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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-820x547.jpg" alt="" class="wp-image-551750" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BAKU, AZERBAIJAN &#8211; NOVEMBER 05: People walk past a COP29 sign in front of the COP29 headquarters on November 5, 2024 in Baku, Azerbaijan. The 2024 UN Climate Change Conference (UNFCCC COP29) will be held from November 11-22 in Baku. (Photo by Aziz Karimov/Getty Images)</figcaption></figure>



A gathering of 198 leaders, representing the contracting parties of almost all the world’s nations, would be significant whatever the context and the epoch.



At this particular juncture in humankind’s history, the Conference of the Parties (COP), convening in Baku, Azerbaijan between 11-22 November for the 29th year (COP29), is encumbered with an enormous burden of responsibility. As the decision-making body of the United Nations Framework Convention on Climate Change, COP29 needs to focus the entire world’s attention on Earth’s climate crisis, and adopt urgent measures to alter course.



Last year’s <a href="https://unfccc.int/sites/default/files/resource/cma2023_L17_adv.pdf">COP28 summit struck a historic accord</a>. Nations reaffirmed the goal of capping, by the end of the century, global warming at 1.5°C compared to pre-industrial levels. They went further, agreeing to escalate their climate programs to transition away from fossil fuels, starting with tripling the capacity of renewable energies by 2030.



But not enough has changed, and a year later the situation facing COP29 has worsened. Climate scientists concur that global warming is happening much faster than previously predicted. The United Nations’ expert advisory body, the Intergovernmental Panel on Climate Change (IPCC), projects that the <a>1.5°C threshold </a>will be exceeded by 2028 unless the world adopts far more decisive countermeasures. “With every increment of global warming, regional changes in mean climate and extremes become more widespread and pronounced,” <a href="https://www.ipcc.ch/report/ar6/syr/downloads/report/IPCC_AR6_SYR_SPM.pdf">it reports</a>. <a></a>



Many other science-based reports paint a similar picture. The <a href="https://www.unep.org/resources/emissions-gap-report-2024">Emissions Gap Report 2024</a> published last month by the United Nations Environment Programme (UNEP), for instance, notes that holistic industrial and production policies must drive a 7.5 percent annual reduction in greenhouse gas (GHG) emissions, effective immediately, to avoid breaching the 1.5°C threshold by 2030. The fact that GHG emissions are instead rising at an annual pace of 1.3 percent is further, compounding evidence that the status quo is actually accelerating us all towards an impending dystopia.



At a time when there are wars, unfolding human tragedies and deepening crises in all corners of the globe, it seems misdirected to use words such as “dystopia”, “precipice”, and “catastrophe” to describe climate impacts.



But they are apt to the describe Earth’s dire situation. Whether we are edging dangerously close to a tipping point is moot. We are experiencing and witnessing the impacts consistently, even continuously, in regions throughout the world. South-eastern America has just been devastated by not one, but two of the most intense hurricanes ever recorded. Hurricanes Helene and Milton wrought havoc; apart from the loss of hundreds of lives, the extreme storm surges and near-unprecedented rainfall and flash-flooding caused immense damage to property, infrastructure, industries and livelihoods.



Simultaneously, large parts of southern Africa are suffering from the effects of a severe drought. In respect of its exposure to the damaging consequences of climate change, sub-Saharan Africa is one of the world’s most vulnerable regions. Tens of millions of African people are disproportionately dependent on agriculture. But the ocean warming climate phenomenon has drastically shifted <a href="https://earthobservatory.nasa.gov/images/152005/el-nino-forecast-to-contribute-to-food-insecurity">rainfall patterns</a>, causing a prolonged dry spell which compromised the growing season earlier this year. This has extended into an ongoing hotter and drier period, one which is now the worst drought in a century. Five countries – Lesotho, Malawi, Namibia, Zambia and Zimbabwe – have declared a state of drought disaster. The UN’s <a href="https://www.wfp.org/emergencies/southern-africa-drought">World Food Programme</a> reports that 27 million people in the region now face food insecurity, and 21 million children are suffering malnutrition.



The juxtaposition of deluge and drought is tragic in its manifestations and impacts in both North America and southern Africa. But structural inequities – let us call them what they are, injustices – are at play. The majority of developed nations – those that hold most of the levers of power, influence and finance – are in the Global North. Their industrialized economies have largely created the climate crisis; together, the world’s three giant economic blocs continue to generate close to 60 percent of global GHG emissions. However, it is the Global South – the term for the world’s developing countries – that experiences the severest impacts and can least afford the necessary resilience and mitigation measures.



This is why COP29’s agenda includes matters related to finance. Trillions of dollars will be required to assist developing countries’ mitigation and resilience programs, and to fund the complex mesh of climate solutions and green energy and industry transitions across the entire, interconnected world.  



And interwoven within the climate emergency is a broader point, one which extends into how – indeed, whether – the world can build upon the arc of progress made since the Enlightenment, then the Industrial Revolution, and in our own Digital Age.&nbsp;&nbsp;&nbsp;



In 2015, UN member states formulated and agreed upon 17 Sustainable Development Goals (SDGs) to uplift the lives of all the world’s citizens, with a targeted timeframe of 2030 to achieve these goals. With the deadline just five years away, there is a worrying underachievement: only a minority of the 17 SDGs reflect either on-track or moderate progress, and for more than a third of the goals there has been stagnation or regression.



The SDGs are not a specific COP29 agenda issue. But the links to our climate emergency are clear. Without urgently needed solutions, climate impacts jeopardize our water supplies and food production, they compromise lives and livelihoods, and threaten natural systems and biodiversity. The climate crisis propels involuntary migration, impinges upon the productivity of people and the sustainability of cities, and forces a reprioritization of governments’ spending away from critical initiatives involving gender equality, education and the creation of employment opportunities. These interrelated problems are spiraling precisely because of our continuing underinvestment in climate adaptation and resilience measures, and in real, lasting solutions. <a></a>



In its very latest, October 2024 report A Green and Just Planet, the G20 countries’ expert group estimates that $4.2 trillion is required, annually, to effectively combat climate change and achieve the SDGs by 2030.



The number seems unfathomable and unachievable. But governments can find these allocations. Global weapons spending is almost $2.5 trillion, fossil fuels subsidies total $7 trillion, and in 2000 leaders rapidly mobilized $11.7 trillion in emergency funds to combat and mitigate the Covid-19 pandemic.&nbsp; &nbsp;



A difficult truth for all of us as global citizens is that climate data and science, in its cold clarity, is often of little interest, or even unwelcome, to those who neither revel in its critical thinking nor embrace the realities – the facts – it unlocks.



COP29’s challenge lies in facing up to these hard facts. Unless the world’s leaders agree to implement urgent policy changes, and negotiate financing to systemize the trillions of dollars needed to fund holistic climate mitigation and transition initiatives, the 1.5°C limit will very soon be exceeded. This will push our planet to the very edge of habitability.



All 8.2 billion of us are imperilled.



If this isn’t reason enough, we should pause to think about all the people yet to be born. If humankind lasts as long as the typical mammalian species, <a href="https://globalprioritiesinstitute.org/wp-content/uploads/Toby-Newberry_How-many-lives-does-the-future-hold.pdf">100 trillion</a> people will follow us over the next 700,000 years before, possibly, we face extinction.



Our descendants would surely ask us to be careful with Mother Earth at this critical moment in time.



The author is co-facilitator of the Outcome Document of the Fourth International Conference on Financing for Development.

Upcoming COP29 In Baku Prompts Changes In City’s Transit Infrastructure

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-820x573.jpg" alt="" class="wp-image-551746" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A municipal worker attempts to unclog a flooded road in Newlands during heavy rains in Cape Town, South Africa, July 9, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa is concerned by the impact Donald Trump&#8217;s election as the next president of the United States may have on talks to tackle climate change, its environment minister said on Friday.



Trump&#8217;s election and the collapse of Germany&#8217;s coalition government this week have come right before COP29 talks aimed at curbing global warming, which scientists blame for destructive hurricanes, floods and heatwaves across the world this year.



&#8220;We are concerned about America because we don&#8217;t know what they&#8217;re going to do &#8230; how (it) is going to approach COP,&#8221; South African Environment Minister Dion George told Reuters.



&#8220;Mr. Trump said that he would withdraw from the Paris Agreement, but we don&#8217;t know what will happen,&#8221; George added in a telephone interview on Friday.



International partners are concerned that the prospect of an administration led by Trump, who has called climate change a hoax, will de-motivate poor and middle-income countries who want rich nations to shoulder more of its financial burden.



South Africa, which is one of the world&#8217;s top 15 greenhouse gas emitters and accounts for 30% of the continent&#8217;s emissions, has accepted $11.6 billion from rich nations, mainly in loans, for a switch from coal to renewable energy.



This is seen as a potential model for other &#8216;Global South&#8217; countries who say financing pledges of $100 billion, which took years to come through, are insufficient.



&#8220;It&#8217;s certainly not enough. We need another target,&#8221; George said. &#8220;But then the question is: as the voter base is shifting in developed economies, are they actually going to pay it?&#8221;



The South African minister said he had been reassured by German officials that Europe&#8217;s stance at the COP29 climate talks will not be hurt by Berlin&#8217;s political crisis.



George said that Jennifer Morgan, Germany&#8217;s state secretary for international climate action, had contacted him to say it will be up to the European Union to maintain leadership.



&#8220;Their position is not changed and that is how they will approach COP,&#8221; George said, adding: &#8220;They&#8217;re on Team Europe. The European Union and German have clearly set out their objectives.&#8221;



(Reporting by Tim Cocks; Editing by Alexander Smith)

Cold front in Cape Town

South Africa concerned Trump election will impact climate talks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-820x461.jpg" alt="" class="wp-image-551642" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation.



When asked whether he would resign if requested to by Trump, the Fed chair simply said: “No.” Powell subsequently told reporters that the president does not have the power to fire or demote him.



“Not permitted under the law,” Powell told reporters at a news conference, after the Fed cut interest rates by a quarter percentage point. 



Investors will be closely watching the president-elect’s contentious relationship with the Fed chair. Trump appointed Powell in 2017, but repeatedly lashed out against the central bank chief during his first term as president, arguing Powell was not easing monetary policy quickly enough.



Trump said in an October interview that the president should be able to weigh in on interest rate decisions.



“I don’t think I should be allowed to order it, but I think I have the right to put in comments as to whether the interest rates should go up or down,” Trump told Bloomberg News at the Economic Club of Chicago on Oct. 15.



As Covid-19 swept the nation in March 2020, Trump claimed the authority to remove Powell from office. The Fed chair’s term ends in 2026.



Powell also said Thursday that Trump’s election victory this week will not have any immediate impact on the central bank’s policy.&nbsp;



“In the near term, the election will have no effects on our policy decisions,” Powell told reporters.



The Republican Party also won a majority in the Senate in Tuesday’s election. If the GOP takes the House of Representatives as well, Trump should have an easier path to pass his economic agenda.&nbsp;



Steve Mnuchin, Trump’s former Treasury secretary, said the president-elect will likely focus on cutting taxes and imposing tariffs, particularly on China.  



Powell said the next administration’s policies could have an economic effect that would impact the Fed’s dual mandate of maximum employment and price stability.&nbsp;But it is still too early to tell and the Fed is not making any assumptions, Powell said.&nbsp;



“It’s such an early stage,” Powell said. “We don’t know what the policies are, and once we know what they are, we won’t have a sense of when they’ll be implemented,” he said.

104823443-GettyImages-869487498

Powell says he would not resign as Fed chief if Trump asked for his resignation

<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, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was slightly weaker in early trade on Friday, tracking the dollar which was back on the front foot.



At 0700 GMT, the rand traded at 17.3650 against the dollar, down 0.2% on its previous close.



The dollar was up 0.1% against a basket of global currencies.



It has been a wild week for currency markets.



The rand tanked on Wednesday when U.S. election results showed Donald Trump had won the presidential race, but it reversed direction on Thursday and closed stronger than Wednesday&#8217;s market open.



With no major domestic economic data due on Friday, the rand is likely to take its cue from offshore drivers.



Inflation-linked government bonds will be auctioned as usual on Friday by South Africa&#8217;s central bank.



The benchmark 2030 government bond was marginally stronger in early deals, with the yield down 2 basis points to 9.175%.



(Reporting by Alexander Winning; Editing by Christopher Cushing)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand slips against stronger dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Friday.



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



Inflation-linked bond auction



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



Fashion retailer TFG reports half-year results



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



South African assets recouped the previous day&#8217;s losses on Thursday ahead of a Federal Reserve interest rate announcement as the dollar gave back some of its gains linked to Donald Trump&#8217;s U.S. election win.



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



Asian stocks rose broadly on Friday as investors digested the Federal Reserve&#8217;s message for careful interest rate cuts even with expectations for big fiscal spending under incoming President Donald Trump. 



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



U.S. stocks closed higher on Thursday, after the Federal Reserve announced a cut of 25 basis points in interest rates, extending a sharp rally sparked by Donald Trump&#8217;s return as U.S. president.



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



Gold prices eased on Friday but hovered around the $2,700 level, as traders assessed the impact of Donald Trump&#8217;s presidency and its implications for the U.S. interest rate outlook.



&#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; Clicks and Dis-Chem lead recovery in retail sector



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



&#8211; Pick n Pay has 100 new malls in its sights



&#8211; Mantashe seeks partners for SA&#8217;s new oil company



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 8

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



Nov 8 (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 stocks rose broadly on Friday, tracking Wall Street&#8217;s overnight rise to record highs, as investors digested the Federal Reserve&#8217;s message for careful interest rate cuts even with expectations for big fiscal spending under incoming President Donald Trump.



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



Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will affect U.S. oil and gas output declined while the market continues to weigh how President-elect Donald Trump&#8217;s policies might affect supplies.



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



South African assets recouped the previous day&#8217;s losses on Thursday ahead of a Federal Reserve interest rate announcement as the dollar gave back some of its gains linked to Donald Trump&#8217;s U.S. election win.



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



The Kenyan shilling was steady against the dollar on Thursdays, as foreign exchange inflows from the tourism and tea sectors matched demand, one trader said.



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



The Kenyan and Nigerian currencies are expected to weaken against the dollar in the next week to Thursday alongside the currencies of Ghana, Uganda and Zambia, traders said.



<h2 class="wp-block-heading" id="h-mozambique-politics">MOZAMBIQUE POLITICS</h2>



Mozambican police fired tear gas at thousands of protesters in the capital Maputo on Thursday during the biggest demonstration yet against the long-ruling Frelimo party, which was declared the winner of a disputed election last month.



<h2 class="wp-block-heading" id="h-barrick-mali">BARRICK MALI</h2>



Barrick Gold, the world&#8217;s No. 2 gold miner, is confident of concluding talks for a new mining code with Mali&#8217;s junta-led government before the end of the year, CEO Mark Bristow told Reuters on Thursday.



<h2 class="wp-block-heading" id="h-safaricom-results">SAFARICOM RESULTS</h2>



Kenya&#8217;s biggest telecoms operator, Safaricom, lowered its full-year earnings guidance on Thursday, after reporting a sharp fall in net income due to the depreciation of Ethiopia&#8217;s birr currency.



((Compiled by Nairobi Newsroom))

Stock market report. 3d illustration

African Markets – Factors to watch on Nov 8

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-scaled.jpeg" alt="" class="wp-image-551572" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-1536x1024.jpeg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Pictured here is a construction site of property developer Hongkong Land, in Shanghai on Nov. 4, 2024. Feature China | Future Publishing | Getty Images</figcaption></figure>



BEIJING – China is widely expected to unveil more stimulus on Friday after its parliament ends a five-day meeting.



Authorities here have ramped up stimulus announcements since late September, fueling a stock rally. President Xi Jinping led a meeting on Sept. 26 that called for strengthening fiscal and monetary support, and stopping the real estate market slump.



While the People’s Bank of China has already cut several interest rates, major increases in government debt and spending requires approval by the country’s parliament, called the National People’s Congress.



That approval could be granted at the weeklong meeting of the legislature’s standing committee. During a similar meeting in October of last year, authorities had approved a rare increase in China’s deficit to 3.8%, from 3%, according to state media.



Analysts expect an increase in the scale of fiscal support after Donald Trump — who has threatened harsh tariffs on Chinese goods — won the U.S. presidential election this week. But some are still cautious, warning that Beijing may remain conservative and not issue direct support to consumers.



When discussing planned fiscal support at a press conference last month, Minister of Finance Lan Fo’an emphasized the need to address local government debt problems.



At the parliamentary meeting so far, officials have reviewed a plan to increase the limit on how much debt local governments can issue, according to state media. The additional quota would go toward swapping out local governments’ hidden debt.



Nomura estimates that China has 50 trillion yuan to 60 trillion yuan ($7 trillion to $8.4 trillion) in such hidden debt, and expects Beijing could allow local authorities to increase deb issuance by 10 trillion yuan over the next few years.



That could save local governments 300 billion yuan in interest payments a year, Nomura said.



In recent years, the country’s real estate slump has drastically limited a significant source of local government revenues. Regional authorities have also had to spend on Covid-19 controls during the pandemic.



Even before then, local Chinese government debt had grown to 22% of GDP by the end of 2019, far more than the growth in revenue available to pay that debt, according to an International Monetary Fund report.

108059394-1730955309734-gettyimages-2182206041-fc_1208661

China expected to announce highly anticipated fiscal stimulus package

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-820x461.jpeg" alt="" class="wp-image-551327" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Tesla CEO Elon Musk (R) joins former U.S. President and Republican presidential candidate Donald Trump during a campaign rally at the site of his first assassination attempt in Butler, Pennsylvania, on Oct. 5, 2024. Jim Watson | Afp | Getty Images</figcaption></figure>



As Donald Trump celebrated his presidential victory early Wednesday morning, Elon Musk was right there with him.



“A star is born. Elon,” Trump said onstage at his Mar-a-Lago resort, thanking the world’s richest person for spending two weeks campaigning in Pennsylvania.



Musk, who poured at least $130 million into a pro-Trump campaign effort, turned Trump support into yet another full-time job in recent months, funding a swing-state operation to register voters and using his social media platform X to constantly tout his preferred candidate, frequently with misinformation.



Musk’s investment in Trump is already paying off, even though Trump doesn’t take office until Jan. 20.



Tesla shares soared 15% on Wednesday, adding roughly $15 billion in paper value to Musk’s net worth. The electric vehicle maker faces headwinds in the global market from China-based competitors, declining European sales and consumers’ growing distaste for his political views.



But with Musk cozying up to Trump, and the president-elect promising to slash the types of regulations that Musk abhors, Wall Street is betting Tesla, on balance, will be a beneficiary.



For Musk, the potential gains go well beyond Tesla.



During his victory speech, Trump also praised Musk’s SpaceX and thanked Musk for delivering Starlink Wi-Fi terminals to Hurricane-stricken parts of the U.S. That all leaves Musk with plenty of reasons to be optimistic that a second Trump administration will pay healthy dividends to him and his businesses.



Musk’s companies are currently embroiled in a range of probes and lawsuits from federal agencies pertaining to matters including alleged securities law violations, workplace safety, labor and civil rights violations, violations of federal environmental laws, consumer fraud and vehicle safety defects.



Given the executive branch’s outsized control over federal regulatory bodies, Musk can look forward to regulators and intelligence agencies winding down some or all of the 19 known ongoing federal investigations and lawsuits against Tesla, SpaceX and X, formerly known as Twitter.



At New York’s Madison Square Garden on Oct. 27, Musk was one of many Trump fans and surrogates to speak during an all-day rally. Much of the coverage of the event focused on comedian Tony Hinchcliffe’s bigoted quips, including his description of Puerto Rico as a “floating island of garbage.”



Musk was introduced by Cantor Fitzgerald CEO Howard Lutnick, who called the Tesla CEO the “greatest capitalist” in U.S. history. Lutnick said he and Musk were co-founders of the envisioned “Department of Government Efficiency” and he asked Musk how much he thought could be cut from the federal budget.



Musk answered “at least $2 trillion,” which is more than the federal government’s discretionary budget of $1.7 trillion. The remark received a scream from Lutnick and applause from the crowd.



Musk didn’t specify what he sought to cut, but he previously accused agencies including the SEC, Environmental Protection Agency and Federal Aviation Administration of regulatory overreach or infringing on his free speech rights.



He also accused the Biden administration of hiring too many IRS personnel, and has vocally objected to a so-called billionaires tax.



Having a role in a bespoke commission could give Musk power over federal agencies’ budgets, staffing and the ability to push for the elimination of inconvenient regulations.



Musk also said during a Tesla earnings call on Oct. 23, that he intended to use his sway with Trump to establish a “federal approval process for autonomous vehicles.” Currently, approvals happen at the state level.



Tesla has been working on driverless technology for more than a decade but hasn’t yet produced a robotaxi or vehicle safe to use without a human ready to steer or brake at any time.



Additionally, a Trump administration may agree to ramp up the government’s work with his companies.



Musk’s newest startup, xAI, is developing large language models and generative artificial intelligence software that aims to compete with similar products from Microsoft-backed OpenAI, Meta and others.&nbsp;



Meta recently announced its open-source Llama models were available to U.S. government agencies in the areas of defense and national security. And OpenAI is already working with the U.S. military after adding a retired U.S. Army general and former director of the National Security Agency to its board in June.



Musk didn’t respond to a request for comment.



<h2 class="wp-block-heading" id="h-spacex-s-billions-in-federal-contracts">SpaceX’s billions in federal contracts</h2>



According to research on federal spending and prime contracts by FedScout, SpaceX has received more than $19 billion from contracts with the federal government since 2008, including from NASA, the U.S. Air Force and Space Force.



The company is on track to take in several billions of dollars annually from prime contracts with the federal government for years to come, according to FedScout CEO Geoff Orazem.



That number doesn’t include classified spending, smaller items like Starlink terminals, or spending that’s done at the state level via block grants from the federal government, like when the Federal Emergency Management Agency gives states assistance to help recover from natural disasters.



Meanwhile, Tesla has reported around $10 billion in sales of “automotive regulatory credits,” or environmental credits, since 2015, Orazem found by evaluating the company’s financial filings.



These incentives are largely derived from federal and state regulations in the U.S. that require automakers to sell some number of low-emission vehicles or buy credits from companies like Tesla, which often have an excess.



Regulatory credits were about 60% of Tesla’s net income in the second quarter of 2024, and 39% in the third quarter. Other government rebates on EV sales represented about 50% of Tesla’s third-quarter profit.



Trump hasn’t made clear whether he’ll maintain those rebates and regulatory credit programs. He previously said he may cut the federal $7,500 EV tax credit.



Additionally, Trump has promised to slash income taxes and to implement steep tariffs. While tariffs&nbsp;could help protect Tesla from Chinese competitors, such a move could involve significant disruption to Tesla’s automotive supply chain, which relies on some materials and parts from China.



When it comes to worker protections, Musk has been seeking to strike down the constitutional authority of the National Labor Relations Board through litigation. He may find such lawsuits are no longer needed if Trump is willing to eliminate or reduce the power of the agency, which is supposed to ensure that companies follow federal laws allowing workers to form unions and engage in collective bargaining with their employers.



Then there’s Musk’s involvement with sanctioned governments.



At SpaceX, Musk has withheld the use of Starlink, the company’s satellite internet service, over Taiwan, even for U.S. troops based there. The Wall Street Journal reported that Musk cut off access as a favor requested by Russian President Vladimir Putin allegedly on behalf of Chinese President Xi Jinping during a series of ongoing, frequent talks between the two men.



In response to the reports, NASA Administrator Bill Nelson said if they were true, Musk’s conversations with Putin should be be federally investigated.



According to analysis by NBC News, Musk has repeatedly posted pro-Kremlin content to his hundreds of millions of followers on X. He even engaged with content from Tenet Media and its creators at least 60 times on the social network. Tenet was at the center of an alleged Russian covert operation to manipulate U.S. public opinion ahead of the 2024 election, according to the Department of Justice. 



While Vice President-elect JD Vance recently called Putin a U.S. adversary, Trump has frequently spoken of his affection for the Russian president, even since Russia’s devastating invasion of Ukraine in 2022. Kremlin officials have celebrated Trump’s victory in this week’s election.



Musk, who publicly endorsed Trump moments after the first assassination attempt on the former president in July, has said he intends to remain involved in U.S. politics for the long haul.



He said in a discussion on X on Tuesday that his super PAC would continue its work after the presidential election and would seek to influence the outcomes of midterms, intermediate elections and elections of local prosecutors across the U.S.



A priority, Musk said, would be to help elect district attorneys “who prosecute repeat violent criminals who are obviously a danger to people.”

108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV

How Elon Musk stands to cash in on Trump’s presidential victory

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-820x461.jpeg" alt="" class="wp-image-551324" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man holds an American flag depicting president-elect Donald Trump at Parliament Square in London in 2020. Jeff J Mitchell | Getty Images News | Getty Images</figcaption></figure>



The U.K. holds dear to its so-called “special relationship” with the U.S., priding itself on a long history of shared values and cultural, diplomatic, linguistic and commercial ties with the States.



London feels those long-standing bonds and geopolitical interests make its relationship with the U.S., well, special.



Whether that feeling of exceptionalism and unique closeness is appreciate or felt as keenly across the Atlantic has always been a bone of contention for London, however, and the bond between the U.S. and U.K. could be tested further when Donald Trump returns to the White House following his election win.



In the run-up to the vote, Britain’s Prime Minister Keir Starmer had looked to strengthen the relationship with Trump, checking in on the Republican leader after an assassination attempt against him, and traveling to New York with Foreign Secretary David Lammy to dine with him at Trump Tower in September.



Congratulating the president-elect on his decisive win, Starmer posted on X that he looked forward to a collaborative partnership with Trump



“As the closest of allies, we stand shoulder to shoulder in defence of our shared values of freedom, democracy and enterprise,” he commented, adding, “From growth and security to innovation and tech, I know that the U.K.-U.S. special relationship will continue to prosper on both sides of the Atlantic for years to come.”



Still, Starmer might have some groveling to do with a new Trump administration.



Tensions flared last month when Trump’s campaign team in October accused the Labour Party of “blatant foreign interference” in the presidential election after party activists travelled to the U.S. to help Harris’ campaign. Starmer and the party denied the accusations.



There’s no doubt that the leaders are cut from different cloths — the brash and unpredictable character of businessman-turned-politician Trump is a far cry from the more measured style of the former human rights lawyer who once took on big business in high-profile court cases.



Addressing British lawmakers on Wednesday, Starmer reacted to Trump’s win by reaffirming his commitment to good relations with the U.S., stating “it is absolutely crucial that we have a strong relationship, that strong special relationship forged in difficult circumstances, between the U.S. and the U.K.”



But Kemi Badenoch, the new leader of Britain’s opposition Conservative Party, which is more ideologically aligned with the Republicans, goaded Starmer over past criticism of Trump by the current Labour foreign minister who, in 2018, called Trump a “woman-hating, neo-Nazi-sympathising sociopath” and a “profound threat to the international order” in a magazine article. Lammy has since said he would work with Trump and would look to persuade the infamously NATO-skeptic Republican to remain in the military alliance.



<h2 class="wp-block-heading" id="h-the-uk-can-lie-low"><a></a>The UK can lie low</h2>



Economists say Britain should not expect any special treatment when a new Trump administration comes into force, but they note it’s unlikely the U.K would be a prime target for punitive policies, such as import tariffs, that could be levied on the European Union and China as Trump looks to boost America’s growth and competitiveness.



Trump has already threatened to revive a trade war that began during his first term in office, stating in his election campaign that he would raise tariffs on Chinese goods by 60-100%, and would impose a blanket 10% tariff (or potentially 20%) on all U.S. imports, a move opening up a new front in trade tensions with two of its largest trading partners, the EU and China. The U.K., now outside the European bloc, might find its post-Brexit position an advantage.



“The U.K. is, quite frankly, probably small enough to be off the radar,” Kallum Pickering, chief economist at Peel Hunt, told CNBC after Trump’s election win.



“We’re not part of the EU anymore. China and the EU are the big two [that will be targeted by Trump]. We won’t come into any issues around NATO commitments, because we meet our own. Whereas with Europe, Trump could conceivably say, ‘we’ll threaten you with a trade war, but if you increase your military spend and meet your NATO commitments, we’ll not put tariffs on,’” Pickering said, noting that “Trump likes to trade everything off.”



While “Starmer may have offended Trump at some point, or David Lammy might have offended America,” Pickering noted that “these are relatively small potatoes versus Trump’s issues with Europe and NATO or China containment. So I think with a bit of careful diplomacy, the U.K. and the U.S. can get on good terms quickly,” he said.



<h2 class="wp-block-heading"><a></a>Not so special anymore</h2>



Describing the “special relationship” as one of convenience for the U.S., Pickering said the U.K. could still maneuver itself to be useful to an incoming Trump government.



“The key thing for the U.K. is, can it reassert itself as this mid-Atlantic broker between America and Europe now that it’s outside of the EU? This was always the U.K.’s advantage — to be the English speaking common-law, American partner within the European Union, and by brokering that relationship, that allowed us to punch above our weight diplomatically.”



Whisper it, but the “special relationship” ceased to be special long ago, according to Holger Schmieding, chief economist at Berenberg.



“Apart from strong cooperation on intelligence gathering and few military aspects, all recent U.S. administrations have treated the U.K. as a normal mid-size European country,” Schmieding told CNBC Wednesday.



“That Trump and Starmer are apparently not fans of each other, to put it mildly, will not help in future U.S.-U.K. talks. But it is not the decisive factor, largely because for the U.S. will probably not be inclined to give any special treatment to any country in Europe,” he said.



Schmieding said it’s advisable for the U.K. to coordinate its response to Trump with its European neighbors, notably on how to react if Trump cuts U.S. military aid to Ukraine, as expected, meaning Europe is on the hook for the funding gap left by Ukraine’s strongest ally since Russia invaded in February 2022.



Although the picture has improved since Trump was last in office, from 2017 to 2021, the president-elect is likely to continue to harangue European members of NATO to increase their defense spending, a perennial bugbear for Trump.



NATO members committed in 2014 to spending 2% of their national gross domestic product on defense but laggards remain, including Germany, France, Italy, Turkey, Spain and Canada. Even the Netherlands, whose former leader Mark Rutte is now NATO chief, has failed to meet the spending pledge.



After being elected to office in July, Starmer made a “cast-iron commitment” to raise U.K. defense spending to 2.5% of GDP, but has refused to give a timetable for the increase. Still, the U.K. is in Trump’s good books when it comes to defense spend, with its expenditure in the arena standing at 2.3% of GDP in 2023, NATO figures show. The U.S. spent 3.2%, making it the second-largest spender after Poland, at 3.9%.



Trump rattled NATO members in February when he said he would not provide military protection to any member state that had not met its financial obligations to the bloc, and would even “encourage” adversaries “to do whatever the hell they want” to that nation.

108058872-1730902372279-gettyimages-1197718058-jm1_4964

Britain loves its ‘special relationship’ with the U.S. — but that doesn’t mean Trump will love it back

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-820x527.jpg" alt="" class="wp-image-551277" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A protester runs after teargas was fired at a crowd gathering during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko.</figcaption></figure>



MAPUTO, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;Mozambican police fired tear gas at protesters in the capital Maputo on Thursday in the biggest demonstration yet against the long-ruling Frelimo party which was declared the winner of a disputed election last month.



Anger has mounted since election authorities said Frelimo had won the Oct. 9 vote, extending its 49-year rule. Human rights groups say at least 18 people have been killed in the police crackdown on protests since then.



The election was hotly contested, with many young people supporting independent candidate Venancio Mondlane, who says the vote was rigged and called for a week of protests culminating on Thursday.



Civil society groups and Western observers also said the election was unfair and that results were altered. A Frelimo spokesperson did not respond to requests for comment.



The party has been accused of vote-rigging in previous polls and has denied it, sparking smaller protests last year.



Police were deployed in full force on Thursday as large groups of mostly young men barricaded streets with burning tires and waved homemade signs in support of Mondlane.



A Reuters witness saw a police officer firing a handgun in the direction of a crowd of protesters in a Maputo township.



&#8220;There has never been something like this in the country,&#8221; said Adriano Nuvunga, director of Mozambique&#8217;s Centre for Democracy and Human Rights.



&#8220;Whatever the outcome&#8230; the young people have gained their voice,&#8221; he said.



President Filipe Nyusi has not spoken since the protests escalated. His defence minister has threatened to deploy the army and warned against attempts to grab power.



Mozambique&#8217;s Constitutional Council has not yet certified the election results, a process that usually takes around two months.



On Tuesday it ordered the electoral commission to clarify within 72 hours why there had been discrepancies in the number of votes counted in the presidential, legislative and provincial elections, according to a letter seen by Reuters.



An electoral commission spokesperson did not immediately respond to a request for comment.



&#8220;(The outcome) comes down to what the Constitutional Council decides, I suspect. But the anger is palpable and I don&#8217;t know what they can say that will calm things down,&#8221; said Louw Nel, a political analyst at Oxford Economics Africa.



South Africa has closed its main border crossing for security reasons, and its foreign ministry advised its citizens against all but essential travel to Mozambique.



South African logistics company Grindrod on Thursday said it had suspended port and terminal operations in Mozambique.



(Reporting by Siphiwe Sibeko, Siyabonga Sishi and Manuel Mucari; Additional reporting and writing by Nellie Peyton;Editing by Alexander Winning and Ros Russell)

Mozambique opposition party leads national shutdown against election outcome

Mozambique opposition stages biggest protest yet as police crack down

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan central bank&#8217;s Monetary Policy Committee will hold its rate-setting meeting on Dec. 5, the bank said on Thursday.



At its last meeting in October, the bank slashed its benchmark lending rate KECBIR=ECI to 12.00%, down from 12.75%, in a move aimed at stimulating credit to the private sector.



(Reporting by George Obulutsa; Editing by Hereward Holland)

A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi

Kenya’s central bank to hold next rate-setting meeting on Dec 5

<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-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, 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, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><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, Nov 7 (Reuters) &#8211; The Ugandan shilling traded flat on Thursday, although hard currency demand from energy importers was seen pressurising the local unit, traders said.



At 0830 GMT commercial banks quoted the shilling at 3,675/3,685, same level as Wednesday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

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Local impact: The multimillion-dollar payoff to hosting an F1 Grand Prix

What A U.S. Economy Under Trump Will Look Like

The impact of a Formula OneGrand Prix on its hosts

TKO Group COO Mark Shapiro On UFC Media Rights, Vince McMahon And Gambling

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African Markets – Factors to watch on Nov 8

China expected to announce highly anticipated fiscal stimulus package

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How Elon Musk stands to cash in on Trump’s presidential victory

Britain loves its ‘special relationship’ with the U.S. — but that doesn’t mean Trump will love it back

Mozambique opposition stages biggest protest yet as police crack down

Kenya’s central bank to hold next rate-setting meeting on Dec 5

Ugandan shilling flat, under pressure from fuel importers

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