<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="929" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108008818-1721376380367-gettyimages-2162122113-europapress_6090171_spain_national_team_plane_arriving_durin.jpeg" alt="" class="wp-image-509305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108008818-1721376380367-gettyimages-2162122113-europapress_6090171_spain_national_team_plane_arriving_durin.jpeg 929w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108008818-1721376380367-gettyimages-2162122113-europapress_6090171_spain_national_team_plane_arriving_durin-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108008818-1721376380367-gettyimages-2162122113-europapress_6090171_spain_national_team_plane_arriving_durin-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108008818-1721376380367-gettyimages-2162122113-europapress_6090171_spain_national_team_plane_arriving_durin-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108008818-1721376380367-gettyimages-2162122113-europapress_6090171_spain_national_team_plane_arriving_durin-768x432.jpeg 768w" sizes="auto, (max-width: 929px) 100vw, 929px" /><figcaption class="wp-element-caption">Spain National Team plane arriving at Adolfo Suarez Madrid-Barajas airport on July 15, 2024, in Madrid, Spain. Europa Press Sports | Europa Press | Getty Images</figcaption></figure>



July 19 (Reuters) &#8211; A global tech outage that appeared to be related to issues at global cybersecurity firm CrowdStrike and Microsoft was affecting operations in various sectors on Friday including airports, airlines, media and banks.



Below is a list of disruptions that have been reported:



<h2 class="wp-block-heading" id="h-airlines-airports">AIRLINES, AIRPORTS</h2>



&#8211; Berlin airport has halted all flights until 10 a.m. (0800 GMT) due to a technical fault, the operator said.



&#8211; Spanish airport operator Aena reported a computer systems &#8220;incident&#8221; at all Spanish airports which may cause flight delays.



&#8211; Amsterdam&#8217;s airport Schiphol, one of the major air transport hubs in Europe, said it was affected by a global cyber outage, and advised travellers to contact their airlines.



&#8211; Top Dutch airline KLM said it could not handle flights on Friday and that it suspended most of its operations. Air France, KLM&#8217;s parent company, said that its operations were disrupted.



&#8211; Turkish Airlines is experiencing problems with ticketing, check-in, and booking due to a global technical issue in its information systems, it said in a post on X.



&#8211; Major U.S. carriers including American Airlines, Delta Airlines and United Airlines issued ground stops on Friday morning citing communication issues.



&#8211; A SAS spokesperson said the Scandinavian airline was expecting delays.



&#8211; Australia&#8217;s national airline Qantas and Sydney airport said planes were delayed but still flying.



&#8211; Passengers at Britain&#8217;s Edinburgh Airport were unable to use automated boarding pass scanners on Friday, and monitors at security displayed a message saying &#8220;server offline&#8221;, a Reuters witness reported.



&#8211; Hong Kong-based airline Cathay Pacific&nbsp;0293.HK&nbsp;said in a note to customers that self-service check in facilities at Hong Kong International Airport were unavailable due to &#8220;unexpected technical issues&#8221;. It advised customers to arrive early or check in online before coming to the airport.



<h2 class="wp-block-heading" id="h-financials">FINANCIALS</h2>



&#8211; Australia&#8217;s largest bank, Commonwealth Bank, said some customers had been unable to transfer money due to the service outage.



&#8211; Several major oil and gas trading desks in London and Singapore were struggling to execute trades due to a cyber outage on Friday, six industry sources told Reuters.



&#8211; Macquarie Capital was unable to provide liquidity for unexpired warrants on HKEX due to technical problems.



&#8211; South Africa&#8217;s Capitec said card payments, ATM and app services were fully restored following significant nationwide disruptions linked to CrowdStrike.



&#8211; LSEG Group&#8217;s Workspace news and data platform suffered an outage on Friday that affected user access worldwide, causing disruption across financial markets.



<h2 class="wp-block-heading" id="h-media">MEDIA</h2>



&#8211; Sky News, one of Britain&#8217;s major television news channels, was off air on Friday.



&#8211; Australia&#8217;s state broadcaster ABC said it was experiencing a &#8220;major network outage&#8221;, without giving a reason.



&#8211; Regular programming at Sky News Australia was disrupted.



<h2 class="wp-block-heading" id="h-emergency-services-healthcare">EMERGENCY SERVICES, HEALTHCARE</h2>



&#8211; A health booking system used by doctors in England is offline, medical officials said on X on Friday.



&#8211; Several hospitals in the Netherlands had to scale down their operations because of the power outage, Dutch press agency ANP reported.



&#8211; Victorian state police in Australia said some internal systems had been hit by the outage but emergency services were operating normally.



&#8211; Copenhagen&#8217;s fire department said on X it was experiencing problems receiving automatically transmitted fire alarms following the outage, and urged people to call 112 in case of a fire.



<h2 class="wp-block-heading" id="h-other">OTHER</h2>



&#8211; A spokesperson for New Zealand&#8217;s parliament said its computer systems had also been affected.



(Reporting by Reuters bureaus; Compiled by Anna Pruchnicka, Andrey Sychev; Editing by Emelia Sithole-Matarise)

108008818-1721376380367-gettyimages-2162122113-europapress_6090171_spain_national_team_plane_arriving_durin

Global tech outage delays flights and disrupts services around the world

<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, July 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand slipped against the dollar on Friday, as risk sentiment soured after Donald Trump accepted the nomination as the U.S. Republican presidential candidate.



At 0801 GMT, the rand traded at 18.3525 against the dollar, 0.6% weaker than its previous close.



The dollar index was last trading up 0.18% against a basket of currencies, pushed higher by the possibility of a Trump presidency.



&#8220;The rand is weaker&#8230; this morning, which aligns with weaker EM (emerging market) currencies as risk sentiment sours,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;The stronger dollar and fears of a broader trade war between the US and China are weighing on market sentiment.&#8221;



On the stock market, the Top-40 index was 0.8% lower.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 3 basis points at 9.625%.



(Reporting by Bhargav Acharya and Hereward Holland; Editing by Arun Koyyur)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand slips as risk appetite wanes

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



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



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



Weekly inflation-linked bond auction



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



Global cyber outage grounds flights, hits media, financial, telecoms



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



South Africa&#8217;s rand was stable on Thursday after the South African Reserve Bank kept its main interest rate unchanged for the seventh meeting in a row.



On the stock market, the Top-40 index was slightly stronger at 0.15%.



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



Asian shares are set to end the week on a sour note, as uncertainty across major economies added to headwinds for investors even as the global rate easing cycle gets under way.



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



U.S. stocks tumbled on Thursday, reversing early gains as investors continued to rotate away from high-priced megacap growth stocks and second-quarter earnings season gathered steam.



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



Gold prices fell on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve will cut interest rates in September lifted bullion&#8217;s appeal.



&#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; Mixed reaction to Cyril Ramaphosa’s opening of parliament speech



&#8211; Healthcare costs pushing more than half of SA’s TB patients into poverty



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 19

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/thumbnail_IMG_3884-1.jpg" alt="" class="wp-image-508988" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/thumbnail_IMG_3884-1.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/thumbnail_IMG_3884-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/thumbnail_IMG_3884-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/thumbnail_IMG_3884-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/thumbnail_IMG_3884-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/thumbnail_IMG_3884-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">Bill Blackie, CEO of Business &amp; Commercial Banking, Standard Bank Group</figcaption></figure>



More needs to be done to stimulate the growth of small, medium, and micro enterprises (SMEs), as well as boost intra-African trade, for the continent’s huge potential to be unlocked, Bill Blackie, CEO of Business and Commercial Banking at Standard Bank told over 200 delegates at the inaugural Standard Bank Business and Commercial Banking Conference which took place in Cape Town on 11 and 12 July. 



“We see significant opportunities in East Africa in particular,” Blackie said, where growth rates of 5% are predicted for this year. “We believe all the 20 African countries in which the Group has a presence in West, Southern and East Africa have the potential to grow further.”



<h2 class="wp-block-heading" id="h-afro-optimism">Afro-optimism</h2>



One of the reasons underpinning his optimism is the rapid growth rate predicted for Africa’s population, as well as the fact that Africa has the highest percentage of young people that will bring with it robust and inclusive growth. “However, for us to take advantage of this youth dividend, we need to develop the skills of Africa’s young people,” he added.



Sharing a similarly positive view of the future, Adrian Basson, CEO of Hungry Lion, said Africa’s population is set to quadruple from one billion today to four billion in 2100. “If you ran a fast-food business in Japan, would you want to be operating in a country where the population is set to decline from 120 million to 80 million in the next few decades or would you rather see your customer base grow, as in Africa?” Even though Africans may not have as much discretionary spending, the growth trajectory is in the continent’s favour, he said, especially as most of the population’s growth will be among the working class.



<h2 class="wp-block-heading" id="h-greater-regional-integration">Greater regional integration</h2>



On the topic of regional integration, more should be done to spur intra-African trade, which despite the establishment of the African Continental Free Trade Area in 2019, only accounts for 15% of overall trade in Africa, Standard Bank CEO Sim Tshabalala said. “We need to develop a pan-African payment system which will facilitate the movement of goods. It does not make sense to be paying in dollars when businesses can be paying in local currency.”



A firm believer in “action at the speed of thought,” Basson said small- and medium-sized enterprises (SMEs) need to translate their ideas into action more quickly and remove obstacles to innovate. This nimbleness is reflected in the increasing levels of urbanisation among the continent’s population and the shift in demographics in favour of younger people.



As testament to the power of youth, Kenya has recently seen a vibrant youth movement rise and its parliament back-tracking because of the opposition of young voters to a controversial bill which sought to hike taxes, asserted Patrick Mwhierhe, Regional Chief Executive East Africa at the Standard Bank Group. “Young people took to social media to protest, and their voices were heard,” he said. “They were effectively telling government they do not want to be given a job. They just want the government to get out of their way by creating an enabling environment for them to create their own jobs.” This clearly indicates the embodiment of the spirit of a generation poised to redefine the economic future of their nation.



Basson said the next 76 years will be an exciting time to be doing business in Africa. “By 2100, 40% of the world’s population will be African,” he said, “most of whom will be of working age.” This contrasted sharply with other regions like Europe, the US and Asia whose populations by 2100 will be ageing. “There’s no reason why Africa can’t become the economic engine for the rest of the world just as China did,” he said.



<h2 class="wp-block-heading" id="h-energy-and-infrastructure">Energy and infrastructure</h2>



Another reason to be optimistic about Africa’s future is its untapped energy potential, Blackie said, which includes both fossil fuels and renewable energy, such as solar, wind and hydro energy. “We aim to invest R250 billion in renewable energy projects in Africa over the next few years,” he stated. “Without energy, economic growth is not possible, which is why we are focusing on energy and sustainability for growth.”



In addition to removing trade barriers and investing in energy projects, Blackie said Standard Bank was encouraged by the higher levels of infrastructure spending in Africa. “Every country I have visited on the continent recently is spending money on improving infrastructure, be it on improving roads, ports, or airports. This is another fundamental lever for growth.”



<h2 class="wp-block-heading" id="h-local-procurement-and-sme-growth">Local procurement and SME growth</h2>



Africa should focus on getting a greater slice of the global economic pie and conquer its biggest challenge: creating jobs, Basson said. “Rather than figuring out how to move goods across borders, businesses should source local suppliers,” he stated. “In Zambia, 97% of our supplies are locally procured.”



For African economies to grow, SMEs need to flourish, said Simone Cooper, Head of Business and Commercial Banking at Standard Bank. “In the face of significant challenges, SMEs continue to be the backbone of most African economies, accounting for 60% of jobs in sub-Saharan Africa and playing a crucial role in community upliftment.”



Blackie concurred. “As a bank, we act as an intermediator to help finance businesses, but entrepreneurs are what drive economic growth,” he said. “It’s the entrepreneurs who see the gaps, connect the dots and venture where others fear to tread, so that opportunities can be unlocked and converted into tangible possibilities.”

thumbnail_IMG_3884-1

Focus on small-business growth to unlock Africa’s potential

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg" alt="" class="wp-image-422769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, July 19 (Reuters) &#8211; Kenya&#8217;s shilling was stable on Friday but faced pressure from interbank foreign currency demand amid thin supply, traders said.



At 0717 GMT, commercial banks quoted the shilling at 131.00/132.00 per dollar, the same as Thursday&#8217;s close.



&#8220;We haven&#8217;t received demands from oil marketers. It&#8217;s mostly from the interbank space,&#8221; said one trader at a commercial bank.



(Reporting by Hereward Holland; Editing by Bate Felix)

Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi

Kenyan shilling stable, pressured by interbank FX demand

<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>



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



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



Asian shares are set to end the week on a sour note, as uncertainty across the geopolitical landscape and in major economies added to headwinds for investors even as the global rate easing cycle gets under way.



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



Oil prices fell on Friday, setting up for a second weekly decline, as mixed economic signals weighed on investor sentiment and boosted the dollar.



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



South Africa&#8217;s rand was stable on Thursday after the South African Reserve Bank kept its main interest rate unchanged for the seventh meeting in a row.



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



Kenya&#8217;s government on Thursday ratcheted up its appeal for weeks of protests to stop and police tried to ban demonstrations in the heart of the capital Nairobi only to be overruled in court.



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



The United States will give an extra $203 million to help millions of civilians affected by the war in Sudan, U.S. Ambassador to the United Nations Linda Thomas-Greenfield said on Thursday, calling on other nations to step up their aid.



<h2 class="wp-block-heading" id="h-rwanda-election">RWANDA ELECTION</h2>



Rwanda&#8217;s President Paul Kagame has been re-elected with 99.18% of the vote, the National Electoral Commission said on Thursday, extending his near quarter-century in office.



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



A major cocoa producing region in Ghana, the world&#8217;s second largest cocoa grower, is 81% infected with swollen shoot disease, according to the International Cocoa Organisation (ICCO).



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 19

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-820x615.jpg" alt="" class="wp-image-509253" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZHFRG3BTB5JXRNXZVXU4QXPJNI-1.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A member of the Nigeria Labour Congress dances in front of the domestic airport which has been shut down as Nigeria&#8217;s main labour unions called for an indefinite strike from Monday after failing to agree to a new minimum wage with the government, in Lagos, Nigeria. June 3, 2024.REUTERS/Seun Sanni/File Photo</figcaption></figure>



ABUJA, July 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s main labour unions agreed on a new minimum wage of 70,000 naira ($44) a month on Thursday after talks with the government, ending months of deadlock and the threat of strikes.



Africa&#8217;s most populous nation is grappling with the worst cost of living crisis in a generation, stoking fears of Kenyan-style protests that have rocked that country for nearly a month.



Nigeria&#8217;s two biggest union federations, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), have argued that soaring prices and a weakening currency caused by reforms instituted by President Bola Tinubu were hitting workers hard.



Soaring inflation has eroded incomes and hurt millions of Nigerians who are struggling to meet their basic needs.



The new wage announced by Minister of Information Mohammed Idris and union leaders, is more than double the 30,000 naira a month that was agreed in 2019.



&#8220;We are taking this new 70,000 naira minimum wage with mixed feelings because of the situation of the economy. We have to move ahead despite the situation otherwise the negotiation can linger,&#8221; NLC President Joe Ajaero told reporters.



He said the next minimum wage would be reviewed in three years instead of the customary five years.



The unions suspended a strike in early June to give negotiations a chance but warned that failure to reach an agreement could prompt members to call for new action.



Idris said Tinubu would send the proposal, which includes a provision to review the wage every three years, to parliament immediately for passage into law. Tinubu has said he will not roll back unpopular reforms, including electricity and gasoline price hikes.



On Wednesday, Tinubu asked lawmakers to approve $4 billion in additional spending to plug shortfalls in this year&#8217;s budget, with around half of it going to fund &#8220;further recurrent expenditure requirements.&#8221;



The government plans to invest in infrastructure and renewable energy, such as compressed natural gas (CNG) plants and busses to help lower transportation costs, Idris said.



($1 = 1,580.0000 naira)



(Writing by Elisha Bala-Gbogbo; Editing by Alison Williams, Susan Fenton, Philippa Fletcher)

ZHFRG3BTB5JXRNXZVXU4QXPJNI-1

Nigeria’s unions, government agree new wage deal, averting strike

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCAXQIRLKZPJRMO2IJOAORLRXA-scaled.jpg" alt="" class="wp-image-509235" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCAXQIRLKZPJRMO2IJOAORLRXA-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCAXQIRLKZPJRMO2IJOAORLRXA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCAXQIRLKZPJRMO2IJOAORLRXA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCAXQIRLKZPJRMO2IJOAORLRXA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCAXQIRLKZPJRMO2IJOAORLRXA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCAXQIRLKZPJRMO2IJOAORLRXA-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">South Africa&#8217;s President Cyril Ramaphosa speaks during his opening of parliament address in Cape Town, South Africa, July 18, 2024. REUTERS/Esa Alexander</figcaption></figure>



CAPE TOWN, (Reuters) &#8211; President Cyril Ramaphosa pledged on Thursday to revive South Africa&#8217;s flagging economy and extend prosperity to the many left out of it, by resuscitating factories and farms, building roads and seizing the opportunities presented by green energy.



In his first policy speech to a new parliament since the African National Congress (ANC) lost its ruling majority in May &#8211; forcing it to team up with its rivals &#8211; Ramaphosa also pledged to get on top of the nation&#8217;s debt burden.



&#8220;We have a clear intention to turn our country into a construction site, as roads, bridges, houses, schools, hospitals and clinics are built &#8230; and as new power lines are installed,&#8221; the president said at the official opening of a new five-year term of parliament.



He acknowledged that in the past 15 years, Africa&#8217;s most industrialised economy had &#8220;barely grown,&#8221; and &#8220;unemployment, poverty and inequality (remain) &#8230; extremely high.&#8221;



After an optimistic decade following the end of apartheid and the election of Nelson Mandela, South Africa has been mired in political troubles, including a lumbering response to its deadly HIV/AIDS epidemic, grand corruption and a systemic failure to deliver services or even keep the lights on.



Voters punished the ANC for these shortcomings in the May 29 election, leaving it with just 40% of the vote and forcing it into a unity government, mostly with the main opposition Democratic Alliance (DA), for the first time in three decades.



South Africa suffers some of the world&#8217;s biggest divides between rich and poor. Ramaphosa, formerly one of the country&#8217;s wealthiest Black businessmen, used the word &#8220;inclusive&#8221; 18 times in his speech to signal his intention to tackle economic injustice.



<h2 class="wp-block-heading" id="h-enormous-opportunity">&#8216;ENORMOUS OPPORTUNITY&#8217;</h2>



Outlining his administration&#8217;s plans for the next five years, Ramaphosa said the government would &#8220;pursue macroeconomic policy that supports growth and development,&#8221; while also stabilising the national debt.



&#8220;We are firmly committed to steadily reducing the cost of servicing our debt so that we can redirect funds towards other critical social and economic needs,&#8221; he said.



Other policies included overhauling the country&#8217;s ailing freight rail network, training young people in digital skills and investing in the green technologies being adopted the world over to mitigate climate change.



&#8220;We will seize the enormous opportunity in renewable energy for inclusive growth,&#8221; he said. &#8220;We &#8230; have a huge pipeline of renewable energy projects representing over 22,500 megawatts.&#8221;



The new cabinet, whichheld its first meeting last weekend, was determined to work together in the interests of all South Africans, Ramaphosa said, echoing remarks on Wednesday by the DA leader, John Steenhuisen.



In those remarks, Steenhuisen said the coalition government&#8217;s plans had broad buy-in from its different political parties and that it was working better than expected.



Ramaphosa said the coalition partners had taken the path of a &#8220;cooperation nation&#8221;.



(Reporting by Nellie Peyton and Wendell Roelf; Writing by Tannur Anders, Bhargav Acharya and Alexander Winning; Editing by Tim Cocks and Marguerita Choy)

Parliament address by South Africa’s President Cyril Ramaphosa in Cape Town

South Africa leader pledges to revive economy, include the poor

Watch this old passenger plane turn into a cargo hauler

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1351" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-scaled.jpg" alt="" class="wp-image-425628" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-1536x1013.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s central bank kept its main interest rate unchanged at 8.25% in a decision announced on Thursday.



Eighteen of 20 economists polled by Reuters predicted there would be no change in the repo rate.



The decision by the central bank&#8217;s Monetary Policy Committee was split, with four members preferring an unchanged stance and two preferring a 25-basis-point rate cut.



Monetary policy has remained tight in Africa&#8217;s most industrialised economy as the South African Reserve Bank tries to steer inflation back towards the midpoint of its 3%-6% target range.



Consumer inflation stood at 5.2% year on year in May, the latest month for which data is available, the same as in April.



&#8220;Domestically, inflation expectations do not yet reflect the 4.5% midpoint objective over the medium term,&#8221; central bank Governor Lesetja Kganyago said in a statement accompanying the decision.



Economists polled by Reuters before Thursday&#8217;s announcement predicted a 25-basis-point cut in September followed by another in November.



(Reporting by Bhargav Acharya, Tannur Anders and Kopano Gumbi; Editing by Alexander Winning)

FILE PHOTO: South Africa’s central bank governor to delivers keynote address

South Africa central bank keeps main interest rate unchanged at 8.25%

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-969639340-scaled.jpg" alt="" class="wp-image-498461" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-969639340-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-969639340-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-969639340-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-969639340-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-969639340-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-969639340-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A Transnet logo stands on a rail mounted gantry crane, manufactured by Terex Corp., at the Port of Durban, operated by Transnet SOC Holdings Ltd.&#8217;s Ports Authority, in Durban, South Africa, on Friday, May 25, 2018. Transnet last year reduced its seven-year capital-investment plan by 17 percent to 229.2 billion rand in response to lower-than-anticipated freight demand. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



July 18 (Reuters)&nbsp;&#8211;&nbsp;The African Development Bank (AfDB) has approved a $1 billion loan for South Africa&#8217;s Transnet to aid the troubled logistics firm&#8217;s recovery plan, the bank and the company said on Thursday.



State-owned Transnet has struggled to provide adequate freight rail and port services in South Africa due to equipment shortages and maintenance backlogs after years of under-investment.



This has impacted commodity exports and other sectors such as manufacturing and retail, weakening Africa&#8217;s most advanced economy.



Transnet and the AfDB said in a joint statement that the 25-year loan was fully guaranteed by the government of South Africa.



&#8220;It will facilitate the first phase of the company&#8217;s ZAR 152.8 billion rand ($8.1 billion) five-year capital investment plan to improve its existing capacity ahead of expansion for the priority segments throughout the transport value chain,&#8221; the statement said.



Transnet, which has debts of 130 billion rand, recorded a loss of 1.6 billion rand in the six months to Sept. 30 on the back of declining rail, port and pipeline volumes as well as higher costs.



It has seen freight volumes decline to 150 million metric tons in financial year 2022/23 from 226 million tons in 2017/18.



Transnet&#8217;s recovery plan, announced in October 2023, seeks to restore freight volumes and return the company to profitability over a period of 18 months.



The turnaround plan includes splitting the freight rail subsidiary into two &#8211; an infrastructure management company and an operating unit. It also targets reduced port backlogs and plans another attempt to open up parts of its rail network to private operators after a false start two years ago.



(Reporting by Nelson Banya; Editing by Alexander Winning and David Evans)

Operations At The Transnet SOC Ltd. Port Of Durban

S.Africa’s Transnet gets $1 bln African Development Bank loan

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/Q26RQAICWNPFJFYJE2MKCI6H7Q.jpg" alt="" class="wp-image-422716" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/Q26RQAICWNPFJFYJE2MKCI6H7Q.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/Q26RQAICWNPFJFYJE2MKCI6H7Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/Q26RQAICWNPFJFYJE2MKCI6H7Q-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South Africa&#8217;s central bank governor, Lesetja Kganyago, arrives to deliver a keynote address on monetary policy, growth and jobs at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko</figcaption></figure>



July 18 (Reuters)&nbsp;&#8211;&nbsp;Below are some quotes from South African Reserve Bank Governor Lesetja Kganyago at a news conference to announce the central bank&#8217;s latest interest rate decision.



<h2 class="wp-block-heading" id="h-decision">DECISION</h2>



&#8220;The MPC (Monetary Policy Committee) decided to keep the repo rate unchanged at 8.25%. Four members preferred an unchanged stance, and two preferred a reduction of 25 basis points.&#8221;



&#8220;In discussing the stance, MPC members agreed that restrictive policy remains appropriate to stabilise inflation at 4.5%.&#8221;



&#8220;The committee assessed that an unchanged stance remained appropriate, given the inflation risks. Some members, however, were of the view that the inflation outlook had improved enough to reduce the degree of restrictiveness.&#8221;



<h2 class="wp-block-heading" id="h-inflation">INFLATION</h2>



&#8220;The most recent headline print, for May, was 5.2%, unchanged from April and still in the top half of our target range.&#8221;



&#8220;The outlook, however, has improved somewhat. Headline consumer price inflation for this year is now projected at 4.9%, compared to 5.1% at the previous meeting.&#8221;



&#8220;Over the next few quarters, headline is expected to dip below the 4.5% midpoint, mainly because of fuel and food prices. This outlook is supported by the stronger rand.&#8221;



&#8220;Over the medium term, we continue to see inflation stabilising at 4.5%, with core inflation remaining close to this midpoint objective throughout.&#8221;



<h2 class="wp-block-heading" id="h-economic-growth">ECONOMIC GROWTH</h2>



&#8220;The economy contracted slightly in the first quarter, by 0.1%, and recent data, including last week&#8217;s mining and manufacturing numbers, have caused us to trim our second quarter growth estimate modestly, to 0.6%.&#8221;



&#8220;Over the medium term, we expect somewhat faster growth, supported by a more reliable electricity supply and improving logistics, among other factors.&#8221;



&#8220;Our revised growth projections nonetheless remain below longer-run historical averages, of about 2%. The risks to this forecast are assessed as broadly balanced, with ample scope for structural reforms to lift growth further over the medium term.&#8221;



<h2 class="wp-block-heading" id="h-other-comments">OTHER COMMENTS</h2>



&#8220;Inflation expectations do not yet reflect the 4.5% midpoint objective over the medium term. While expectations are moving in the right direction, they continue to show the impact of the recent inflation surge.&#8221;



&#8220;We remain concerned about administered prices. We have had to mark up electricity inflation for this forecast round, even as other categories shifted lower.&#8221;



&#8220;The forecast continues to see rates easing into more neutral territory by next year.&#8221;



&#8220;We are committed to stabilising inflation at the mid-point of the target band. Achieving this outcome will improve the economic outlook and reduce borrowing costs.&#8221;



(Compiled by Alexander Winning)

South Africa’s central bank governor to delivers keynote address

South African central bank governor’s comments on rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-820x536.jpg" alt="" class="wp-image-508945" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-1536x1004.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Rwanda&#8217;s incumbent President and presidential candidate for the Rwandan Patriotic Front (RPF) Paul Kagame prepares to cast his ballot during the Presidential election at the SOS Kinyinya polling centre in Kigali, Rwanda July 15, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



KIGALI, July 18 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s President Paul Kagame has been re-elected with 99.18% of the vote, the National Electoral Commission said on Thursday, extending his near quarter-century in office.



The two men standing against him &#8211; Frank Habineza from the Democratic Green Party and independent Philippe Mpayimana &#8211; both conceded defeat in Monday&#8217;s election, which rights groups say was marred by a crack-down on journalists, the opposition and civil society groups. A government spokesperson repeatedly rejected such criticism during the election period.



Oda Gasinzigwa, chairperson of the National Electoral Commission, told a news conference that voter turnout was 98.20% of the nine million registered voters.



The final election results are due to be announced no later than July 27, she said.



Kagame, who got more than 93% of the vote in the last three elections, has won praise from Western and regional leaders for helping to end the 1994 genocide in Rwanda and rebuilding the country into an attractive destination for investment and aid.



His reputation has been damaged, however, by accusations of abuses at home and supporting rebels in neighbouring Democratic Republic of Congo &#8211; allegations he has repeatedly denied.



The electoral commission barred eight other candidates, including Kagame&#8217;s most vocal critics, from running, citing a range of reasons including missing and incomplete registration documents.



(Writing by George Obulutsa; Editing by Peter Graff and Mark Potter)

Rwanda President Paul Kagame votes during the presidential election in Kigali

Rwanda’s President Kagame re-elected in a landslide

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1254" height="836" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w" sizes="auto, (max-width: 1254px) 100vw, 1254px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



July 18 (Reuters)&nbsp;&#8211;&nbsp;Caution prevailed across most developing markets on Wednesday, ahead of China policy announcements and interest-rate decisions by a few central banks, while attention was also on the opening of South Africa&#8217;s parliament following recent elections.



MSCI&#8217;s index tracking emerging markets equities slipped 0.4%, its third-straight day in losses, while a currencies gauge was flat against the dollar.



China stocks settled higher by 0.5%, with markets anticipating any policy announcements to support the second largest economy&#8217;s sluggish recovery, following the conclusion of a four-day Communist Party meet.



Tech-heavy stock indexes in Asia such as Taiwan, Korea and Hong Kong&#8217;s tech index closed lower between 0.6% and 1.5%, as a report of the U.S. mulling tighter export curbs on advanced chip technology to China overshadowed an upbeat quarterly revenue forecast from TSMC.



South Africa&#8217;s rand was muted, and yield on the benchmark sovereign bond ticked up 2 basis points (bps) ahead of a rate decision, where most economists expect the local central bank to leave rates at 8.25%.



Markets will also focus on President Cyril Ramaphosa&#8217;s opening address to parliament, for any clues on the policy trajectory for the first coalition government in the country.



&#8220;The reforms designed to improve electricity infrastructure is probably going to be the biggest challenge for South Africa and if they&#8217;re able to come up with policies and improvements to infrastructure, then markets would react favourably to that,&#8221; said Matthew Ryan, head of market strategy at Ebury.



The rand has strengthened about 3.5% after national elections held in late May pointed to a coalition government, and the local central bank has stayed put on borrowing costs.



Meanwhile, a parliamentary budget committee has recommended that lawmakers approve a law granting the Ukrainian government the right to suspend debt payments.



Against the backdrop of the Russian-Ukraine conflict, the country has $19.7 billion outstanding on its international bonds and owes $2.6 billion on GDP warrants. The hryvnia inched up 0.3%, after depreciating more than 1% on Wednesday.



Meanwhile, Bangladesh&#8217;s taka was flat, even as local protests over high unemployment intensified. Kenya&#8217;s shilling was muted as investors monitored local developments after police banned demonstrations in the capital following weeks of anti-government protests.



In the Middle East, Israel&#8217;s Tel Aviv stock index slipped 0.3%. The exchange is expected to launch a futures market in September.



Hungary&#8217;s forint led gains among eastern and central European currencies with a 0.3% rise, to touch levels seen more than a month ago.



Elsewhere, Egypt&#8217;s pound slipped 0.1% ahead of an interest rate decision, with economists expecting no change.



(Reporting by Johann M Cherian in Bengaluru; Editing by Arun Koyyur)

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

Stocks slip with China policy decisions on tap; S.Africa in focus

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1351" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-scaled.jpg" alt="" class="wp-image-508890" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-1536x1014.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Riot police officers walk to disperse protestors during an anti-government demonstration, following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill, in Nairobi, Kenya, July 16. REUTERS/John Muchucha</figcaption></figure>



NAIROBI, July 18 (Reuters) &#8211; Kenya&#8217;s government on Thursday ratcheted up its appeal for weeks of protests to stop as police banned demonstrations in the heart of the capital Nairobi, saying they had been infiltrated by criminal gangs.



Some activists called for people to gather on Thursday with camping gear to &#8220;occupy&#8221; Uhuru Park adjacent to the city centre, amid a heavy police presence across Nairobi.



At least 50 people have been killed in the youth-led protests against proposed tax hikes that broke out across Kenya a month ago and have continued even after President William Ruto withdrew the legislation and fired almost all of his cabinet.



Activists say they want Ruto to resign and are calling for reforms to clean up corruption and address poor governance.



The country has lost approximately 6 billion Kenyan shillings ($46 million) as a result of the demonstrations, government spokesperson Isaac Mwaura said, without explaining how he arrived at that figure.



&#8220;The president and the government at large (have) heard you loud and clear and we are ready to act on your concerns,&#8221; Mwaura said in a televised statement.



The protests, which have been organised online without the apparent support of opposition political figures, have created the biggest crisis of Ruto&#8217;s two years in power.



&#8220;We have credible intelligence that organised criminal groups are planning to take advantage of the ongoing protests to execute their attacks, including looting,&#8221; chief of police Douglas Kanja Kiricho said in a statement late on Wednesday.



&#8220;No demonstrations will be permitted in the Nairobi Central Business District and its surroundings until further notice to ensure public safety.&#8221;



<h2 class="wp-block-heading" id="h-broad-based-government">BROAD-BASED GOVERNMENT</h2>



In his latest concession, Ruto last week pledged to set up a broad-based government, but the opposition coalition on Wednesday rejected the idea, calling instead for a constitutional convention.



The rallies began peacefully but later turned violent.



Some demonstrators briefly stormed parliament on June 25, and the police opened fire.



Ruto&#8217;s office planned &#8220;multi-sectoral&#8221; talks for this week to address the protesters&#8217; grievances, but by Thursday there was no sign they had begun.



Most of the leading figures behind the protests have rejected the invitation, instead calling for immediate action on issues such as corruption.



&#8220;(The police and president Ruto) have no power to suspend rights guaranteed by the constitution,&#8221; activist Boniface Mwangi wrote on the social media platform X in response to the protest ban.



The Communications Authority of Kenya (CA), a regulatory body, has cautioned the media against &#8220;perpetuating&#8221; violence in their coverage of the protests, &#8220;which could potentially cause widespread civil unrest in the country&#8221;.



Some outlets have &#8220;compromised objectivity and balance in the reporting of crime, security operations and/or crisis situations,&#8221; CA chief David Mugonyi wrote in a July 17 letter to a media executive seen by Reuters.



($1 = 130.0000 Kenyan shillings)



(Reporting by Hereward Holland; Additional reporting by Humphrey Malalo; Editing by Michael Perry Ros Russell and Andrew Cawthorne)

Anti-government demonstration following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill in Nairobi

Kenya bans protests in central Nairobi, blames criminal infiltration

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 18 (Reuters) &#8211; The Ugandan shilling was firmer on Thursday, helped by a slowdown in appetite for hard currency from both commercial banks and merchandise importers, traders said.



At 0830 GMT commercial banks quoted the shilling at 3,685/3,695, compared to Wednesday&#8217;s close of 3,690/3,700.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

GettyImages-924883576-1

Ugandan shilling firms on thin bank, importer FX appetite

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg" alt="" class="wp-image-373504" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-600x400.jpg 600w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /></figure>



JOHANNESBURG, July 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was little changed on Thursday, ahead of an interest rate decision by the South African Reserve Bank (SARB).



At 0903 GMT, the rand traded at 18.1900 against the dollar, not far from its previous close of 18.1950.



The SARB&#8217;s monetary policy committee will announce its rate decision later on Thursday and provide an update on South Africa&#8217;s economic outlook.



It is expected to leave its repo rate unchanged at 8.25%, according to economists polled by Reuters, but cut rates by 25 basis points to 8.00% in September as inflation cools.



Investor focus will also be on a speech by President Cyril Ramaphosa later in the evening, when he is expected to outline the priorities of the newly formed broad coalition government.



On the stock market, the Top-40 index was last up 0.4%.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 2.5 basis points to 9.625%.



(Reporting by Bhargav Acharya; Editing by Janane Venkatraman )

home

Global tech outage delays flights and disrupts services around the world

South African rand slips as risk appetite wanes

South African Markets – Factors to watch on July 19

Focus on small-business growth to unlock Africa’s potential

Kenyan shilling stable, pressured by interbank FX demand

African Markets – Factors to watch on July 19

Nigeria’s unions, government agree new wage deal, averting strike

South Africa leader pledges to revive economy, include the poor

Watch this old passenger plane turn into a cargo hauler

South Africa central bank keeps main interest rate unchanged at 8.25%

S.Africa’s Transnet gets $1 bln African Development Bank loan

South African central bank governor’s comments on rate decision

Rwanda’s President Kagame re-elected in a landslide

Stocks slip with China policy decisions on tap; S.Africa in focus

Kenya bans protests in central Nairobi, blames criminal infiltration

Ugandan shilling firms on thin bank, importer FX appetite

South African rand little changed ahead of rate decision

News Tips

Advertise With Us

home

Global tech outage delays flights and disrupts services around the world

South African rand slips as risk appetite wanes

South African Markets – Factors to watch on July 19

Focus on small-business growth to unlock Africa’s potential

Kenyan shilling stable, pressured by interbank FX demand

African Markets – Factors to watch on July 19

Nigeria’s unions, government agree new wage deal, averting strike

South Africa leader pledges to revive economy, include the poor

Watch this old passenger plane turn into a cargo hauler

South Africa central bank keeps main interest rate unchanged at 8.25%

S.Africa’s Transnet gets $1 bln African Development Bank loan

South African central bank governor’s comments on rate decision

Rwanda’s President Kagame re-elected in a landslide

Stocks slip with China policy decisions on tap; S.Africa in focus

Kenya bans protests in central Nairobi, blames criminal infiltration

Ugandan shilling firms on thin bank, importer FX appetite

South African rand little changed ahead of rate decision

News Tips

Advertise With Us

Newsletters