How CNBC helped break the Crowdstrike global I.T. outage

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg" alt="" class="wp-image-481529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-1536x1000.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A visitor descends stairs outside the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



LONDON, July 24 (Reuters) &#8211; Anglo American investors will keenly scrutinize CEO Duncan Wanblad on Thursday as he gives an update on the London-based miner&#8217;s strategy, just months after fighting off a $49 billion takeover bid from bigger rival BHP Group.



Delivering first-half earnings results for the first time after rebuffing the world&#8217;s No. 1 miner, Wanblad and his team need to convince investors that the strategy to refocus on copper, iron ore and a fertilizer project is on track.



While Wanblad pinned his approach on getting an early start with selling Anglo&#8217;s coking coal assets in Australia, which the company said has drawn huge interest, an unexpected and unwieldy fire at its Grosvenor mine at one of the mines could torpedo the well-laid plans, setting the timing back with a possible hit to the deal&#8217;s valuation.



&#8220;Clearly, any updates on the simplification strategy will be closely watched,&#8221; said Richard Hatch, analyst at Berenberg.



&#8220;Our key questions center around the challenges of selling the coal business &#8230; and whether Anglo would accept payments in contingent form due to operational issues,&#8221; Hatch added.



Anglo has already cut its output forecast for steelmaking coal, because of the June 29 fire at its Grovesnor mine that has rendered the affected sections inaccessible. Damage assessment and re-opening is going to take several months, Anglo said.



Investors also expect Anglo to write off the value of its Woodsmith fertiliser project in northern England, having earlier said it would slow down development but still invest $800 million this year. Anglo already wrote down $1.7 billion on the project a year ago.



The restructuring plan, which also includes the demerger of its South African platinum unit, closure or sale of its nickel mines and the divestment of diamonds business De Beers, could be completed by 2025.



Unless, BHP resumes its pursuit or other suitors, join the hunt.



&#8220;BHP could come back after six months, or could wait for the Amplats unbundling to be complete,&#8221; said Ian Woodley, portfolio manager at Old Mutual.



&#8220;If I were them, I would wait at least until the unbundling has moved along a bit further,&#8221; he added.



The main prize in Anglo&#8217;s portfolio are its world class and long-life copper assets in Latin America.



Copper is seen as a draw-card to deals in the mining sector, with investors expected to demand that even the most profitable companies show plans on how to grow the metal&#8217;s portfolio.



&#8220;Having an exposure to the copper sector, to the copper price, is attractive for investors,&#8221; said Erik Belz, president and chief operating officer at hedge fund Engine No. 1.



&#8220;Consolidation can get our (investors) costs down. If we get our costs down, we can expand our margin. And if the price goes up on top of that, then that&#8217;s sort of two ways to win,&#8221; Belz added. 



(Reporting by Clara Denina and Felix Njini; Editing by Veronica Brown and David Evans)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo to face investors with wary eye on BHP’s potential return

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-820x546.jpg" alt="" class="wp-image-510697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WINDHOEK, NAMIBIA &#8211; 2023/01/10: An aerial view of the capital city Windhoek and the Lutheran church called Christ Church (Christuskirche) which was designed by the architect Gottlieb Redecker is a landmark in the middle of a roundabout in the center of Windhoek. (Photo by Peter Charlesworth/LightRocket via Getty Images)</figcaption></figure>



CAPE TOWN/WINDHOEK, July 24 (Reuters)&nbsp;&#8211;&nbsp;A dispute in Namibia over access to diamond-rich land around the town of Luderitz is now threatening to derail major energy projects, state and company officials said as the government steps up efforts to resolve the dispute.



Any protracted delays may scare off investors at a crucial time for Namibia, as it aims to accelerate its first oil production following large offshore finds by TotalEnergies, Shell and Galp.



At the heart of the discord are vast tracts of desert land surrounding Luderitz and Elizabeth Bay, 25 kms south, that form part of a mining licence held by Sperrgebiet Diamond Mining (SDM) company and which companies need for their projects.



&#8220;At the moment, the ministry and licence holder are in talks to find a best solution to address the issue (of land access),&#8221; a spokesperson for the mines and energy ministry said.



Besides a proposed 800 megawatt gas-to-power plant, Hyphen Energy&#8217;s $10 billion green hydrogen project and two wind farms are among those potentially affected as the year-long deadlock drags on, officials said.



Elizabeth Bay is where BW Energy plans to land a pipeline from its offshore Kudu gas field to supply a gas-to-power plant and liquefied natural gas facility.



BW Energy, which postponed a final investment decision on its Kudu project, previously told Reuters that getting land to build a power plant and 40 km onshore pipeline is a challenge.



&#8220;We have been at an impasse now for a year to conclude the mechanics of how we will coordinate and cooperate once we are in operation &#8230; this is quite urgent,&#8221; Manfriedt Muundjua, a senior BW Energy official told an energy conference in April.



The co-owners of SDM are embroiled in a Windhoek high court spat, complicating land negotiations, since the mine&#8217;s majority shareholder, Dubai-based GEM Group, was taken to court by its minority partner, Lewcor, over allegations of asset stripping.



&#8220;We are still negotiating with the mine operators but its a time-consuming process and we don&#8217;t have time,&#8221; Luderitz mayor Phillippus Balhao said.



($1 = 18.3666 Namibian dollars)



(Reporting by Wendell Roelf in Cape Town, Nelson Banya in Harare, Nyasha Nyaungwa in Windhoek; editing by David Evans)

An aerial view of the capital city Windhoek and the Lutheran

Land dispute threatens to derail Namibia’s energy hub plans

<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-1815421853-820x547.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of Kenya William Ruto during the United Nations Climate Change Conference COP28 High Level Segment meeting in Dubai, United Arab Emirates on December 1, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, July 24 (Reuters) &#8211; Kenyan President William Ruto on Wednesday nominated four members of the main opposition party to a &#8220;broad-based&#8221; cabinet he promised in response to nationwide protests, but activists criticised the new government as a corrupt bargain.



The opposition members, including the pick to lead the finance ministry, John Mbadi, are allies of opposition leader Raila Odinga, whom Ruto defeated in the 2022 election.



In a speech from his official residence, Ruto called the new government &#8220;a visionary partnership for the radical transformation of Kenya&#8221; and thanked those who had consulted on its formation for the &#8220;historic gesture of their patriotism&#8221;.



Young protesters behind six weeks of demonstrations that forced Ruto to withdraw $2.7 billion in tax hikes said the unity government would perpetuate a tradition of leaders co-opting the opposition at the expense of the population.



More than 50 people have been killed in the protests, which are the biggest crisis of Ruto&#8217;s two years in power.



Demonstrations have continued even after he shelved the tax raises, with many activists now calling for him to resign and for far-reaching reforms to tackle graft.



&#8220;Zakayo has appointed corrupt people to fight corruption,&#8221; Boniface Mwangi, a prominent anti-government activist, wrote on X.



Zakayo is the Swahili name for a greedy tax collector in the Bible that protesters have used as a nickname for Ruto.



&#8220;It&#8217;s important to note @RailaOdinga is a traitor. He has betrayed the people, and formed a government of national looting with Zakayo,&#8221; Mwangi said.



On Monday, Odinga&#8217;s Orange Democratic Movement said it was not in negotiations with the government &#8220;for any coalition or political arrangement&#8221;. The ODM was due to hold a news conference shortly after Ruto&#8217;s speech.



The party&#8217;s coalition allies have strongly opposed a unity government.



<h2 class="wp-block-heading" id="h-new-protest-calls">NEW PROTEST CALLS</h2>



Besides the four opposition members, Ruto named five members of the cabinet he dismissed earlier this month in response to protesters&#8217; demands. Last week, Ruto announced 11 nominations &#8211; six of whom were holdovers from the previous cabinet.



The background of one of the nominees on Wednesday was not immediately clear. Ruto said he would announce additional nominees soon.



He also said he would be proposing amendments to anti-corruption and public procurement laws and called on the police to release any innocent people who may have been arrested during the demonstrations.



The protests, which have been mostly organised online and have no official leaders, began peacefully but turned violent as the police fire tear gas and live rounds. Some demonstrators briefly stormed parliament on June 25.



Activists circulated calls on social media for a march on Thursday to present a petition to the office of the president and lay flowers at parliament for those killed a month earlier.



Ruto initially praised protesters for being peaceful and mobilising across the ethnic lines that have traditionally defined Kenyan politics.



But he has stepped up his criticism of the protest movement in recent days. In comments over the weekend, he vowed to stop the demonstrations, saying they were causing &#8220;mayhem and anarchy&#8221;.



Anti-government activists have blamed incidents of violence and looting on thugs hired by politicians to discredit the movement and advance their own agendas.



(Reporting by George Obulutsa and Hereward Holland Writing by Aaron RossEditing by Peter Graff and Angus MacSwan)

COP28 In Dubai High Level Segment

Kenya’s Ruto names opponents to cabinet, protesters slam ‘corrupt’ deal

<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 24 (Reuters) &#8211; Kenya&#8217;s shilling was weaker against the dollar in early trade on Wednesday, LSEG data showed.



At 0857 GMT, the shilling traded at 132.50/133.50 per dollar, compared with Tuesday&#8217;s closing rate of 132.00/132.50.



(Reporting by George Obulutsa; Editing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling weakens versus dollar – LSEG data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><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 24 (Reuters) &#8211; The Ugandan shilling was weaker on Wednesday, hurt by a pick up in demand for dollars from the energy sector and other goods importers, traders said.



At 0803 GMT, commercial banks quoted the shilling at 3,705/3,715, compared with Tuesday&#8217;s closing rate of 3,690/3,700.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling weaker due to FX demand from energy sector

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1407863161-820x461.jpg" alt="" class="wp-image-510589" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1407863161-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1407863161-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1407863161-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1407863161-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1407863161-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1407863161-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Aerial photo from the capital of Angola, Luanda | Getty Images</figcaption></figure>



Angola is making significant strides in diversifying its economy by attracting foreign investment across various sectors. In a recent initiative, the Agency for Private Investment and Exports Promotion (AIPEX) has <a href="https://investinangola.ao/">launched the &#8216;INVEST IN ANGOLA&#8217; platform</a>, aimed at streamlining and enhancing investment opportunities within the country.



<h2 class="wp-block-heading" id="h-angola-s-economic-diversification-strategy">Angola&#8217;s Economic Diversification Strategy</h2>



Historically reliant on oil, Angola is now focusing on diversifying its economic base. Key sectors identified for development include manufacturing, ICT, agriculture, and education. By tweaking private investment laws and offering incentives aligned with the developmental needs of different regions, Angola is positioning itself as a favorable destination for foreign investors.



The ongoing reforms cover political, economic, and social aspects, signaling a robust transition towards improving infrastructure and increasing regional integration. This includes better connectivity to support trade and cooperation with neighboring African nations.



<h2 class="wp-block-heading" id="h-strategic-partnerships-and-trade-agreements">Strategic Partnerships and Trade Agreements</h2>



Significant milestones include the recent trade partnership with Rwanda. The memorandum of understanding (MoU) signed with the Rwanda Development Board (RDB) aims to leverage mutual strengths and explore business opportunities. Learning from Rwanda’s successful Special Economic Zones, Angola aims to attract new investors and enhance its own Luanda Special Economic Zone.



<h2 class="wp-block-heading" id="h-oil-and-gas-still-a-cornerstone">Oil and Gas: Still a Cornerstone</h2>



Despite diversification efforts, the oil and gas sector remains crucial. Initiatives like an in-depth investor report and a high-level documentary produced in partnership with Energy Capital &amp; Power (ECP) will highlight opportunities in this sector. Major events such as the Angola Oil &amp; Gas (AOG) Conference continue to draw attention, fostering discussions, networking, and deal-making among key industry players.



<h2 class="wp-block-heading" id="h-more-than-a-website">More than a website</h2>



According to Forbes Africa Lusofone, the platform is a strategic tool aimed at facilitating access to critical information and resources for investors worldwide. Currently, there are 84 investment opportunities in key sectors such as agriculture, energy, infrastructure, and two projects under the privatization program (Propriv), as well as 539 products from the &#8220;Made in Angola&#8221; brand, reflecting the government&#8217;s commitment to promoting the Planagrão (National Grain Production Promotion Plan).



AIPEX will be responsible for managing this platform &#8211; &#8220;we are fully committed to ensuring that it becomes a benchmark of excellence and an indispensable support point for investors. Our team is focused on keeping the content updated, relevant, and aligned with international best practices. We will continuously expand the available resources, incorporate interactive tools, and offer personalized support to meet the needs of investors. We are aware that diversifying content and including interactive features such as investment maps and incentive calculators are essential to providing a complete and efficient experience,&#8221; says AIPEX.



The launch of the &#8216;INVEST IN ANGOLA&#8217; platform signifies a strategic effort to attract and retain foreign investment, thereby promoting sustainable development and inclusive growth. By capitalizing on its strategic location, abundant natural resources, and evolving business environment, Angola is poised to make significant advancements in its quest for economic diversification.

Luanda Skyline from above

AIPEX Launches ‘INVEST IN ANGOLA’ Platform: A New Era for Investment in Angola

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="588" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-820x588.jpg" alt="" class="wp-image-510571" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-820x588.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-300x215.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-768x551.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-1536x1101.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VTWRCG6IZBJX7GFQNKPNG35RVQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Shoppers stand at a Pick n Pay store at the Dobson Point Shopping Centre, in Soweto, South Africa, March 19, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, July 24 (Reuters)&nbsp;&#8211;&nbsp;South African inflation slowed in June, statistics agency data showed on Wednesday, clearing the path for the central bank to cut rates at its next meeting, economists said.



Headline consumer inflation stood at 5.1% year-on-year in June, compared to 5.2% in May, Statistics South Africa said, in line with the prediction made by economists polled by Reuters.



Inflation has remained above 5% for 10 consecutive months Statistics South Africa data showed, while the South African Reserve Bank (SARB) prefers it to be at the midpoint of its 3%-6% target band.



The slow rate of disinflation has meant the central bank has kept its main lending rate unchanged at 8.25% for more than a year.



Isaac Matshego, senior economist at local financial firm, Nedbank, said they now see the SARB cutting rates at their next meeting in September.



&#8220;Today’s figure affirms our view that the SARB will cut the repo rate by 25 basis points to 8% at its meeting in September followed by a similar reduction in November,&#8221; said Matshego.



A key concern for the SARB has been high food and services prices, but June data shows these have both come down to 4.6% in June from 4.7% in May, just shy of the midpoint.



David Omojomolo, Africa economist at Capital Economics said lower food and services inflation gives impetus to the central bank to start cutting rates in September, agreeing that a 25 basis point cut would be acceptable.



Core inflation, which excludes food and fuel prices, came in at 4.5% for June, Statistics South Africa added.



(Writing by Kopano Gumbi and Bhargav Acharya; Editing by Alex Richardson and Angus MacSwan)

Shoppers stand at a Pick n Pay store in Soweto

South African inflation drops, rate cuts now expected in September

<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-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, July 24 (Reuters)&nbsp;&#8211;&nbsp;The South African rand extended losses in early trade on Wednesday, as investors turned their attention to local inflation figures which may give clues on the country&#8217;s future interest rate path.



At 0649 GMT, the rand traded at 18.4225 against the dollar, over 0.1% weaker than its previous close. The rand tumbled against the greenback on Tuesday.



&#8220;The rand (is) coming under pressure as market participants sit on the side lines waiting for our June CPI (consumer inflation) print later this morning,&#8221; Rand Merchant Bank analysts said in a research note.



&#8220;Ahead of CPI later this morning look for ranges to persist,&#8221; Rand Merchant Bank analysts added.



Statistics South Africa will release local inflation figures for June at around 0800 GMT on Wednesday, which may give hints on the future interest rate path of Africa&#8217;s most industrialised economy.



Economists polled by Reuters expect June year-on-year inflation at 5.1%. Inflation was seen at 5.2% the month before.



Inflation has been above 5% since September 2023, and the central bank estimates that inflation will only stabilise at its targeted 4.5% over the next few quarters.



Monetary policy has remained tight as the central bank tries to steer inflation back towards the midpoint of its 3%-6% target range.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, as the yield slipped 2.5 basis points to 9.435%.



(Reporting by Tannur Anders; Editing by Andrew Heavens)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand extends losses, focus on local inflation data

<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 24 (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>



*Zambia Finance Minister Situmbeko Musokotwane to present the country&#8217;s mid-year budget review.



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



Asian stocks were subdued on Wednesday after lacklustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment, while the yen hit a six-week high ahead of a central bank meeting next week where a rate hike remains on the table.



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



Oil prices rebounded on Wednesday, snapping three straight sessions of decline, as falling U.S. crude inventories and growing supply risks from wildfires in Canada boosted prices.



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



The South African rand weakened on Tuesday, as investors looked towards June inflation data due on Wednesday and markets watched for developments in the U.S. presidential race.



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



Nigeria&#8217;s central bank on Tuesday raised its benchmark interest rate for the fourth time this year, as inflation surged to a 28-year high and the naira came under renewed pressure on both the official and parallel markets.



<h2 class="wp-block-heading" id="h-nigeria-wages">NIGERIA WAGES</h2>



Nigerian lawmakers passed legislation on Tuesday to more than double the minimum wage to 70,000 naira ($44.16) a month, ending months of wrangling between the government and labour unions.



<h2 class="wp-block-heading" id="h-nigeria-politics">NIGERIA POLITICS</h2>



Nigeria&#8217;s police chief warned against Kenyan-style protests on Tuesday after frustrated citizens used online platforms to call for demonstrations against poor governance and a cost of living crisis.



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



Kenya&#8217;s shilling weakened against the dollar on Tuesday, traders said, weighed on by banks covering their positions.



<h2 class="wp-block-heading" id="h-kenya-economy">KENYA ECONOMY</h2>



Kenya expects the International Monetary Fund to review its revised fiscal repair plan at the end of August, the country&#8217;s chief minister has told a parliamentary panel.



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



Kenya&#8217;s police fired tear gas to prevent scuffles between groups of protesters and government supporters in the capital Nairobi on Tuesday, as youth-led demonstrations against alleged corruption and misgovernance dragged into their sixth week.



<h2 class="wp-block-heading" id="h-uganda-politics">UGANDA POLITICS</h2>



Ugandan security forces detained dozens of young people on Tuesday, a rights group said, as they took part in a banned protest rally in downtown Kampala against official corruption and alleged human rights abuses by the country&#8217;s rulers.



<h2 class="wp-block-heading" id="h-tanzania-mining">TANZANIA MINING</h2>



Australia&#8217;s Peak Rare Earths said on Wednesday Chinese miner Shenghe Resources would acquire a 50% stake in an U.K.-based firm that owns 84% of its Ngualla project in Tanzania.



<h2 class="wp-block-heading" id="h-ghana-economy">GHANA ECONOMY</h2>



Ghana&#8217;s finance minister raised the country&#8217;s 2024 growth forecast on Tuesday and said the West African nation was rebounding faster than expected from its worst economic crisis in a generation.



<h2 class="wp-block-heading" id="h-botswana-mining">BOTSWANA MINING</h2>



Botswana is proposing a law that will ask mining companies, once granted a licence, to sell a 24% stake in mines to locals if the government does not exercise its option to acquire the shareholding, a draft bill seen by Reuters on Tuesday shows.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 24

<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 24 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Wednesday.



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



Statistics South Africa will publish the country&#8217;s June inflation figures.



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



Vodacom Group reported a 1.5% rise in its quarterly revenue on Wednesday.



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



The South African rand weakened on Tuesday, as investors looked towards June inflation data due on Wednesday and markets watched for developments in the U.S. presidential race.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.24% higher.



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



Asian stocks were subdued on Wednesday after lacklustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment, while the yen hit a six-week high ahead of a central bank meeting next week where a rate hike remains on the table.



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



Wall Street&#8217;s main indexes ended slightly lower on Tuesday, having given up meager intraday gains in the final minutes of trading, as investors switched their focus to the latest earnings from Alphabet and Tesla



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



Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve&#8217;s rate-cut timeline.



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



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



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



&#8211; SA banks stage multibillion-rand rally



&#8211; Ramaphosa signs Climate Change Bill into law



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 24

<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-2162833993-820x547.jpg" alt="" class="wp-image-510532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2162833993-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">GRAND RAPIDS, MICHIGAN &#8211; JULY 20: Republican presidential nominee, former U.S. President Donald Trump walks offstage after speaking at a campaign rally at the Van Andel Arena on July 20, 2024 in Grand Rapids, Michigan. Trump&#8217;s campaign event is the first joint event with his recent vice presidential pick Sen. J.D. Vance (R-OH) and the first campaign rally since the attempted assassination attempt his rally in Butler, Pennsylvania. (Photo by Anna Moneymaker/Getty Images)</figcaption></figure>



Former President Donald Trump would likely take his trade war and economic decoupling policies to new levels if he were elected to a second term in the White House, experts told CNBC.



While Joe Biden also placed strategic competition with China at the forefront of his economic policy, economists and trade experts largely expect Trump would further cut and destabilize trade relations between the world’s two largest economies.



“A Trump victory is highly likely to increase trade and economic hostilities between the U.S. and China, ramping up the trade and financial decoupling between the two countries,” said Eswar Prasad, an economics professor at Cornell University.



Trump is widely expected to face incumbent Vice President Kamala Harris after Biden bowed out of the race and endorsed her. According to Prasad and other experts, Harris’ approach to China would likely be similar to that of Biden.



While Trump and Biden both took a protectionist stance, their strategies and tactics differed greatly, explained Prasad, who previously served as head of the International Monetary Fund’s China and financial studies divisions.



“Trump relied on tariffs to keep out imports from China. Biden — while keeping those tariffs in place and even increasing tariffs on certain imports — has focused more on restricting China’s access to technology transfers and computer chips,” he said.



<h2 class="wp-block-heading" id="h-tariff-man"><a></a>‘Tariff man’</h2>



Trump’s biggest diversion from Biden-era trade policy would likely be tariffs levied on China.



The self-proclaimed “tariff man” set off a trade war with Beijing during his first term. He placed a series of duties on $250 billion of Chinese imports, disregarding warnings the levies would raise prices and hurt consumers. 



After defeating Trump in 2020, Biden retained his predecessor’s tariffs and even added his own, announcing stiff new duties on about $18 billion worth of Chinese imports, including electric vehicles, solar cells, lithium batteries, steel and aluminum. 



Experts told CNBC they expect Harris to largely continue Biden’s tariff policy. Trump, on the other hand, has already proposed increasing rates on Chinese imports by at least 60%. 



“I certainly don’t know if Trump is willing to pursue such extreme measures, but I do believe that he’s likely to increase tariffs to some degree during a second term,” said Stephen Weymouth, a professor of international political economy at Georgetown University.&nbsp;&nbsp;



Economist Stephen Roach said Trump raising tariffs in a second term would be the “functional equivalent of the nuclear option” in international economic conflict.&nbsp;



William Reinsch, Scholl chair in international business at the Center for Strategic and International Studies, said the tariffs risk another trade war that would end most goods exchange between the two countries at an “enormous economic cost.”



Even if Trump’s aim is not a full decoupling but forcing Beijing into negotiating a more favorable trade deal, Reinsch said there’s little reason to believe that would work.



The Trump administration reached a “phase one trade deal” with China in 2019, but few terms were honored and subsequent phases never materialized.



Some commentators said Trump picking JD Vance as his running mate further signals the Republican is serious about his tariff plans. The senator from Ohio has been a staunch supporter of tariffs on China, identifying the country as the biggest threat facing the U.S. 



“If I was a China policy maker, this selection would have me shaking in my boots,” said Arthur Dong, professor of strategy and economics at Georgetown.&nbsp;



<h2 class="wp-block-heading"><a></a>Tech war</h2>



In contrast, the Biden-Harris administration’s key policies focused on limiting China’s access to technology transfers and directing domestic subsidies to develop high-tech industries and supply chains in the U.S.



The administration dramatically expanded the list of technologies and Chinese companies subject to U.S. export controls in efforts to cut support to critical tech industries in China, such as advanced semiconductors. The Trump administration had enacted some similar controls.



The Biden administration also announced rules limiting U.S. investment in Chinese firms developing sensitive technologies, citing national security concerns.



In perhaps Biden’s biggest move, the administration signed the CHIPS and Science Act in August 2022, putting aside almost $53 billion to invest in domestic semiconductor manufacturing and research to boost U.S. competitiveness with China.



Chris Miller, author of “Chip War,” noted export controls and the CHIPS Act were passed with bipartisan support in Washington, and thus, such policies are likely to remain a priority regardless of what happens in November.&nbsp;



“I expect that the U.S. will ratchet up restrictions a notch or two regardless of who wins the election,” Miller said.



<h2 class="wp-block-heading"><a></a>Diplomacy&nbsp;</h2>



A second term for Trump would also impact U.S. diplomacy and dialogue with Beijing beyond trade matters, said Rorry Daniels,&nbsp;managing director of the Asia Society Policy Institute.



She said channels for the two countries to discuss policy issues decreased significantly during the Trump administration, whereas the Biden administration emphasized its diplomatic engagement efforts.



The current administration has also sought greater coordination with “likeminded partners,” such as lobbying Japan and the Netherlands to cooperate on semiconductor restrictions. 



“That’s both helped minimize the blowback of his trade policy actions, while in many ways also making them more effective,” said Nick Marro, lead analyst for global trade with the Economist Intelligence Unit, adding he expects any future Democratic administration to retain this multilateral approach.&nbsp;



On the other hand, he said Trump opts for a more “go-it-alone” approach, allowing for a more rapid adoption of U.S. measures on China.



While the Biden-Harris administration’s “more measured and cautious” approach to China trade and diplomacy has done more to stabilize the relationship, Marro said he doubts Beijing is excited about either candidate.



“There’s this feeling that, regardless of&nbsp;which party&nbsp;sits in the White House,&nbsp;US-China relations will remain on a crash-course throughout the remainder of this decade.”



— CNBC’s Zenith Wong contributed to this report

Donald Trump And J.D. Vance Hold First Joint Campaign Rally After The RNC

Trump 2.0 could go ‘nuclear’ on China trade, while economists say Harris would remain tough

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="493" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-820x493.jpg" alt="" class="wp-image-510298" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-820x493.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-150x90.jpg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-768x462.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-1536x923.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/44E5UX7RVRM3BHN4VQCD3CXQD4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The retired coal-fired Komati Power Station Is seen near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 23 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa has signed into law a broad climate change act that will set caps for large emitters and require every town and city to publish an adaptation plan.



The Climate Change Bill aims to enable South Africa to meet its emissions reduction commitments under the Paris climate agreement, the presidency said in a statement on Tuesday.



South Africa, which is the world&#8217;s most carbon-intensive major economy and among the top 15 greenhouse gas emitters, is on track to miss those targets because of to its heavy reliance on coal for electricity.



&#8220;This is very significant in that it&#8217;s the first time that our climate change response is directly brought into domestic law,&#8221; said Brandon Abdinor, a lawyer at South Africa&#8217;s Centre for Environmental Rights, a non-profit organisation.



&#8220;A lot of work needs to be done, but this act puts the basic architecture in place for that to happen.&#8221;



The presidency statement did not say when Ramaphosa had signed the law, which requires every province and municipality to assess climate change risks and develop a response plan.



Emissions targets will be set for each high-emitting government sector such as agriculture, transport and industry, and each relevant minister must adopt measures to achieve them.



The law also says the environment minister must allocate a carbon budget to large greenhouse gas-emitting companies, setting a limit on their emissions over a specified time.



The allocations have not yet been set, and the law does not make it an offence to exceed the limit although climate advocates had wanted this, said Abdinor. But emitters that exceed their budget are likely to have to pay a higher rate of carbon tax.



&#8220;With mandatory carbon budgets now in place, we expect to see significant emissions reductions from large companies,&#8221; Harald Winkler, an expert on climate policy at the University of Cape Town, said on X.



&#8220;Transparency in annual reporting will be key,&#8221; he added.



The bill is the latest sign that South Africa&#8217;s new government might be more aggressive on climate change and renewable energy than its predecessors.



The new energy minister has vowed to speed up the transition to renewables, but few specific plans have emerged. Funding plans to support the new bill are also unclear.



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



(Reporting by Nellie Peyton, Editing by Timothy Heirtagr)

FILE PHOTO: The retired coal-fired Komati Power Station Is seen near Komati village, in the Mpumalanga province in South Africa

South Africa passes its first sweeping climate change law

<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/ZCC42XEXUBJ3HISRP7XYZFWFXM-820x547.jpg" alt="" class="wp-image-510295" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Smoke rises from inside a car, during an anti-government demonstration following nationwide deadly riots over tax hikes, within Pipeline estate, near the Jomo Kenyatta International airport (JKIA) in Nairobi, Kenya, July 23, 2024. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, July 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s police fired tear gas to prevent scuffles between groups of protesters and government supporters in the capital Nairobi on Tuesday, as youth-led demonstrations against alleged corruption and misgovernance dragged into their sixth week.



Protests, which began in opposition to tax hikes and climaxed in the storming of parliament, have continued despite President William Ruto abandoning the $2.7 billion finance bill in June.



At the time, he also fired almost all of his cabinet, although he retained many holdovers from the prior administration when he named part of his new line up last Friday. On Tuesday, Ruto announced further changes including swapping his defence and environment ministers.



For the first time since protests began on June 18, a group of government supporters, mostly on motorcycles, paraded through downtown Nairobi blowing whistles and plastic horns and carrying placards reading &#8220;We support the president&#8221; and &#8220;Enough is enough.&#8221;



&#8220;We will make sure that business must go back to normal in this city. We condemn the protests,&#8221; said one government supporter, who declined to give his name.



Police have said the protests, which have claimed at least 50 lives, have been infiltrated by criminal gangs.



Anti-government protesters chanted what has become their most defining mantra: &#8220;Ruto must go.&#8221;



&#8220;The police are only targeting us peaceful demonstrators, while hired goons, covered in masks on motorbikes with concealed number plates are moving in plain sight as the police just watch,&#8221; said one protester, who also declined to give a name.



<h2 class="wp-block-heading" id="h-airports-operate-normally">AIRPORTS OPERATE NORMALLY</h2>



In Pipeline Estate in Embakasi, a neighbourhood in the east of the city, men in army and air force fatigues assisted the police in running battles with groups of people, a Reuters journalist said.



It wasn&#8217;t clear if they were protesters or simply rioters, the journalist said. The police spokesperson, the commander of the Nairobi police force and the army spokesperson did not immediately respond to Reuters&#8217; requests for comment.



Having previously said he was listening to protesters&#8217; demands, Ruto struck a less conciliatory tone on Sunday, saying he would protect the peace and stability of the nation and deal firmly &#8220;with those who are engaged in mayhem, in anarchy.&#8221;



Leading activists in the otherwise leaderless protest movement called on people to &#8220;occupy&#8221; Nairobi&#8217;s main airports on Tuesday, but heavy police presence on surrounding roads prevented any serious disruption.



The airport&#8217;s operator asked passengers to arrive hours before flights because of enhanced security checks.



(Additional reporting by Humphrey Malalo; Writing by George Obulutsa and Hereward Holland; Editing by Duncan Miriri, Michael Perry and Sharon Singleton)

Demonstration following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill, in Nairobi

Kenya police fire tear gas to stop scuffles between pro and anti-government groups

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-820x531.jpg" alt="" class="wp-image-510275" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-768x498.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-1536x995.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XBNTXEMQ4VNGFLKE3FC5UUA2RM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A view of Central Bank of Nigeria headquarters next to National Ecumenical Centre in Abuja, Nigeria November 23, 2021. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, July 23 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank raised its benchmark lending rate by 50 basis points to 26.75%, in a decision announced on Tuesday.



Economists had predicted another hike to rates after inflation rose further in June and the naira currency&nbsp;fell on both the official and parallel markets, forcing the central bank to intervene.



Tuesday&#8217;s decision by the bank&#8217;s Monetary Policy Committee is the fourth straight hike this year, after increases of 150 basis points (bps) in May, 200 bps in March and 400 bps in February, its largest in around 17 years.



(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha, Writing by Bhargav Acharya; Editing by Bate Felix Editing by Bate Felix)

A view of Central Bank of Nigeria headquaters next to National Ecumenical Centre in Abuja

Nigeria’s central bank raises benchmark rate to 26.75%

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Trump 2.0 could go ‘nuclear’ on China trade, while economists say Harris would remain tough

South Africa passes its first sweeping climate change law

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