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Majority of British voters want Israel arms ban


<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>



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



<p>Release of the Stanbic Bank Kenya Purchasing Managers&#8217; Index survey for June.</p>



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



<p>Asian stocks rose on Wednesday as comments from Fed Chair Jerome Powell reinforced expectations that U.S. rate cuts were not far off, while the yen remained pinned near levels last seen in 1986, keeping traders wary of Japanese intervention.</p>



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



<p>Oil prices rose on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, while the market kept tabs on flaring tensions in the Middle East.</p>



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



<p>The South African rand extended losses on Tuesday after a turbulent start to the week as markets waited to see how the new government of national unity (GNU) would approach economic reform following the formation of the cabinet.</p>



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



<p>The Kenyan shilling was steady on Tuesday, with ample hard-currency supply preventing a sell-off over anti-government protests that prompted the president to abandon planned tax hikes last week, traders said.</p>



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



<p>Riot police fired tear gas grenades and charged at stone-throwing protesters in downtown Nairobi and across Kenya on Tuesday in the most widespread unrest since at least two dozen protesters died in clashes a week ago.</p>



<h2 class="wp-block-heading" id="h-burkina-faso-security">BURKINA FASO SECURITY</h2>



<p>Arouna Loure, a vocal critic of Burkina Faso&#8217;s ruling military junta, received a conscription order on Sept. 7 last year requesting that the anaesthesiologist start a month of military service four days later.</p>



<h2 class="wp-block-heading" id="h-mali-security">MALI SECURITY</h2>



<p>Unidentified armed men have killed around 40 people in an attack on a village in insurgent-plagued central Mali, local officials said on Tuesday.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 3


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/RATMU646AFL3ZKYVS5LWKQ3QUM-820x530.jpg" alt="" class="wp-image-503421" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/RATMU646AFL3ZKYVS5LWKQ3QUM-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/RATMU646AFL3ZKYVS5LWKQ3QUM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/RATMU646AFL3ZKYVS5LWKQ3QUM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/RATMU646AFL3ZKYVS5LWKQ3QUM-768x496.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/RATMU646AFL3ZKYVS5LWKQ3QUM-1536x993.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/RATMU646AFL3ZKYVS5LWKQ3QUM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A view shows the Nairobi cityscape on the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, along Waiyaki Way within the Central Business district of Nairobi, Kenya May 7, 2023. REUTERS/Thomas Mukoya</figcaption></figure>



<p>NAIROBI, July 3 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector activity fell in June, hit by the impact of widespread protests against a now-shelved finance law, a business survey showed on Wednesday.</p>



<p>The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) fell to 47.2 in June from 51.8 in May. Readings below 50.0 signal contraction.</p>



<p>&#8220;Tough economic conditions brought on by the cost-of-living crisis, as well as protests surrounding the country&#8217;s finance bill hurt sales volumes,&#8221; Stanbic Bank Kenya said in comments accompanying the survey.</p>



<p>&#8220;The downturn was partially softened by a rise in new orders across manufacturing, which was the only monitored sector to register growth in June.&#8221;</p>



<p>Last week President William Ruto withdrew a contested finance law that would have raised taxes after clashes between protesters and police killed at least 24 people.</p>



<p>However, Kenyan activists have urged people to take to the streets again, calling on the government to take tougher action to curb wasteful spending and corruption.</p>



<p>&#8220;In June, momentum in private sector activity declined, reflecting several concerns, top of the list being the proposed increase in taxes via the Finance Bill 2024, and the widespread protests in response,&#8221; Christopher Legilisho, an economist at Stanbic Bank, said.</p>



<p>(Reporting by George Obulutsa; Editing by Christina Fincher)</p>


A view shows the Nairobi cityscape on the Nairobi Expressway undertaken by the China Road and Bridge Corporation along Waiyaki Way within Westlands district of Nairobi

Kenya’s private sector activity contracts in June, PMI shows


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="474" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/I626AAIJRJP7DJDRYXCYV56KLA-820x474.jpg" alt="" class="wp-image-503418" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/I626AAIJRJP7DJDRYXCYV56KLA-820x474.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/I626AAIJRJP7DJDRYXCYV56KLA-300x173.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/I626AAIJRJP7DJDRYXCYV56KLA-156x90.jpg 156w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/I626AAIJRJP7DJDRYXCYV56KLA-768x444.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/I626AAIJRJP7DJDRYXCYV56KLA-1536x887.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/I626AAIJRJP7DJDRYXCYV56KLA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The Hillbrow Tower, an iconic tower used to identify the Johannesburg skyline, is seen as the sun rises, in Johannesburg, South Africa, June 20, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>JOHANNESBURG, July 3 (Reuters)&nbsp;&#8211;&nbsp;South African private sector activity fell in June as output and new orders slipped on uncertainty over the outcome of an election held in May, a survey showed on Wednesday.</p>



<p>The S&amp;P Global South Africa Purchasing Managers&#8217; Index fell to 49.2 in June from 50.4 in May. A reading below 50 indicates contraction.</p>



<p>South Africans voted in a national election on May 29, which saw the African National Congress lose its parliamentary majority for the first time since the end of apartheid 30 years ago, creating some uncertainty in financial markets.</p>



<p>The ANC opted to rule in a government of national unity with 10 other political parties and markets spent much of June awaiting the composition of President Cyril Ramaphosa&#8217;s cabinet.</p>



<p>&#8220;The PMI&#8217;s print of 49.2, linked to sharper falls in output and new orders, was largely due to a temporary pause in customer spending as businesses awaited the outcome of the general election,&#8221; said David Owen, senior economist at S&amp;P Global Market Intelligence.</p>



<p>Business conditions deteriorated on the quickest fall in output in three months and a drop in new order volumes for the fourteenth month in a row.</p>



<p>&#8220;We may see a slight recovery in sales in July as firms return to normal activity,&#8221; Owen said.</p>



<p>(Reporting by Tannur Anders; Editing by Christina Fincher)</p>


The Hillbrow Tower, an iconic tower used to identify the Johannesburg skyline, is seen as the sun rises, in Johannesburg

South Africa business activity falls in June, PMI shows

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Honor smartphone showcases AI features


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-820x547.jpg" alt="" class="wp-image-419915" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Bank Group headquarters in Washington, D.C., U.S., on Tuesday, April 19, 2022. The International Monetary Fund (IMF) slashed its world growth forecast by the most since the early months of the Covid-19 pandemic, and projected even faster inflation, after Russia invaded Ukraine and China renewed virus lockdowns. Photographer: Al Drago/Bloomberg via Getty Images</figcaption></figure>



<p>LUSAKA, July 2 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved a $208 million grant for Zambia to help address the social and economic impact of drought that has hit the southern African nation, its finance ministry said on Tuesday.</p>



<p>Southern Africa is enduring its worst drought in years, owing to a combination of naturally occurring El Nino &#8211; when an abnormal warming of waters in the eastern pacific radiates heat into the air leading to hotter weather across the world &#8211; and higher average temperatures produced by greenhouse gas emissions.</p>



<p>Zambia, Malawi and Zimbabwe have all declared a state of disaster because of the drought, which has hit food production and livelihoods of millions of people.</p>



<p>The World Bank grant is intended to help Zambia effectively respond to the impact of drought through the provision of additional temporary cash payments to affected households.</p>



<p>&#8220;Specifically, it will support at least over 1.6 million households across 84 drought-impacted districts with emergency cash assistance over a 12-month period,&#8221; Zambia&#8217;s finance ministry said in a statement.</p>



<p>The World Bank financing would also strengthen existing social protection programmes, the ministry said.</p>



<p>The International Monetary Fund&#8217;s board last month approved a request from the Zambian government to increase its financial support to Zambia to $1.7 billion from $1.3 billion to help the nation respond to the drought.</p>



<p>(Reporting by Chris Mfula; Editing by Susan Fenton)</p>


IMF And World Bank Headquarters During Virtual Spring Meetings

World Bank approves $208 million for Zambia’s drought response

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Whose Tariffs Are Worse For The American Consumer?


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/C57JR5R4DBJ2ZIC65E7RHL4ONE-820x544.jpg" alt="" class="wp-image-503124" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/C57JR5R4DBJ2ZIC65E7RHL4ONE-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/C57JR5R4DBJ2ZIC65E7RHL4ONE-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/C57JR5R4DBJ2ZIC65E7RHL4ONE-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/C57JR5R4DBJ2ZIC65E7RHL4ONE-768x509.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/C57JR5R4DBJ2ZIC65E7RHL4ONE-1536x1018.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/C57JR5R4DBJ2ZIC65E7RHL4ONE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People attend a demonstration over police killings of people protesting against the imposition of tax hikes by the government in Nairobi, Kenya, July 2, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



<p>NAIROBI/MOMBASA, July 2 (Reuters)&nbsp;&#8211;&nbsp;Riot police fired tear gas grenades and charged at stone-throwing protesters in downtown Nairobi&nbsp;and across Kenya on Tuesday in the most widespread unrest since at least two dozen protesters died in clashes a week ago.</p>



<p>The nationwide demonstrations signalled that President William Ruto had failed to appease a spontaneous youth protest movement, despite having abandoned plans for tax rises that triggered the unrest last week.</p>



<p>Tuesday&#8217;s demonstrations began in ebullient mood but turned more violent as the day wore on. In Nairobi&#8217;s downtown business district, police wearing helmets and carrying shields and wooden clubs charged at the protesters, and tear gas bombs exploded in the crowds.</p>



<p>A kiosk was set ablaze in the centre of a street. Medics tended to a youth who lay on the pavement with a bloody hand. Police bundled other youths into the bed of a pickup truck.</p>



<p>Outside the capital, hundreds of protesters marched through&nbsp;Mombasa, Kenya&#8217;s second largest city,&nbsp;on the Indian Ocean coast. They carried palm fronds, blew on plastic horns and beat on drums, chanting &#8220;Ruto must go!&#8221;</p>



<p>Later, Kenya&#8217;s NTV television reported two people shot in Mombasa, showing pictures of cars ablaze.</p>



<p>Ruto, facing the worst crisis of his nearly two-year-old presidency, has been caught between the demands of lenders such as the International Monetary Fund to cut deficits, and a hard-pressed population reeling from the soaring cost of living.</p>



<p>Members of the protest movement, which has no official leaders and largely organises via social media, have rejected Ruto&#8217;s appeals for dialogue &#8211; even after he abandoned his proposed tax rises.</p>



<p>&#8220;People are dying in the streets and the only thing he can talk about is money. We are not money. We are people. We are human beings,&#8221; protester Milan Waudo told Reuters in Mombasa. &#8220;He needs to care about his people, because if he can&#8217;t care about his people then we don&#8217;t need him in that chair.&#8221;</p>



<p>Other protests took place in Kisumu, Nakuru, Kajiado, Migori, Mlolongo and Rongo, according to images broadcast on Kenyan television. In the southwestern town of Migori, protesters set tyres on fire.</p>



<p>The Kenya National Commission on Human Rights (KNHCR) says 39 Kenyans&nbsp;have been killed in demonstrations and clashes with police since June 18.&nbsp;Most of the deaths took place on June 25 when&nbsp;officers opened fire near parliament where some protesters&nbsp;tried to storm the building to prevent lawmakers from voting on the tax hikes.</p>



<h2 class="wp-block-heading" id="h-beautiful-day">&#8216;BEAUTIFUL DAY&#8217;</h2>



<p>&#8220;We are determined to push for the president&#8217;s resignation,&#8221; said Ojango Omondi, an activist in Nairobi. &#8220;We hope for a peaceful protest and minimal casualties, if any.&#8221;</p>



<p>The authorities appealed for calm.</p>



<p>&#8220;It&#8217;s a beautiful day to choose patriotism. A beautiful day to choose peace, order and the sanctity of our nationhood,&#8221; State House communications director Gerald Bitok wrote on X on Tuesday, adding in Swahili: &#8220;Violence is not patriotism.&#8221;</p>



<p>Some activists who had called for the demonstrations deplored the unrest. &#8220;Goons have infiltrated,&#8221; Hanifa Adan, an activist and reporter for the Eastleigh Voice newspaper, wrote on X, followed by broken heart emojis.</p>



<p>Opposition leader Raila Odinga, runner-up in the last four presidential elections, backed the protesters though they have called on politicians to keep out of it.</p>



<p>&#8220;The youth have given our country its last best chance,&#8221; Odinga&#8217;s ODM party said in a statement. &#8220;We either seize it and swim with it by implementing all their demands, or we ignore it and sink the country altogether.&#8221;</p>



<p>The protests, which started as an online outpouring of anger over nearly $2.7 billion of tax&nbsp;increases in a proposed finance bill, have grown into a nationwide movement against corruption and&nbsp;misgovernance.</p>



<p>Ruto has directed the treasury to come up with ways to cut spending to fill a budget gap left by the withdrawal of the tax plans, and also said more borrowing would be required.</p>



<p>Veteran anti-corruption activist John Githongo told Reuters that while Ruto had addressed the nation and media, &#8220;there isn&#8217;t an indication that he wants to take action&#8221; on protesters&#8217; demands, including firing corrupt officials.</p>



<p>&#8220;There hasn&#8217;t been any indication by the government that they are going to take the calls to deal with corruption seriously,&#8221; he said.</p>



<p>The protests&nbsp;had been&nbsp;mostly peaceful until&nbsp;June 25, when some&nbsp;demonstrators&nbsp;briefly stormed parliament and set part of it ablaze,&nbsp;prompting&nbsp;police&nbsp;to&nbsp;open fire.</p>



<p>Ruto has defended the actions of the police and blamed the violence on &#8220;criminals&#8221; who&nbsp;had&nbsp;hijacked the demonstrations.</p>



<p>(Reporting by Aaron Ross, Monicah Njeri, Jeff Kahinju, Olivia Kumwenda-Mtambo in Nairobi and Dicksy O&#8217;Biero in Mombasa; writing by Hereward Holland and Peter Graff; editing by Andrew Heavens, Bernadette Baum, Gareth Jones and Mark Heinrich)</p>


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

Tear gas, stones and flames as Kenya protesters say ‘Ruto must go!’


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="494" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-820x494.jpg" alt="" class="wp-image-503084" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-820x494.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-300x181.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-149x90.jpg 149w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-768x463.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-1536x926.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/J5ZTGSBRZ5N6RNIBC3KXDSSQAE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava, Czech Republic, April 1, 2016.   REUTERS/David W Cerny/File Photo</figcaption></figure>



<p>July 2 (Reuters) &#8211; ArcelorMittal&#8217;s South African division has decided against shutting its steel plant in the KwaZulu-Natal province and is working on a plan to make it viable, it said on Tuesday, more than six months after announcing its closure.</p>



<p>The company&#8217;s Johannesburg-listed shares fell 12.1% by 1004 GMT after a trading update said that losses would widen because of tough market conditions and disruption at its Vanderbijlpark furnaces, where it produces flat steel products.</p>



<p>It expects to report a headline half-year loss per share between 0.96 rand and 1.04 rand, compared with a headline loss of 0.40 rand per share in the same period last year.</p>



<p>The decision to shelve closure of the long steel operations, which produce fencing material, rods and bars used in sectors such as construction, mining and manufacturing, will save 3,500 direct jobs and thousands more indirectly, ArcelorMittal South Africa CEO Kobus Verster said on a media call.</p>



<p>In January the South African unit of the world&#8217;s second-largest steelmaker by output MT.LU delayed the closure of the business by up to six months as it engaged with government and labour to resolve issues hitting profitability and to avert job losses.</p>



<p>The board and management have decided that the business will continue to operate to allow full exploration of the short, medium and longer-term initiatives aimed at securing its sustainability, ArcelorMittal South Africa said.</p>



<p>Announcing the planned closure last November, the steelmaker had blamed weak demand and infrastructure problems in Africa&#8217;s most advanced economy. It also bemoaned policies that gave scrap metal an advantage over iron ore in steel production.</p>



<p>ArcelorMittal South Africa on Monday noted some improvements in electricity generation as well as port and rail efficiencies.</p>



<p>The non-renewal of a steel scrap export ban after it expired in December 2023 had also started to bring &#8220;greater fairness and equity into the input cost structures&#8221; between integrated steelmakers such as ArcelorMittal and scrap-based producers, the company said.</p>



<p>The company has also obtained a 1 billion rand ($54.29 million) working capital facility to support continued operations.</p>



<p>($1 = 18.4182 rand)</p>



<p>(Reporting by Nelson Banya; Editing by Anil D&#8217;Silva and David Goodman)</p>


FILE PHOTO: A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava

ArcelorMittal shelves plan to close South African steel plant


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="581" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YEGVQ7V2ORNN3AV3IRZ2GEW6UM-820x581.jpg" alt="" class="wp-image-503034" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YEGVQ7V2ORNN3AV3IRZ2GEW6UM-820x581.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YEGVQ7V2ORNN3AV3IRZ2GEW6UM-300x213.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YEGVQ7V2ORNN3AV3IRZ2GEW6UM-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YEGVQ7V2ORNN3AV3IRZ2GEW6UM-768x544.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YEGVQ7V2ORNN3AV3IRZ2GEW6UM-1536x1088.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YEGVQ7V2ORNN3AV3IRZ2GEW6UM.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Excavators and drillers at work in an open pit at Tenke Fungurume, a copper and cobalt mine 110 km (68 miles) northwest of Lubumbashi in Congo&#8217;s copper-producing south. Picture taken January 29, 2013. REUTERS/Jonny Hogg//File Photo</figcaption></figure>



<p>NEW DELHI, July 2 (Reuters)&nbsp;&#8211;&nbsp;India is in talks with&nbsp;countries in Africa&nbsp;and Latin America&nbsp;to get critical&nbsp;mineral blocks on a government-to-government basis, Veena Kumari Dermal, joint secretary&nbsp;of the&nbsp;Ministry of Mines, said at an industry event on Tuesday.</p>



<p>The official&nbsp;said that&nbsp;India is&nbsp;also in discussions&nbsp;with Australia for critical&nbsp;minerals.</p>



<p>The South Asian country may&nbsp;have to&nbsp;fast-track&nbsp;clearance for domestic critical minerals blocks,&nbsp;she added.</p>



<p>&#8220;We are having lots of discussions with many other resource-rich countries both in Africa as well as in Latin America for getting a block on a G2G basis or on a priority basis&#8221;, the joint secretary said.</p>



<p>Indian state-owned firm Khanij Bidesh India Ltd (KABIL) is in&nbsp;the&nbsp;process of setting up in Argentina to start exploration, the joint secretary said.</p>



<p>In January, KABIL signed a $24 million lithium exploration pact for five blocks in Argentina.</p>



<p>V.L. Kantha Rao, India&#8217;s secretary of mines, said at industry event in March that India was exploring opportunities in Africa for minerals such as copper, cobalt, and other critical resources, while also pursuing lithium blocks in Australia.</p>



<p>(Reporting by Neha Arora in New Delhi, Writing by Ashna Teresa Britto; Editing by Mrigank Dhaniwala and Sonia Cheema)</p>


https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YEGVQ7V2ORNN3AV3IRZ2GEW6UM

India in talks with Africa, Latin America countries for critical mineral blocks, official says


<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>



<p>JOHANNESBURG, July 2 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Tuesday.</p>



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



<p>South Africa&#8217;s government will hold its weekly auction of long-term bonds.</p>



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



<p>South African assets gave up some gains on Monday as the initial optimism shown by the markets waned a day after President Cyril Ramaphosa formed a new cabinet.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index closed around 0.2% weaker. The country&#8217;s benchmark 2030 government bond rose, with the yield down 3 basis points at 9.955%.</p>



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



<p>The U.S. dollar hovered near an almost 38-year high to the yen on Tuesday following a surge in Treasury yields as investors contemplated the potential for a second Donald Trump presidency.</p>



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



<p>Megacap growth stocks led by Apple and Tesla lifted the tech-heavy Nasdaq to a higher close on Monday, while the Dow and the S&amp;P 500 also eked out slight gains in light pre-holiday trading.</p>



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



<p>Gold prices slipped on Tuesday as the U.S. dollar held firm, while investors awaited comments from Federal Reserve Chair Jerome Powell as well as the country&#8217;s jobs data for further clues about the interest rate outlook.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Election outcome a boon for JSE and bonds</p>



<p>&#8211; Work visas high on new home affairs minister’s agenda</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 2


<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>



<p>NAIROBI, July 2 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Protesters in Kenya have said they will embark on another week of anti-government activism including strikes and demonstrations, that last week forced President William Ruto to abandon deeply unpopular tax hikes.</p>



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



<p>The U.S. dollar hovered near an almost 38-year high to the yen on Tuesday following a surge in Treasury yields as investors contemplated the potential for a second Donald Trump presidency.</p>



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



<p>Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth.</p>



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



<p>South African assets gave up some gains on Monday as the initial optimism shown by the markets waned a day after President Cyril Ramaphosa formed a new cabinet.</p>



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



<p>The Kenyan shilling held steady against the dollar on Monday, but was under pressure as importers and manufacturers sought hard currency, traders said.</p>



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



<p>Kenyan activists called for protesters to take to the streets again on Tuesday, with many rejecting appeals from President William Ruto for dialogue following his decision to withdraw proposed tax hikes.</p>



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



<p>Turkey has begun mediating talks between Somalia and Ethiopia over a port deal Addis Ababa signed with the breakaway region of Somaliland earlier this year, Ankara and four officials familiar with the matter said.</p>



<h2 class="wp-block-heading" id="h-ghana-debt">GHANA DEBT</h2>



<p>The International Monetary Fund said on Monday it had revised up Ghana&#8217;s growth forecast for 2024 to reflect the West African nation&#8217;s improved economic stability.</p>



<h2 class="wp-block-heading" id="h-congo-aid">CONGO AID</h2>



<p>Two employees of Britain-based aid agency Tearfund have been killed in an attack on their convoy in eastern Democratic Republic of Congo, the charity said on Monday.</p>



<h2 class="wp-block-heading" id="h-congo-mining">CONGO MINING</h2>



<p>Democratic Republic of Congo&#8217;s state miner Gecamines said on Monday it would not approve the sale of cobalt miner Chemaf SA and its Congolese assets to Chinese miner Norin Mining.</p>



<h2 class="wp-block-heading" id="h-nigeria-oil">NIGERIA OIL</h2>



<p>Nigeria&#8217;s new Dangote oil refinery is increasing gasoil exports to West Africa, taking market share from European refiners, according to traders and shipping data.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on July 2

<p><iframe loading="lazy" src="https://www.youtube.com/embed/bkHzeMK58sI" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Just outside London’s borders lies an English county filled with city amenities and laidback village vibes.</p>
<p>Essex, which sits in the southeast of England along the North Sea, is the lifelong home of Queenie Porter, managing director of sports drink company, Wow Hydrate.</p>
<p>The company, which has partnered with high-profile sports names like Manche&#8230;</p>


Uncover Essex’s hidden gems with rising sports boss Queenie Porter


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2BQXSB7ZGJI3LF7IF23ZKLG3AU-820x547.jpg" alt="" class="wp-image-503012" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2BQXSB7ZGJI3LF7IF23ZKLG3AU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2BQXSB7ZGJI3LF7IF23ZKLG3AU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2BQXSB7ZGJI3LF7IF23ZKLG3AU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2BQXSB7ZGJI3LF7IF23ZKLG3AU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2BQXSB7ZGJI3LF7IF23ZKLG3AU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2BQXSB7ZGJI3LF7IF23ZKLG3AU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A protester walks amid smoke as supporters of Kenya&#8217;s opposition leader Raila Odinga of the Azimio La Umoja (Declaration of Unity) One Kenya Alliance, participate in an anti-government protest against the imposition of tax hikes by the government in Nairobi, Kenya July 21, 2023. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, July 2 (Reuters) &#8211; Riot police used tear gas to disperse protesters in Kenya&#8217;s capital Nairobi on Tuesday and demonstrations took place in other towns, after young activists called for more protests following a week of clashes in which dozens died.</p>



<p>Reuters journalists saw clouds of tear gas on a main road through central Nairobi before midday, where riot police in helmets had been present since early morning.</p>



<p>Outside the capital, Kenyan television stations showed hundreds of protesters marching peacefully, carrying palm fronds in Mombasa on the Indian Ocean coast, and dozens in Kisumu on Lake Victoria. In the southwestern town of Migori, protesters had set tyres on fire.</p>



<p>Members of the protest movement, which has no official leaders and largely organises via social media, have rejected appeals from President William Ruto for dialogue, even after he abandoned proposed tax rises that triggered the demonstrations.</p>



<p>Dozens of Kenyans have been killed in demonstrations and clashes with police since June 18, most of them shot by officers last Tuesday, when some protesters tried to storm parliament to block lawmakers from voting on the tax increases.</p>



<p>Infuriated by the deaths &#8211; at least 39 according to the government-funded Kenya National Commission on Human Rights (KNHCR) &#8211; many are demanding that Ruto steps down.</p>



<h2 class="wp-block-heading" id="h-demanding-ruto-s-resignation">DEMANDING RUTO&#8217;S RESIGNATION</h2>



<p>&#8220;We are determined to push for the president&#8217;s resignation,&#8221; said Ojango Omondi, an activist in Nairobi. &#8220;We hope for a peaceful protest and minimal casualties, if any.&#8221;</p>



<p>The authorities appealed for calm.</p>



<p>&#8220;It&#8217;s a beautiful day to choose patriotism. A beautiful day to choose peace, order and the sanctity of our nationhood,&#8221; State House communications director Gerald Bitok wrote on X on Tuesday, adding in Swahili: &#8220;Violence is not patriotism.&#8221;</p>



<p>Downtown Nairobi was busier on Tuesday morning than it had been in recent days, with shops that had been shut during the protests reopening. Residents believed the worst of the unrest had passed for now.</p>



<p>&#8220;I think it&#8217;s not going to be maandamano (protest) because maybe people are afraid, because some people have been shot,&#8221; said Kennedy Otwal, who was walking through downtown.</p>



<p>The protests, which started as an online outpouring of anger over nearly $2.7 billion of tax hikes in a proposed finance bill, have grown into a nationwide movement against corruption and misgovernance.</p>



<h2 class="wp-block-heading" id="h-caught-between-demands">CAUGHT BETWEEN DEMANDS</h2>



<p>Ruto, facing the most serious crisis of his nearly two-year-old presidency, has been caught between the demands of lenders such as the International Monetary Fund to cut deficits, and a hard-pressed population reeling from the soaring cost of living.</p>



<p>He has directed the treasury to come up with ways to cut spending to fill a budget gap caused by the bill&#8217;s withdrawal, and also said more borrowing will be required.</p>



<p>Veteran anti-corruption activist John Githongo told Reuters that while Ruto had addressed the nation and media, &#8220;there isn&#8217;t an indication that he wants to take action&#8221; on protesters&#8217; demands, including firing corrupt officials.</p>



<p>&#8220;There hasn&#8217;t been any indication by the government that they are going to take the calls to deal with corruption seriously,&#8221; he said.</p>



<p>The protests were mostly peaceful until last Tuesday, when some protesters briefly stormed parliament and set part of it ablaze, and police opened fire.</p>



<p>Ruto has defended the actions of the police, and blamed the violence on &#8220;criminals&#8221; who hijacked the demonstrations.</p>



<p>(Reporting by Aaron Ross, Monicah Njeri and Jeff Kahinju; Additional reporting by Olivia Kumwenda-Mtambo; Writing by Hereward Holland and Peter Graff; Editing by Andrew Heavens and Bernadette Baum)</p>


Kenya police use tear gas to disperse crowds after call for more demonstrations


<h1 class="wp-block-heading" id="h-what-you-need-to-know-today">What you need to know today</h1>



<h2 class="wp-block-heading" id="h-absa-pmi-improves-for-second-consecutive-month">ABSA PMI Improves for Second Consecutive Month</h2>



<p>The seasonally adjusted Absa Purchasing Managers&#8217; Index (PMI) showed signs of improvement in June 2024, rising to 45.7 from 43.8 in May. Despite the increase, the index remains below the critical 50-point threshold. Economist Sello Sekele from Absa Group discussed the sector&#8217;s challenges, including declining business activity and subdued demand. Positively, cost pressures have eased thanks to the strong rand and decreasing fuel prices.</p>



<p><a href="https://cnbcafrica.com/media/6356173611112" target="_blank" rel="noreferrer noopener">Watch the full interview with Sello Sekele</a></p>



<h2 class="wp-block-heading" id="h-state-intel-report-evolving-investment-strategies-of-african-institutional-investors">State Intel Report: Evolving Investment Strategies of African Institutional Investors</h2>



<p>Dolapo Omidire, Research Director at State Intel, shared insights from a report highlighting a shift among African institutional investors towards longer-term holding of income-producing assets. The report also noted a surge in ESG-linked financing activities and the significant interest in the hospitality sector in regions like French West Africa.</p>



<p><a href="https://cnbcafrica.com/media/6356167714112" target="_blank" rel="noreferrer noopener">Watch the full discussion with Dolapo Omidire</a></p>



<h2 class="wp-block-heading" id="h-rockefeller-foundation-s-mission-300-initiative">Rockefeller Foundation&#8217;s Mission 300 Initiative</h2>



<p>Rajiv Shah, President of the Rockefeller Foundation, discussed the Mission 300 initiative, aimed at providing electricity to 300 million Africans, with a particular focus on Nigeria. The initiative plans to replace diesel generators with renewable energy sources and expand mini-grid systems to boost energy access in remote areas.</p>



<p><a href="https://cnbcafrica.com/media/6356161701112" target="_blank" rel="noreferrer noopener">Watch Rajiv Shah&#8217;s insights</a></p>



<h2 class="wp-block-heading" id="h-imf-approves-67-million-for-benin">IMF Approves $67 Million for Benin</h2>



<p>The IMF has approved $67 million in funding for Benin, signaling a positive outlook for the country&#8217;s economic stability and growth. Constant Lonkeng Ngouana, IMF Mission Chief to Benin, emphasized the importance of domestic revenue mobilization and subsidy reforms to achieve sustainable growth.</p>



<p><a href="https://cnbcafrica.com/media/6356160545112" target="_blank" rel="noreferrer noopener">Watch the discussion with Constant Lonkeng Ngouana</a></p>



<h2 class="wp-block-heading" id="h-south-africa-s-energy-transition-the-role-of-natural-gas">South Africa&#8217;s Energy Transition: The Role of Natural Gas</h2>



<p>Dele Kuti of Standard Bank discussed South Africa&#8217;s progress towards stabilizing its power grid and highlighted the role of natural gas in the country&#8217;s just energy transition. He emphasized the need for continued investment in renewable energy and efficient energy management to meet growing demand while reducing carbon emissions.</p>



<p><a href="https://cnbcafrica.com/media/6356155734112" target="_blank" rel="noreferrer noopener">Watch the full interview with Dele Kuti</a></p>



<h2 class="wp-block-heading" id="h-president-ghazouani-s-re-election-in-mauritania">President Ghazouani&#8217;s Re-election in Mauritania</h2>



<p>Robert Besseling of Pangea-Risk analyzed the re-election of Mauritania&#8217;s President Ghazouani, noting the likely continuation of policy stability and investment attraction. Key areas of focus include commodities market development and boosting foreign direct investment to address socio-economic challenges.</p>



<p><a href="https://cnbcafrica.com/media/6356151403112" target="_blank" rel="noreferrer noopener">Watch the analysis with Robert Besseling</a></p>



<h2 class="wp-block-heading" id="h-african-tech-vc-funding-trends-and-outlook">African Tech VC Funding: Trends and Outlook</h2>



<p>Despite a 56% drop in funding in the first half of 2024, experts remain optimistic about African tech startups. Oswald Guobadia and Raj Kulsaingham discussed the need for tailored funding models, diversification in sectors like climate tech, and the role of local investors in supporting innovation.</p>



<p><a href="https://cnbcafrica.com/media/6356149707112" target="_blank" rel="noreferrer noopener">Watch the insights from Oswald Guobadia and Raj Kulsaingham</a></p>



<h2 class="wp-block-heading" id="h-ramaphosa-names-government-of-national-unity-cabinet">Ramaphosa Names Government of National Unity Cabinet</h2>



<p>South Africa&#8217;s President Ramaphosa has announced a new, larger cabinet as part of the Government of National Unity. Louw Nel of Oxford Economics examined the strategic decisions behind key appointments and their potential impact on policy stability and future electoral outcomes.</p>



<p><a href="https://cnbcafrica.com/media/6356146914112" target="_blank" rel="noreferrer noopener">Watch the briefing with Louw Nel</a></p>



<h2 class="wp-block-heading" id="h-rainbow-chicken-s-jse-main-board-listing">Rainbow Chicken&#8217;s JSE Main Board Listing</h2>



<p>Rainbow Chicken&#8217;s stock has surged nearly 30% following its listing on the JSE main board. Managing Director Marthinus Stander discussed the company&#8217;s strategies for maintaining profitability and competitiveness amidst sector challenges.</p>



<p><a href="https://cnbcafrica.com/media/6356146714112" target="_blank" rel="noreferrer noopener">Watch Marthinus Stander&#8217;s insights</a></p>



<h2 class="wp-block-heading" id="h-south-africa-s-business-reaction-to-new-gnu-cabinet">South Africa&#8217;s Business Reaction to New GNU Cabinet</h2>



<p>Business leaders Mtho Xulu (SACCI) and Cas Coovadia (BUSA) shared their perspectives on South Africa&#8217;s new GNU cabinet. They emphasized the need for unity, effective governance, and collaboration between the private sector and the government to drive economic growth and address socio-economic challenges.</p>



<p><a href="https://cnbcafrica.com/media/6356147776112" target="_blank" rel="noreferrer noopener">Watch the full discussion with Mtho Xulu and Cas Coovadia</a></p>



<h2 class="wp-block-heading" id="h-india-expands-search-for-critical-minerals">India Expands Search for Critical Minerals</h2>



<p>India is actively engaging in discussions with countries in Africa and Latin America to secure critical mineral blocks on a government-to-government basis. Veena Kumari Dermal, joint secretary of the Ministry of Mines, highlighted this at an industry event. These talks are also extending to Australia with the aim of securing lithium blocks. Indian state-owned firm Khanij Bidesh India Ltd (KABIL) has already set up operations in Argentina and signed a $24 million lithium exploration pact for five blocks in January. </p>



<h2 class="wp-block-heading" id="h-south-african-markets-update">South African Markets Update</h2>



<p>On Monday, South African assets gave up some of their initial gains following the formation of a new cabinet by President Cyril Ramaphosa. Specifically, the Top-40 index on the Johannesburg Stock Exchange closed around 0.2% weaker, while the country&#8217;s benchmark 2030 government bond yield fell by 3 basis points to 9.955%. The government is also planning to hold its weekly auction of long-term bonds. </p>



<h2 class="wp-block-heading" id="h-african-markets-key-developments">African Markets&#8217; Key Developments</h2>



<p>Multiple factors are currently affecting African markets. In Kenya, activists have scheduled another week of anti-government protests, compelling President William Ruto to reconsider his unpopular tax hikes. The Kenyan shilling remains steady but under pressure due to increased demand for hard currency by importers and manufacturers. In Somalia and Ethiopia, Turkey is mediating discussions over a port deal signed with the Somaliland region. Meanwhile, the International Monetary Fund has revised its 2024 growth forecast for Ghana upwards due to improved economic stability. In the Democratic Republic of Congo, the state miner Gecamines has declined to approve the sale of Chemaf SA&#8217;s cobalt assets to Norin Mining. Lastly, Nigeria&#8217;s Dangote oil refinery is increasing gasoil exports, impacting European refiners. </p>


South African Rand coins are seen in this illustration picture

Daily Open: ABSA PMI’s Positive Streak Amid Persistent Challenges, GNU Cabinet Announced

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Daily Open: ABSA PMI’s Positive Streak Amid Persistent Challenges, GNU Cabinet Announced

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Watch this video if you’re traveling to China

Majority of British voters want Israel arms ban

African Markets – Factors to watch on July 3

Kenya’s private sector activity contracts in June, PMI shows

South Africa business activity falls in June, PMI shows

Honor smartphone showcases AI features

World Bank approves $208 million for Zambia’s drought response

Whose Tariffs Are Worse For The American Consumer?

Tear gas, stones and flames as Kenya protesters say ‘Ruto must go!’

ArcelorMittal shelves plan to close South African steel plant

India in talks with Africa, Latin America countries for critical mineral blocks, official says

South African Markets – Factors to watch on July 2

African Markets – Factors to watch on July 2

Uncover Essex’s hidden gems with rising sports boss Queenie Porter

Kenya police use tear gas to disperse crowds after call for more demonstrations

Daily Open: ABSA PMI’s Positive Streak Amid Persistent Challenges, GNU Cabinet Announced

Gen Z’s shopping habits heavily driven by TikTok

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