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



Aug 13 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s top public health body declared what it termed a &#8220;public health emergency of continental security&#8221; on Tuesday over an outbreak of mpox that spread from the Democratic Republic of Congo to neighbouring countries.



Mpox is transmitted through close contact and causes flu-like symptoms and pus-filled lesions. Most cases are mild but it can kill.



The outbreak in Congo began with the spread of an endemic strain, known as Clade I. But the new variant, known as Clade Ib, appears to spread more easily through routine close contact, particularly among children.



The Africa Centres for Disease Control and Prevention (Africa CDC) warned last week that the viral infection&#8217;s rate of spread was alarming.



It said that over 15,000 mpox cases and 461 deaths were reported on the continent this year so far, representing a 160% increase from the same period last year.



Mpox has been endemic in parts of Africa for decades after it was first detected in human in the Democratic Republic of Congo in 1970.



A milder version of the virus spread to over a hundred countries in 2022, largely through sexual contact, prompting the World Health Organization (WHO) to declare a public health emergency of international concern, its highest level of alert.



The WHO ended the emergency 10 months later, saying the health crisis had come under control.



(Reporting by Jessica Donati; Editing by Alex Richardson and David Holmes)

Children at risk as mpox variant hits Congo displacement camps

Africa public health body declares mpox emergency

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-820x486.jpg" alt="" class="wp-image-518412" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-820x486.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-300x178.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-152x90.jpg 152w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-768x455.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-1536x910.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/K6EWW5EJ4ZI3LPDT3S6UCBY4FE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Casual workers display posters advertising their skills at an intersection in Kempton Park, near Johannesburg, South Africa, October 1, 2020. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s official unemployment rate rose for the third quarter in a row, reaching 33.5% in April-June of this year, data from the statistics agency showed on Tuesday.



Unemployment is now at its highest since the government repealed COVID-19 rules in the second quarter of 2022, though it remains below the record high of 35.3% struck in the final three months of 2021.



&#8220;The number of jobs that are being created are not able to deal with the issue of unemployment,&#8221; Statistician-General Risenga Maluleke told a media briefing.



Lowering the country&#8217;s unemployment rate &#8211; one of the highest in the world &#8211; is a priority for the coalition government that emerged after the African National Congress lost its majority in an election in May.



Laying out the government&#8217;s priorities for the next five years, President Cyril Ramaphosa said last month that officials thought small businesses and the informal sector held the greatest potential for job creation.



Economist Sanisha Packirisamy at local investment firm Momentum Investments said that since the COVID pandemic there had been a recovery in employment in areas viewed as more highly skilled, largely in the services sector.



Whereas for workers classified as unskilled or semi-skilled there had barely been a recovery, she said.



Packirisamy said significant job creation in South Africa would take time, and &#8220;as such we are not expecting significant jobs growth in the remainder of this year&#8221;.



Under an expanded definition of unemployment, which includes those discouraged from seeking work, 42.6% were jobless in the second quarter compared with 41.9% in the previous three months.



Statistics South Africa said the number of unemployed people rose to 8.384 million in April-June from 8.226 million in January-March.



Five of the 10 industries tracked by the agency saw employment decreases in the second quarter, with the highest number of jobs lost in trade and agriculture.



Solly Molayi, acting head of population statistics, said the hotel and restaurant sector lost 87,000 jobs in the second quarter and was the biggest contributor to joblessness in trade.



(Reporting by Kopano Gumbi; Additional reporting by Bhargav Acharya; Editing by Alexander Winning and Giles Elgood)

K6EWW5EJ4ZI3LPDT3S6UCBY4FE

South Africa’s unemployment rate climbs for third quarter in a row

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1220" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Aug 13 (Reuters) &#8211; Kenya&#8217;s shilling inched higher against the U.S. dollar on Tuesday, lifted by dollar inflows from remittances and offshore investors attracted by an upcoming infrastructure bond auction, traders said.



At 0910 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, compared with 128.75/129.75 at the close of Monday&#8217;s session.



The central bank will sell 50 billion Kenyan shillings of infrastructure bonds on Wednesday.



&#8220;We see &#8230; infrastructure bonds tomorrow so there could be some foreign investors attracted,&#8221; one trader said, adding that the auction might not be as highly subscribed as in February because Kenya&#8217;s sovereign credit ratings had been downgraded recently.



Moody&#8217;s and Fitch downgraded Kenya&#8217;s ratings deeper into &#8220;junk&#8221; territory after the government backtracked on highly contested tax increases following mass protests. S&amp;P Global is scheduled to review Kenya&#8217;s ratings on Aug. 23.



(Reporting by Hereward Holland; Editing by Alexander Winning)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling inches higher on remittances, foreign inflows

<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-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;The Ugandan shilling&nbsp;traded stable on Tuesday, with demand for hard currency subdued as some firms reserved a part of their local currency holdings for mid-month tax payments, traders said.



At 0914 GMT commercial banks quoted the shilling at 3,725/3,735, the same level as Monday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling flat; pending tax payments suppress demand

<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/KMHFEW5PZNIVDJA5S7C2XIOQ3M-820x547.jpg" alt="" class="wp-image-518409" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/KMHFEW5PZNIVDJA5S7C2XIOQ3M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo of the Bank of America is seen on an office building at the Gujarat International Finance Tec-City (GIFT) at Gandhinagar, India, December 8, 2023.REUTERS/Amit Dave/File Photo</figcaption></figure>



LONDON, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;Investors increased their allocations to cash and reduced their overweight position in stocks in August, as&nbsp;expectations&nbsp;for global growth dropped to&nbsp;their lowest&nbsp;in&nbsp;eight months, a BofA survey of fund mangers published Tuesday showed.



According to the survey, 31% of respondents said they were overweight&nbsp;in&nbsp;stocks in August, down from 51% in July, while their average cash level was 4.3% of their assets under management, up from 4.1% a month before.



BofA attributed the shift to weak U.S. payrolls data for July, and the volatility shock associated with the rebound in the Japanese yen.



The S&amp;P 500 is down 3.6% so far this month. It tumbled 2.7% on the day of the payrolls report and a further 2% the following session, after Japan&#8217;s Nikkei share index fell by its most in a day since 1987.&nbsp;.SPX



Market players have also pointed to the rebound in the yen and the resulting wind-down of carry trades used by investors to juice their bets, as being behind the sell off.



Shares around the world have been rebounding in recent sessions, however.



BofA said 189 participants with $508 billion of assets under management responded to the&nbsp;survey, and a net&nbsp;47% of survey respondents expect a weaker global economy in the next 12 months, down 20 percentage points from July.



However, 76% of respondents to the survey said they still expect a &#8220;soft landing&#8221; for the global economy, referring to a gradual slowdown as opposed to a more dramatic &#8220;hard landing&#8221; or a &#8220;no landing&#8221; scenario in which growth does not slow at all.



This conviction &#8220;is driven by expectations for lower interest rates,&#8221; BofA said, as 93% of respondents expect short-term rates to be lower in 12 months&#8217; time, the highest in the past 24 years.



The survey found 60% of respondents expect four or more rate cuts from the U.S. Federal Reserve over the next 12 months.



Allocation to Japanese equities saw the largest one-month drop since April 16. Investors moved from a net 7% overweight in July to a net 9% underweight in August, the first net underweight since July 2023.



(Reporting by Alun John; editing by Dhara Ranasinghe and Sharon Singleton)

A logo of the Bank of America is seen on an office building at the Gujarat International Finance Tec-City (GIFT) at Gandhinagar

Investors reduced allocations to stocks, moved to cash in August, BofA survey shows

What are the economics of war?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1080" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW.jpg" alt="" class="wp-image-518376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SXlrcXW-1536x864.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A worker labels copper products at Truong Phu cable factory in northern Hai Duong province, outside Hanoi, Vietnam August 11, 2017. Kham | Reuters</figcaption></figure>



Commodity prices have tumbled over the past month, signaling underlying weakness in the global economy despite the U.S. stock market bouncing back from recession fears.



U.S. stocks recovered most of their losses last week in the wake of a steep sell-off triggered by weak labor and manufacturing data. Investors have sought to look past recession fears, with some analysts arguing that U.S. economic fundamentals remain on a solid footing.



But commodity markets may be telling a different story about the global economy. The Invesco DB Base Metals Fund is down more than 7% over the past month, while crude oil futures dropped 14% from July 5 through Aug. 5.



“In terms of commodities, the entire asset class is coming under pressure,” Rob Ginsberg, managing director at Wolfe Research, told clients in a Friday research note.



“Outside of gold, you would be hard pressed to find a positive set-up,” Ginsberg said. “We see this broad decline in commodity prices as yet another warning about the state of the economy.”



Copper in particular is viewed as a signal of what is likely to happen with the economy, said Bart Melek, global head of commodity strategy at TD Securities.



Copper soared earlier this year on expectations of a super-cycle in which demand would outstrip supply due to the metal’s role as a key input in growth industries such as electric vehicles, semiconductors and renewable energy.



But copper futures have pulled back 21.4% from the 2024 high of $5.19 per pound on May 20 to trade at $4.089 as of Monday morning. Futures are down nearly 12% over the past month.



“We’ve got the narrative of the super-cycle, this wonderful world of battery vehicles, dissipating very, very quickly,” Melek told CNBC. “No one is really talking about it anymore.”



Weakness in China, the world’s second-largest economy, is weighing on copper and oil in particular, Melek said. Global manufacturing data also hasn’t been “gangbusters,” he said. It is likely that copper and oil are facing surpluses rather than the tight market that some analysts had expected, the analyst said.



“We didn’t get extremely supportive fiscal stimulus in China,” Melek said. “There were a lot of bets out there, particularly on the discretionary side, that China will deliver some sort of a stimulus that will lift their economy.”



Though oil has found support from ongoing geopolitical tensions in the Middle East, weak demand in China has weighed on the market for months. OPEC on Monday lowered its global oil demand growth forecast this year by 135,000 barrels per day as expectations in China have softened.



“Both energy markets and base metal markets and copper do reflect a slower economic environment where there is likely to be less demand growth that reduces the risk of undersupply conditions,” Melek said.



At the same time China’s economy is sputtering, the U.S. is leaning into protectionism, imposing tariffs against Beijing on everything from electric vehicles, to batteries, to semiconductors and solar modules. The European Union announced tariffs on Chinese EVs in July, with Beijing filing a complaint at the World Trade Organization on Friday



“That just means that there is less free flow of stuff from there to here,” Melek said. “If we impose tariffs, that means higher prices. Almost by definition, for any level of demand, you get less of it with tariffs.”



The market is waiting on the latest reading of the consumer price index Wednesday and commentary out of the annual meeting of central bankers in Jackson Hole, Wyoming next week. A rate cut by the Federal Reserve in September has largely already been priced in, Melek said.



“I’m not sure the market gets all that excited,” Melek said of the expected rate cut. TD Securities is pricing in a 25 basis point cut, though the Fed might become more optimistic about doing 50 basis points if the CPI data on Wednesday comes in weak, he said.

-SXlrcXW

Falling commodity prices are indicating there is trouble brewing with the economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed early on Tuesday, before the release of domestic mining and unemployment data which could set the tone for the day&#8217;s trading.



At 0555 GMT, the rand traded at 18.24 against the U.S. dollar, a whisker away from its closing level on Monday.



June mining output numbers will be published at 0900 GMT and the second-quarter unemployment rate at 0930 GMT.



Economists polled by Reuters estimate mining production contracted 0.8% year on year in June, after May&#8217;s flat output. The official unemployment rate is expected to have dipped slightly to 32.3% in the second quarter from 32.9% in the previous quarter.



(Reporting by Alexander Winning; Editing by Andrew Heavens)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand flat before mining and unemployment 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/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, Aug 13 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Tuesday.



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



Second-quarter unemployment data



June mining output



Government bond auction&nbsp;SARB24



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



The South African rand was stronger on Monday at the start of a week filled with closely watched global and domestic economic data releases.



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



Asian stocks rose on Tuesday, led by Japanese shares on the back of a steady yen, with traders awaiting data including the U.S. inflation report to gauge the Federal Reserve&#8217;s policy outlook after volatile moves last week.



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



Wall Street stocks closed mixed on Monday as investors braced for a slew of U.S. economic data this week, especially consumer prices, to gauge the outlook for Federal Reserve monetary policy.



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



Gold prices eased on Tuesday as profit-taking kicked in after bullion hit a more than one-week high, while market players awaited key U.S. inflation data that could provide further insight into the Federal Reserve&#8217;s next policy decision. 



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



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



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



&#8211; Baptism of fire for new Sasol CEO



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



&#8211; Ramokgopa: Gas master plan needs reworking



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 13

<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>



Aug 13 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Africa&#8217;s public health agency will declare an outbreak of mpox that spread from Democratic Republic of Congo to neighbouring countries a public health emergency of continental security.



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



Asian stocks rose on Tuesday, led by Japanese shares on the back of a steady yen, with traders awaiting data including the U.S. inflation report to gauge the Federal Reserve&#8217;s policy outlook after volatile moves last week.



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



Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China.



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



The South African rand was stronger on Monday at the start of a week filled with closely watched global and domestic economic data releases.



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



Kenya&#8217;s shilling firmed slightly against the U.S. dollar on Monday, LSEG data showed.



<h2 class="wp-block-heading" id="h-congo-mining">CONGO MINING</h2>



Zambia will reopen its border with Democratic Republic of Congo after sealing it at the weekend due to protests, blocking a key export route for the world&#8217;s second largest copper producer, the two countries said in a joint statement on Monday.



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



Talks to end Sudan&#8217;s 16-month war between the army and the paramilitary Rapid Support Forces (RSF) will move forward this week, the U.S.&#8217;s special envoy said, despite little sign from either party that they seek a peaceful resolution.



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



Kenya&#8217;s main aviation union said it would call a strike from next Monday over a proposed deal with an Indian company to develop the country&#8217;s biggest airport &#8211; industrial action that could cause major disruption in the east African travel hub.



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



Kenya&#8217;s new Finance Minister John Mbadi said on Monday he would clean up the bloated government payroll and carry out tax reforms to cut spending and bolster the government&#8217;s finances.



<h2 class="wp-block-heading" id="h-equity-group">EQUITY GROUP</h2>



Kenya&#8217;s Equity Group Holdings said on Monday that its pre-tax profit rose about 6% to 37.2 billion shillings ($288.93 million) in the first half of this year from 35.2 billion shillings in the same period a year ago.



((Compiled by Nairobi Newsroom))

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="524" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TUECT3YWJBLPBBKU2UOKASRWP4-820x524.jpg" alt="" class="wp-image-518337" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TUECT3YWJBLPBBKU2UOKASRWP4-820x524.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TUECT3YWJBLPBBKU2UOKASRWP4-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TUECT3YWJBLPBBKU2UOKASRWP4-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TUECT3YWJBLPBBKU2UOKASRWP4-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TUECT3YWJBLPBBKU2UOKASRWP4-1536x981.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TUECT3YWJBLPBBKU2UOKASRWP4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People shop at a public market, ahead of the parliamentary and presidential elections that are scheduled for December 20, in Kinshasa, the Democratic Republic of Congo December 19, 2023. REUTERS/Zohra Bensemra</figcaption></figure>



KINSHASA, Aug 12 (Reuters)&nbsp;&#8211;&nbsp;Zambia will reopen its border with Democratic Republic of Congo after sealing it at the weekend due to protests, blocking a key export route for the world&#8217;s second largest copper producer, the two countries said in a joint statement on Monday.



The border, which was closed following an announcement by Zambian Trade Minister Chipoka Mulenga on Saturday, will reopen on Tuesday, according to a separate statement from Congo&#8217;s trade ministry.



Mulenga made the announcement after a Congolese ban on imported soft drinks and beer led to demonstrations by Congolese transporters in the border town of Kasumbalesa.



Congo on Sunday said talks had begun between the neighbouring countries to enable a rapid reopening of the border.



On Monday, it said it would authorise the import of goods covered under the ban whose importation had been initiated before the ban came into effect.



Congo was the world&#8217;s no. 2 producer and no. 3 exporter of copper in 2023, producing about 2.84 million tons.



Zambia is a key export route for the Central African country. Most of Congo&#8217;s copper exports pass through the town of Kasumbalesa and into Zambia.



(Reporting by Benoit Nyemba, Yassin Kombi and Ange Kasongo; Writing by Portia Crowe; Editing by Sandra Maler)

People shop at a public market, ahead of the parliamentary and presidential elections that are scheduled for December 20, in Kinshasa

Zambia to reopen closed border with Democratic Republic of Congo

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1307" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-scaled.jpg" alt="" class="wp-image-505609" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-1536x980.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view shows the central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Aug 12 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s new Finance Minister John Mbadi said on Monday he would clean up the bloated government payroll and carry out tax reforms to cut spending and bolster the government&#8217;s finances.



The East African nation, which has been rocked by deadly protests over the last two months, faces gaping budget deficits and needs to boost revenue collection to meet conditions set by the International Monetary Fund for a lending programme.



&#8220;Anyone who is standing in the way of that reform, please give way,&#8221; Mbadi said, referring to a long-delayed project to link government payrolls with technology systems to weed out ghost workers and pensioners. &#8220;Payroll reforms must be done.&#8221;



Mbadi said he would also speed up reforms at the Kenya Revenue Authority, which collects taxes.



&#8220;If we could increase our revenue collection to GDP by just about 3%, I am sure that would give us almost 400 billion shillings additionally,&#8221; he said, pledging to continue with his predecessor&#8217;s tax amnesty programme.



The amnesty, which allows those who pay overdue taxes to gain exemption from penalties, has so far netted about 43 billion shillings ($334.63 million), Mbadi said.



($1 = 128.5000 Kenyan shillings)



(Reporting by Duncan Miriri; editing by Mark Heinrich)

General view of the central business district in Nairobi

Kenya’s finance minister eyes tax, payroll changes to cut deficits

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107430312-1718715743467-gettyimages-539259934-img_1239_40_fused-820x462.jpeg" alt="" class="wp-image-518027" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107430312-1718715743467-gettyimages-539259934-img_1239_40_fused-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107430312-1718715743467-gettyimages-539259934-img_1239_40_fused-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107430312-1718715743467-gettyimages-539259934-img_1239_40_fused-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107430312-1718715743467-gettyimages-539259934-img_1239_40_fused-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/107430312-1718715743467-gettyimages-539259934-img_1239_40_fused.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The London skyline. Andrea Pucci | Moment Open | Getty Images</figcaption></figure>



LONDON — European stocks kicked off the new trading week higher, with U.S. and U.K. inflation data set to dominate focus this week.



The pan-European Stoxx 600 index nudged 0.3% higher at Monday’s open as investors hunt for signs that last week’s market rout is finished. Financial services and insurance led gains, both up by around 0.6%.



European stocks followed their counterparts in Asia-Pacific higher, continuing to shake off recent volatility. Global stock markets see-sawed last week with steep sell-offs followed by a sharp rebound.



The Stoxx 600 index ended up with a weekly gain of 0.27%, according to LSEG data, rebounding from a 2.9% decline the week before.



U.S. stock futures were little-changed Monday as investors await key inflation data, with the core producer price index Tuesday followed by July’s consumer price index Wednesday.



Major Wall Street averages rose Friday, with the indexes making a sharp recovery from a downturn.



Investors this week are hoping to get a better sense of the state of the U.S. economy after recent fears of a job market slowdown spooked traders and rocked the market.



U.K. inflation data is due on Wednesday, the first print since the Bank of England cut interest rates by 25 basis points.

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home

Africa public health body declares mpox emergency

How BYD, Nio And Other Chinese EVs Compare To Tesla

What is a war economy?

South Africa’s unemployment rate climbs for third quarter in a row

Kenyan shilling inches higher on remittances, foreign inflows

Ugandan shilling flat; pending tax payments suppress demand

Investors reduced allocations to stocks, moved to cash in August, BofA survey shows

What are the economics of war?

Falling commodity prices are indicating there is trouble brewing with the economy

South African rand flat before mining and unemployment data

South African Markets – Factors to watch on Aug 13

African Markets – Factors to watch on Aug 13

Zambia to reopen closed border with Democratic Republic of Congo

How to maximize Social Security retirement benefits

Kenya’s finance minister eyes tax, payroll changes to cut deficits

This hydrogen-powered aircraft could be the first fly non-stop around the globe

European markets open higher as rebound continues; U.S., UK inflation in focus this week

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