% of African countries are in, or at high risk of, debt distress. To make matters worse, 60% of African nations now spend more on servicing their external public debt than on healthcare.</p>



<p>The existing global debt architecture is ill-equipped to address the pressing needs of African countries. Urgent reforms to the G20 Common Framework are required to make it more effective, transparent, and fit for purpose. Furthermore, we appeal for the suspension of debt service for all countries entering Common Framework restructurings and a comprehensive review of the&nbsp;<a href="https://www.imf.org/en/About/Factsheets/Sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries">IMF-World Bank Debt Sustainability Analysis Framework</a>&nbsp;to prioritize solvency over mere liquidity.</p>



<p>The path ahead is not without its challenges. Achieving the Sustainable Development Goals (SDGs) by 2030 will require an estimated $1.3 trillion per year, while the costs of addressing climate change alone are projected to reach $2.8 trillion by 2030 in Africa. Sadly, even as these financing needs grow, official development assistance to Africa declined by 3.5% in 2022, while borrowing costs have soared in the tighter global monetary environment and private capital remained sidelined.</p>



<h2 class="wp-block-heading" id="h-addressing-the-widening-financing-gap-in-africa">Addressing the widening financing gap in Africa</h2>



<p>Africa&nbsp;has made significant progress in financing its development through domestic resources in recent years. However, this funding is inadequate to close a widening financing gap.</p>



<p>To bridge the funding gap, African countries need to boost domestic resource mobilization (DRM) by increasing financial resources, improving public spending efficiency, leveraging large pension fund markets and sovereign wealth funds, curbing illicit financial flows out of the continent, and harnessing partnerships. New sources of tax revenue should be sought, including those from digital payments, informal sector taxes, and sin taxes, among others.</p>



<p>Africa must explore innovative solutions and leverage the ongoing&nbsp;<a href="https://www.un.org/sustainabledevelopment/financing-for-development/">Financing for Development</a>&nbsp;processes to secure adequate financial and technical resources to support Africa&#8217;s participation and engagement in the tax reform process.</p>



<p>Deepening Africa’s capital markets for resource mobilisation will enable countries to source additional financial resources from the private sector and the pension fund industry. The use of Public-Private Partnerships (PPPs) will also allow African countries to finance critical infrastructure projects with resources from the private sector.</p>



<p>By leveraging carbon credits, countries can unlock benefits supporting sustainable development, economic growth, and climate resilience while contributing to global efforts to combat climate change. There is scope for the issuance of green and blue bonds linked to climate change to raise additional resources for development. Climate insurance at both sovereign and micro-level goes a long way in mitigating the negative impact of climate shock to vulnerable communities for example Zimbabwe and Malawi recently received pay-outs from the African Risk Capacity Group (ARC), for the insurance they took against the 2023\2024 agricultural season.</p>



<p>Africa’s significant diaspora community enables various countries to issue diaspora bonds and related instruments to raise additional funding. Sovereign wealth funds have also proved to be a critical economic pillar in driving economic development in some countries. There is, therefore, a need to create sovereign wealth funds across Africa, not only to harness natural resource revenues to achieve inter-generational equity but to harness the full potential of state-owned enterprises. The example of Temasek, a sovereign wealth fund in Singapore, presents a successful case for achieving optimal contributions from state-owned entities and beyond. Such sovereign wealth funds will also help to improve the credit rating of African countries.</p>



<h2 class="wp-block-heading" id="h-funding-sustainable-development">Funding sustainable development</h2>



<p>Scaling up resources from International Financial Institutions (IFIs) is vital for African countries to address economic challenges, including those exacerbated by geopolitical tensions. These resources should be more concessionary, long-term, and inclusive. In particular, the Poverty Reduction Growth Trust (PRGT) and the Growth and Sustainability Fund (GSF), under the IMF, need reform to better serve Africa and developing countries.</p>



<p>Affordable finance is crucial for sustainable development, and strengthening multilateral development banks (MDBs) is essential to increasing lending capacity and supporting development projects. By strengthening MDBs, we can unlock more resources for sustainable development, bridge the financing gap, and achieve the SDGs.</p>



<p>Furthermore, innovative financing tools and mechanisms can help reduce financing costs, making it easier for countries to access affordable finance for development. The balance sheets of IFIs can also be utilised to provide guarantees for crowding in resources from the private sector.</p>



<p>Debt swaps can be valuable for managing debt and alleviating financial stress. By exchanging debt for new obligations with more favourable terms, countries can manage their debt more effectively, reduce financial stress, and create space for sustainable development and economic growth.</p>



<p><br>Alongside debt relief, African nations are also calling for support in developing tools and instruments to lower extreme financing costs. The recent UN General Assembly resolution 78/230 emphasizes the need for a UN Framework Convention on international tax cooperation, which is a positive step in the right direction. Concrete action is needed to achieve results from the UN Framework Convention on International Taxation in order to establish a globally fair and transparent tax system. This will ensure the achievement of a more just and equitable global tax system.</p>



<p>African countries should begin implementing the Domestic Minimum Top-Up Tax (DMTT) to ensure that multinational companies contribute their fair share of taxes in Africa and minimize transfer pricing leakages. For example, Zimbabwe and South Africa have begun implementing the DMTT provision, which will ensure that multinational cooperation pays at least 15% of corporate tax.</p>



<p><strong>Hon. Professor </strong><a href="https://www.weforum.org/agenda/authors/mthuli-ncube/"><strong>Mthuli Ncube</strong></a></p>



<p><strong>Minister of Finance, Economic Development and Investment Promotion,&nbsp;</strong>Ministry of Finance, Economic Development and Investment Promotion of Zimbabwe</p>


Day Two Of The 28th World Economic Forum on Africa

How to finance Africa’s future economic development


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, 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, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><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>



<p>JOHANNESBURG, Aug 15 (Reuters) &#8211; South Africa&#8217;s rand was little changed in early trade on Thursday, pausing after the previous day&#8217;s modest gains on U.S. inflation data which strengthened expectations that interest rate cuts in the world&#8217;s biggest economy are near.</p>



<p>At 0655 GMT, the rand traded at 18.08 against the dollar, close to the level where it ended Wednesday&#8217;s session.</p>



<p>The rand closed up more than 0.1% against the U.S. currency on Wednesday, supported by upbeat domestic business confidence and retail sales figures in addition to the U.S. inflation data.</p>



<p>&#8220;With the bulk of the market-moving U.S. data now released, the dollar-rand market will lose some of that downside momentum. Technical support around current levels, given the several prior lows, will also make significant further rand appreciation more challenging,&#8221; ETM Analytics said in a research note.</p>



<p>No major South African data is due to be released on Thursday or Friday, so the rand is likely to move mainly on offshore factors.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was marginally weaker in early deals, the yield up 2 basis points to 9.155%.</p>



<p>(Reporting by Alexander Winning; Editing by Shounak Dasgupta)</p>


Illustration photo of South African rand

South African rand pauses after modest gains on US data


<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>



<p>JOHANNESBURG, Aug 15 (Reuters)&nbsp;&#8211;&nbsp;The following company announcements, equity and currency market moves may affect South African markets on Thursday.</p>



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



<p>Standard Bank half-year results</p>



<p>Coal miner Exxaro Resources half-year results</p>



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



<p>South Africa&#8217;s rand gained on Wednesday after U.S. inflation data strengthened expectations that rate cuts in the world&#8217;s biggest economy are near.</p>



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



<p>Asian stocks were firm on Thursday while the dollar remained on the back foot after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month.</p>



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



<p>The S&amp;P 500 ended higher on Wednesday, stretching its winning streak to five sessions, as the latest inflation data reassured investors betting the Federal Reserve would start cutting U.S. interest rates next month.</p>



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



<p>Gold prices inched up on Thursday after a 1% decline in the previous session. </p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Retail sales rise, but shoppers are still under pressure</p>



<p>&#8211; Energy committee shifts focus as Eskom keeps the lights on</p>



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



<p>&#8211; Presidency postpones signing of health compact over NHI</p>



<p>(Compiled by Alexander Winning)</p>


South African Markets – Factors to watch on Aug 15


<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>



<p>NAIROBI, Aug 15 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>Nigeria&#8217;s statistics office is expected to release the latest inflation data.</p>



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



<p>Asian stocks were firm on Thursday while the dollar remained on the back foot amid lower U.S. Treasury yields after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month.</p>



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



<p>Oil prices rose on Thursday, supported by optimism potential U.S. interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains.</p>



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



<p>South Africa&#8217;s rand firmed on Wednesday after U.S. inflation data strengthened expectations that rate cuts in the world&#8217;s biggest economy are near.</p>



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



<p>Kenya&#8217;s shilling was flat against the U.S. dollar on Wednesday, as foreign-currency inflows for a bond auction matched reduced dollar demand from manufacturers and fuel importers, traders said.</p>



<h2 class="wp-block-heading" id="h-africa-mpox">AFRICA MPOX</h2>



<p>The World Health Organization on Wednesday declared mpox a global public health emergency for the second time in two years, following an outbreak of the viral infection in Democratic Republic of Congo that has spread to neighbouring countries.</p>



<h2 class="wp-block-heading" id="h-burkina-faso-security">BURKINA FASO SECURITY</h2>



<p>Suspected jihadists ambushed a military convoy carrying more than 1,000 civilians in Burkina Faso last week, leading to civilian deaths and injuries, the regional governor said in a statement published on Wednesday, without providing a death toll.</p>



<h2 class="wp-block-heading" id="h-nigeria-politics">NIGERIA POLITICS</h2>



<p>Nigerian lawmakers on Wednesday withdrew a proposed law that would have imposed punishments of up to 10 years in jail for actions deemed subversive following a public outcry over fears that it was an attempt to crack down on dissent following a wave of anti-government protests.</p>



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



<p>A rebel group controlling Sudan&#8217;s Nuba Mountains and parts of Blue Nile state said on Wednesday that the local population was experiencing a hunger catastrophe.</p>



<h2 class="wp-block-heading" id="h-kenya-security">KENYA SECURITY</h2>



<p>Gunmen kidnapped two South Korean missionaries in northern Kenya, near the border of Ethiopia, on Monday evening while eight Kenyans were shot dead in a separate incident in the region, local officials said.</p>



<p>((Compiled by Nairobi Newsroom))</p>


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African Markets – Factors to watch on Aug 15

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home

South African Markets – Factors to watch on Aug 16

African Markets – Factors to watch on Aug 16

Kenya Airports Authority says Aug. 19 strike won’t disrupt operations

China’s central bank says risks from local government debt have dropped

What does it take to become a BMX pro?

Nigeria inflation falls for first month in well over a year

Employment Equity Progress Report highlights the collaborative efforts of government, businesses, and civil society in fostering a fairer, more inclusive, and diversified workplace

The Crimes of Putin’s Trader: How rich Russian hackers stole millions from U.S. investors

Kenya and Ghana currencies seen steady

South Africa’s Standard Bank posts 4% rise in half-year profit

UK economy expands 0.6% in second quarter; June growth stalls

Apple didn’t mention China in its big AI launch. Why?

Kenyan shilling flat despite slight uptick in dollar demand

How to finance Africa’s future economic development

South African rand pauses after modest gains on US data

South African Markets – Factors to watch on Aug 15

African Markets – Factors to watch on Aug 15

News Tips

Advertise With Us

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