<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>



NAIROBI, July 8 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



*Tanzania&#8217;s statistics office releases consumer inflation data for June.



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



Asian stocks inched higher on Monday as investors grew more confident about a September U.S. rate cut, while the euro grappled with political uncertainty as French elections pointed to a hung parliament.



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



Oil prices dipped on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased geopolitical tensions in the Middle East, while investors assessed potential disruption to U.S. energy supplies from Tropical Storm Beryl.



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



South Africa&#8217;s rand extended its gains against a weaker dollar on Friday, fuelled by expectations that the Federal Reserve will cut interest rates later this year.



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



The Kenyan shilling was unchanged in quiet trade on Friday morning, as traders saw anti-government protests easing off.



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



Kenyan President William Ruto on Friday proposed spending cuts and additional borrowing in roughly equal measure to fill a nearly $2.7 billion budget hole caused by his withdrawal of planned tax hikes in the face of nationwide protests.



<h2 class="wp-block-heading" id="h-west-africa-politics">WEST AFRICA POLITICS</h2>



The Economic Community of West African States (ECOWAS) said on Sunday the region risked disintegration and worsening insecurity after junta-led Burkina Faso, Mali and Niger made clear their intentions to leave the bloc by signing a confederation treaty.



<h2 class="wp-block-heading" id="h-rwanda-south-korea-funding">RWANDA SOUTH KOREA FUNDING</h2>



Rwanda&#8217;s Finance Ministry said on Friday that South Korea has awarded it $1 billion in concessionary loans to fund projects in several sectors including transport, healthcare, and education.



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



Vedanta Resources Ltd said on Friday it has arranged the financing it needs to start paying creditors of its Konkola Copper Mines in Zambia as it takes steps to revive operations after regaining control of the assets.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 8

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108002009-17201812992024-07-05t115950z_1558437106_rc2zo8ashg9w_rtrmadp_0_britain-election-820x546.jpeg" alt="" class="wp-image-505243" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108002009-17201812992024-07-05t115950z_1558437106_rc2zo8ashg9w_rtrmadp_0_britain-election-820x546.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108002009-17201812992024-07-05t115950z_1558437106_rc2zo8ashg9w_rtrmadp_0_britain-election-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108002009-17201812992024-07-05t115950z_1558437106_rc2zo8ashg9w_rtrmadp_0_britain-election-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108002009-17201812992024-07-05t115950z_1558437106_rc2zo8ashg9w_rtrmadp_0_britain-election-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108002009-17201812992024-07-05t115950z_1558437106_rc2zo8ashg9w_rtrmadp_0_britain-election-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/108002009-17201812992024-07-05t115950z_1558437106_rc2zo8ashg9w_rtrmadp_0_britain-election-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">British Prime Minister Keir Starmer delivers his speech outside Downing Street 10, following the results of the election, in London, Britain, July 5, 2024.  Claudia Greco | Reuters</figcaption></figure>



Britain’s new Prime Minister Keir Starmer said on Saturday he would scrap a controversial plan to fly thousands of asylum seekers from Britain to Rwanda in his first major policy announcement since winning a landslide election victory.



The previous Conservative government first announced the plan in 2022 to send migrants who arrived in Britain without permission to the East African nation, saying it would put an end to asylum seekers arriving on small boats.



But no one was sent to Rwanda under the plan because of years of legal challenges.



At his first press conference since becoming prime minister, Starmer said that the Rwanda policy would be scrapped because only about 1% of asylum seekers would have been removed and it would have failed to act as a deterrent.



“The Rwanda scheme was dead and buried before it started. It’s never been a deterrent,” Starmer said. “I’m not prepared to continue with gimmicks that don’t act as a deterrent.”



Starmer won one of the largest parliamentary majorities in modern British history on Friday, making him the most powerful British leader since former Prime Minister Tony Blair, but he faces a number of challenges, including improving struggling public services and reviving a weak economy.



At the press conference in Downing Street, Starmer answered about a dozen questions and was repeatedly asked about how and when he would start delivering on his promises to fix the nation’s problems, but he gave few specifics about what he planned.



Asked if he was willing to take tough decisions and raise taxes if necessary, Starmer said his government would identify problems and act in areas such as tackling an overstretched prisons system and reducing the long waiting times to use the state-run health service.



“We’re going to have to take the tough decisions and take them early, and we will. We will do that with a raw honesty,” he said. “But that is not a sort of prelude to saying there’s some tax decision that we didn’t speak about before.”



Starmer said he would set up and chair different “mission delivery boards” to focus on so-called missions or priority areas such as the health service and economic growth.



<h2 class="wp-block-heading" id="h-election-issue"><a></a>Election issue</h2>



The question of how to stop the asylum seekers crossing from France was a major theme of the six-week election campaign.



While supporters say it would smash the model of people traffickers, critics have argued the Rwanda policy was immoral and would never work.



Last November, the UK Supreme Court declared the policy unlawful, saying Rwanda could not be considered a safe third country, prompting ministers to sign a new treaty with the East African country and to pass new legislation to override this.



The legality of that move was being challenged by charities and unions in the courts.



The British government has already given the Rwandan government hundreds of millions of pounds to set up accommodation and hire extra officials to process the asylum seekers, money it cannot recover.



Starmer has said his government would create a Border Security Command that would bring together staff from the police, the domestic intelligence agency and prosecutors to work with international agencies to stop people smuggling.



Sonya Sceats, CEO of Freedom from Torture, one of the many organizations and charities which have campaigned to stop the Rwanda plan, welcomed Starmer’s announcement on Saturday.



“We applaud Keir Starmer for moving immediately to close the door on this shameful scheme that played politics with the lives of people fleeting torture and persecution,” she said.

108002009-17201812992024-07-05t115950z_1558437106_rc2zo8ashg9w_rtrmadp_0_britain-election

New UK leader Starmer declares Rwanda deportation plan ‘dead and buried’

How Cohere CEO Aidan Gomez Says AI Will Directly Profit Companies

How Express Survived Bankruptcy

What are the hidden costs of homeownership — and how to avoid them

<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/VSUW65W5UVNKFHEP6AGCDDWLWI-820x547.jpg" alt="" class="wp-image-504288" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VSUW65W5UVNKFHEP6AGCDDWLWI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VSUW65W5UVNKFHEP6AGCDDWLWI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VSUW65W5UVNKFHEP6AGCDDWLWI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VSUW65W5UVNKFHEP6AGCDDWLWI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VSUW65W5UVNKFHEP6AGCDDWLWI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VSUW65W5UVNKFHEP6AGCDDWLWI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s President William Ruto attends a joint press conference with Iran&#8217;s President Ebrahim Raisi at the State House in Nairobi, Kenya, July 12, 2023. Iran&#8217;s Presidency/WANA (West Asia News Agency)/Handout via REUTERS</figcaption></figure>



NAIROBI, July 5 (Reuters)&nbsp;&#8211;&nbsp;Kenyan President William Ruto on Friday pledged spending cuts totalling 177 billion shillings ($1.39 billion) in the fiscal year that started in July, after weeks of nationwide protests that forced him to scrap planned tax hikes.



The government will also increase borrowing by about 169 billion shillings to cover the 346 billion shilling hole created by the decision to withdraw the finance bill that was the original spark for the protests.



The demonstrations, which started peacefully before turning violent, have become the biggest threat to Ruto&#8217;s two-year-old presidency. Campaign groups have documented hundreds of arrests and at least 39 deaths linked to the government&#8217;s heavy-handed response, raising fears of rights backsliding.



Ruto said in a televised address to the nation that Kenya&#8217;s budget deficit was now projected at 4.6% of gross domestic product in the 2024/25 financial year, up from an earlier estimate of 3.3%.



Among ways his government will cut spending, Ruto said 47 state corporations would be dissolved, the number of advisors in government would be reduced by 50% immediately, and all non-essential travel by public office bearers would be suspended.



&#8220;Budget lines providing for the operations of the Office of the First Lady, the spouse of the Deputy President, and the Prime Cabinet Secretary, will be removed,&#8221; Ruto said, adding that public servants at retirement age of 60, shall be required to immediately retire.



He said there would be a forensic audit of the country&#8217;s debt and that he would also announce government changes soon.



($1 = 127.7500 Kenyan shillings)



(Reporting by George Obulutsa and Bhargav Acharya; Writing by Alexander Winning; Editing by Bate Felix)

Iran’s President Raisi visits Kenya

Kenya’s Ruto pledges spending cuts after nationwide protests

Keir Starmer is the UK’s new PM

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="464" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/S5ZSZFJYLBIXNPDNSK3FB3QCRA.jpg" alt="" class="wp-image-416757" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/S5ZSZFJYLBIXNPDNSK3FB3QCRA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/S5ZSZFJYLBIXNPDNSK3FB3QCRA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/S5ZSZFJYLBIXNPDNSK3FB3QCRA-141x90.jpg 141w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/File Photo</figcaption></figure>



Cryptocurrencies plunged on Friday as investors focused on the payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. Gox.



As of 10:50 a.m. London time, bitcoin’s price slumped nearly 6% in 24 hours to hit $54,500.53, marking the first time it’s traded below the $55,000 level since Feb. 27, according to data from CoinGecko.



Rival token ether sank around 9% to $2,872.10.



Altogether, the entire cryptocurrency market has shed more than $170 billion in combined market capitalization in the last 24 hours, according to CoinGecko data.



On Friday, the trustee for the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, said in a statement that it had begun making repayments in bitcoin and bitcoin cash to some of the creditors through a number of designated crypto exchanges.



Mt. Gox’s trustee didn’t specify how much money had been transferred to these exchanges.



He noted that the remaining funds would be returned to creditors once a series of conditions is met, including confirming the validity of registered accounts and completing discussions between the trustee and the designated crypto exchanges.



The trustee is still working to ensure repayments “can be made safely and securely,” Kobayashi wrote, urging “eligible rehabilitation creditors to wait for a while.”



It comes after a small amount of bitcoin was moved out of wallets associated with Mt. Gox, according to blockchain analytics firm Arkham Intelligence, with the largest movement being a $24 transfer to the Japanese crypto exchange Bitbank.



Bitbank is among the recipients listed to support repayments.



Recently, the world’s largest cryptocurrency has been pressured by news of collapsed bitcoin exchange Mt. Gox preparing the distribution of around $9 billion worth of coins to users. This dumping of coins onto the market is expected to lead to some significant selling action.



Also pressuring crypto markets, the German government on Thursday sold roughly 3,000 bitcoins — worth approximately $175 million as of today’s prices — from a 50,000-bitcoin pile seized in connection with the movie piracy operation Movie2k, according to Arkham Intelligence.



Arkham, which is tracking Germany’s bitcoin wallet, noted the government still holds more than 40,000 bitcoins worth over $2 billion.

S5ZSZFJYLBIXNPDNSK3FB3QCRA

Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears

Britain’s new PM to give speech at Downing Street

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1932805483-scaled.jpg" alt="" class="wp-image-504220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1932805483-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1932805483-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1932805483-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1932805483-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1932805483-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1932805483-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Heineken Lokpobiri, Nigeria&#8217;s oil minister, during a Bloomberg Television interview on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 17, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



ABUJA, July 4 (Reuters)&nbsp;&#8211;&nbsp;Nigeria has been chosen to host the newly formed Africa Energy Bank (AEB), its oil minister said on Thursday, as Africa’s top oil producer beat three rival countries for rights to the multilateral lender.



The decision, reached at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), places Nigeria at the forefront of Africa&#8217;s energy future, Minister of State Petroleum Resources Heineken Lokpobiri, said in a statement.



Nigeria&#8217;s bid to host the AEB was strengthened in late May after it ratified the bank&#8217;s charter and President Bola Tinubu approved a $100 million investment to the bank, greater than the required $83.33 million for member states.



The fossil fuel-focused bank, a partnership between Afrexim Bank and APPO, aims to fund energy projects on the continent and support its energy transition goals.



&#8220;This decision reflects our collective ambition to create African solutions to African energy challenges,&#8221; Lokpobiri said.



&#8220;The African Energy Bank will be instrumental in providing the necessary financial backbone for energy projects that will drive growth and development across the continent,&#8221; he added.



The AEB initially has $5 billion to spend when it takes off later this year.



Analysts said that Nigeria, as a founding member of APPO and Africa&#8217;s top energy producers, has shown strong interest in the bank as the country makes a new push for investment into its lagging oil and gas industry.



&#8220;Hosting the bank would be a vote of confidence in Nigeria at a time its energy industry badly needs a boost,&#8221; Clementine Wallop, director for sub-Saharan Africa at political risk consultancy Horizon Engage, said before the announcement was made.



The three other countries that vied to host the AEB are Algeria, Benin and Ghana, after Ivory Coast and South Africa didn&#8217;t meet the necessary requirements.



(Additional reporting by Isaac Anyaogu in Lagos, Wendell Roelf in Cape Town; Editing by Elisha Bala-Gbogbo and David Gregorio)

Day Two Of The World Economic Forum (WEF) 2024

Nigeria beats rivals for bid to host new Africa Energy Bank

<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 5 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



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



South Africa June reserves data



Inflation-linked bond auction



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



The South African rand extended its gains against the dollar on Thursday after the U.S. currency slipped on rising expectations that U.S. interest rate cuts are on the way.



On the stock market, the Top-40 index closed more than 0.4% higher.



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



Asian share markets scaled new highs on Friday as investors sized up U.S. rate cuts for September and the mood was upbeat, while the euro hit a three-week peak ahead of French elections.



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



The S&amp;P 500 index and technology-laden Nasdaq rose on Wednesday to post record high closes, as data pointing to a softening economy raised hopes the Federal Reserve could cut interest rates in September.



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



Gold prices firmed on Friday and were set for a second straight weekly gain, while traders awaited U.S. employment data to gauge the trajectory of the Federal Reserve&#8217;s potential interest rate cuts.



&#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; Bank of America says GDP to grow 2% if Eskom maintains momentum



&#8211; Former Tongaat CFO denies responsibility for accounting fraud



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 5

<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 5 (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-events">EVENTS:</h2>



Kenya&#8217;s President William Ruto and his ministers are due to hold discussions on social media platform X, targeting youth after anti-government protests.



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



Asian share markets scaled new highs on Friday as investors sized up U.S. rate cuts for September and the mood was upbeat, while the euro hit a three-week peak ahead of French elections.



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



Oil prices were little changed in Asian trade on Friday but were on track for a fourth straight week of gains and holding near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.



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



The Kenyan, Ghanaian, Ugandan and Zambian currencies are forecast to be broadly steady against the dollar in the next week to Thursday, while Nigeria&#8217;s naira is expected to weaken, traders said.



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



The South African rand extended its gains against the dollar on Thursday after the U.S. currency slipped on rising expectations that U.S. interest rate cuts are on the way.



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



The Kenyan shilling was flat in a quiet session on Thursday, as traders said they thought the worst anti-government protests were probably over.



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



Nigerian President Bola Tinubu has asked his economic management team to prepare a 2 trillion naira ($1.33 billion) stimulus plan to address concerns about food supplies and pricing and bolster key sectors, the finance minister said on Thursday.



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



More than 136,000 people have fled Sudan&#8217;s southeastern Sennar state since the paramilitary Rapid Support Forces began a series of attacks on towns, the United Nations said on Thursday, the latest wave of displacement caused by Sudan&#8217;s almost 15-month long war.



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



Ghana&#8217;s Vice-President Mahamudu Bawumia of the country&#8217;s ruling New Patriotic Party (NPP) has picked the current energy minister as his running mate for December&#8217;s presidential election.



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



Nigeria&#8217;s debt to gasoline suppliers has surpassed $6 billion &#8211; doubling since early April &#8211; as state oil firm NNPC struggles to cover the gap between fixed pump prices and international fuel costs, six industry sources said.



<h2 class="wp-block-heading" id="h-ethiopia-debt">ETHIOPIA DEBT</h2>



Ethiopia will receive $10.5 billion in support over the coming years if long-running negotiations with the International Monetary Fund and World Bank are successful, Prime Minister Abiy Ahmed said on Thursday.



<h2 class="wp-block-heading" id="h-tanzania-rates">TANZANIA RATES</h2>



Tanzania&#8217;s central bank left its key interest rate unchanged at 6%, it said on Thursday, adding that inflation expectations were well below target, the economy was growing strongly and exchange rate pressures were expected to ease.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on July 5

<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/GettyImages-2160673037-scaled.jpg" alt="" class="wp-image-504199" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160673037-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160673037-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160673037-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160673037-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160673037-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2160673037-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">LONDON, ENGLAND &#8211; JULY 05: Labour Leader Keir Starmer celebrates winning the 2024 General Election with a speech at Tate Modern on July 05, 2024 in London, England. Labour is on course to win a landslide victory in the 2024 General Election. Starmer addresses the nation promising Country first, Party second. (Photo by Ricky Vigil/Getty Images)</figcaption></figure>



LONDON — The U.K.’s opposition Labour Party won a huge parliamentary majority in the country’s general election, unseating the incumbent Conservatives after 14 years.



Early on Friday morning, Labour passed the threshold needed to govern alone as outgoing PM Rishi Sunak conceded defeat. Keir Starmer, leader of the center-left Labour, will become the country’s next prime minister and declared victory in the early hours.



“We did it,” he said, addressing his Labour colleagues. “You campaigned for it, you fought for it — and now it has arrived &#8230; change begins now.”



Some projections show Labour will gain its second-largest majority after former Prime Minister&nbsp;Tony Blair’s 179-seat majority in 1997.



Millions of people across England, Scotland, Wales and Northern Ireland on Thursday voted for their local representatives in the 650-member House of Commons, the U.K.’s lower house of parliament. Ballots are still being counted, with constituencies announcing their winning candidate as soon as votes are tallied.



Here are the seats that have been declared so far:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="794" height="746" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UK-Elections-Graph.png" alt="" class="wp-image-504197" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UK-Elections-Graph.png 794w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UK-Elections-Graph-300x282.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UK-Elections-Graph-96x90.png 96w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/UK-Elections-Graph-768x722.png 768w" sizes="auto, (max-width: 794px) 100vw, 794px" /></figure>



<h2 class="wp-block-heading" id="h-what-labour-s-win-means-for-uk-markets">What Labour’s win means for UK markets</h2>



The arrival of a new Labour government hasn’t moved markets all that much yet but analysts expect U.K. assets to become more attractive from here on out.



In a note Friday, analysts at Jefferies said, despite concerns raised by a strong showing for the right-wing Reform UK Party, the Labour Party’s U.K. election win would help make the U.K. appear “relatively stable.”



This, in combination with regulatory reform, “could raise the attractiveness of UK assets,” Jefferies’ analysts wrote in a research note.



Beata Manthey, European equity strategist at Citi, noted that history shows U.K. markets tend to trade flat on average six months after Labour wins, but “meaningfully higher one year later.”



“On a relative basis, the UK market has tended to underperform 1-2 months after Labour wins, while tallying decent relative performance 12m post-election,” Manthey said.



“The domestically oriented FTSE 250 has typically outperformed the FTSE 100 following Labour victories. Sterling and Gilts will be key to watch,” she added.



“FTSE 250 over FTSE 100 is our preferred post-election trade.”



&#8211; Ryan Browne

Labour Leader Keir Starmer Celebrates Winning The 2024 General Election

Labour Party wins UK election in a landslide

<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-2159782737-820x547.jpg" alt="" class="wp-image-504193" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2159782737-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2159782737-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2159782737-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2159782737-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2159782737-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2159782737-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JULY 02: Demonstrators, gathering in the city center, make a fire as they march towards the parliament building to protest the &#8216;Finance Bill 2024&#8217;, which envisages tax regulation in Nairobi, Kenya on July 02, 2024. Kenyan forces intervened against the protesters. (Photo by Gerald Anderson/Anadolu via Getty Images)</figcaption></figure>



NAIROBI, July 5 (Reuters)&nbsp;&#8211;&nbsp;Kenyan activist Bill Eugene Omollo was walking home after dark in his Nairobi neighbourhood on June 20 when he spotted trouble &#8211; two men eyeing him next to a parked white pick-up without number plates.



The 28-year-old had been involved in the youth-led protests that have upended Kenya since last month and had been released by police only hours earlier following his arrest at one of the demonstrations.



He shouted for help.



&#8220;But people were also running. So they took me,&#8221; he told Reuters.



Dozens of Kenyans have been targeted in similar abductions in the past two weeks, said human rights groups, who blame the extrajudicial arrests on Kenya&#8217;s intelligence services.



Organised online and leaderless, the protests &#8211; initially a call to repeal tax hikes &#8211; have developed into a movement that has cut across Kenya&#8217;s traditional ethnic divisions, becoming the biggest threat of William Ruto&#8217;s two-year-old presidency.



Though Ruto withdrew the tax increases in a victory for the movement, the heavy-handed reaction to the protests &#8211; campaign groups have documented hundreds of arrests and at least 39 deaths &#8211; has raised fears of rights backsliding.



&#8220;The president and I gave a categorical promise to the people of Kenya that the issue was abductions and extrajudicial killings will never happen again,&#8221; Deputy President Rigathi Gachagua said in a televised address. &#8220;Sadly, this is back.&#8221;



A police spokesperson did not respond to a request for comment on the abductions. Nor did Noordin Haji, the director of Kenya&#8217;s intelligence services.



In an interview on Sunday, Ruto denied police involvement in disappearances but broadly defended the actions of the security forces.



However, Irungu Houghton, executive director of Amnesty International Kenya, told Reuters there were clear cases of abuse.



&#8220;People who are considered to be protesters or organisers or even just simply voices of dissent are being plucked from their homes or even as they go to church with their families and locked up,&#8221; he said.



<h2 class="wp-block-heading" id="h-blindfolded-and-interrogated">BLINDFOLDED AND INTERROGATED</h2>



Amnesty, the Kenya National Commission on Human Rights and the Law Society of Kenya all put the number of abductions at more than 30, though they said most were later released.



Faith Odhiambo, the president of Law Society of Kenya, said the interrogations abduction victims have undergone during their ordeals have focused on how the protest movement is financed, how it is organised, and the identity of its leaders.



&#8220;It&#8217;s a very clear indication that the government is behind this,&#8221; she said.



After his aggressors bundled him into their vehicle, Omollo said he was blindfolded and driven to an unknown location where he was brought to a room and ordered to strip to his underwear.



He was forced to sit on the concrete floor, which his captors flooded with freezing water. Then the interrogation and threats to his family began.



&#8220;They asked me &#8216;Who sent you? Who is funding you?&#8217;. I told them no one is funding us,&#8221; said Omollo, who does not know who abducted him and has not reported the incident to the police.



&#8220;I thought I would be a dead man.&#8221;



<h2 class="wp-block-heading" id="h-the-missing">THE MISSING</h2>



Houghton said Amnesty had confirmed some instances of torture during the illegal detentions.



Odhiambo of the Law Society of Kenya said that if the goal of the abductions was to intimidate the victims, then it appeared to be succeeding.



&#8220;They don&#8217;t want to be seen on social media or any forums,&#8221; she said. &#8220;Fear has been instilled.&#8221;



After 24 hours, Omollo&#8217;s abductors loaded him back into their vehicle and left him near a police station.



He is among the lucky ones. The rights groups say a handful of abduction victims remain unaccounted for.



Nairobi resident Mutia Paul is still looking for his 17-year-old brother, Tony, who was last seen heading for a protest on June 25.



Paul has searched at police stations and hospitals. He has scoured the morgues for his body. He now believes Tony is being detained.



&#8220;My heart is full of sorrow, I have done all I can,&#8221; he said.



Activists have vowed to keep up pressure on Ruto and lawmakers. But Omollo told Reuters he has had enough of protesting.



Worried that he was being followed and could be abducted again, he has left Nairobi.



&#8220;I miss my home, I miss my brothers, I miss my sisters and I miss my community,&#8221; he said. &#8220;I feel like a refugee in my own country.&#8221;



(Additional reporting by Aaron Ross and Vivian Wandera; Writing by Olivia Kumwenda-Mtambo; Editing by Joe Bavier and Angus MacSwan)

Demonstration against tax regulation in Kenya

Kenya rights groups decry abductions as government cracks down on protests

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-scaled.jpg" alt="" class="wp-image-459116" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo</figcaption></figure>



BRUSSELS/LONDON, July 4 (Reuters) &#8211; Nigeria&#8217;s debt to gasoline suppliers has surpassed $6 billion &#8211; doubling since early April &#8211; as state oil firm NNPC struggles to cover the gap between fixed pump prices and international fuel costs, six industry sources said.



Nigerian President Bola Tinubu announced an end to expensive fuel subsidies last year, allowing pump prices to triple. But state oil company NNPC capped pump prices shortly afterward as citizens chafed under rising cost of living.



The cap, coupled with a naira currency crash, allowed the subsidy to creep back. Tinubu&#8217;s government expects the subsidy to cost at least $3.7 billion this year.



Analysts, NGOs and even government officials have slammed the subsidy for years as wasteful and corrupt. But Nigerians, who get few government services, have long seen cheap fuel as their right, especially in the current cost-of-living crisis.



Last week, deadly riots forced Kenya&#8217;s debt-burdened government to cancel planned tax rises, casting a shadow over efforts elsewhere to inflict any further pain on citizens stung by rising inflation.



Senegal&#8217;s energy subsidy bill remains high, at 3.3% of GDP, while Egypt and Angola are also trying to axe subsidies to shore up state finances.



NNPC began struggling early this year when late gasoline payments surpassed $3 billion.



The company has still not paid for some January imports, traders said, and the late payments amount to $4 billion-$5 billion. Under contract terms, NNPC is meant to pay within 90 days of delivery.



NNPC declined to comment.



&#8220;The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation,&#8221; one industry source said.



At least two suppliers already stopped participating in recent tenders after hitting self-imposed debt exposure limits to Nigeria, the sources said, meaning they will not send more gasoline until they receive payments.



Traders thrive in risky environments, but they place limits on how much credit they allocate per trade in order to avoid too much exposure on one borrower. These limits vary by company based on their size and where they operate.



As a result, Nigeria&#8217;s tenders to buy gasoline in June and July were smaller, traders said. NNPC will import via tender about 850,000 tonnes in July, two of the sources said, down from the typical 1 million tonnes in previous months.



Fresh fuel queues have already started to form in Lagos this week.



Nigeria, Africa&#8217;s largest oil exporter, imports virtually all its fuel due to years of neglect at its state-owned oil refineries. The newly opened 650,000 barrel per day Dangote refinery has not yet produced marketable gasoline, and is selling other fuels abroad.



The country has few savings to fall back upon as corruption and wasteful spending have eaten up decades of oil revenues. Cash-strapped NNPC has also mortgaged much of its spot oil cargoes, limiting what it can sell for cash.



In late 2023, NNPC secured its biggest-ever oil-backed loan worth $3.3 billion from Afreximbank and a consortium of traders, including Gunvor, to shore up the country&#8217;s foreign exchange.



(Reporting by Julia Payne and Libby George; Additional reporting by Isaac Anyaogu in Lagos; Editing by Jan Harvey)

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African Markets – Factors to watch on July 8

New UK leader Starmer declares Rwanda deportation plan ‘dead and buried’

How Cohere CEO Aidan Gomez Says AI Will Directly Profit Companies

How Express Survived Bankruptcy

What are the hidden costs of homeownership — and how to avoid them

Kenya’s Ruto pledges spending cuts after nationwide protests

Keir Starmer is the UK’s new PM

Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears

Britain’s new PM to give speech at Downing Street

Nigeria beats rivals for bid to host new Africa Energy Bank

South African Markets – Factors to watch on July 5

African Markets – Factors to watch on July 5

Labour Party wins UK election in a landslide

Kenya rights groups decry abductions as government cracks down on protests

Inside Europe’s tech hubs: Germany’s third wave of growth is here

UK exit poll predicts just 131 seats for the Conservative Party

As Nigeria’s gasoline debt hits $6 billion, some traders back out, say sources

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