
<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>


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

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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Gen Z’s shopping habits heavily driven by TikTok


<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/KHXBMAI2KVMZVFFWJRXE5BTEH4-820x547.jpg" alt="" class="wp-image-502746" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KHXBMAI2KVMZVFFWJRXE5BTEH4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People react to tear gas during a demonstration over police killings of people protesting against Kenya&#8217;s proposed finance bill 2024/2025, in Nairobi, Kenya, June 27, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



<p>NAIROBI, July 1 (Reuters) &#8211; 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>



<p>At least 24 people were killed in clashes between protesters and police last week, when parliament was briefly stormed and set ablaze.</p>



<p>The protests, which have been led by young people and organised largely on social media, were initially sparked by a finance bill intended to raise 346 billion Kenyan shillings ($2.69 billion) in taxes.</p>



<p>But the demands of many protesters have escalated over the past two weeks to include calls to root out corruption and for Ruto to step down, presenting the most serious crisis of his two-year-old presidency.</p>



<p>An interview Ruto gave on Sunday evening to Kenyan television networks, in which he mostly defended the actions of the police and his government, seemed to have only hardened the positions of protesters.</p>



<p>On Monday, activists were sharing pamphlets on social media that urged people to occupy the capital Nairobi&#8217;s Central Business District. Many posted under the hashtag #OccupyCBDTuesday.</p>



<p>The protest movement has no official leadership, and it was not clear to what extent people would respond to these calls after tens of thousands came out last week in some of the country&#8217;s largest protests in recent memory.</p>



<p>In audio forums on social media, activists have been discussing how to maintain momentum now that the immediate objective of killing the finance bill has been attained.</p>



<h2 class="wp-block-heading" id="h-spending-cuts">SPENDING CUTS</h2>



<p>In his interview on Sunday, Ruto reiterated his previous calls for dialogue with young people. He said he was prepared to do this in a forum of their choosing, including the X Spaces where they often gather to discuss issues and strategise.</p>



<p>Many protesters reject the calls for dialogue, seeing them as an effort to co-opt the movement.</p>



<p>&#8220;You can’t dialogue with someone who is killing you on the other hand,&#8221; one activist said during an X Space over the weekend.</p>



<p>Ruto defended the conduct of the police in his interview, saying they had done the best they could under the circumstances and blaming &#8220;criminals&#8221; who he said had hijacked peaceful protests.</p>



<p>Ruto also suggested in the interview that the budget gap caused by the withdrawal of proposed tax hikes would be funded by borrowing, seemingly contradicting earlier statement that money would be saved through austerity measures.</p>



<p>Asked about&nbsp;this on Monday, Finance Minister Njuguna Ndung&#8217;u noted that there are legal limits on borrowing and the carrying capacity of debt.</p>



<p>&#8220;So it means that we must have expenditure cuts. This will be known once Parliament approves Supplementary one (budget),&#8221; he told Reuters in a text message.</p>



<p>Kenya&#8217;s national debt of more than 70% of gross domestic product already surpasses the statutory limit of 55% of GDP.</p>



<p>After withdrawing the bill, Ruto asked lawmakers to pass a supplementary budget, but parliament is currently in recess.</p>



<p>($1 = 128.5000 Kenyan shillings)</p>



<p>(Reporting by Aaron Ross; Editing by George Obulutsa and Toby Chopra)</p>


People protest against Kenya’s proposed finance bill 2024/2025, in Nairobi

Kenyan activists call for more protests as govt pledges austerity

<p><iframe src="https://www.youtube.com/embed/j9i6vhVDXDc" width="100%" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Two federal judges in Kansas and Missouri have temporarily halted significant parts of President Joe Biden&#8217;s new student loan repayment plan, putting debt relief for millions of Americans in jeopardy. </p>
<p>The Biden administration is pausing student loan payments for about three million borrowers who are enrolled in its new repayment plan as it defends the program in court against Republican-backed lawsuits.</p>
<p>Read more for what the Department of Education plans to do about all of this: https://cnb.cx/3W4PKJ5&#8230;</p>


Judges halt parts of Biden’s student loan forgiveness

Judges halt parts of Biden’s student loan forgiveness, repayment plan — risking relief for millions


<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/ACKWZYM3F5LCNAPKWQETI5UNQU-820x547.jpg" alt="" class="wp-image-502742" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ACKWZYM3F5LCNAPKWQETI5UNQU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s president elect Cyril Ramaphosa interacts with a group on the day of his inauguration ceremony for his second term as South African president, in Pretoria, South Africa, June 19, 2024. REUTERS/Alet Pretorius/File Photo</figcaption></figure>



<p>JOHANNESBURG, July 1 (Reuters)&nbsp;&#8211;&nbsp;South African assets rose sharply on Monday after President Cyril Ramaphosa formed a new cabinet following a long wait that included the former opposition leader and signalled continuity in fiscal policy by sticking to his previous finance minister.</p>



<p>Some investors, however, said the gains were likely to be short-lived as it would take time for the new government&#8217;s agenda and performance to become clear.</p>



<p>At 1125 GMT the rand traded at 18.09 against the dollar, 0.6% stronger than its previous close.</p>



<p>Ramaphosa named Democratic Alliance (DA) leader John Steenhuisen as agriculture minister in his 32-member cabinet line-up on Sunday. Alongside the DA and his African National Congress (ANC), Ramaphosa made space for five other coalition parties in the cabinet.</p>



<p>While the ANC retained control of the finance, defence and foreign affairs ministries, analysts saw the inclusion of the pro-business DA in other key portfolios as positive, while they welcomed the fact that Finance Minister Enoch Godongwana remained in his post.</p>



<p>&#8220;The outcome is clearly a compromise, and both of the major coalition players have had to accept less than what they would have preferred,&#8221; said Markus Korhonen, senior associate in Strategic Intelligence at S-RM, referring to the ANC and DA.</p>



<p>Jee-A van der Linde, senior economist at Oxford Economics, said it remained to be seen whether the unity government formed by Ramaphosa would be able to address South Africa&#8217;s economic issues, but the new cabinet was a &#8220;business-friendly&#8221; outcome.</p>



<p>Ramaphosa&#8217;s ANC lost its majority for the first time in three decades in the May 29 election and has formed a unity government with former rivals as a way to stay in power.</p>



<p>&#8220;It&#8217;s definitely been a bit of a sugar rush I would say, because the positivity is quite pervasive,&#8221; said Jason Swartz, portfolio manager at Old Mutual Investment Group.</p>



<p>&#8220;We&#8217;re going to need to see a little bit more information around actual tangible changes that we will see to policy and an implementation of those policies,&#8221; he said.</p>



<p>Korhonen said the focus now would be on the new government&#8217;s legislative agenda.</p>



<p>&#8220;A formal legislative agenda would provide a good indication of those issues that the government will set out to achieve, and what they might decide to deprioritise considering the potential difficulties in reaching agreement across the coalition,&#8221; he added.</p>



<p>On the domestic economic front, a purchasing managers&#8217; index survey showed factory activity contracted again in June. Vehicle sales figures for June are due later on Monday.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index was up 0.5% while the all-share index gained 0.8%. The country&#8217;s benchmark 2030 government bond strengthened, with the yield down 10 basis points at 9.885%.</p>



<p>(Reporting by Bhargav Acharya and Kopano Gumbi; Editing by Alexander Winning, David Goodman and Anil D&#8217;Silva)</p>


South African markets cheer Ramaphosa’s ‘business friendly’ cabinet

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Smartphone companies using AI to detect deepfakes


<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/KN4GN4LXKNL4ROPUFKEJ2724LM-820x547.jpg" alt="" class="wp-image-502652" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KN4GN4LXKNL4ROPUFKEJ2724LM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People attend a demonstration against Kenya&#8217;s proposed finance bill 2024/2025 in Nairobi, Kenya, June 25, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



<p>NAIROBI, June 28 (Reuters)&nbsp;&#8211;&nbsp;In the two years since he was elected, Kenya&#8217;s President William Ruto has wowed global climate activists under the Eiffel Tower, brushed shoulders with global tech titans in Silicon Valley and was toasted as a global peacekeeper at the White House.</p>



<p>As he notched up dozens of foreign trips, however, citizens back home endured gruelling economic hardship.</p>



<p>Already hammered by a cost-of-living crisis and watching those in government enjoy the largesse derived from their positions, Kenyans forced Ruto to ditch plans to introduce eye-watering tax hikes after days of protests.</p>



<p>The U-turn has exposed the gulf between the image of Ruto as the jet-setting global voice not just of Kenya but the wider continent, and the grinding realities his nation faces &#8211; weighed down by debt, corruption and security threats.</p>



<p>It has left him severely weakened domestically with his administration divided in its response and his opponents rejuvenated, seeking to harness the wave of discontent ahead of elections in 2027, analysts and politicians said.</p>



<p>&#8220;Enslaved and supported by foreign interests, and never pro-people in its outlook and interests, (Ruto&#8217;s administration) was bound to face the consequences of its priorities,&#8221; Willy Mutunga, Kenya&#8217;s former chief justice, told Reuters.</p>



<p>&#8220;As long as the material interests of the youth are not addressed, the chasm grows bigger and bigger,&#8221; he said.</p>



<p>A spokesperson for Ruto did not respond to requests for comment.</p>



<p>Kenya &#8211; already one of Africa&#8217;s biggest economies and strongest democracies – has in recent years expanded its global role.</p>



<p>On the eve of the climax of the protests, Ruto flagged off 400 policemen to lead a stabilisation force in Haiti.</p>



<p>The U.S. has designated Kenya as a major non-NATO ally, the first in sub-Saharan Africa, which gives it access to training and equipment but does not oblige it to join NATO operations.</p>



<p>Earlier this month, Ruto spoke at the G7 summit about the need to reform the global financial system to help the poor and has emerged as a powerful advocate for Africa in calls for action on climate change.</p>



<p>However, with protests erupting countrywide, including in Ruto&#8217;s hometown, Eldoret, and louder calls for his departure, some analysts say his administration is fighting for survival.</p>



<p>Should Ruto dedicate more time and energy to addressing domestic concerns, Western powers risk losing the focus of one of their strongest allies in the battle for influence in Africa, where they seek to counter the growing power of Russia and China, diplomats and analysts said.</p>



<p>Ruto has offered dialogue to allay the fears of protesters but it is not clear if that will be accepted or who talks would be with.</p>



<p>He must also come up with a new plan to tackle Kenya&#8217;s economic challenges, likely a hard sell due to the deficit cuts he will need to make to meet the conditions of international lenders for future funding.</p>



<p>&#8220;Even if nationwide demonstrations dissipate, this civil disobedience is a generation-defining moment,&#8221; said Declan Galvin, managing director of Nairobi-based Exigent Risk Advisory, a consultancy.</p>



<p>&#8220;The next election is still several years away but Ruto clearly needs to shift his political position to address public needs for his own political survival.&#8221;</p>



<h2 class="wp-block-heading" id="h-brazen-arrogance">&#8216;BRAZEN ARROGANCE&#8217;</h2>



<p>Ruto&#8217;s has earned a reputation for a fierce work ethic but has struggled to shake an indictment by the International Criminal Court for his role in post-election violence in 2007-8 even after the court dropped the case.</p>



<p>Gabrielle Lynch, a Kenya expert at the University of Warwick in the UK, said that Ruto was &#8220;an incredible performer&#8221;, able to roll out facts and figures for donors and then adapt his body language and tone for a local rally later the same day.</p>



<p>&#8220;It is as if presenting himself as a world leader would help legitimise him at home and remove tag of parochial instigator of violence,&#8221; Lynch said.</p>



<p>Underscoring the scale of his globe-trotting, Ruto went on a total of 62 trips to 38 countries in his first 20 months in power, according to a tally by Kenya&#8217;s Daily Nation newspaper.</p>



<p>But when home, Ruto has appeared tone deaf to complaints over the direction the country was taking, according to two sources in regular contact with his office.</p>



<p>Having campaigned as a champion of low-income &#8220;hustlers&#8221;, Ruto&#8217;s opponents have since given him the nickname &#8220;Zakayo&#8221;, the Swahili name for a greedy tax collector in the Bible.</p>



<p>As protests mushroomed, videos of politicians flaunting their wealth circulated widely. Homes and businesses of parliamentarians who supported the tax hikes have been targeted.</p>



<p>Mutula Kilonzo Jr, a member of the opposition and governor of Makueni County, said the &#8220;brazen arrogance&#8221; of government officials fuelled discontent.</p>



<p>Anger has also been directed at the World Bank and the International Monetary Fund (IMF), seen as the drivers of Ruto&#8217;s fiscal policies. Since his climb-down on tax rises, Ruto must now find another path to make his nation&#8217;s debt pile of some $80 billion, around 70% of GDP, more manageable.</p>



<h2 class="wp-block-heading" id="h-iron-fist-velvet-glove">IRON FIST, VELVET GLOVE</h2>



<p>Kenya&#8217;s relationship with the United States has deepened under Ruto&#8217;s presidency but critics complain the mutual admiration has clouded Washington&#8217;s view on Kenya&#8217;s challenges.</p>



<p>U.S. support has been crucial in the fight against Islamist militants in Somalia and in May, Ruto enjoyed the first state visit to the U.S. by an African leader in over 15 years.</p>



<p>Ruto is seen as close to Meg Whitman, a former CEO at eBay and Hewlett Packard who is currently the U.S. ambassador to Kenya and the relationship has helped attract foreign investors, particularly U.S.-based tech firms, Nairobi-based diplomats say.</p>



<p>Boniface Mwangi, a prominent Kenyan social activist, said diplomatic statements of concern and U.S. Secretary of State Antony Blinken calling Ruto after the violence was &#8220;too little too late&#8221; and Washington must now take a tougher line.</p>



<p>A U.S. State Department spokesperson said the the embassy in Nairobi had consistently called for restraint and the respect for constitutional rights.</p>



<p>Mwangi said that he advised the U.S. embassy last week to leverage their influence over the president to urge him to engage the protesters as the movement was swelling.</p>



<p>&#8220;People had to die for them say something,&#8221; he said. &#8220;They have bought this all shine and charming personality. They don&#8217;t see the iron first behind the velvet glove.&#8221;</p>



<p>(Additional reporting by Daphne Psaledakis in Washington; Editing by Ros Russell)</p>


FILE PHOTO: Demonstration against Kenya’s proposed finance bill 2024/2025 in Nairobi

Kenya protests expose jet-setting Ruto’s neglect of discontent at home

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<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 1 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Monday.</p>



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



<p>Foreigners&#8217; trading in South African bonds and equities</p>



<p>South Africa June manufacturing sector PMI</p>



<p>South African Treasury bill auction</p>



<p>Vehicle sales data</p>



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



<p>South African food producer RCL Foods lists its poultry business, Rainbow Chicken</p>



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



<p>The South African rand rallied on Friday on optimism that the Democratic Alliance and African National Congress would reach an agreement over cabinet positions, a day after local media reported a major disagreement between the parties.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 1% higher.</p>



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



<p>Uncertainty over the U.S. rates outlook kept Asian shares steady on Monday, while the euro rose after the first-round voting in France&#8217;s shock snap election was won by the far-right, albeit with a smaller share than some polls had projected.</p>



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



<p>U.S. stocks ended weaker on Friday after an early rally fizzled as investors digested in-line inflation data and weighed political uncertainty after the U.S. presidential debate.</p>



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



<p>Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year.</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; Sars puts tax dispute with Kumba’s flagship mine on ice</p>



<p>&#8211; Santam’s procurement pick divides panel-beating industry</p>



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



<p>&#8211; &#8216;We are being allowed to reset&#8217;: Hope and caution as bloated, reconfigured GNU Cabinet announced</p>



<p>(Compiled by Bhargav Acharya)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 1


<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 1 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.</p>



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



<p>Asian stocks were subdued on Monday as traders pondered the U.S rates outlook, while the euro rose after the first-round voting in France&#8217;s shock snap election was won by the far-right, albeit with a smaller share than some polls had projected.</p>



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



<p>Oil prices edged up in early trade on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains.</p>



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



<p>The South African rand rallied on Friday on optimism that the Democratic Alliance (DA) and African National Congress (ANC) would reach an agreement over cabinet positions, a day after local media reported a major disagreement between the parties.</p>



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



<p>Kenya&#8217;s shilling eased slightly on Friday as markets awaited the outcome of protests against a now-shelved tax increase plan.</p>



<h2 class="wp-block-heading" id="h-nigeria-security">NIGERIA SECURITY</h2>



<p>At least 18 people were killed and 30 others injured after a series of attacks by suspected female suicide bombers in Nigeria&#8217;s northeastern Borno state on Saturday, the head of the local state emergency management agency said.</p>



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



<p>The International Monetary Fund&#8217;s executive board approved the second review of Ghana&#8217;s $3 billion loan programme on Friday, allowing for the immediate disbursement of around $360 million, the Fund said.</p>



<h2 class="wp-block-heading" id="h-kenya-debt">KENYA DEBT</h2>



<p>Kenyan activists on Friday circulated calls for fresh protests, strikes and sit-ins demanding President William Ruto quit, after nationwide demonstrations forced him to U-turn on proposed tax hikes.</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 1


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-820x573.jpg" alt="" class="wp-image-502453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/E4XPLDHJ4FJATLM6TW5UKVG4MI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Opposition Democratic Alliance party leader John Steenhuisen speaks at South Africa&#8217;s parliament in Cape Town, South Africa, December 13, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>JOHANNESBURG, June 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s President Cyril Ramaphosa appointed the Democratic Alliance party&#8217;s leader John Steenhuisen as agriculture minister in his new cabinet, Ramaphosa said in a televised address to the nation on Sunday.</p>



<p>Ramaphosa reappointed the African National Congress&#8217;s Enoch Godongwana as finance minister and named Gwede Mantashe as mineral and petroleum resources minister, while Ronald Lamola was appointed minister of international relations and cooperation.</p>



<p><em>This is a developing story&#8230;</em></p>



<p>(Reporting by Bhargav Acharya, Tannur Anders and Alexander Winning)</p>


FILE PHOTO: Opposition Democratic Alliance party leader John Steenhuisen speaks at South Africa’s parliament

South Africa’s Ramaphosa appoints DA’s Steenhuisen as agriculture minister

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

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Could an AI clone replace our reporter?

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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

Kenyan activists call for more protests as govt pledges austerity

Judges halt parts of Biden’s student loan forgiveness, repayment plan — risking relief for millions

South African markets cheer Ramaphosa’s ‘business friendly’ cabinet

Smartphone companies using AI to detect deepfakes

Kenya protests expose jet-setting Ruto’s neglect of discontent at home

Biden vows to fight as top Dems pledge support

Space race: Is China ahead of the U.S.?

Ghana to Regain Momentum in 2025 as ECOWAS Gateway

South African Markets – Factors to watch on July 1

African Markets – Factors to watch on July 1

South Africa’s Ramaphosa appoints DA’s Steenhuisen as agriculture minister

How Americans Are Paying For Vacation

Could an AI clone replace our reporter?

Roaring Kitty’s slim chance to become a billionaire

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