<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



WASHINGTON, July 16 (Reuters) &#8211; The global economy is set for modest growth over the next two years amid cooling activity in the U.S., a bottoming-out in Europe and stronger consumption and exports for China, but risks to the path abound, the International Monetary Fund said on Tuesday.



The IMF warned in an update to its World Economic Outlook(WEO) that momentum in the fight against inflation is slowing, which could further delay an easing of interest rates and keep up strong dollar pressure on developing economies.



The IMF kept its 2024 global real gross domestic product growth forecast unchanged from April at 3.2% and raised its 2025 forecast by 0.1 percentage point to 3.3%. The forecasts fail to shift growth from the lackluster levels that IMF managing director Kristalina Georgieva has warned would lead to &#8220;the tepid twenties.&#8221;



But the revised outlook reflected some shifting sands among major economies, with the 2024 U.S. growth forecast reduced by 0.1 percentage point to 2.6%, reflecting slower-than-expected first-quarter consumption. The Fund&#8217;s 2025 U.S growth forecast was unchanged at 1.9%, a slowdown driven by a cooling labor market and moderating spending in response to tight monetary policy.



&#8220;Growth in major advanced economies is becoming more aligned as output gaps are closing,&#8221; IMF chief economist Pierre-Olivier Gourinchas said in a blog post accompanying the report, adding that the U.S. was showing increasing signs of cooling, while Europe was poised to pick up.



The IMF significantly hiked its China growth forecast to 5.0% &#8211; matching the Chinese government&#8217;s target for the year &#8211; from 4.6% in April due to a first-quarter rebound in private consumption and strong exports. The IMF also boosted its 2025 China growth forecast to 4.5% from 4.1% in April.



<h2 class="wp-block-heading" id="h-china-risks">CHINA RISKS</h2>



But China&#8217;s momentum may be sputtering, as Beijing on Monday reported second-quarter GDP growth of just 4.7%, significantly below forecasts amid weak consumer spending amid a protracted property downturn.



Gourinchas told Reuters in an interview that the new data poses a downside risk to the IMF forecast, as it signals weakness in consumer confidence and continuing problems in the property sector. To boost domestic consumption, China needs to fully resolve its property crisis, as real estate is the main asset for most Chinese households.



&#8220;When you&#8217;re looking at China, the weaker the domestic demand, the more growth is going to rely potentially on the external sector,&#8221; he said, inviting more trade tensions.



On a more positive note, the IMF slightly upgraded its 2024 eurozone growth forecast by 0.1 percentage point to 0.9%, leaving the bloc&#8217;s 2025 forecast unchanged at 1.5%.



The eurozone has &#8220;bottomed out&#8221; and saw stronger first-half services growth, while rising real wages will help power consumption next year and easing monetary policy will aid investment, the IMF said.



It cut Japan&#8217;s 2024 growth forecast to 0.7% from 0.9% in April due in part to supply disruptions from a major auto plant shutdown and weak private investment in the first quarter.



<h2 class="wp-block-heading" id="h-inflation-risks-remain">INFLATION RISKS REMAIN</h2>



The IMF warned of near-term upside risks to inflation as services prices remain elevated amid wage growth in the labor-intensive sector and said renewed trade and geopolitical tensions could stoke price pressures by increasing the cost of imported goods along the supply chain.



&#8220;The risk of elevated inflation has raised the prospects of higher-for-even-longer interest rates, which in turn increases external, fiscal and financial risks,&#8221; the IMF said in the report.



Gourinchas said that despite a fall in U.S. consumer prices last month, the Federal Reserve



can afford to wait



a bit longer to begin cutting rates to avoid any inflationary surprises.



<h2 class="wp-block-heading" id="h-protectionism-risks">PROTECTIONISM RISKS</h2>



The IMF also warned of potential swings in economic policy as a result of many elections this year that could have negative spillovers to the rest of the world.



&#8220;These potential shifts entail fiscal profligacy risks that will worsen debt dynamics, adversely affecting long-term yields and ratcheting up protectionism,&#8221; the Fund said.



The Fund did not name U.S. Republican Party candidate Donald Trump, who has proposed to impose a 10% tariff on all U.S. imports, nor Democratic President Joe Biden, who has sharply hiked tariffs on Chinese electric vehicles, batteries, solar panels and semiconductors.



But it said that higher tariffs and a scaling up of domestic industrial policy could create &#8220;damaging cross-border spillovers, as well as trigger retaliation, resulting in a costly race to the bottom.&#8221;



Instead, the IMF recommended that policymakers persevere with restoring price stability &#8211; easing monetary policy only gradually &#8211; replenish fiscal buffers drained during the pandemic and pursue policies that promote trade and increase productivity. 



(Reporting by David Lawder; Editing by Andrea Ricci and Dan Burns)

IMF logo is seen outside the headquarters building in Washington

IMF sees steady global growth, warns of slowing disinflation momentum

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-820x528.jpg" alt="" class="wp-image-508174" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-820x528.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A protestor reacts during an anti-government demonstration following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill in Kitengela, Kenya, July 16, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, July 16 (Reuters)&nbsp;&#8211;&nbsp;Police in Kenya fired tear gas on Tuesday to disperse hundreds of protesters aiming to keep pressure on President William Ruto after he made a series of concessions to demonstrators&#8217; demands.



Leading activists behind weeks of protests, initially sparked by proposed tax hikes, called for a &#8220;total shutdown&#8221; of the country on Tuesday.



The protests have created the biggest crisis of Ruto&#8217;s two years in power and have continued &#8211; albeit with a smaller turnout &#8211; even after the president withdrew $2.7 billion in tax hikes and fired nearly his entire cabinet.



Many demonstrators are demanding that Ruto step down, blaming him for misgovernance, corruption and the deaths of dozens of protesters during earlier anti-government rallies.



On Tuesday, police fired tear gas in Kitengela, a town on the southern outskirts of the capital Nairobi, where around 200 protesters burned tyres and chanted &#8220;Ruto must go&#8221; and &#8220;Stop killing us&#8221;, Reuters reporters said.



Riot police in Nairobi&#8217;s city centre also fired tear gas as a few dozen protesters chanted for Ruto to step down. Demonstrators in the coastal city of Mombasa marched waving palm fronds, footage from Kenyan media showed.



Ruto&#8217;s office had announced &#8220;multi-sectoral&#8221; talks for this week to address grievances raised by the protesters, but there was no sign they had begun. Most of the leading activists behind the protests have rejected the invitation, instead calling for immediate action on issues like corruption.



Ruto&#8217;s spokesperson did not immediately respond to a request for comment.



With Kenya spending over 30% of its revenues just paying the interest bills on its debt, Ruto has been caught between the demands of lenders to cut deficits and a hard-pressed population reeling from rising living costs.



The protests began peacefully but later turned violent. Some demonstrators briefly stormed parliament on June 25, and the police opened fire. More than 40 people have been killed in the protests, rights groups say.



Ruto on Monday accused the Ford Foundation, an American philanthropic organisation, of sponsoring those who had caused &#8220;violence and mayhem&#8221; in Kenya, without providing evidence.



The Ford Foundation rejected the allegation, saying it did not fund or sponsor the protests and has a strictly non-partisan policy for its grant-making.



(Additional reporting by Hereward Holland and Humphrey Malalo; Editing by Aaron Ross and Ros Russell)

Anti-government protests against the imposition of tax hikes by the government, in Kajiado

Kenya police fire tear gas as anti-government protesters burn tyres

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, July 16 (Reuters)&nbsp;&#8211;&nbsp;The South African rand clawed back some losses on Tuesday, after tumbling on Monday, on rising expectations that the U.S. Federal Reserve will soon cut interest rates.



At 0800 GMT, the rand traded at 18.1575 against the dollar, about 0.2% stronger than its previous close.



Federal Reserve Chair Jerome Powell said on Monday that recent U.S. inflation readings have somewhat added to confidence that the pace of price increases is sustainably returning to the Fed&#8217;s target, driving hopes that interest rate cuts are nearing.



The rand slipped more than 1% against the greenback on Monday as investor appetite for riskier assets waned globally after the assassination attempt on former U.S. President Donald Trump on Saturday.



Locally, investors will focus on the South African Reserve Bank&#8217;s (SARB) interest rate decision and President Cyril Ramaphosa&#8217;s opening address to parliament, both on Thursday.



A Reuters poll found that the SARB will leave its repo rate unchanged on Thursday, but cut rates by 25 basis points to 8.00% in September as inflation cools, earlier than a November move that was expected in a June survey.



&#8220;For now with no interest rate cut expected locally on Thursday, the rand will look at the international front for cues,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down around 1% in early trade.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, as the yield fell 5.5 basis points to 9.52%.



(Reporting by Tannur Anders; Editing by Susan Fenton)

South African Rand coins are seen in this photo illustration

South African rand claws back losses as markets bet on US rate cuts soon

A perfect day in Essex with local guide and CEO Queenie Porter

<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 16 (Reuters) &#8211; The Ugandan shilling was slightly firmer on Tuesday, underpinned by hard currency inflows from commodity exporters and offshore investors looking to participate in a treasury auction, traders said.



At 0853 GMT commercial banks quoted the shilling at 3,690/3,700, compared to Monday&#8217;s close of 3,693/3,703.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

GettyImages-924883576-1

Ugandan shilling firms on commodity inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, July 16 (Reuters) &#8211; Kenya&#8217;s shilling slid lower on Tuesday, with traders saying there was a shortage of dollars on the market.



At 0913 GMT, commercial banks quoted the shilling at 129.50/130.50 per dollar, compared with Monday&#8217;s closing rate of 128.50/129.50.



&#8220;There&#8217;s very muted demand, but even less supply of dollars,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling falls; traders cite dollar shortage

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-4498-scaled.jpg" alt="" class="wp-image-508128" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-4498-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-4498-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-4498-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-4498-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-4498-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-4498-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /></figure>



Abuja, Nigeria, July 15, 2024 – About 600 stakeholders from over 30 countries in Africa and beyond came together from July 8 to 10 at the inaugural Mastercard Foundation EdTech Conference in Abuja, Nigeria, to discuss education technology for resilient and inclusive learning in Africa. Participants reached a consensus that integrating technology into learning systems in Africa is now a necessity, not a luxury.



Hosted in partnership with the Federal Government of Nigeria, the conference concluded with a collective call to action on 10 recommendations for governments and other EdTech stakeholders.



“Investing in education in Africa is not only about Africa; rather, it is about investing in human capital for the world. It is also about building resilience in our learning systems to better prepare us for future shocks such as the recent COVID-19 pandemic. This is why the Mastercard Foundation is committed to working with partners to scale education initiatives and enable innovations that foster the integration of technology into learning systems,” Peter Materu, Chief Program Officer at the Mastercard Foundation, told participants while underscoring education as the key to building an inclusive and resilient society and the urgent need for investments in education to skill Africa’s young people.



Nigeria’s Federal Minister of Education, Prof. Tahir Mamman, stated, &#8220;technology isn’t just a tool; it is a powerful incentive that empowers students and ignites their passion for learning.”



“Inclusion is the cornerstone of EdTech,” added Dr. Bosun Tijani, Nigeria’s Federal Minister of Communications, Innovation and Digital Economy. “If we fail to reach all learners, we fail to fulfill our potential to revolutionize education.”



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1345" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240708_HM-At-Mastercard-Foundation-Edtech-3332-1-scaled.jpg" alt="" class="wp-image-508129" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240708_HM-At-Mastercard-Foundation-Edtech-3332-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240708_HM-At-Mastercard-Foundation-Edtech-3332-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240708_HM-At-Mastercard-Foundation-Edtech-3332-1-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240708_HM-At-Mastercard-Foundation-Edtech-3332-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240708_HM-At-Mastercard-Foundation-Edtech-3332-1-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240708_HM-At-Mastercard-Foundation-Edtech-3332-1-1536x1009.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /></figure>



Participants proposed the following recommendations as guidance to national decision-making to advance the building of an impactful EdTech ecosystem in Africa.



<ol class="wp-block-list">
<li>Champion local innovation through supportive EdTech policies, with governments as leaders, proactive enablers, and consumers of quality content and delivery mechanisms.</li>



<li>Harmonize cross-sector policy by coordinating inter-ministerial strategies, plans, and initiatives on technology-enabled access to education for all.</li>



<li>Underwrite foundational infrastructure through creative use of resources such as Universal Service Funds to invest in electricity, the internet, devices, and dedicated infrastructure for education programs.</li>



<li>Drive decisions with data by investing in government systems and capabilities for timely collection, analysis, and informed decision-making.</li>



<li>Enhance delivery capacity along the EdTech value chain by upskilling teachers to deliver learning using EdTech and supporting leaders in education systems to work with tech-enabled processes and data.</li>



<li>Systematize EdTech integration by introducing (where nonexistent) and enforcing clear, context-relevant standards for technology integration into the educational curriculum.</li>



<li>Guide context-relevant innovation with clear and timely guidelines and approval processes for content, tools, and licenses to encourage innovation, investment, and technology mainstreaming.</li>



<li>Diversify learning pathways for out-of-school youth by developing flexible technology-enabled alternatives for learning, accredited certification, and re-entry to the formal education system.</li>



<li>Lower access barriers to EdTech through strategic private-public partnerships that support responsive, evidence-based policy and affordable solutions for all.</li>



<li>Embed responsive inclusivity (gender equity, persons with disabilities and refugees and displaced persons) in policy and innovation processes, centering and engaging diverse young people throughout development and delivery.</li>
</ol>



Referencing the African Union’s 2024 Year of Education, discussions at the conference focused on the state of EdTech in Africa, assessment of technology-enabled solutions to the continent’s education challenges, data evidence, collaborations, funding, and opportunities to tap into emerging technologies to accelerate the skilling of young people, particularly young women.



Dr. Jamila Bio Ibrahim, Nigeria’s Federal Minister of Youth Development, emphasized the need to prioritize inclusiveness in education reform. “All voices, especially voices of young women, need to be included in the formulation of policies for them to be effective,” she noted.



The African Union’s Special Youth Envoy, Chido Mpemba, noted that “accessible innovations can be global in outlook while also being deeply rooted in the needs of Africa’s young population.”



African-led EdTech entrepreneurs exhibited their solutions at the conference to demonstrate how efforts to encourage impactful education innovation can deliver the future of learning.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-3991-3-scaled.jpg" alt="" class="wp-image-508134" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-3991-3-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-3991-3-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-3991-3-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-3991-3-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-3991-3-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-3991-3-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /></figure>



The recommendations from the conference were shared at the 3rd Ministerial Forum on EdTech in Africa, which took place at the conclusion of the conference. Three of the recommendations were prioritized for concrete action between now and the next Forum:



⦁ Developing strategies and policies to integrate EdTech into learning systems. ⦁ The need to enhance quality education data and accompanying analytical skills for evidence-based decision-making. ⦁ Addressing the challenge of out-of-school children and youth in Africa, which currently stands at 108m and is growing.



Through its Centre for Innovative Teaching and Learning, the Mastercard Foundation strategically partners to foster innovation, share best practices, conduct research, and convene events such as the EdTech Conference to advance inclusive education, especially for underserved learners. Speaking about the recently concluded conference in Abuja, Joseph Nsengimana, the Director of the Mastercard Foundation Centre for Innovative Teaching and Learning, said, “The collective commitment to advancing education through the power of technology promises to significantly transform the educational landscape, ensuring that Africa&#8217;s youth are well-equipped for the future.”



The next EdTech Conference is planned for 2026, the year the Mastercard Foundation marks its 20th anniversary.

240709_HM-At-Mastercard-Foundation-EdTech-Conference-2024-Day-2-4498-2

Mastercard Foundation EdTech Conference in Abuja Ends with 10 Recommendations for Delivering the Future of Learning in Africa

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



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



South Africa&#8217;s government holds its weekly auction of long-term bonds.



South Africa&#8217;s government and the World Bank hold a conference on building resilience to climate change.



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



The South African rand tumbled against the dollar on Monday, as the assassination attempt on former U.S. president Donald Trump this weekend dented appetite for riskier assets and spurred safe-haven demand globally.



On the Johannesburg Stock Exchange, the Top-40 index closed 0.65% stronger. The benchmark 2030 government bond was weaker, as the yield rose 10 basis points to 9.575%.



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



Asian shares fell on Tuesday as investors pondered the prospect of a Trump victory and what that would mean for China, while the dollar climbed for a second day even though dovish Fed comments fuelled bets of more U.S. rate cuts this year.



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



Wall Street closed higher on Monday, building on Friday&#8217;s rally as increasing expectations of a second Donald Trump presidency in the wake of a failed assassination attempt raised hopes of a looser regulatory environment.



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



Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.



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



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



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



&#8211; Two SA interest rate cuts may still come this year, says Bank of America



&#8211; SA has used only 25% of $8.5bn climate funding &#8211; but there are some green shoots



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 16

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



July 16 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Counting continues in Rwanda&#8217;s presidential election.



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



Asian shares fell on Tuesday as investors pondered the prospect of a Trump victory and what that would mean for China, while the dollar climbed for a second day even though dovish Fed comments fuelled bets of more U.S. rate cuts this year.



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



Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines.



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



The South African rand tumbled against the dollar on Monday, as the assassination attempt on former U.S. president Donald Trump this weekend dented appetite for riskier assets and spurred safe-haven demand globally.



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



Kenya&#8217;s shilling was unchanged against the dollar on Monday, LSEG data showed.



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



Rwandans lined up on Monday to elect their next president, with early results putting incumbent Paul Kagame in the lead in a vote widely expected to give him a fourth term and extend his near quarter century in charge of the East African country.



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



Trading houses face losses of at least $1 billion on cocoa derivatives after major producer Ghana failed to deliver beans this year, forcing traders to liquidate short positions in a rallying market, six industry sources told Reuters.



<h2 class="wp-block-heading" id="h-gambia-fgm">GAMBIA FGM</h2>



Gambia&#8217;s parliament on Monday rejected a bill that would have ended a ban on female genital mutilation, after lawmakers voted down all the clauses in the proposed law.



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



S&amp;P Global plans to wait until a scheduled review date on August 23 to decide whether to cut Kenya&#8217;s sovereign credit rating following deadly turmoil in the country that has seen tax hikes abandoned and the entire cabinet sacked.



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



South Africa&#8217;s Koeberg nuclear power plant will be allowed to run one of its two units for another 20 years, the country&#8217;s nuclear regulator said on Monday after lengthy deliberations.



<h2 class="wp-block-heading" id="h-somalia-security">SOMALIA SECURITY</h2>



A car bomb exploded outside a restaurant in Somalia&#8217;s capital Mogadishu on Sunday night, killing five and injuring 20 as patrons were watching the final of the Euro 2024 football tournament on TV, police said, blaming Islamist insurgents.



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



A suspected serial killer has been arrested in Kenya following the discovery of several bodies at a quarry in Nairobi, with police saying on Monday he had confessed to killing 42 women including his wife.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 16

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-820x499.jpg" alt="" class="wp-image-508090" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-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 casts his ballot during the Presidential election at the SOS Kinyinya polling centre in Kigali, Rwanda July 15, 2024. REUTERS/Jean Bizimana</figcaption></figure>



KIGALI, (Reuters) &#8211; Rwandans lined up on Monday to elect their next president, with early results putting incumbent Paul Kagame in the lead in a vote widely expected to give him a fourth term and extend his near quarter century in charge of the East African country.



The two men standing against him &#8211; Frank Habineza from the Democratic Green Party and independent Philippe Mpayimana &#8211; said they were hoping to make some progress, but analysts and rights groups said Kagame&#8217;s overwhelming victory was all but certain.



Kagame, who got more than 93% of the vote at the last three elections, won praise from Western and regional leaders at the time for helping end the 1994 genocide in Rwanda. The U.S. State Department and others have also lauded the development of the economy.



Rwandans are also voting on Monday for members of the lower house of parliament and provisional results are expected by July 20. Polling stations were open until 3 p.m. (1300 GMT).



The overall voter turnout was 98% of the 9 million registered voters, Oda Gasinzigwa, chair of the National Electoral Commission, said in a statement on the national broadcaster later on Monday evening.



Of 78.94% of the votes counted at about 2017 GMT, Kagame was ahead with 99.15% of the votes, data from the commission showed.



Campaign groups, including Human Rights Watch, have accused authorities of cracking down on journalists, the opposition and civil society groups before the vote. Kagame has dismissed such accusations and described himself as the stability candidate.



His reelection could signal a measure of political stability for his corner of a fractured region, but also continued global scrutiny, given the accusations of abuses and of supporting rebels in neighbouring Democratic Republic of Congo &#8211; a charge he has also denied.



Earlier on Monday, at the Rwandexco polling centre in the capital Kigali, Barimukije Pheneas said he would vote for the 66-year-old incumbent.



&#8220;We voted smoothly without any crowding, and we are happy,&#8221; Pheneas said. &#8220;I voted for Paul Kagame because he has achieved a lot for us; he united us.&#8221;



Motorcycle taxi driver Karangwa Vedaste said the voting process was calm and peaceful, but declined to say who he had chosen.



&#8220;I voted for a leader I trust. The one I voted for is a secret in my heart. We will share it when he wins,&#8221; Vedaste said.



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.



Democratic Green Party candidate Habineza, whose deputy was found dead and almost beheaded in the run-up to the 2010 vote, said there had been signs of progress.



&#8220;We toured the entire country, and wherever we went, people welcomed us warmly. They gave us gifts and assured us they would vote for us,&#8221; Habineza said after voting.



&#8220;We have to maintain this momentum and not regress,&#8221; he added.



&#8220;We are confident, each of us is confident, it&#8217;s half and half,&#8221; independent presidential candidate Mpayimana told journalists after casting his vote.



The U.S. State Department says on its website Rwanda has made &#8220;progress in developing national and local government institutions, economic development, maintaining security (and) promoting reconciliation&#8221;.



It also says it backs Rwanda efforts to &#8220;increase democratic participation (and) enhance respect for civil and political rights&#8221;.



(Writing by Elias Biryabarema and George Obulutsa; Editing by Ros Russell, Michael Perry, Andrew Heavens and Sandra Maler)

Rwanda President Paul Kagame votes during the presidential election in Kigali

Rwandans vote ‘smoothly’ in election; Kagame in early lead

How AI And Automation Are Taking Over Grocery Stores And Drive-Thru Lanes

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-scaled.jpg" alt="" class="wp-image-507832" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/5ZGRRFFQPNPITEWABJ6LCA2HG4-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A woman stands at the check out counter after shopping at Cherries Hypermarket in Abuja, Nigeria March 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, July 15 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s rate of inflation rose to a new 28-year high of 34.19% in annual terms in June, official data showed on Monday, but some analysts said it may have peaked as devaluation effects should start to fade from this month.



June&#8217;s data marked the 19th straight month that inflation had risen in Africa&#8217;s most populous nation, up from 33.95% in May.



It came roughly a week before the central bank is due to announce another interest rate decision, which will be closely watched after three hikes already this year.



Price pressures have been spurred by policies implemented by President Bola Tinubu, chiefly slashing petrol and electricity subsidies and devaluing the naira currency twice within a year.



The reforms have hurt the poor and left millions grappling with the worst cost-of-living crisis in decades.



Labour unions met with Tinubu last week to push for a new minimum wage after suspending an indefinite strike last month.



Data published by the National Bureau of Statistics on Monday showed food and non-alcoholic beverages continued to be the biggest contributor to inflation in June.



Food inflation rose to 40.87% from 40.66% the previous month.



Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said the bank will do whatever is necessary to tame inflation.



David Omojomolo, Africa economist at Capital Economics, said he believed inflation would soon start falling, probably from July, and drop below 30% by the end of the year.



&#8220;This, we think, will set the stage for the CBN to start thinking about interest rate cuts in the near future,&#8221; he wrote in a research note.



At its last monetary policy meeting in May, the central bank raised its key lending rate by 150 basis points to 26.25%. Its next rate decision is due on July 23.



(Additional reporting by MacDonald Dzirutwe in Lagos and Mohd Edrees in Bangalore;Editing by Alexander Winning and Bernadette Baum)

People shop at Cherries Hypermarket in Abuja

Nigeria’s inflation hit new 28-year high in June, may have peaked

<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/ESY6J5J7ABKT3L6B7A2M34W7YY-820x547.jpg" alt="" class="wp-image-507757" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ESY6J5J7ABKT3L6B7A2M34W7YY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ESY6J5J7ABKT3L6B7A2M34W7YY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ESY6J5J7ABKT3L6B7A2M34W7YY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ESY6J5J7ABKT3L6B7A2M34W7YY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ESY6J5J7ABKT3L6B7A2M34W7YY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ESY6J5J7ABKT3L6B7A2M34W7YY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s president Cyril Ramaphosa delivers the State of the Nation Address (SONA) to a joint sitting of the National Assembly and the National Council of Provinces in Cape Town, South Africa, February 10, 2022. Nic Bothma/Pool via REUTERS</figcaption></figure>



PRETORIA, July 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s President Cyril Ramaphosa warned other developing nations on Monday that future carbon taxes proposed by rich countries would damage their economies unless they act swiftly to ditch fossil fuels in favour of green energy.



Addressing a National Treasury and World Bank climate change conference in the capital Pretoria, Ramaphosa said the carbon intensity of South Africa&#8217;s economy, which relies heavily on burning coal to produce electricity, was unsustainable.



&#8220;For decades our reliance on coal &#8230; allowed us to produce electricity cheaply. But the world has changed and this dependency has come to pose significant risks,&#8221; he said, chiefly carbon taxes proposed by trading blocs like the European Union.



&#8220;Instruments like the European Union&#8217;s Carbon Border Adjustment Mechanism &#8230; (have) the potential to cause great damage to developing economies,&#8221; he said.



Data from think tank Ember shows South Africa was the most carbon-intensive major economy in 2022, producing 709 grams of carbon dioxide per kilowatt hour of energy generated.



That has put it in the world&#8217;s top 15 greenhouse gas emitters &#8211; above Turkey, Italy, France or Britain, according to watchdog Climate Transparency.



Ramaphosa highlighted the impact of storms last week around the city of Cape Town, which shut down the port and caused &#8220;caused devastation to homes, communities, businesses and infrastructure&#8221;, as an example of negative climate impacts.



&#8220;The countries of the Global South &#8230; feel the effects of climate change most, despite being least responsible historically for global emissions,&#8221; he said.



South Africa&#8217;s new energy minister vowed last week to accelerate the transition to renewable energy, in a shift in rhetoric from his predecessor, a defender of the coal business. Yet few details have emerged of how this will occur.



Western donors are offering billions of dollars in loans to fund the transition, but South African officials say they barely scratch the surface of the finance needed.



The country has some of the world&#8217;s best available sun and wind energy, yet years-long bureaucratic delays to granting licenses and policy uncertainty has turned off investors, and last year the government delayed decommissioning eight coal-fired power stations well into 2030, citing energy security.



(Reporting by Tim Cocks; additional reporting by Kopano Gumbi; Editing by Alison Williams)

South Africa’s Ramaphosa urges green energy to avoid carbon border tax

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, July 15 (Reuters) &#8211; The South African rand weakened against the dollar on Monday, as the assassination attempt on former U.S. president Donald Trump dented appetite for riskier assets and spurred safe-haven demand.



The risk-sensitive rand&#8217;s fall was in line with moves seen in Asian emerging market currencies, as investors bet the attack would boost Trump&#8217;s chances of winning November&#8217;s U.S. election.



At 0845 GMT, the rand traded at 18.0575 to the dollar, about 0.6% weaker than the level it closed last week.



Andre Cilliers, currency strategist at TreasuryONE, said in a research note that the rand was expected to take its cue from the major global drivers for now.



This week&#8217;s main domestic drivers will come on Thursday, when the South African Reserve Bank will announce its interest rate decision and President Cyril Ramaphosa will deliver an address to parliament on his coalition government&#8217;s priorities.



&#8220;The former will be assessed for clues on the impact of the rand&#8217;s recovery on monetary policy expectations and the timing of a (rate) cut. The latter will be the first indication of how well this government of national unity is functioning,&#8221; ETM Analytics said.



On the Johannesburg Stock Exchange the Top-40 index was down 0.5%. The benchmark 2030 government bond was also weaker, as the yield rose 4.5 basis points to 9.52%.



(Reporting by Alexander Winning; Editing by Andrew Heavens)

Illustration photo of South African rand

South African rand slips as attack on Trump dents risk appetite

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-820x576.jpg" alt="" class="wp-image-507752" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UBA56WNMY5LWDEZ67BOH74TT2U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The head of Nigeria&#8217;s state oil company NNPC, Mele Kyari, speaks during an interview with Reuters in Abuja, Nigeria August 7, 2019. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, July 15 (Reuters)&nbsp;&#8211;&nbsp;Nigerian state-owned oil firm NNPC shareholding in Dangote refinery has been whittled down to 7.2% from 20% after failing to pay the balance of funding owed, Aliko Dangote, the refinery&#8217;s owner told the BusinessDay newspaper.



NNPC, which is in talks over another oil-backed loan to boost its finances, agreed three years ago to buy shares for $2.7 billion in the 650,000 barrels per day refinery.



But Dangote told reporters during a briefing at the plant on the outskirts of Lagos on Sunday that NNPC failed to meet its part of the deal, the BusinessDay newspaper reported on Monday.



&#8220;NNPC no longer owns a 20% stake in the Dangote refinery. They were (meant) to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,&#8221; Dangote was quoted saying.



NNPC was not immediately available to comment.



The Dangote refinery has been struggling to secure enough crude supplies locally because Nigeria&#8217;s production is constrained by lack of investment, pipeline vandalism and crude theft.



That has forced the refinery to import U.S. crude to reach its full capacity next year.



Dangote said he expected the refinery and a fertiliser plant, which is in the same complex, to be listed on the Nigerian stock exchange in the first quarter of 2025.



A senior company executive said in May the refinery aimed for a dual listing on the London and Lagos bourses.



(Reporting by MacDonald Dzirutwe, Editing by Louise Heavens)

FILE PHOTO: The head of NNPC, Mele Kyari, speaks during an interview with Reuters in Abuja

Nigeria’s NNPC stake in Dangote refinery reduced over non-payment, CEO tells paper

<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 15 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.



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



Treasury bill auction



Offshore trading in South African stocks and bonds



South Africa&#8217;s government and World Bank hold conference on building resilience to climate change



Nuclear regulator to announce decision on extending Koeberg operations



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



The South African rand extended its gains on Friday, as surprisingly soft U.S. inflation data spurred bets the Federal Reserve will cut interest rates in September.



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



U.S. Treasuries slipped and the dollar firmed on Monday as investors wagered the attack on U.S. presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.



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



Wall Street closed higher on Friday, with the S&amp;P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.



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



Gold prices dipped on Monday as the dollar held firm, while investors awaited economic data and comments from Federal Reserve officials for further cues on the trajectory of U.S. interest rates.



&#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; SA delegation to lobby against review of US relations



&#8211; Ramaphosa buoyant after cabinet lekgotla



&#8211; An outside chance of a rate cut, but market expects a hold



(Compiled by Alexander Winning)

South African Markets – Factors to watch on July 15

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1336" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-scaled.jpg" alt="" class="wp-image-507731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-820x535.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-768x501.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-1536x1002.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto addresses delegates after signing the Independent Electoral and Boundaries Commission Amendment Bill 2024, backed by the National Dialogue Committee (NADCO), at the Kenyatta International Conference Centre in Nairobi, Kenya July 9, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 15 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government plans to cut 2024-25 spending by 1.9% and widen the fiscal deficit to 3.6% of GDP in a revised budget, the treasury said, weeks after it was forced to roll back tax hikes due to mass protests.



President William Ruto last week fired almost his entire cabinet and pledged to set up a broad-based government in his latest concession to demands from protesters.



Public demonstrations began last month against the now-binned tax hikes, but went on to demand Ruto&#8217;s resignation and deep-rooted political changes to tackle corruption and poor governance.



Ruto had earlier this month proposed spending cuts and additional borrowing in roughly equal measure to fill the nearly $2.7 billion budget hole caused by the withdrawal of the tax hikes.



When lawmakers return to parliament next week they will need to debate and pass the supplementary budget, which was signed by Chris Kiptoo, principal treasury secretary on July 11, and shared on parliament&#8217;s website.



The supplementary budget projects total spending at 3.87 trillion Kenyan shillings ($30 billion), down from 3.99 trillion shillings ($31 billion), Kiptoo said.



Recurrent expenditure is estimated to fall 2.1%, while development expenditure will drop 16.4%, he said.



Despite the withdrawal of the tax-hike legislation, the energy regulator on Monday raised the road maintenance levy to 25 shillings per litre of fuel, up from 18 shillings.



Facing the worst crisis of his two-year presidency, Ruto has been caught between the demands of lenders such as the International Monetary Fund (IMF) to cut deficits, and a population struggling with the high cost of living.



The IMF said on Thursday it was assessing recent developments in Kenya and making adjustments to evolving circumstances.



($1 = 128.7500 Kenyan shillings)



(Reporting by Hereward Holland; Editing by Arun Koyyur)

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