Could an AI clone replace our reporter?

Roaring Kitty’s slim chance to become a billionaire

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JOHANNESBURG, June 28 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled political and economic events, equity and currency market moves may affect South African markets on Friday.



POLITICAL EVENTS



Media reports of a major disagreement between the pro-business Democratic Alliance party and President Cyril Ramaphosa over cabinet posts in the government of national unity delaying the announcement of the executive.



ECONOMIC EVENTS



The South African Reserve Bank published the country&#8217;s M3 money supply and private sector credit figures for May.



South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.



Statistics South Africa will release data on the country&#8217;s May trade and budget balance figures.



SOUTH AFRICAN MARKETS



The South African rand fell sharply on Thursday after media reports of a major disagreement between the pro-business Democratic Alliance (DA) party and President Cyril Ramaphosa over cabinet posts.



The Johannesburg Stock Exchange&#8217;s Top-40 index .JTOPI closed down 0.4%. The benchmark 2030 government bond slumped, as the yield rose 30 basis points to 10.12%.



GLOBAL MARKETS



Asian stocks were on track for a fifth straight month of gains on Friday, bolstered by a growing view that cooling U.S. inflation could prompt the Federal Reserve to ease rates this year, while the yen tumbled to a 38-year low against the dollar.



WALL STREET



U.S. stocks ended Thursday around the unchanged mark as investors awaited fresh inflation data, with the Nasdaq able to eke out a slight gain after data showed a continued slowdown in economic activity, raising investors&#8217; hope for rate cuts.



GOLD



Gold prices eased on Friday, but were set for a third straight quarterly rise, while investors looked forward to U.S. inflation data due later in the day for more clarity on the Federal Reserve&#8217;s interest rate-cut timeline.



EMERGING MARKETS



(Compiled by Tannur Anders; Editing by Janane Venkatraman )

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on June 28

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NAIROBI, June 28 (Reuters)&nbsp;&#8211;&nbsp;After their stunning success forcing the government to shelve $2.7 billion in tax hikes, young Kenyan activists are setting their sights higher, taking aim at deeply ingrained corruption and misgovernance.



Protesters say the finance bill President William Ruto abandoned on Wednesday was only a symptom of the problems plaguing a country where many young people face dwindling job prospects despite strong economic growth.



The movement has little precedent in its mass mobilisation of Kenyans across ethnic and regional divisions while rejecting any kind of political leadership. Protests in Kenya have historically been led by elites, often ending in power-sharing deals that yielded few tangible benefits for demonstrators.



Protesters now face the challenge of maintaining unity and momentum while pursuing broader, less immediate goals. They will also have to decide how to respond to Ruto&#8217;s offer of dialogue, which the president made on Wednesday without offering specifics.



Writer and activist Nanjala Nyabola said most of those involved in the recent protests were motivated by legitimate, strongly held grievances with the government.



&#8220;Until those grievances are addressed, it&#8217;s unlikely that they&#8217;re going to be willing to make concessions.&#8221;



How the diffuse and leaderless movement, which largely organised via social media, pursues its objectives moving forward remains an open question &#8211; and a source of internal debate.



Christine Odera, co-chair of the Kenya Coalition on Youth, Peace and Security, a civil society organisation, said there was a need for it to develop more formalised structures to advance the interests of young people and speak to the government.



&#8220;If we go organically then we might lose the whole conversation,&#8221; said Odera, who participated in the protests. &#8220;The president has said we need to have conversations. All of us cannot sit in a stadium and have a conversation.&#8221;



Others strongly disagree.



Ojango Omondi, a member of the Social Justice Centres Working Group, a community activist group in a poor district of Nairobi, said creating formal structures and designating national representatives could let the movement be corrupted by politicians.



&#8220;We don&#8217;t need to negotiate anything,&#8221; he said. &#8220;All we want is better living conditions. All we want is the leaders to stop using our resources &#8230; to sponsor their lavish lifestyle.&#8221;



<h2 class="wp-block-heading" id="h-question-of-unity">QUESTION OF UNITY</h2>



Omondi said there was plenty to keep the past week&#8217;s protesters engaged &#8211; from organising funerals for the nearly two dozen people&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3IM15H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">killed in clashes</a>&nbsp;with police on Tuesday to forcing recall elections against members of parliament.



Another key moment could be the government&#8217;s next bid to pass a finance bill, which is needed to fund expenditures in the upcoming fiscal year. Some protesters suspect the government will still try to jam through tax raises.



In a country where ethnic affinities have traditionally been a key driver of protest, the current youth-driven demonstrations have stood out for building unity around common grievances.



But cracks are already emerging.



Despite Ruto&#8217;s U-turn on the tax hikes, some protesters called for a planned march on the presidential residence to go ahead on Thursday in an attempt to force the president from power. Others rejected the idea as a dangerous gambit.



In the end, there were protests in&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IP064&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">several cities</a>, although they were smaller than on Tuesday.



In Ruto&#8217;s hometown and political stronghold of Eldoret, where thousands from different ethnic groups took to the streets on Tuesday, a human rights activist said some tensions were resurfacing since the president withdrew the bill.



Nicholas Omito, CEO of the Centre for Human Rights and Mediation, said demonstrators from Ruto&#8217;s Kalenjin ethnic group were arguing that protests should end now that the bill was dropped. Ethnic Kikuyu demonstrators were insisting they should continue until Ruto resigned.



Nyabola, the writer, conceded that the solidarity on display as Kenyans across all walks of life took to the streets in the bold showdown with their government could not undo the country&#8217;s long history of ethnic division.



&#8220;You&#8217;re never going to get rid of it completely,&#8221; she said. &#8220;But for now the class and wealth disparity between politicians and ordinary people has been the focus.&#8221;



(Reporting by Aaron Ross and Giulia ParaviciniAdditional reporting by Edwin OkothEditing by Joe Bavier)

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After dramatic tax win, Kenyan protesters plot next moves

Illia Polosukhin On Inventing The Tech Behind Generative AI At Google

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/logo-820x528.jpg" alt="" class="wp-image-501178" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/logo-820x528.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/logo-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/logo-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/logo-768x495.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/logo.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



The University of Johannesburg (UJ) is now ranked number one in South Africa and on the African continent among universities that are younger than 50 years worldwide, according to the latest&nbsp;<a href="https://www.timeshighereducation.com/world-university-rankings/2024/young-university-rankings" target="_blank" rel="noreferrer noopener">Times Higher Education (THE) Young University Rankings</a>,&nbsp;released on May 14, 2024. UJ has also achieved its highest-ever position, soaring to 60th place among universities in the same category.



<h2 class="wp-block-heading" id="h-huge-improvement">Huge improvement</h2>



This marks a significant leap from the university’s previous ranking in the 151-200 band, demonstrating its relentless commitment to student success, cutting-edge research and societal impact.



UJ also claimed the top spot in Africa and South Africa, reaffirming its standing in the region. The&nbsp;<a href="https://www.timeshighereducation.com/world-university-rankings/2024/young-university-rankings" target="_blank" rel="noreferrer noopener">THE Young University Rankings</a>&nbsp;assess universities across key pillars including teaching, research, knowledge transfer, and international outlook, providing a comprehensive evaluation of institutional performance.



The 2024 ranking includes 673 universities, up from 605 in 2023. A further 499 institutions are listed with “reporter” status, meaning that they provided data but did not meet our eligibility criteria to receive a rank.



<h2 class="wp-block-heading" id="h-global-excellence">Global excellence</h2>



This recognition of UJ by&nbsp;<a href="https://www.timeshighereducation.com/world-university-rankings/2024/young-university-rankings" target="_blank" rel="noreferrer noopener">THE Young University Rankings</a>&nbsp;highlights the university’s rapid growth and outstanding potential in the global academic arena. Despite its relatively short history of 20 years of existence, UJ has demonstrated exceptional progress, challenging well-established institutions, some of which have more than a century of legacy.



In addition to its remarkable performance in the&nbsp;<a href="https://www.timeshighereducation.com/world-university-rankings/2024/young-university-rankings" target="_blank" rel="noreferrer noopener">THE rankings</a>, UJ has also secured a notable global position of 624 in the&nbsp;<a href="https://cwur.org/2024.php" target="_blank" rel="noreferrer noopener">Center for World University Rankings (CWUR)</a>&nbsp;for 2024. With a staggering 20,966 institutions evaluated for the 2024 edition of the CWUR, this assessment stands as one of the largest academic rankings of global universities.



Only the top 2,000 institutions from this rigorous evaluation attained a coveted spot on the published global list. &nbsp;UJ’s consistent upward trajectory in the CWUR reinforces its status as a premier educational institution in South Africa and beyond.



Professor Letlhokwa George Mpedi, Vice-Chancellor and Principal of UJ, expressed his delight in the University’s latest achievements.



“These rankings are a testament to the dedication and hard work of our faculty, staff, and students. UJ remains resolute in its mission to deliver world-class education, drive impactful research and innovation that contributes to societal advancement,” he says.



“Our progress is not just about numbers and figures; it’s all about the positive and lasting impact we have on our students and the broader society.”



<a href="https://uj.ac.za/possibilities/">Learn more</a> about UJ here.

Girl_Image_HighRes

The University of Johannesburg Celebrates Rise In Global Rankings

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1439" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-scaled.jpg" alt="" class="wp-image-424954" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-1536x1079.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, June 27 (Reuters)&nbsp;&#8211;&nbsp;The South African rand fell sharply on Thursday as traders were spooked by a local media report that there was a major disagreement between the pro-business Democratic Alliance (DA) party and President Cyril Ramaphosa over cabinet posts.



At 1050 GMT, the rand traded at 18.36 against the dollar, around 1% weaker than its previous close.



Ramaphosa&#8217;s African National Congress (ANC) and the DA emerged as the two largest parties in the unity government after the ANC lost its parliamentary majority in an election last month.



The DA is expected to get cabinet positions in return for supporting Ramaphosa&#8217;s re-election as president.



News website News24 reported that Ramaphosa had backtracked on an offer to give the DA the minister of trade, industry and competition position, replacing it with tourism minister, although the overall number of ministerial positions offered remained the same at six.



News24 said the DA&#8217;s leadership had decided to tell Ramaphosa that if he does not stick to a prior agreement struck earlier in the week then &#8220;the deal is off&#8221; between the two parties.



Financial markets are on edge over the composition of the cabinet, as it will give an indication of whether the ANC intends to meaningfully share power with parties including the DA.



&#8220;As the cabinet announcement delay continues and rumours circulate, the rand is likely to experience further selling pressure,&#8221; said Zain Vawda, market analyst at OANDA.



The Johannesburg Stock Exchange&#8217;s Top-40 index was last down around 0.5%. The benchmark 2030 government bond was weaker, as the yield rose 15 basis points to 9.975%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Anil D&#8217;Silva)

FILE PHOTO: A street money changer counts South African Rands in Harare

South African rand drops on news report of discord over cabinet posts

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/22SV2XFFTJKVFKWLT6QATFG6FU-scaled.jpg" alt="" class="wp-image-501050" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/22SV2XFFTJKVFKWLT6QATFG6FU-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/22SV2XFFTJKVFKWLT6QATFG6FU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/22SV2XFFTJKVFKWLT6QATFG6FU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/22SV2XFFTJKVFKWLT6QATFG6FU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/22SV2XFFTJKVFKWLT6QATFG6FU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/22SV2XFFTJKVFKWLT6QATFG6FU-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Demonstrators react as police use tear gas to disperse protesters during a demonstration against Kenya&#8217;s proposed finance bill 2024/2025 in Nairobi, Kenya, June 25. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, June 27 (Reuters)&nbsp;&#8211;&nbsp;Kenyan police put up roadblocks on streets leading to the presidential palace on Thursday as some protesters vowed to &#8220;occupy State House&#8221;, despite the president&#8217;s climbdown on proposed tax hikes that sparked a week of demonstrations.



It was not clear how far protesters would be mollified by President William Ruto&#8217;s Wednesday decision to withdraw the finance bill, a day after clashes killed at least 23 people and parliament was briefly stormed and set alight.



Ruto is grappling with the most serious crisis of his two-year-old presidency as the youth-led protest movement has grown rapidly from online condemnations of the tax hikes into mass rallies demanding a political overhaul.



Lacking a formal leadership structure, however, protest supporters were divided on how far to carry the demonstrations.



&#8220;Let&#8217;s not be foolish as we fight for a better Kenya,&#8221; Boniface Mwangi, a prominent social justice activist, said in an Instagram post.



He voiced support for demonstrations on Thursday but opposed calls to invade State House, the president&#8217;s formal offices and residence, a move that he said could spur more violence and be used to justify a crackdown.



In the capital, Nairobi, police and soldiers patrolled the streets on Thursday and blocked access to the State House.



Police fired teargas to disperse several dozen people who had gathered in the centre of the city, although the crowds were nowhere near the size of those in Tuesday&#8217;s mass protests.



Reuters reporters saw army vehicles on the streets after the government deployed the military to help police.



Hundreds of protesters gathered in the port city of Mombasa and in the western city of Kisumu, local television footage showed, although those gatherings appeared peaceful.



While some protest supporters said they would not demonstrate on Thursday as the finance bill had been scrapped, others pledged to press on, saying only Ruto&#8217;s resignation would satisfy them.



&#8220;Right now is not about just the finance bill but about #RutoMustGo,&#8221; political activist and protester Davis Tafari told Reuters in a text message. &#8220;We have to make sure that Ruto and his MPs have resigned and fresh elections are held &#8230; We occupy State House for dignity and justice.&#8221;



Eli Owuor, 34, from Kibera, an informal settlement and a traditional hotbed of protests, also said he was prepared to join a push on to the State House.



&#8220;We may just need to visit Zakayo today in his house to prove that after parliament we can occupy State House,&#8221; he said, using a nickname protesters have given to Ruto that references a a biblical tax collector viewed as corrupt.



<h2 class="wp-block-heading" id="h-dialogue-austerity-are-next-steps">DIALOGUE, AUSTERITY ARE NEXT STEPS</h2>



In a speech on Wednesday, Ruto defended his push to raise taxes on items such as bread, cooking oil and diapers, saying it was justified by the need to cut Kenya&#8217;s high debt, which has made borrowing difficult and squeezed the currency.



But he acknowledged that the public had overwhelmingly rejected the finance bill. He said he would now start a dialogue with Kenyan youth and work on austerity measures, beginning with cuts to the budget of the presidency.



The International Monetary Fund, which has been urging the government to cut its deficit to obtain more funding, said it was closely monitoring the situation in Kenya.



&#8220;We are deeply concerned about the tragic events in Kenya in recent days,&#8221; the IMF said in a statement. &#8220;Our main goal in supporting Kenya is to help it overcome the difficult economic challenges it faces and improve its economic prospects and the well-being of its people.&#8221;



Ratings agency Moody&#8217;s said the shift in focus to cutting spending rather than boosting revenue will complicate the disbursement of future IMF funding and slow the pace of fiscal consolidation.



Analysts at JPMorgan said they had maintained their forecasts for a deficit of 4.5% of GDP in FY2024/2025, but acknowledged the government and IMF targets could be revised in light of recent developments.



They said the Central Bank of Kenya was unlikely to begin cutting rates until the final quarter of this year.



<h2 class="wp-block-heading" id="h-broad-appeal">BROAD APPEAL</h2>



Unlike previous demonstrations in Kenya called by political figures and often mobilised on the basis of ethnicity, the current protests have appealed broadly to those weary of rising living costs and endemic corruption.



From big cities to rural areas, most of Kenya&#8217;s 47 counties saw protests on Tuesday, even in Ruto&#8217;s hometown of Eldoret in his ethnic Kalenjin heartland.



At least 23 people were killed nationwide and 30 were being treated for bullet wounds, the Kenya Medical Association said. Medical officials in Nairobi said scores were injured.



(Reporting by Aaron Ross; Additional reporting by Giulia Paravicini, Monicah Mwangi and Olivia Kumwenda-Mtambo; Writing by Sharon Singleton; Editing by Clarence Fernandez and Philippa Fletcher)

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

Kenya braces for fresh protests despite president’s tax climbdown

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg" alt="" class="wp-image-425628" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-1536x1013.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, June 27 (Reuters) &#8211; South Africa recorded foreign direct investment inflows of 24.4 billion rand ($1.34 billion) in the first quarter of 2024, up from a revised 2.5 billion rand in the previous quarter, central bank data showed on Thursday.



The South African Reserve Bank said in its Quarterly Bulletin that the inflows were largely due to the acquisition of a local vehicle-tracking company by an overseas firm, without naming the company that was bought.



Portfolio investments recorded outflows for the seventh consecutive quarter of 52.0 billion rand in the first three months of 2024, compared to outflows of 9.0 billion rand in the fourth quarter of 2023.



The portfolio outflows reflected the disposal by non-residents of 24.2 billion rand of domestic equities and 27.8 billion rand of domestic debt securities.



&#8220;The outflow recorded for debt securities in the first quarter of 2024 could mainly be attributed to the maturity of a $1.5 billion international bond of national government,&#8221; the Reserve Bank said.



($1 = 18.1575 rand) 



(Reporting by Kopano Gumbi; Editing by Alexander Winning)

FILE PHOTO: South Africa’s central bank governor to delivers keynote address

South Africa’s FDI inflows pick up in first quarter – central bank

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IBU6Z3WQIRPDRFTLELJJA6WZCM-820x541.jpg" alt="" class="wp-image-501074" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IBU6Z3WQIRPDRFTLELJJA6WZCM-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IBU6Z3WQIRPDRFTLELJJA6WZCM-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IBU6Z3WQIRPDRFTLELJJA6WZCM-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IBU6Z3WQIRPDRFTLELJJA6WZCM-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IBU6Z3WQIRPDRFTLELJJA6WZCM-1536x1014.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IBU6Z3WQIRPDRFTLELJJA6WZCM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A fruits and vegetables vendor (L) pushes a trolly as he sets up his stall in Soweto, south west of Johannesburg, South Africa June 1, 2017. REUTERS/Siphiwe Sibek/File Photo</figcaption></figure>



June 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s consumer confidence improved slightly in the second quarter due to fewer hours of load-shedding and a drop in fuel and food prices, but uncertainty around national elections kept some consumers worried, data released on Thursday showed.



The consumer confidence index (CCI), sponsored by First National Bank (FNB) and compiled by the Bureau for Economic Research (BER), improved to minus 12 points in the quarter, from minus 15 points in the first quarter.



&#8220;Positive developments such as the cessation of load-shedding during the second quarter, substantial cuts in fuel prices in June &#8230; a significant deceleration in food inflation likely buoyed confidence levels, particularly among low- and middle-income consumers,&#8221; FNB Chief Economist Mamello Matikinca-Ngwenya said.



However, the confidence among high-income households remained largely unchanged in the run-up to the national elections and amid persistently high interest rates.



&#8220;High interest rates and uncertainty over which parties would form part of South Africa&#8217;s government of national unity (GNU) probably kept the lid on high-income confidence,&#8221; Ngwenya said.



&#8220;Provided that the GNU remains intact and the JSE and rand exchange rate hold onto their recent gains, there is scope for an improvement in high-income confidence during the third quarter.&#8221;



The African National Congress (ANC) and its largest rival, the white-led, pro-business Democratic Alliance have agreed to work together in South Africa&#8217;s new government of national unity.



Investors anticipate that the unity government will pick up the pace on existing reform plans for electricity, rail and port sectors needed to revive an economy that has barely grown in the last decade and has an unemployment rate that is among the highest in the world.



(Reporting by Prerna Bedi in Bengaluru; Editing by Savio D&#8217;Souza)

A fruits and vegetables vendor pushes a trolly as he sets up his stall in Soweto, south west of Johannesburg

S. Africa consumer confidence recovers in Q2, survey shows

<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, June 27 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled political and economic events, equity and currency market moves may affect South African markets on Thursday.



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



Negotiations over cabinet positions continue between the 10 political parties that make up the government of national unity. The cabinet could be announced on Thursday, judging by comments by party officials.



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



The South African Reserve Bank will release the June Quarterly Bulletin.



Statistics South Africa will publish May producer price inflation figures.



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



The South African rand edged lower on Wednesday, as an announcement on President Cyril Ramaphosa&#8217;s cabinet appeared imminent amid uncertainty over key appointments in the executive.



On the stock market, the Top-40 index closed 0.5% lower.



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



Asian shares fell and bond yields spiked on nervousness about inflation on Thursday, while the yen&#8217;s slide past 160-per-dollar had currency traders bracing for Japan to step in and steady it.



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



Major U.S. stock indexes closed with modest gains on Wednesday after a choppy trading session, with investors holding their cards close to the vest ahead of a presidential debate and an inflation report closely watched by Federal Reserve policy makers.



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



Gold prices steadied on Thursday after falling to a two-week low in the previous session, while investors awaited U.S. inflation data for insights into how soon the Federal Reserve will cut interest rates.



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



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



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



&#8211; Bank of America raises red flag over stability of GNU



&#8211; Ramaphosa draws DA closer as he prepares to announce cabinet



(Compiled by Tannur Anders; Editing by Mark Potter)

South African Markets – Factors to watch on June 27

<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, June 27 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



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



Asian shares fell and bond yields spiked on nervousness about inflation on Thursday, while the yen&#8217;s slide past 160-per-dollar had currency traders bracing for Japan to step in and steady it.



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



Oil prices dipped on Thursday as a surprise build in U.S. stockpiles fuelled fears about slow demand from the world&#8217;s top oil consumer, though declines were capped by worries a potential expansion of the Gaza war may disrupt Middle East supplies.



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



The South African rand edged lower on Wednesday, as an announcement on President Cyril Ramaphosa&#8217;s cabinet appeared imminent amid uncertainty over key appointments in the executive.



<h2 class="wp-block-heading" id="h-nigeria-refinery">NIGERIA REFINERY</h2>



Nigeria&#8217;s Dangote Refinery is operating normally after a fire at its effluent treatment plant, it said on Wednesday, after videos circulated online of dark plumes of smoke at the 650,000 barrel-per-day facility.



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



The Kenyan shilling was flat on Wednesday, as traders waited to see how protests against tax hikes unfolded.



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



Kenyan President William Ruto on Wednesday withdrew planned tax hikes, bowing to pressure from protesters who had stormed parliament, launched demonstrations across the country and threatened more action this week.



<h2 class="wp-block-heading" id="h-zambia-debt">ZAMBIA DEBT</h2>



The International Monetary Fund (IMF) said on Wednesday its executive board had completed a third review of Zambia&#8217;s Extended Credit Facility and approved an immediate disbursement of some $569.6 million.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on June 27

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg" alt="" class="wp-image-420118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new economic measures laid out by the U.K. government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund.
Yuri Gripas | Reuters</figcaption></figure>



June 26 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund (IMF) said on Wednesday its executive board had completed a third review of Zambia&#8217;s Extended Credit Facility and approved an immediate disbursement of some $569.6 million.



The Fund&#8217;s board also approved a request to increase its financial support from $1.3 billion to $1.7 billion to help the southern African country respond to a severe drought, which has caused crop losses and affected power generation.



In a statement, IMF official Antoinette Sayeh said Zambian authorities had made progress on economic and structural reforms while addressing humanitarian challenges due to the drought.



&#8220;Going ahead, coordinated macroeconomic policies, continued efforts to restore fiscal and debt sustainability, and consistent reform implementation would be key to addressing the impact of the drought, preserving macroeconomic stability, and bolstering growth,&#8221; said Sayeh, the Fund&#8217;s deputy managing director.



Copper-rich Zambia dragged itself out of default this month after a debt-restructuring process that took more than three-and-a-half years and was a cautionary tale for the G20&#8217;s Common Framework mechanism designed to help low-income countries tackle unsustainable debt burdens.



The protracted debt rework has deterred investment, constrained economic growth and weighed on local financial markets.



Zambia&#8217;s finance minister asked parliament last week to approve additional spending of 41.9 billion kwacha ($1.65 billion) to help repay external debt and address the drought.



(Reporting by Tannur Anders and Harshita Meenaktshi; editing by Diane Craft and Rami Ayyub)

107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico

IMF approves $570 mln Zambia payout, increases loan to $1.7 bln

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="234" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-spr-sovereign-debt-restructuring-process-c-andrew-caballero-reynolds-imf-photo-820x234.jpg" alt="" class="wp-image-500803" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-spr-sovereign-debt-restructuring-process-c-andrew-caballero-reynolds-imf-photo-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-spr-sovereign-debt-restructuring-process-c-andrew-caballero-reynolds-imf-photo-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-spr-sovereign-debt-restructuring-process-c-andrew-caballero-reynolds-imf-photo-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-spr-sovereign-debt-restructuring-process-c-andrew-caballero-reynolds-imf-photo-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-spr-sovereign-debt-restructuring-process-c-andrew-caballero-reynolds-imf-photo-1536x439.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-spr-sovereign-debt-restructuring-process-c-andrew-caballero-reynolds-imf-photo-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Credit: Andrew Caballero-Reynolds/IMF Photo</figcaption></figure>



The global economy avoided what could have been a systemic debt crisis during the turbulence of recent years, but vulnerabilities remain amid high debt servicing costs that pose&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/01/24/how-to-ease-rising-external-debt-service-pressures-in-low-income-countries?utm_medium=email&amp;utm_source=govdelivery">an important challenge</a>&nbsp;for low and middle-income countries. Some may yet confront major tests.



When countries do falter on debt, restructuring is critical to containing the damage. Restructuring should be as quick as possible because delays deepen distress by making adjustment harder and adding to the costs for both debtors and creditors. Longer waits leave people suffering when they lose jobs and face increasing poverty, while creditors watch their losses mount as they wait for recovery. It’s a lose-lose situation.



While some sovereign restructurings have faced significant delays, we are working with our counterparts to accelerate the process. The progress achieved so far shows how the world can work together to reduce risks.



<h2 class="wp-block-heading" id="h-common-framework-has-started-to-deliver-nbsp">Common Framework has started to deliver&nbsp;</h2>



The Common Framework, which brings creditor countries together to help restructure debt where needed, has started to deliver. How? By reducing the time from IMF staff level agreement – a key step toward an IMF program – to delivering the financing assurances from official creditors required for program approval. This means that the Fund can move in more quickly to provide much needed financial assistance to the country. For example, Ghana’s agreement this year took five months to cover those steps, roughly half the time it took for Chad in 2021 and Zambia in 2022. Ethiopia’s talks are likely to be faster, closer to the customary two or three months.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="950" height="950" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/spr-blog-newsletter-size_original.png" alt="" class="wp-image-500802" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/spr-blog-newsletter-size_original.png 950w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/spr-blog-newsletter-size_original-300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/spr-blog-newsletter-size_original-800x800.png 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/spr-blog-newsletter-size_original-90x90.png 90w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/spr-blog-newsletter-size_original-768x768.png 768w" sizes="auto, (max-width: 950px) 100vw, 950px" /></figure>



These improvements are possible in part because stakeholders have developed more experience working together, including with non-traditional official creditors like China, India, and Saudi Arabia. Earlier cases presented creditor coordination challenges. But becoming more familiar with the process helped parties better know what to expect, building trust, and allowing creditors to overcome more easily what had previously been stumbling blocks.



We are also seeing progress in accelerating debt restructuring for emerging market countries outside of the Common Framework. Sri Lanka’s case was faster than the process for Suriname that preceded it in 2021, reflecting improvements in creditor coordination and improved understanding of safeguards and assurances.



<h2 class="wp-block-heading" id="h-global-sovereign-debt-roundtable-has-been-effective-nbsp">Global Sovereign Debt Roundtable has been effective&nbsp;</h2>



The IMF, World Bank and the Presidency of the Group of Twenty introduced the Global Sovereign Debt Roundtable (GSDR) early last year to help overcome various disagreements on technical issues. Discussions among creditors and debtors have made progress on several key aspects, including&nbsp;<a href="https://clubdeparis.org/en/communications/page/comparability-of-treatment?utm_medium=email&amp;utm_source=govdelivery">comparability of treatment</a>&nbsp;among creditors, defining what debts are included in the restructuring, information sharing, and processes and timelines. This has helped accelerate ongoing restructuring cases and build good foundations for the future. That progress, summarized in a&nbsp;<a href="https://www.imf.org/-/media/Files/About/FAQ/gsdr/gsdr-compendium-of-common-understanding-on-technical-issues.ashx?utm_medium=email&amp;utm_source=govdelivery">recent report</a>, is a big step forward.



<h2 class="wp-block-heading" id="h-imf-is-reforming-its-debt-policies">IMF is reforming its debt policies</h2>



The IMF is building on our sovereign debt restructuring experience to make the process even faster. The Executive Board in April adopted significant&nbsp;<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2024/04/16/Policy-Reform-Proposals-To-Promote-The-Funds-Capacity-To-Support-Countries-Undertaking-Debt-547821?utm_medium=email&amp;utm_source=govdelivery">reforms to our debt policies</a>:



<ul class="wp-block-list">
<li>They provide tools that generally would allow IMF program approval within two or three months of a staff-level agreement, including through safeguards that help us proceed in cases where there are coordination problems among creditors. Approval in principle for programs, which enables disbursement as soon as financing assurances materialize, will increase transparency and help complicated cases move along on such a schedule.</li>



<li>They create a new procedure for establishing financing assurances, which should provide greater flexibility over time. Accordingly, the Fund would assess that a “credible official creditor process” is underway, based on actions by the creditors and accounting for the creditor’s track record in delivering. This will eventually be considerably faster than the present practice of waiting for formal letters.</li>
</ul>



These reforms will facilitate faster engagement with the debtor country—a key step since delays can intensify a crisis. The reforms will also provide more information to creditors to help them reach restructuring decisions faster (either because the program can be approved more quickly, or through approval in principle). This would include information about our economic projections, policy commitments, and our debt sustainability analysis. This complements other Fund efforts to improve transparency and&nbsp;<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2023/06/23/Staff-Guidance-Note-on-Information-Sharing-in-The-Context-of-Sovereign-Debt-Restructurings-535203?utm_medium=email&amp;utm_source=govdelivery">share information</a>&nbsp;in a timely manner with all stakeholders involved in the restructuring process.&nbsp;



High geopolitical tensions have made global economic cooperation more difficult. Yet we can take heart from the fact that creditors and Fund shareholders more broadly are coming together unanimously to assist countries that need debt restructuring. This is critical to further improve the international debt architecture which is a key priority, especially given the high debt levels and prohibitive debt servicing costs in some countries.



<h2 class="wp-block-heading" id="h-what-s-next">What’s next</h2>



As we strive to reduce delays, it is important to note that sovereign defaults and requests for comprehensive debt relief have tapered off since 2021 and 2022. The last notable request was Ghana’s more than a year ago. Markets have reopened earlier this year for low-income countries, with Benin, Cote d’Ivoire, Kenya, and Senegal having raised money from foreign investors. Emerging market bond spreads are back to pre-pandemic levels, signaling investor confidence that those countries can repay debt.



However, spreads for about 15 percent of emerging markets are at distressed levels, underscoring vulnerability. Likewise, low-income countries still need to refinance about $60 billion of external debt each year over the next two years—about triple the average in the decade through 2020. Around 15 percent of low-income countries are in debt distress and another 40 percent are at high risk of distress.



So, progress on debt must continue. The GSDR will continue to address remaining key restructuring challenges such as how official and private creditor processes can move in parallel, and ways to address liquidity challenges. This could involve a potential menu of options for countries including the use of the Common Framework for coordinated liquidity relief; liquidity management operations such as debt swaps or buy backs; and ways to support new inflows including through risk-sharing instruments.



The IMF will distill our policies in a sovereign debt handbook that we plan to publish later this year. This clarity should further underpin more efficient processes. We are also reviewing the debt sustainability framework for low-income countries, jointly with the World Bank, to ensure it remains fit for purpose.&nbsp;



<h2 class="wp-block-heading" id="h-easing-the-liquidity-squeeze">Easing the liquidity squeeze</h2>



More will be needed to address debt challenges and avoid distress amid elevated interest rates and financing needs, against a backdrop of enormous long-term financing needs for economic development and to cope with climate change.



Borrowing countries, creditors, and the international community have roles to play. Borrowers must foster economic growth and boost government revenues so that they can create space to finance development and climate-related spending while maintaining debt on a sustainable path. Given that policy reforms in borrowing countries will take time to deliver results, official creditors should consider mobilizing more funding at reduced cost, particularly grants. The Fund will continue to help support these efforts and provide adequate financing, including through the review of our concessional facilities.



A forthcoming blog will elaborate on how the international community must keep working together to help ease the burden of borrowing and alleviate the liquidity squeeze facing many emerging and low-income countries.

blog-2099×600-spr-sovereign-debt-restructuring-process-c-andrew-caballero-reynolds-imf-photo

Sovereign Debt Restructuring Process Is Improving Amid Cooperation and Reform

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Kenya-President-reshuffles-cabinet-swaps-foreign-affairs-minister-scaled.jpg" alt="" class="wp-image-427955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Kenya-President-reshuffles-cabinet-swaps-foreign-affairs-minister-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Kenya-President-reshuffles-cabinet-swaps-foreign-affairs-minister-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Kenya-President-reshuffles-cabinet-swaps-foreign-affairs-minister-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Kenya-President-reshuffles-cabinet-swaps-foreign-affairs-minister-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Kenya-President-reshuffles-cabinet-swaps-foreign-affairs-minister-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Kenya-President-reshuffles-cabinet-swaps-foreign-affairs-minister-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s President William Ruto attends the Sustainable Development Goals (SDG) Summit at United Nations headquarters in New York City, New York, U.S., September 18, 2023. REUTERS/Caitlin Ochs/File Photo</figcaption></figure>



NAIROBI, June 26 (Reuters) &#8211; Kenya&#8217;s president on Wednesday withdrew planned tax rises, bowing to pressure from protesters who had stormed parliament, launched demonstrations across the country and threatened more action this week.



William Ruto said he would not sign a finance bill including the hikes a day after violent clashes between police and protesters at the assembly and nationwide left at least 23 people dead and scores wounded, according to medics.



&#8220;Listening keenly to the people of Kenya who have said loudly that they want nothing to do with this finance bill 2024, I concede. And therefore, I will not sign the 2024 finance bill, and it shall subsequently be withdrawn,&#8221; he said in a televised address.



Ruto said he would now start a dialogue with Kenyan youth, without going into details, and work on austerity measures &#8211; starting with cuts to the budget of the presidency &#8211; to make up the difference in the country&#8217;s finances.



The move will be seen as a major victory for a week-old protest movement that grew from online condemnations of tax increases into mass rallies demanding a political overhaul, in the most serious crisis of Ruto&#8217;s two-year-old presidency.



It may see off the immediate threat of more unrest, but leaves Ruto still caught between the competing demands of his hard-pressed citizens and of lenders such as the IMF &#8211; which is urging the government to cut deficits to obtain more financing.



On Tuesday, police opened fire on crowds who massed around parliament and later broke into the assembly&#8217;s compound, minutes after lawmakers had voted through the tax measures and sent them on to the president.



The Nation newspaper documented protests in at least 35 of Kenya&#8217;s 47 counties, from big cities to rural areas &#8211; even in Ruto&#8217;s hometown of Eldoret in his ethnic Kalenjin heartland.



At least 23 people were killed across the East African country and another 30 were being treated for bullet wounds, the Kenya Medical Association said on Wednesday. Medical officials in Nairobi said scores had been injured.



Protesters had earlier vowed to keep up their demonstrations in messages on social media using the hashtag #tupatanethursday, or &#8220;see you on Thursday&#8221; in a mix of Swahili and English.



Posts on social media had urged people to occupy State House, the president&#8217;s office and residence, on Thursday, and the local offices of the World Bank and the International Monetary Fund (IMF) on Friday, though it was not immediately clear if the calls came from individuals or a broader movement.



Heavily armed police patrolled the streets of the capital Nairobi, which were quieter than usual on Wednesday.



The protests began as an online outpouring of anger by young, tech-savvy Kenyans at proposed taxes on bread and diapers and evolved into a nationwide movement calling for the scrapping of the entire finance bill including the taxes.



Thousands took to the streets of Nairobi and several other cities during two days of protests last week as an online movement gathered momentum.



Protests in Kenya have usually been called by political leaders who can be amenable to negotiated settlements. But the young Kenyans in the current demonstrations have no official leader and they have been growing increasingly bold in their demands.



Lawmakers had already removed some tax hikes from the final version of the finance bill on Tuesday, including ones on bread and cooking oil, but inserted others in an effort to avoid a budget gap.

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Sovereign Debt Restructuring Process Is Improving Amid Cooperation and Reform

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