<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 31 (Reuters) &#8211; Kenya&#8217;s shilling strengthened on Wednesday, lifted by dollar inflows from horticultural produce exporters, traders said.



At 0751 GMT, commercial banks quoted the shilling at 128.50/129.50 to the U.S. dollar, compared with Tuesday&#8217;s closing rate of 129.50/130.50.



(Reporting by George Obulutsa; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling firms; horticulture dollar inflows help

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-820x574.jpg" alt="" class="wp-image-513287" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-1536x1075.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers walk towards a Woolworths store in Cape Town, South Africa, February 26, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, July 31 (Reuters) &#8211; South African upmarket fashion and food retailer Woolworths said it expects to report a decline of up to 32% in full-year total headline earnings on weak sales, as higher living costs continue to weigh on discretionary spend.



Woolworths said on Wednesday headline earnings per share (HEPS) for total operations are expected to fall by 27% to 32% in the 53 weeks ended June 30, from 514.7 cents in the prior year.



Excluding Australian department store David Jones&#8217; contribution in the prior year before being sold and on a comparable prior 52-week period, HEPS are seen falling by 14% to 19%.



The retailer will also book a non-cash impairment of goodwill on its Australian men&#8217;s fashion brand Politix after reassessing the carrying value of that brand. This will only impact the EPS line and not HEPS.



Group turnover and concession sales for the total group decreased by 16.4%, with its South African Fashion, Beauty and Home business delivering turnover growth of 1.4%, while the food business grew sales by 11.2%, further buoyed by the inclusion of the Absolute Pets acquisitions in the fourth quarter.



On a comparable basis and from continuing operations, group turnover grew by 6.2% and by 5.6% on a constant currency basis.



Woolworths said its fashion business was impacted by the weak macro environment, poor product availability due to congestion at the ports &#8220;and increased competition from the disruptive entry of international online retailers.&#8221;



The cold weather also arrived late in winter, delaying shopping for winter clothes.



Fast-fashion online retailers Shein and Temu have aggressively expanded worldwide, including in South Africa, as online shopping has surged after the COVID pandemic. Shein has lured local shoppers with its $5 tops and $10 dresses.



In Australia and New Zealand, retail trading conditions have deteriorated further in the second half, with consumer sentiment at near-record lows and the prolonged cost of living crisis continuing to impact both footfall and discretionary spend, Woolworths said.



As a result, sales at its fashion Country Road business fell by 6.8%.



(Reporting by Nqobile Dludla; Editing by Sonali Paul)

Woolworths in Cape Town

South Africa’s Woolworths flags sharp drop in profit as shoppers spend less

<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-609576648-820x547.jpg" alt="" class="wp-image-513284" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">John Dramani Mahama, Ghana&#8217;s president, speaks during the U.S.-Africa Business Forum in New York, U.S., on Wednesday, Sept. 21, 2016. The forum focuses on trade and investment opportunities on the continent for African heads of government and American business leaders. Photographer: Michael Nagle/Bloomberg via Getty Images</figcaption></figure>



ACCRA, July 31 (Reuters)&nbsp;&#8211;&nbsp;Former Ghanaian president John Dramani Mahama will try to renegotiate terms of an International Monetary Fund bailout and boost local ownership of future oil and mining projects if&nbsp;he wins a new term in office&nbsp;in December, he told Reuters.



Mahama, who was in office from 2012-16, will be the main challenger to the ruling party&#8217;s candidate, Vice President Mahamadu Bawumia, with a good chance to win given a severe economic crisis that has made the government unpopular.



&#8220;I&#8217;ve been in an IMF programme before, when I was president, and I know that the IMF is not averse to sitting and talking and renegotiating issues,&#8221; Mahama, 65, said in an interview.



Ghana defaulted on most of its $30 billion external debt in 2022 after the effects of years of overstretched borrowing were exacerbated by the COVID-19 pandemic, knock-on impacts of the war in Ukraine, and higher global interest rates.



The oil, gold and cocoa producer secured a $3 billion IMF bailout in May 2023, and in June this year reached separate deals with bilateral and commercial creditors to restructure its debts and freeze repayments until 2025.



The IMF has already disbursed $1.56 billion with another $360 million due by December. But Mahama said he would seek additional IMF funds&nbsp;to help Ghana resume the debt repayments.



He also said he would amend a public finance management law to introduce a compulsory debt-to-GDP ceiling of 60-70% to prevent excessive borrowing.



Further, Mahama said he would respect existing production contracts with oil and mining companies and not seek to raise taxes, but rather aim for higher royalties from future projects.



&#8220;I think we are at the upper range of taxes on profit &#8230; But I do think that in some cases the level at which we locked in the royalties is low.&#8221;



He held out the prospect of higher government stakes in future projects via the Minerals Income and Investment Fund, a sovereign wealth facility.



<h2 class="wp-block-heading" id="h-northern-duel">NORTHERN DUEL</h2>



While vice president in 2012, Mahama, of the National Democratic Congress (NDC), became president when John Evans Atta-Mills died in office. Mahama won his own mandate in a presidential election a few months later.



He lost elections in 2016 and 2020 to Nana Akufo-Addo of the New Patriotic Party (NPP), who must step down after this year&#8217;s Dec. 7 vote as he will have served the maximum two terms.



As president, Mahama invested heavily in infrastructure but drew criticism over power shortages, macroeconomic instability and allegations of political corruption, though he was not personally tainted. Critics of the NPP say those trends have continued or worsened under Akufo-Addo&#8217;s administration.



Mahama and Bawumia are both from northern Ghana, where the NDC was dominant for many years but the NPP has been making inroads.



&#8220;We the youth are hopeless, we don&#8217;t have jobs. How to eat, pay bills and feed our families is very hard,&#8221; Abdul-Wakil Neindow, 30, who lost his construction job in 2017 and has yet to find work, said at Mahama&#8217;s campaign launch at the weekend.



Ghana is one of Africa&#8217;s most stable democracies, with a history of peaceful transfers of power. No party has ever won more than two consecutive terms in government.



However, the last election was marred by opposition accusations that the government used the advantages of office to unfairly influence the outcome, which it denied.



Mahama urged supporters at his campaign launch to stay awake for 48 hours after voting to guard against any vote-rigging.



($1 = 15.4500 Ghanaian cedi)



(Writing by Portia Crowe; Editing by Estelle Shirbon and Mark Heinrich)

Key Speakers At The U.S.-Africa Business Forum

Ghana’s Mahama would renegotiate IMF deal if he regains presidency

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg" alt="Waldo Swiegers | Bloomberg | Getty Images" class="wp-image-381748" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-696x391.jpg 696w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption class="wp-element-caption">Waldo Swiegers | Bloomberg | Getty Images
</figcaption></figure>



JOHANNESBURG, July 31 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened early on Wednesday, ahead of a much-anticipated policy decision by the Federal Reserve.



At 0718 GMT, the rand traded at 18.22 against the dollar, about 0.6% stronger than its previous close.



Investors focus will be on the Fed on Wednesday for clues on the future interest rate trajectory of the world&#8217;s biggest economy. The central bank is expected to leave rates unchanged, but markets are betting on a cut at its September meeting.



&#8220;The rand is likely to continue to trade in an R18.20/R18.45 range ahead of the (meeting),&#8221; Andre Cilliers, currency strategist at TreasuryONE, said.



Domestic investors will also be looking at June trade balance data to be released by Statistics South Africa later in the day.



On the stock market, the Top-40 index was up 1.2%.



South Africa&#8217;s benchmark 2030 government bond firmed in early deals, with the yield down 3.5 basis points to 9.470%.



(Reporting by Bhargav Acharya; Editing by Andrew Heavens)

Waldo Swiegers | Bloomberg | Getty Images

South African rand firms ahead of Fed policy decision

<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 31 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Wednesday.



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



Statistics South Africa to release June trade balance data



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



The South African rand gained on Tuesday as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.



On the Johannesburg Stock Exchange, the Top-40 index closed 0.3% higher.



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



Asian stocks surged on Wednesday and the yen was volatile after the Bank of Japan raised interest rates in a hawkish pivot, while investors assessed contrasting results from Microsoft and chipmaker AMD that suggested a divide in the AI landscape.



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



The S&amp;P 500 and Nasdaq stumbled to close lower on Tuesday, weighed down by weak chip and megacap shares ahead of earnings from heavyweight tech companies this week, but the Dow managed modest gains. 



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



Gold prices firmed on Wednesday, heading for a monthly gain on the back of growing optimism about U.S. interest rate cuts and the killing of Hamas leader Ismail Haniyeh in Iran, while traders shifted focus to the Federal Reserve&#8217;s policy verdict.



&#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; Nersa rejects Eskom’s bid to reserve grid capacity for renewable energy projects



&#8211; Coronation warns water-shedding a risk to investment



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 31

<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 31 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



*Kenya and Uganda statistics offices are due to release their respective consumer inflation data for July.



*Ethiopia&#8217;s lawmakers are due to hold an emergency session to discuss the country&#8217;s loans. On Monday, Ethiopia secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion.



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



Asian stocks rose on Wednesday and the yen was volatile after the Bank of Japan raised interest rates, while investors assessed contrasting results from tech bellwether Microsoft and chipmaker AMD that suggested a divide in the AI landscape.



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



Oil futures rebounded more than $1 a barrel from 7-week lows on Wednesday after the killing of Hamas leader Ismail Haniyeh in Iran ratcheted up tensions in the Middle East, but prices stayed under pressure from concerns about weak China demand.



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



The South African rand gained on Tuesday as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.



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



Kenya&#8217;s shilling held steady on Tuesday, with traders projecting that dollar inflows from the tourism and agriculture sectors would bolster its strength.



<h2 class="wp-block-heading" id="h-ethiopia-economy">ETHIOPIA ECONOMY</h2>



Ethiopia&#8217;s new $3.4 billion financing deal with the International Monetary Fund paves the way for completion of its long-delayed debt restructuring in the next three to six months, a senior finance ministry official said on Tuesday.



<h2 class="wp-block-heading" id="h-liberia-central-bank">LIBERIA CENTRAL BANK</h2>



Liberia suspended its central bank governor on Tuesday after an audit found irregular loans to the government and unauthorised spending, the information minister and a spokesperson for the central bank said.



<h2 class="wp-block-heading" id="h-cameroon-mining">CAMEROON MINING</h2>



Cameroon on Tuesday signed a bauxite mining deal worth at least $2 billion with a subsidiary of Australia-based Canyon Resources, as the central African nation seeks to become an upper middle-income country by 2035.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 31

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1292" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



July 31 (Reuters)&nbsp;&#8211;&nbsp;The World Bank&#8217;s board has approved $1.5 billion in financing for its first ever budget support lending to Ethiopia, the lender said late on Tuesday as the east African nation tries to push ahead with a long-running debt restructuring.



Africa&#8217;s second-most populous country secured a four-year, $3.4 billion programme from the International Monetary Fund on Monday, hours after its central bank floated its birr currency, paving the way for its debt overhaul to move forward.



The World Bank will provide a grant of $1 billion and another $500 million in a low interest credit line, part of the first ever direct budgetary support facility provided to Ethiopia, the global lender said.



&#8220;This policy operation supports home-grown reforms that will ultimately help the country transition to a more inclusive economy that allows the private sector to contribute more strongly to growth,&#8221; the World Bank said.



The bank plans to &#8220;provide around $6 billion in new commitments over the next three fiscal years and support economic reforms through fast-disbursing budget support,&#8221; it said.



The funding is part of a $10.7 billion financing package by the IMF, World Bank and other creditors, according to Ethiopian officials.



The financial support, however, was conditional on the government implementing significant economic reforms, including the liberalisation of the foreign currency market.



Ethiopia&#8217;s birr  was down 3% against the dollar early on Wednesday, trading at 77.13. It was little changed on Tuesday after tumbling 30% on the day it was floated on Monday.



Ethiopia sought to restructure its sovereign debt in 2021, under the G20 Common Framework initiative to offer relief to developing nations, but progress was slowed by a civil war in the northern region of Tigray that ended the following year.



Ethiopia&#8217;s winding debt restructuring mirrors that of Chad and Zambia which completed their debt overhauls under the Common Framework. Ghana, another African country saddled with high debt, is nearing the finish line of its own restructuring under the initiative.



Ethiopia&#8217;s development partners have welcomed its move to a market-based foreign exchange rate, but some analysts have said the move could drive up inflation and the cost of living, especially for its poorest residents.



The country of 126.5 million people also faces a number of other challenges, including the impact of climate change and the post-war reconstruction of Tigray.



(Reporting by Urvi Dugar and Dawit Endeshaw; Writing by Duncan Miriri; Editing by Tomasz Janowski)

106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank approves $1.5 billion in financing for Ethiopia

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg" alt="" class="wp-image-510152" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">President William Kipchirchir Ruto of Kenya speaks during a plenary session of the Summit on peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. URS FLUEELER/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, July 30 (Reuters)&nbsp;&#8211;&nbsp;A former head of Kenya&#8217;s main state-owned trading company was charged in court on Tuesday with abuse of office and other offences over a 2022 scheme to import edible oil that local media said cost more than $120 million.



The arraignment of Pamela Mutua is the first notable attempt by President William Ruto&#8217;s government to rein in Kenya&#8217;s rampant corruption, after more than 50 people were killed in deadly protests against tax hikes and the graft.



Mutua, who was managing director of the Kenya National Trading Corporation (KNTC), was accused of flouting procurement laws in the award of a contract to a company called Purma Holdings Limited at an anti-corruption court in the capital.



She and KNTC both deny the charges. The imports were worth 16 billion shillings ($123.55 million), domestic media outlets have reported, but there was no mention of the figure in the charges presented in court.



Mutua faces six charges and she was freed on bail until Aug. 12 when she will appear before the court again. She was charged alongside another official of the company.



The cooking oil import scheme was put in place by Ruto&#8217;s government after he got into office in late 2022, to lower the price of the commodity, but it has been criticised by the public and local media for only benefiting well-connected importers.



KNTC contracted private companies to import the oil, mainly from Asia. The government&#8217;s standards body initially said the oil was not fit for human consumption before rowing back and clearing the consignment.



Ruto, who is forming a new government after the protests forced him to fire all but one minister, has pledged to change the laws to allow for speedy prosecution of graft suspects.



($1 = 129.5000 Kenyan shillings)



(Reporting by Humphrey Malalo; Writing by George Obulutsa; Editing by Duncan Miriri and Andrew Cawthorne)

42CTWLL6LJPYDHMYIWIJ6ISWHI (1)

Kenya charges ex-state firm head over edible oil import graft

Why The U.S. Has The Oldest Politicians In The World

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg" alt="" class="wp-image-484765" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The International Monetary Fund (IMF) headquarters during the spring meetings of the IMF and World Bank Group in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



ADDIS ABABA, July 30 (Reuters) &#8211; Ethiopia&#8217;s new $3.4 billion financing deal with the International Monetary Fund paves the way for completion of its long-delayed debt restructuring in the next three to six months, a senior finance ministry official said on Tuesday.



The announcement of the four-year, $3.4 billion programme on Monday came hours after Ethiopia had undertaken one of the IMF&#8217;s key recommendations and floated its currency, the birr.



&#8220;Debt restructuring should be finalised before the next IMF programme review,&#8221; State Minister of Finance Eyob Tekalign told Reuters, adding that would typically be between three and six months.



The IMF deal is expected to be followed by further financing of up to $7.3 billion from the World Bank and other creditors, Ethiopian officials have said.



The World Bank&#8217;s board was scheduled to meet later on Tuesday to approve its portion of the extra funds, Eyob said.



News of the IMF deal lifted the $1 billion government bond at the centre of the restructuring plan to its highest level since October 2021 on Tuesday. A more than 2 cents jump left it trading at almost 78 cents on the dollar or just over a 20% discount of its original face value.



In the foreign exchange market, leading commercial banks quoted the Ethiopian birr at 74.74 against the dollar. That was unchanged from where it had settled after Monday&#8217;s float announcement prompted it to drop 30% against the dollar.



Ethiopia&#8217;s development partners have welcomed the move to a market-based foreign exchange rate, but some analysts have said it could drive up inflation and the cost of living, especially for the poorest.



Ethiopia also faces other challenges including the impact of climate change and the need to reconstruct its northern Tigray region, which was ravaged by a two-year civil war that ended in late 2022.



(Reporting by Dawit Endeshaw in Addis Ababa and Marc Jones in London; Writing by Duncan Miriri; Editing by Andrew Cawthorne)

Spring Meetings Of The International Monetary Fund And World Bank

Ethiopia’s IMF deal paves way for debt restructuring, official says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="535" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-820x535.jpg" alt="" class="wp-image-512981" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-820x535.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235602799-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JOHANNESBURG, SOUTH AFRICA &#8211; SEPTEMBER 28: Gauteng MEC Parks Tau at the launch of the Thabo Mbeki Presidential Library at the Thabo Mbeki Foundation on September 28, 2021 in Johannesburg, South Africa. The new library will serve as an archive centre for historical data such as speeches and documents of the former President and will also receive special collections from other African historical figures. (Photo by Luba Lesolle/Gallo Images via Getty Images)</figcaption></figure>



CAPE TOWN, July 30 (Reuters) &#8211; South Africa&#8217;s trade minister said on Tuesday he is confident his country will maintain preferential trade status with the U.S. despite concerns in Washington over its foreign policy including a strong pro-Palestinian stance.



Parks Tau was in Washington last week to lobby for renewal of the U.S. African Growth and Opportunity Act (AGOA) and South Africa&#8217;s continued participation in the programme, which provides duty-free access to the U.S.



South Africa has come under fire by some U.S. lawmakers for its relationship with Russia and its criticism of Israel in the Gaza conflict. It could lose eligibility for AGOA if it were determined to be undermining U.S. foreign policy interests.



&#8220;I am confident that AGOA will continue and that South Africa will stay in AGOA,&#8221; Tau told a press briefing.



&#8220;We will keep a close eye on the process and will continue to lobby,&#8221; he said, adding that further engagements were needed even though they had received a &#8220;relatively warm reception&#8221;.



U.S. trade officials said on Monday that they had positive discussions with the South African delegation.



&#8220;I think it was clear that our partners in South Africa have heard the concerns that were raised and there has been close engagement on multiple levels,&#8221; said the U.S. State Department&#8217;s Deputy Assistant Secretary for African Affairs Joy Basu.



AGOA is due to expire next year and President Joe Biden supports its renewal, but the U.S. election in November and possibility of a Donald Trump presidency introduces uncertainty.



Tau said that ideally the legislation would be renewed before the vote though U.S. officials have said that is unlikely. An annual review of each country&#8217;s eligibility is underway.



Separately, the U.S. House of Representatives last month voted in favour of a bill that would require a full review of the U.S. relationship with South Africa, citing concerns about ties to Russia and China and accusing it of supporting Palestinian militant group Hamas.



The bill would still need to pass the Senate and be signed by the president to become law.



South Africa says that supporting Palestinians does not equate to supporting Hamas.



Western nations are also unhappy with South Africa for failing to condemn Russia&#8217;s invasion of Ukraine. It has sought to position itself as a neutral mediator.



(Reporting by Wendell Roelf and Nellie Peyton; Editing by Andrew Cawthorne)

Launch of the Thabo Mbeki Presidential Library in South Africa

S.Africa confident of U.S. trade status despite unease over foreign policy

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1530" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-scaled.jpg" alt="" class="wp-image-512977" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-300x224.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-820x613.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-768x574.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-1536x1148.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A person walks through a flooded street, following a heavy rainfall in Kassala, eastern Sudan, July 26, 2024. REUTERS/Mohammed Abdel Majid/File Photo</figcaption></figure>



CAIRO, July 30 (Reuters)&nbsp;&#8211;&nbsp;Thousands of people are stranded on the streets of the eastern Sudanese city of Kassala as a deluge of rain compounds the suffering of more than a million Sudanese who sought refuge in the region from a 15-month-old war.



The rainy season that began earlier this month has already damaged shelters, made roads unusable, and will put millions at risk of water-borne diseases across large areas of the country.



It comes as the number of displaced people within Sudan, currently more than 10 million, continues to tick up as the paramilitary Rapid Support Forces (RSF) expands its territory in the war with the national army.



The war erupted in April 2023 and has sparked warnings of famine and what the United Nations has labelled the world&#8217;s largest humanitarian crisis.



Some 765,000 people are sheltering in Gedaref state, and more than 255,000 people are in Kassala state, which saw the worst of the rains over the weekend, according to the United Nations.



The most recent wave of 165,000 people is from Sennar state, many arriving on foot in the rain in recent weeks. More than 10,000 who arrived in Kassala city were packed in the few remaining empty buildings, including a school courtyard and an empty hangar, which quickly flooded with water.



&#8220;We endured the sun beating down on us, but we can&#8217;t handle the rain,&#8221; said Nada Omer.



They now wait under store awnings or tarps in the street, with heavier than usual rains expected to continue until September. Some have rejected a plan to move them outside the city, a government official and aid workers said, where there would be few income opportunities.



&#8220;We are waiting in the street and have nowhere to settle,&#8221; said Hussein Abdo, another displaced person.



At least five people have reportedly been killed because of the rains, according to the United Nations.



Those who arrived earlier from Khartoum or El Gezira state, or in slightly drier al-Gedaref, are not much better off, sleeping on the floor in schools with few services and makeshift, shallow toilets that have also been flooded.



Little was done to prepare for the situation, said Plan International&#8217;s Mohammed Qazilbash. &#8220;We are coming up to 500 days of the war, and everybody is exhausted&#8230; It&#8217;s one tragedy over another over another,&#8221; he told Reuters.



The government and aid workers are bracing for the expected rise in water-borne diseases, including cholera, malaria, and dengue fever, with few medicines to treat them.



&#8220;We are sharing what is available, but it is above our capacity&#8221; said Dr Ali Adam, head of the state health ministry.



The rainy season impacts most of the country. Last week, more than 1,000 houses and 800 latrines were destroyed by rain at Zamzam camp in North Darfur, one of the locations in the country where experts say famine is likely.



Meanwhile, the RSF&#8217;s advance has not stopped, and on Monday it said it had reached an area about 180km (112 miles) from Gedaref, one of the states that has sheltered the most people.



Kassala, the only neighbouring army-controlled state, does not have capacity to absorb people from Gedaref, nor does the army&#8217;s de facto capital Port Sudan, on the Red Sea.



&#8220;People are scared, but there&#8217;s no options,&#8221; said a volunteer in the Gedaref emergency response room. &#8220;They are awaiting their fate, the other cities are full.&#8221;



(Reporting by Nafisa Eltahir, additional reporting by Mohammed Abdulmajid; Editing by Aidan Lewis, Alexandra Hudson)

FILE PHOTO: Heavy rainfall in Kassala, eastern Sudan

Rain and floods add to misery of Sudanese displaced by war

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="929" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi.jpeg" alt="" class="wp-image-512927" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi.jpeg 929w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/107430690-1718744144150-gettyimages-1661425000-101_0193_gi-768x432.jpeg 768w" sizes="auto, (max-width: 929px) 100vw, 929px" /><figcaption class="wp-element-caption">Aerial view of cityscape and skyscraper at sunset in Dubai Marina. Lu Shaoji | Moment | Getty Images</figcaption></figure>



The United Arab Emirates is on track to be the world’s top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report.



At the same time, the U.K. – already the source of many of the UAE’s expatriates – is projected to see its millionaire population drop by 17% by 2028, according to Swiss bank UBS.



High-net worth individuals are in many cases voting with their feet, seeking greener pastures – or in the case of tax-free expat hubs like Dubai, sandier beaches – as costs and taxes rise in their home country. The trend is likely to accelerate in the wake of the landslide election victory for the U.K.’s Labour Party in June, according to some financiers.



“There are push and pull factors for this trend of millionaires opting to relocate to Dubai,” Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC.



“Push factors include the prospect of higher taxes under a new Labour government. For example, one of Labour’s campaign pledges was to levy VAT on private school tuition, which would raise the cost by 20%,” he said. “Pull factors include Dubai’s perception of being extremely safe and visa reforms that encourage migration.”



The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June. That’s nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.&nbsp;



“With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires,” the report said. The UAE’s golden visa is a long-term residence visa that allows foreign residents to live, work or study in the UAE.



While the millionaires migrating to the UAE most commonly come from India, the wider Middle East, Russia, and Africa, a larger number of Brits and Europeans are expected to move to the glitzy desert emirate as well, it added.&nbsp;



Development and reforms in the UAE’s “wealth management ecosystem” are to thank for much of this, said Sunita Singh-Dalal, partner at the Hourani Private Wealth &amp; Family Offices in Dubai.&nbsp;



“In less than five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve and enhance their wealth,” she said.&nbsp;



Factors such as modern infrastructure and a robust international school system, geographical connectivity, low crime, no income tax, the remote worker visa and a number of investment incentives also help attract the wealthy to Dubai.&nbsp;&nbsp;



Britain, by contrast, is set to see its millionaire population drop from 3,061,553 last year to 2,542,464 by 2028, the UBS Global Wealth Report, which came out in June, forecast. But it’s important to note that the U.K.’s large millionaire population – the third-highest in the world – includes many foreign residents from places like Russia, the Middle East and elsewhere.



Now that the U.K. government is phasing out its “non-dom” status – which allowed wealthy and often foreign residents not to pay British taxes on overseas income – much of that population will be looking to drop their U.K. residencies.



“The outflow already generated by the economic and political turmoil in Britain risks being accelerated by further unwelcome policy decisions,” Hannah White, director of the independent think tank the Institute for Government in London, commented in the Henley report.&nbsp;



She pointed to the 40% duty already in effect on estates above a threshold of £325,000 ($417,755), as well as the ending of the UK’s non-dom tax regime starting in 2025.&nbsp;



The current Labour government has also pledged to drop the exemption for a 20% VAT charge on Britain’s private school tuition fees, which would make education significantly more expensive for those sending their children to the elite institutions.&nbsp;



“Labour’s commitment to remove their exemption from 20% VAT is a further unwelcome development,” White said.&nbsp;

107430690-1718744144150-gettyimages-1661425000-101_0193_gi

Dubai set to welcome even more millionaires as wealthy individuals abandon the UK

Samsung bets on the Galaxy Ring and AI as its next big thing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, July 30 (Reuters) &#8211; The Ugandan shilling was little-changed on Tuesday, although it was forecast to strengthen due to a slowdown in importer demand for dollars, traders said.



At 0929 GMT, commercial banks quoted the shilling at 3,716/3,726, compared with Monday&#8217;s closing rate of 3,720/3,730.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling little-changed, to firm due to slow importer demand

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



July 30 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks slipped while a gauge of currencies edged higher as investors awaited the outcome of key central bank meetings, while a slump in commodity prices on worries about demand in China kept sentiment cautious.



MSCI&#8217;s index tracking emerging market equities fell 0.3%, as rate decisions from the Bank of Japan and the U.S. Federal Reserve were awaited on Wednesday. The index is on track to fall by about 1% in July as a rout in U.S. tech stocks weighed on global stocks.



A currencies gauge edged up about 0.1% against a largely unchanged U.S. dollar.



Worries about demand from China, the world&#8217;s second-largest economy, also weighed after the country&#8217;s Politburo meeting. While pledging to support the economy, there were no specific new stimulus efforts announced.



&#8220;Most investors are waiting for central bank movements, with many trimming holdings, and as optimism wanes over China&#8217;s government stimulus plans,&#8221; said Ahmed Azzam, regional financial market analyst at Equiti Group.



Oil prices briefly touched their lowest since early June, and were last about flat on the day, while prices of iron ore, copper and other metals fell. 



The Federal Reserve is widely expected to keep rates on hold at its meeting on Wednesday, but investors will watch for a dovish tone from policymakers to gauge whether market bets on a September rate cut are on the right track.



Looser U.S. monetary policy would be a boon for riskier emerging market assets, brightening their relative appeal.



China&#8217;s blue-chip stocks and Hong Kong shares fell for a second straight day.



In Europe, the Czech crown was about flat and the Hungarian forint weakened 0.3% against the euro after weak economic data.



Weak foreign demand weighed on industry in both central European economies, with Hungary&#8217;s gross domestic product falling 0.2% on a quarterly basis, the first contraction since the first quarter of 2023. Versus the euro, the forint fell to a three-week low.



Meanwhile, in the Czech Republic, increasing domestic demand helped buoy the economy but both quarterly and annual growth figures were a touch below forecasts from analysts polled by Reuters.



The Czech central bank is expected to ease policy by 25 basis points at its meeting later this week.



&#8220;The Czech koruna remains our favourite currency for this week given our hawkish expectations from the CNB meeting,&#8221; analysts at ING said in a note.



Meanwhile, Ethiopia&#8217;s only international sovereign bond jumped to its highest level since 2021 after the country secured a long-awaited support programme with the International Monetary Fund for $3.4 billion in financing.



The $1 billion dollar bond, which is in the process of being restructured, rose more than 2 cents on the dollar to 77.7 cents, Tradeweb data showed.



South Africa&#8217;s rand regained ground against the dollar, strengthening about 0.7% to 18.32 versus the greenback after falling in the previous session.



(Reporting by Lisa Mattackal in Bengaluru; Editing by David Holmes)

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

Stocks, FX cautious as commodity slump and Fed jitters weigh

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 30 (Reuters) &#8211; Kenya&#8217;s shilling held steady on Tuesday, with traders projecting that dollar inflows from the tourism and agriculture sectors would bolster its strength.



Commercial banks quoted the shilling at 130.00/131.00 per dollar at 0800 GMT, unchanged from Monday&#8217;s closing rate.



(Reporting by George ObulutsaEditing by Bate Felix)

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Kenyan shilling firms; horticulture dollar inflows help

South Africa’s Woolworths flags sharp drop in profit as shoppers spend less

Ghana’s Mahama would renegotiate IMF deal if he regains presidency

South African rand firms ahead of Fed policy decision

South African Markets – Factors to watch on July 31

African Markets – Factors to watch on July 31

World Bank approves $1.5 billion in financing for Ethiopia

Kenya charges ex-state firm head over edible oil import graft

Why The U.S. Has The Oldest Politicians In The World

Ethiopia’s IMF deal paves way for debt restructuring, official says

S.Africa confident of U.S. trade status despite unease over foreign policy

Rain and floods add to misery of Sudanese displaced by war

Dubai set to welcome even more millionaires as wealthy individuals abandon the UK

Samsung bets on the Galaxy Ring and AI as its next big thing

Ugandan shilling little-changed, to firm due to slow importer demand

Stocks, FX cautious as commodity slump and Fed jitters weigh

Steady Kenyan shilling eyes boost from dollar inflows

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Kenyan shilling firms; horticulture dollar inflows help

South Africa’s Woolworths flags sharp drop in profit as shoppers spend less

Ghana’s Mahama would renegotiate IMF deal if he regains presidency

South African rand firms ahead of Fed policy decision

South African Markets – Factors to watch on July 31

African Markets – Factors to watch on July 31

World Bank approves $1.5 billion in financing for Ethiopia

Kenya charges ex-state firm head over edible oil import graft

Why The U.S. Has The Oldest Politicians In The World

Ethiopia’s IMF deal paves way for debt restructuring, official says

S.Africa confident of U.S. trade status despite unease over foreign policy

Rain and floods add to misery of Sudanese displaced by war

Dubai set to welcome even more millionaires as wealthy individuals abandon the UK

Samsung bets on the Galaxy Ring and AI as its next big thing

Ugandan shilling little-changed, to firm due to slow importer demand

Stocks, FX cautious as commodity slump and Fed jitters weigh

Steady Kenyan shilling eyes boost from dollar inflows

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