<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2158704243-820x547.jpg" alt="" class="wp-image-500684" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2158704243-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2158704243-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2158704243-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2158704243-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2158704243-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2158704243-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JUNE 25: People clash with police during a protest against the tax hikes in planned &#8216;Finance Bill 2024&#8217; as they march to the parliament building in Nairobi, Kenya on June 25, 2024. (Photo by Gerald Anderson/Anadolu via Getty Images)</figcaption></figure>



NAIROBI, June 26 (Reuters) &#8211; As John Aron headed out to join the protests raging outside parliament, he felt something huge had already shifted in Kenyan politics, jolting it away from its decades of dominance by party strongmen and ethnic loyalties.



At least eight people died when police opened fire on crowds trying to storm the assembly to protest against tax hikes on Tuesday. President William Ruto blamed &#8220;criminals&#8221;. Aron, from Nairobi&#8217;s Kibera slum, said the demonstrators were part of a brand new movement.



&#8220;It is going to unite the youth and the old like never before,&#8221; the 29-year-old told Reuters.



Over just one week, what began as an online outpouring of anger by young, tech-savvy Kenyans at proposed taxes on bread and diapers has morphed into nationwide movement untethered from the politicians who have traditionally rallied the masses.



Ruto&#8217;s allies initially dismissed the protests as a fit of pique by wealthy, entitled kids.



&#8220;They arrive at the protests in Uber. When they leave the protests, they go to KFC to eat chicken,&#8221; parliament majority leader Kimani Ichung&#8217;wah told supporters last week.



But the protests have built up into a much wider groundswell of anger that has become the most serious crisis of Ruto&#8217;s two-year-old presidency, leaving him fumbling for a response.



&#8220;It&#8217;s the people against the government,&#8221; Ronnie Baron, a 30-year-old English literature teacher&nbsp;said in the heart of the crowd in downtown Nairobi on Tuesday.



The slogans on the streets and social media have shifted from tax to calls for a complete political overhaul. &#8220;Ruto must go!&#8221; crowds chanted.



&#8220;Our leaders are saying they are going to sit down with the youth. And talk to us,&#8221; protester Mitchell Mwamodo said. But &#8220;we don&#8217;t have a leader. I am not trying to have a conversation. We are not ready to back down.&#8221;



Ruto&nbsp;had said on Sunday that he wanted to&nbsp;engage with the protest movement and praised it for staging earlier more peaceful demonstrations.



But as the rallies spread, authorities switched from the carrot to the stick, clashing with demonstrators across the country on Tuesday.



&#8220;They are just trying to find out which hand to shake and which hand to cut off,&#8221; said 37-year-old Mary Ngigi as tear gas swirled around her on Tuesday. &#8220;But we don&#8217;t even have any leaders.&#8221;



<h2 class="wp-block-heading" id="h-i-wish-i-was-born-in-another-country">&#8216;I WISH I WAS BORN IN ANOTHER COUNTRY&#8217;</h2>



Many said they had had enough of a political system under which the big parties took turns in power and funnelled jobs and opportunities to supporters and people from their ethnic groups.



&#8220;Our parents failed us. They voted along tribal lines,&#8221; 26-year-old Derick Kolito told Reuters. He said he had a master&#8217;s degree in accounts but had not managed to find a job.



&#8220;I am the son of peasants. You must have a godfather to get a job &#8230; I wish I was born in another country.&#8221;



Division among the main ethnic groups have traditionally been a key driver of politics and protest, with members of one group coming out against what they see as favouritism towards another.



But at demonstrations and in online forums where they have gathered to discuss and strategise, protesters have stuck to common grievances including steep rises in living costs and widespread corruption.



The protests have cut across Kenya&#8217;s geographic, social and ethnic landscape.



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.



Westen Shilaho, a scholar who has studied Kenyan protest movements, said the political elite have traditionally used &#8220;the ethnic card&#8221; to enhance their own power.



&#8220;Now that that one is not working in this context, they will try to insert the class card,&#8221;&nbsp;he said.



Veteran anti-corruption activist John Githongo said there was room for de-escalation &#8220;but it requires tremendous political creativity and humility on the part of the government.&#8221;



Parliamentarians&nbsp;did make some&nbsp;concessions to the protesters by removing some of the taxes in the finance bill &#8211; though they then added some others to&nbsp;reduce the deficit.



Minutes after they passed the legislation on Tuesday, protesters entered the parliamentary compound, pitching Kenyan democracy into uncharted waters.



By Wednesday morning, a new hashtag was trending on social media &#8211; #tupatanethursday, a mix of Swahili and English meaning &#8220;see you on Thursday&#8221;.



(Editing by Joe Bavier; Editing by Andrew Heavens)

Protest against tax hike in Kenya

Kenya’s youth-led protest movement leaves Ruto fumbling for a response

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2017194273-820x547.jpg" alt="" class="wp-image-500666" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2017194273-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2017194273-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2017194273-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2017194273-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2017194273-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2017194273-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JP Morgan headquarters at Canary Wharf financial district at the heart of Canary Wharf financial district on 6th February 2024 in London, United Kingdom. Canary Wharf is an area located near the Isle of Dogs in the London Borough of Tower Hamlets and is defined by the Greater London Authority as being part of London&#8217;s central business district. Along with the City of London, it constitutes one of the main financial centres in the United Kingdom and the world, containing many high-rise buildings including the third-tallest in the UK, One Canada Square. (photo by Mike Kemp/In Pictures via Getty Images)</figcaption></figure>



June 25 (Reuters)&nbsp;&#8211;&nbsp;India&#8217;s imminent inclusion in the world&#8217;s most widely followed emerging market bond index, JPMorgan&#8217;s GBI-EM, is expected to draw a combined $11 billion away from South Africa, Poland and Thailand&#8217;s local markets, the bank&#8217;s analysts have estimated.



The Wall Street lender said India&#8217;s entry, which starts on Friday and will take 10 months to complete, was likely to pull $4.7 billion from South Africa, $3.3 billion from Poland and $3.2 billion from Thailand.



It will also pull $2.9 billion and $2.5 billion from the Czech Republic and Chile respectively, it added.



&#8220;For EM-dedicated investors, we view India&#8217;s index inclusion as a zero-sum game and expect outflows from other EM local bond markets to accommodate,&#8221; JPMorgan&#8217;s strategists led by Michael Harrison said in a note.



On a broader level, the Europe, Middle East and Africa (EMEA) area is estimated to see the largest regional hit to index weight.



EMEA EM&#8217;s aggregate weight is expected to drop to 26.2% by March when India&#8217;s inclusion is complete compared to around 32% at the start of this month and 40% in 2021, before Russia&#8217;s 2022 exclusion from the index following its invasion of Ukraine.



International investors have bought more than $10 billion of Indian government bonds in the nine months since India&#8217;s inclusion was announced in September, taking their ownership to a record high.



&#8220;Index-related inflows to date&#8230; suggest 32-40% of the expected total of $20-25 billion of index-related inflows to India have already played out,&#8221; Harrison added.



Bond indexes like JPMorgan&#8217;s are influential because investment funds and other types of money managers use them as performance benchmarks which effectively informs what they tend to buy and sell.



In contrast to South Africa and the others, China, Indonesia and Mexico are not expected to see any reductions in their 10% GBI-EM index weights &#8211; the maximum one country can have, and the level India will have reached by March.



Latin America is expected to see a modest decrease, while EM Asia&#8217;s index weightage is estimated to increase, JPMorgan added.



(Reporting by Siddarth S and Johann M Cherian in Bengaluru and Marc Jones in London; Editing by Jan Harvey)

JP Morgan Headquarters At Canary Wharf

India’s JPMorgan bond index entry to suck $11 billion from S.Africa, Poland and Thailand

Cocoa prices are soaring

Cocoa prices are soaring, candy makers will need to get creative

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="588" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/YDXUHLFUPRP4RNSFLEWADBZOR4-820x588.jpg" alt="" class="wp-image-500391" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/YDXUHLFUPRP4RNSFLEWADBZOR4-820x588.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/YDXUHLFUPRP4RNSFLEWADBZOR4-300x215.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/YDXUHLFUPRP4RNSFLEWADBZOR4-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/YDXUHLFUPRP4RNSFLEWADBZOR4-768x551.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/YDXUHLFUPRP4RNSFLEWADBZOR4-1536x1102.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/YDXUHLFUPRP4RNSFLEWADBZOR4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO &#8211; The tower of the headquarters of the Bank for International Settlements (BIS) is seen in Basel, Switzerland March 18, 2021. REUTERS/Arnd Wiegmann</figcaption></figure>



LONDON, June 25 (Reuters)&nbsp;&#8211;&nbsp;Central banks should embrace the benefits of artificial intelligence (AI) the Bank for International Settlements (BIS)has said, but stressed the technology should not replace humans when it comes to setting interest rates.



In its first major report into the rapidly advancing world of AI, the central banking umbrella group said policymakers need to harness its immense power to monitor data in real time in order to &#8220;sharpen&#8221; their inflation-predicting abilities.



That was something found badly wanting in the wake of COVID-19 and Russia&#8217;s invasion of Ukraine when the U.S. Federal Reserve, ECB and other major central banks all failed to grasp the strength of the global inflation surge.



New AI models should reduce the risk of a repeat although their untested nature and the fact they can &#8220;hallucinate&#8221; mean they should not become robo-ratesetters, Cecilia Skingsley, a top official at the BIS, said.



&#8220;We like to hold humans accountable,&#8221; the former Swedish central banker said, referring to the crucial role borrowing costs play in society and the need for judgment.



&#8220;So I can&#8217;t really see a future where an AI will be setting (interest) rates.&#8221;



The BIS, often dubbed the central bankers&#8217; central bank because of the joint work it does, already has eight projects involving AI.



Hyun Song Shin, its head of research and top economic adviser, said policymakers should not view it as &#8220;something magical&#8221; but did say it can help find needles in haystacks and spot vulnerabilities in financial systems.



The technology is also likely to radically reshape labour markets, impacting productivity and economic growth. Widespread adoption could see firms adjust prices more quickly in response to macro-economic changes with repercussions for inflation.



The BIS cautioned that AI also introduces risks, such as new types of cyber attacks, and may amplify existing ones, such as herding, bank runs and financial asset fire sales.



&#8220;The call for action to central banks is to foster a community of practice,&#8221; Shin said. &#8220;To share experience, to share best practice, but also to share data and the models themselves.&#8221;



(Reporting by Marc Jones; editing by Jason Neely)

FILE PHOTO – The tower of the Bank for International Settlements is seen in Basel

Central banks must prepare for profound impact of AI, BIS says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IDQEFEBXZ5P77DRBHHFL7D5QSI-820x547.jpg" alt="" class="wp-image-500343" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IDQEFEBXZ5P77DRBHHFL7D5QSI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IDQEFEBXZ5P77DRBHHFL7D5QSI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IDQEFEBXZ5P77DRBHHFL7D5QSI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IDQEFEBXZ5P77DRBHHFL7D5QSI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IDQEFEBXZ5P77DRBHHFL7D5QSI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/IDQEFEBXZ5P77DRBHHFL7D5QSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. currency is seen in this picture illustration taken March 6, 2020. REUTERS/Mike Segar/Illustration/File Photo</figcaption></figure>



WASHINGTON, June 25 (Reuters)&nbsp;&#8211;&nbsp;The U.S. dollar remains the world&#8217;s primary reserve currency, and neither the euro nor the so-called BRICS countries have been able to reduce global reliance on the dollar, a new study by the Atlantic Council&#8217;s GeoEconomics Center shows.



The group&#8217;s &#8220;Dollar Dominance Monitor&#8221; said the dollar continued to dominate foreign reserve holdings, trade invoicing, and currency transactions globally and its role as the primary global reserve currency was secure in the near and medium term.



Dollar dominance — the outsized role of the U.S. dollar in the world economy — has been strengthened recently given the robust U.S. economy, tighter monetary policy and heightened geopolitical risks, even as economic fragmentation has strengthened a push by BRICS countries to shift into other international and reserve currencies.



The Atlantic Council report said Western sanctions on Russia imposed by the Group of Seven advanced economies after Moscow&#8217;s invasion of Ukraine had accelerated efforts by the BRICS countries to develop a currency union, but the group had been unable to make progress on its de-dollarization efforts.



BRICS is an intergovernmental organization made up of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.



The council said China&#8217;s Cross-Border Interbank Payment System (CIPS) added 62 direct participants in the 12 months to May 2024, an increase of 78%, bringing the total to 142 direct participants and 1,394 indirect participants.



Negotiations around an intra-BRICS payment system were still in the nascent stages, but bilateral and multilateral agreements within the group could form the basis for a currency exchange platform over time. However, these agreements were not easily scalable, since they were negotiated individually, the report said.



It noted that China has actively supported renminbi liquidity through swap lines with its trade partners, but the share of renminbi in global foreign currency reserves dropped to 2.3% from the peak of 2.8% in 2022.



&#8220;This is possibly because of reserve managers’ concern about China’s economy, Beijing’s position on the Russia-Ukraine war, and a potential Chinese invasion of Taiwan contributing to the perception of the renminbi as a geopolitically risky reserve currency,&#8221; the report said.



The euro, once considered a competitor to the dollar&#8217;s international role, was also weakening as an alternative currency, with those looking to reduce their risk exposure turning to gold instead, the report said.



It said Russian sanctions had made it clear to reserve managers that the euro was exposed to similar geopolitical risks as the dollar. Concerns around macroeconomic stability, fiscal consolidation, and the lack of a European capital markets union also hurt the euro’s international role, it said.



(Reporting by Andrea Shalal; Editing by Andrea Ricci)

FILE PHOTO: U.S. currency is seen in this picture illustration

US dollar’s dominance secure, BRICS see no progress on de-dollarization -report

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="552" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/107361656-17056708822024-01-16t100740z_243850206_rc2yi5adu5sj_rtrmadp_0_davos-meeting-820x552.jpeg" alt="" class="wp-image-500325" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/107361656-17056708822024-01-16t100740z_243850206_rc2yi5adu5sj_rtrmadp_0_davos-meeting-820x552.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/107361656-17056708822024-01-16t100740z_243850206_rc2yi5adu5sj_rtrmadp_0_davos-meeting-300x202.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/107361656-17056708822024-01-16t100740z_243850206_rc2yi5adu5sj_rtrmadp_0_davos-meeting-134x90.jpeg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/107361656-17056708822024-01-16t100740z_243850206_rc2yi5adu5sj_rtrmadp_0_davos-meeting-768x517.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/107361656-17056708822024-01-16t100740z_243850206_rc2yi5adu5sj_rtrmadp_0_davos-meeting-1536x1033.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/107361656-17056708822024-01-16t100740z_243850206_rc2yi5adu5sj_rtrmadp_0_davos-meeting-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China’s Premier Li Qiang speaks during the 54th annual meeting of the World Economic Forum in Davos, Switzerland, January 16, 2024.  Denis Balibouse | Reuters</figcaption></figure>



DALIAN, China — Chinese Premier Li Qiang on Tuesday defended the country’s technological development while criticizing efforts to restrict global cooperation.



His remarks, at the opening of the World Economic Forum’s “Summer Davos” meeting in Dalian, China, came amid rising tensions with the EU over imports of Chinese electric cars.



“The rapid rise of China’s new industries is rooted in our unique comparative advantages,” Li said via an official English translation of his Mandarin-language remarks.



He noted the country’s large market, industrial network, labor force, diverse application scenarios and receptive consumers.



“That is how China’s emerging industries get their competitiveness,” Li said.



Earlier this month, the EU announced plans for tariffs on imports of Chinese electric cars. The U.S. has said it will raise duties on the vehicles to 100%.



China and the EU have reportedly agreed to discuss the potential tariffs.



“In many ways the depth of international cooperation determines the height of human development, so it’s essential that we embrace each other with open arms,” Li said, noting the need to “reject” confrontation.



Andrzej Duda, president of Poland, and Pham Minh Chinh, prime minister of Vietnam, gave remarks after Li.



The Chinese premier held state-level meetings in China with the two leaders ahead of the “Summer Davos.” Li had said in his meeting with Duda that China hoped the EU would view the country’s development objectively and create a fair market, according to state media. Poland is part of the EU.



At the Forum’s annual conference in Davos, Switzerland, in January, Li had said in a speech that technological innovation shouldn’t be used as a way to restrict other countries.



Beijing has repeatedly asked Washington to remove restrictions on Chinese companies that prevent them from buying advanced technology from U.S. firms.



<h2 class="wp-block-heading" id="h-economic-outlook"><a></a>Economic outlook</h2>



Li on Tuesday said China’s economic growth would remain “steady” in the second quarter, and that he was “confident” the country was “capable” of achieving the official growth target of 5% for this year.



China earlier this month reported data for May that showed retail sales grew by 3.7% from a year ago, beating expectations, while figures on industrial activity grew less than forecast. Real estate’s drag on the economy persisted, the data showed, while exports have held up as a supporter of growth.



When asked by World Economic Forum founder Klaus Schwab on stage about China’s economic policy, Li drew analogies from traditional Chinese medicine and boxing for explaining why Beijing was pursuing a more targeted and compilation-of-parts approach.



“In the past years we’ve been taking a lot of measures and done a lot that are aimed at keeping the [economic] roots healthy,” Li said, noting Beijing’s efforts to support technological innovation and businesses.



He said that China was adding support for its aging population and looking to it as a new driver of growth. Li did not elaborate on efforts to boost consumption beyond a previously announced trade-in policy.

107361656-17056708822024-01-16t100740z_243850206_rc2yi5adu5sj_rtrmadp_0_davos-meeting

China’s premier defends national competitiveness as trade tensions simmer

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Chido-Munyati-Panel-1-820x547.jpg" alt="" class="wp-image-500322" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Chido-Munyati-Panel-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Chido-Munyati-Panel-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Chido-Munyati-Panel-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Chido-Munyati-Panel-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Chido-Munyati-Panel-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Chido-Munyati-Panel-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chido Munyati</figcaption></figure>



Over the last 20 years, China has become sub-Saharan Africa’s <a href="https://www.imf.org/-/media/Files/Publications/REO/AFR/2023/October/English/china-note1.ashx">largest bilateral trading partner</a>. Around 20% of the region’s exports now go to China and about 16% of Africa’s imports come from China, according to the International Monetary Fund (IMF). This amounted to a record <a href="https://www.scmp.com/news/china/diplomacy/article/3250552/china-africa-trade-hit-282-billion-2023-africas-trade-deficit-widens-commodity-prices-key-factor">$282 billion</a> in total trade volume in 2023. Primary commodities — metals, mineral products and fuel — represent about three fifths of Africa’s exports to China, while it typically imports Chinese manufactured goods, electronics and machinery.



At the same time, China has also emerged as the largest bilateral creditor to Africa, providing African countries with a new source of infrastructure, mining and energy financing. China’s <a href="https://openknowledge.worldbank.org/entities/publication/02225002-395f-464a-8e13-2acfca05e8f0">share</a> of total sub-Saharan African external public debt was <a href="https://www.imf.org/-/media/Files/Publications/REO/AFR/2023/October/English/china-note1.ashx">less than 2%</a> before 2005 but grew to about 17%, or $134 billion, by 2021.



Moreover, Chinese foreign direct investment (FDI) has increased significantly over the last two decades. In 2003, <a href="https://www.sais-cari.org/chinese-investment-in-africa#:~:text=Chinese%20FDI%20in%20Africa%20Data%20Overview&amp;text=Flows%20surged%20from%20US%2475,Bank%20of%20China%20(ICBC)">the annual FDI flow from China to Africa</a> was approximately $75 million. It peaked at $5 billion in 2022, representing about 4.4% of the region’s total FDI. The Belt and Road Initiative (BRI), a global development strategy launched in 2013, is the framework for China&#8217;s FDI directed primarily towards transportation, energy and mining infrastructure.



While the relationship between China and the African continent has been ripening over the years, a recent deceleration of economic growth means both will now need to take a more prudent approach if they want to maintain future trade relations and investment flows.



<h2 class="wp-block-heading" id="h-china-africa-economic-relations-are-evolving">China-Africa economic relations are evolving</h2>



In 2020 and 2021, China and Africa continued to <a href="https://www.fmprc.gov.cn/eng/wjb_663304/zwjg_665342/zwbd_665378/202112/t20211217_10471245.html">strengthen their economic cooperation</a> through various strategic plans and initiatives within the frameworks of the BRI and the Forum on China-Africa Cooperation (FOCAC), a partnership platform established in 2000. This cooperation plan is focused on aligning the BRI with the African Union’s Agenda 2063 — a strategic framework for the socio-economic transformation of the continent over the next 50 years.



The cooperation plan prioritizes improving infrastructure connectivity across Africa to facilitate trade and economic integration. It also aims to enhance trade facilitation, financial integration and policy coordination between China and African countries. The latter will ensure development strategies are harmonized and mutually reinforcing.



However, China&#8217;s investments and loans in Africa have declined in recent years. This shift <a href="https://www.cnbc.com/2024/04/12/chinas-policy-to-boost-demand-by-700-billion-will-have-a-bigger-and-bigger-impact-official-says.html">has been attributed</a> to various factors including a slowdown in China’s economic growth and its desire for a more sustainable development model. Consequently, <a href="https://www.bu.edu/gdp/2023/09/18/a-new-state-of-lending-chinese-loans-to-africa/">total new loan commitments in 2022</a> were only $995.5 million <a href="https://www.bu.edu/gdp/chinese-loans-to-africa-database/">compared</a> to a high of $28.5 billion in 2016. And at the last FOCAC held in November 2021, China announced <a href="https://idsa.in/africatrends/FOCAC-2021-Key-Takeaways-10-1-2">a $40 billion financial commitment to Africa</a>, a significant decrease from the $60 billion pledged in 2018. About half of this decrease was due to a fall in infrastructure lending.



The <a href="https://www.mfa.gov.cn/eng/wjdt_665385/2649_665393/202208/t20220819_10745593.html#:~:text=Both%20the%20Chinese%20and%20African,a%20shared%20future%20in%20the">new commitments</a> signify a shift away from direct infrastructure financing towards trade credit for regional exports, while promoting an increase in private investments. China is also <a href="https://carnegieendowment.org/research/2024/05/how-is-chinas-economic-transition-affecting-its-relations-with-africa?lang=en">buying less crude oil</a> from Africa, leaving major African oil producers earning significantly less than they did before the pandemic.



African economies have certainly benefited from China’s unprecedented growth, but they must now adapt to a deceleration of export volumes, investments and loans. According to the IMF, every 1 percentage point decline in China’s real GDP growth rate leads to <a href="https://www.imf.org/en/Publications/WP/Issues/2024/02/23/Navigating-the-Evolving-Landscape-between-China-and-Africas-Economic-Engagements-545104">about a 0.25 percentage point</a> decline in sub-Saharan Africa’s total GDP growth within a year.



<h2 class="wp-block-heading" id="h-the-next-chapter-in-china-africa-economic-relations">The next chapter in China-Africa economic relations</h2>



In the decade ahead, China’s private sector, rather than its state-run enterprises, will likely lead trade and investment in Africa. Of the 3,000 Chinese enterprises that are invested in Africa, more than <a href="https://insightplus.bakermckenzie.com/bm/international-commercial-trade/south-africa-trade-relations-with-china-grow-stronger">70% are private sector</a> businesses. The African Continental Free Trade Area (AfCFTA) is likely to accelerate this trend by promoting the growth of regional value chains, offering Chinese businesses access to a larger unified African market. A similar outcome was realized with the EU’s single market – China is now <a href="https://www.statista.com/statistics/1364662/international-trade-eu/#:~:text=The%20European%20Union%20has%20experienced,EU's%20largest%20external%20import%20partner.">the EU’s largest external import partner</a>.



Officially launched in 2021, the AfCFTA creates a single market <a href="https://www.sanews.gov.za/south-africa/afcfta-agreement-presents-economic-opportunities-investors">projected to grow</a> to 1.7 billion people and $6.7 trillion in consumer and business spending by 2030. The preferential trade agreement will increase international exports and intra-African trade, particularly in agriculture and green technology minerals. This will unlock opportunities for local and global businesses to enter and expand throughout new markets across the continent. The first <a href="https://www.weforum.org/publications/an-action-plan-to-accelerate-global-business-and-investment-in-africa/">private sector action plan</a> for the AfCFTA was launched at the World Economic Forum’s annual meeting in January 2024.



To realize this immense potential, both regions must prioritize greater coordination between the AfCFTA and the BRI. Investments should be targeted to catalyze the region’s industrialisation and manufacturing plans, and to enhance trade connectivity. At a BRI Forum in October 2023, <a href="https://english.www.gov.cn/news/202310/18/content_WS652f7ef9c6d0868f4e8e060b.html">the Chinese government said</a> the next phase of the BRI will be “small yet smart”, with an increased focus on green development and the digital economy.



Better coordination and synergy will ensure mutual benefits and sustainable growth for Africa and China. Ministers and business leaders from Africa are convening in China for the Annual Meeting of the New Champions in June to advance progress in regional cooperation and coordination. These discussions will focus on building on the momentum created to date, while also finding growth amid increasing geopolitical and economic risk.

Centre for the Fourth Industrial Revolution, Rwanda Launch

Why strong regional value chains will be vital to the next chapter of China and Africa’s economic relationship

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, June 25 (Reuters)&nbsp;&#8211;&nbsp;The South African rand clawed back some losses in early trade on Tuesday, as local media reported progress in negotiations over cabinet positions between the two biggest parties in the unity government.



At 0650 GMT, the rand traded at 18.0750 against the dollar, more than 0.2% stronger than its previous close. The currency fell about 0.8% against the dollar on Monday.



Markets have been on tenterhooks in the lead-up to the announcement of President Cyril Ramaphosa&#8217;s new cabinet, with signs of friction between the African National Congress (ANC) and the Democratic Alliance (DA) on Monday contributing to the rand&#8217;s fall.



But local news outlets including News24 said talks between the ANC and DA were moving forward after a meeting between Ramaphosa and DA leader John Steenhuisen on Monday. News24 reported a deal may be reached soon which would allow Ramaphosa to announce his executive by Wednesday.



&#8220;Market participants are likely to focus on how many and which ministerial positions the pro-business Democratic Alliance will get in the new cabinet. The more and the more senior, the better (for markets),&#8221; Commerzbank analysts said in a research note.



The ANC lost its parliamentary majority in an election last month, forcing it to share power for the first time since coming to power at the end of apartheid 30 years ago.



In total 10 political parties have agreed to join the unity government.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 7 basis points to 9.785%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Andrew Heavens)

Illustration photo of South African rand

South African rand claws back some losses on reports cabinet talks progress

How Phantom Debt Is Haunting American Consumers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/106886069-1621527756504-gettyimages-1232996080-porzycki-bitcoinc210519_npFCy-820x462.jpeg" alt="" class="wp-image-500011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/106886069-1621527756504-gettyimages-1232996080-porzycki-bitcoinc210519_npFCy-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/106886069-1621527756504-gettyimages-1232996080-porzycki-bitcoinc210519_npFCy-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/106886069-1621527756504-gettyimages-1232996080-porzycki-bitcoinc210519_npFCy-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/106886069-1621527756504-gettyimages-1232996080-porzycki-bitcoinc210519_npFCy-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/106886069-1621527756504-gettyimages-1232996080-porzycki-bitcoinc210519_npFCy.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A photo illustration depicting the cryptocurrency bitcoin. Jakub Porzycki | NurPhoto via Getty Images</figcaption></figure>



Bitcoin continued its descent to $60,000 on Monday.



The price of the flagship cryptocurrency was last down by more than 4% at $61,211.00, according to Coin Metrics. Earlier, it fell to $60,666.30, its lowest level in more than a month. It’s down more than 8% in the past week.



Digital asset investment products notched a second consecutive week of outflows, according to CoinShares. Last week crypto investment products saw their lowest trading volumes globally since the U.S. bitcoin ETFs launched in January.



“We have now seen $1.2 billion of outflows from crypto ETFs over the last two weeks which all began after the FOMC meeting. Our belief is that continued pessimism over the number of rate cuts is weighing on sentiment for crypto,” James Butterfill, head of research at the crypto-focused asset manager, told CNBC. “The Fed have indicated they need to see further evidence of inflation falling before they become more dovish, so any macro say that highlights inflation continues to fall will likely support prices, and conversely, an inflationary date will weigh on prices.”



Eleanor Gaywood, head of strategy at Coincover, said there are often market jitters ahead of the personal consumption expenditure index, the Fed’s preferred inflation gauge, which is due this Friday. She said signs of a rate cut in September could ease investor nerves and steady bitcoin’s price.

106886069-1621527756504-gettyimages-1232996080-porzycki-bitcoinc210519_npFCy

Bitcoin tumbles back to $60,000 to start the week

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg" alt="" class="wp-image-373504" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-600x400.jpg 600w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



JOHANNESBURG, June 24 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slipped on Monday, as markets waited for President Cyril Ramaphosa to announce the cabinet lineup of his government of national unity.



At 1100 GMT, the rand traded at 18.1275 against the dollar, about 0.9% weaker than its previous close.



&#8220;Perceived friction between the GNU (government of national unity) partners is playing a role in today’s decline, although the rand was due for a technical correction in any case,&#8221; Danny Greeff, co-head of Africa at ETM Analytics, said.



The African National Congress lost its parliamentary majority in an election last month, the first time in 30 years, which forced it to seek coalition partners.



Nine other parties have joined the ANC, including the pro-business Democratic Alliance (DA), which is favoured by investors.



&#8220;By adding more parties to the coalition, the ANC is walking a fine line between forming an inclusive government and losing investor confidence by diluting the DA’s influence,&#8221; Greeff said.



Investors want the ANC and the Democratic Alliance to play a leading role in the new government and will be watching Ramaphosa’s cabinet picks for insights into the balance of power within the coalition, he said.



Ramaphosa said in his weekly newsletter on Monday that the government&#8217;s top priority was economic growth to create jobs.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded around 1.2% stronger than its previous close.



South Africa&#8217;s benchmark 2030 government bond was weaker, with the yield up 15 basis points to 9.835%.



(Reporting by Tannur Anders; Editing by Alison Williams and Tomasz Janowski)

101416618-rand

South African rand falls, focus on cabinet announcement

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GVVD7RTPANKEHJR4J5T4JRVGHA-820x547.jpg" alt="" class="wp-image-422301" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GVVD7RTPANKEHJR4J5T4JRVGHA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GVVD7RTPANKEHJR4J5T4JRVGHA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GVVD7RTPANKEHJR4J5T4JRVGHA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GVVD7RTPANKEHJR4J5T4JRVGHA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GVVD7RTPANKEHJR4J5T4JRVGHA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man trades U.S. dollars for Ghanaian cedis at a currency exchange office in Accra, Ghana, June 15, 2015. Picture taken June 15. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, June 24 (Reuters)&nbsp;&#8211;&nbsp;Ghana has reached an agreement in principle with&nbsp;two bondholder&nbsp;groups to restructure&nbsp;some$13 billion of&nbsp;international debt,&nbsp;it said on Monday,&nbsp;taking it a step&nbsp;closer to completing its debt overhaul that has been years in the making.



Under the agreement, bondholders will forego about $4.7 billion of their claims and provide cash flow relief of about $4.4 billion during the period of Ghana&#8217;s current financial support programme with the International Monetary Fund that is scheduled to end in 2026.



&#8220;The formal launch of the consent solicitation is expected in the upcoming weeks,&#8221; the government said in a statement.



The agreement will provide Ghana a path to economic recovery through significant debt relief and provision of cash flow, the committee representing international bondholders said in a statement, while welcoming the deal.



The deal comes a week after Ghana struck another agreement with its bilateral creditors, paving the way for the IMF&#8217;s executive board to sign off on a $360 million disbursement after the second review of Ghana&#8217;s $3 billion programme.



The board is scheduled to meet on June 28.



The West African gold and cocoa producer defaulted on most of its $30 billion in external debt in 2022,&nbsp;after&nbsp;the&nbsp;fallout from&nbsp;the COVID-19 pandemic, the war in Ukraine and higher global interest rates&nbsp;exacerbated economic strains.



It started formal talks with two groups of bondholders in mid-March &#8211; a group of Western asset managers and hedge funds and another one including regional African banks.



The negotiations, however,&nbsp;had&nbsp;stalled in April after the proposed deal failed to meet the&nbsp;IMF&#8217;s&nbsp;debt sustainability analysis requirements, and both sides were under pressure to finalise an agreement before December elections in Ghana.



Investors are watching Ghana&#8217;s debt restructuring closely after Zambia&#8217;s bondholders signed off on the southern African nation&#8217;s own debt overhaul which was more than three years in the making.



Ghana&#8217;s international bonds inched higher on the day, reversing earlier losses, with most of the curve bid between 51-53.5 cents in the dollar, Tradeweb data showed.



(Reporting by Maxwell Akalaare Adombila in Accra and Duncan Miriri in Nairobi, additional reporting by Marc Jones, MaPrerna Bedi, Shanima A and Alexander Winning in Johannesburg; Editing by Karin Strohecker and Anil D&#8217;Silva)

GVVD7RTPANKEHJR4J5T4JRVGHA

Ghana reaches agreement in principle on $13 bln bond rework

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



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



South Africa&#8217;s Johannesburg Stock Exchange will release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.



South Africa&#8217;s government will hold its weekly auction for Treasury bills.



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



South African technology investor Naspers&nbsp;NPNJn.J&nbsp;will report its full-year results in which it expects profits to more than double on improved performance of its e-commerce businesses and China&#8217;s Tencent.



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



South Africa&#8217;s rand was little changed on Friday, as investor focus remained on President Cyril Ramaphosa&#8217;s imminent cabinet appointments under a new unity government.



On the stock market, the Top-40 index closed 0.56% lower while the broader all-share index closed 0.38% lower.



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



Asia shares slipped on Monday in a countdown for U.S. price data that investors are banking on to show a renewed moderation in inflation, while markets were on alert for possible Japanese intervention as the dollar tested the 160 yen barrier.



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



The S&amp;P 500 and Nasdaq closed marginally lower on Friday, weighed down by a decline in Nvidia shares for a second straight day, which dragged down the technology sector.



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



Gold prices edged up on Monday as Treasury yields fell, while investors awaited key U.S. inflation data and Federal Reserve officials&#8217; comments through the week for fresh clues on the potential timing of the central bank&#8217;s interest rate cut.



&#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; Patel gives rail network and ports a lifeline in last act as minister



&#8211; Standard Bank sees two repo rate cuts this year



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on June 24

<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 24 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Asia shares slipped on Monday in a countdown for U.S. price data that investors are banking on to show a renewed moderation in inflation, while markets were on alert for possible Japanese intervention as the dollar tested the 160 yen barrier.



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



Oil prices fell in early Asian trade on Monday for a second straight session, weighed down by a stronger dollar after concerns of higher-for-longer interest rates resurfaced and cooled investors&#8217; risk appetite.



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



South Africa&#8217;s rand was little changed on Friday, as investor focus remained on President Cyril Ramaphosa&#8217;s imminent cabinet appointments under a new unity government.



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



Nigerian energy firm Aiteo has resumed production after stopping an oil leak at its nearly 50,000 barrels per day (bpd) Nembe field earlier this week in southern Bayelsa state, the company said.



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



The Kenyan shilling was unchanged on Friday, as hard-currency inflows from tea exporters matched demand from manufacturers, traders said.



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



One person was killed and at least 200 people injured across Kenya in Thursday&#8217;s nationwide protests against government plans to raise $2.7 billion in additional taxes, an alliance of rights groups and the police watchdog said.



<h2 class="wp-block-heading" id="h-uganda-corruption">UGANDA CORRUPTION</h2>



Three Ugandan legislators have been charged with corruption-related offences, according to a charge sheet seen by Reuters on Saturday, as President Yoweri Museveni&#8217;s government widens its crackdown on rampant graft among lawmakers.



<h2 class="wp-block-heading" id="h-madagascar-economy">MADAGASCAR ECONOMY</h2>



The IMF said on Friday that its executive board had approved $337 million for Madagascar to help increase economic resilience and about $321 million to address the country&#8217;s climate vulnerabilities.



<h2 class="wp-block-heading" id="h-mali-politics">MALI POLITICS</h2>



An alliance of political parties and civil society groups in junta-led Mali said several of their leaders were arrested on Thursday evening during a private meeting at a house of a former minister. The alliance in a statement demanded their prompt release.



<h2 class="wp-block-heading" id="h-gabon-petroleum">GABON PETROLEUM</h2>



Carlyle Group said on Friday that it had completed the sale of its oil and gas company Assala Energy to Gabon&#8217;s national oil company.



<h2 class="wp-block-heading" id="h-zambia-economy">ZAMBIA ECONOMY</h2>



Zambia&#8217;s finance minister asked parliament on Friday to approve an additional funding of 41.9 billion kwacha ($1.65 billion) for repaying the country&#8217;s external debt and addressing a severe drought that has affected crops.



(Compiled by Nairobi Newsroom)

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on June 24

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1314" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-scaled.jpg" alt="" class="wp-image-499905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-768x493.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-1536x985.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Naspers&#8217; logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



June 24 (Reuters) &#8211; South Africa&#8217;s Naspers said on Monday its full-year earnings more than doubled, buoyed by improved performance of its e-commerce businesses and contribution from China&#8217;s Tencent 0700.HK, which accounts for the bulk of earnings and revenues.



The technology investor said its core headline earnings per share, a key indicator of operating performance in South Africa, from continuing operations rose to 1,148 U.S. cents for the year ended March 31, from a restated 546 cents a year ago.



Naspers, with global investments housed in Amsterdam-listed Prosus, said its consolidated e-commerce business has achieved profitability in the second half of the year, ahead of its expectation for first half of 2025.



The firm posted an annual consolidated e-commerce trading profit of $24 million, compared with a loss of $435 million.



Consolidated revenue from continuing operations grew 8% to $6.4 billion, with Classifieds and Food Delivery businesses being the biggest contributors, it said.



Naspers controls Amsterdam-listed Prosus and holds its international investments there.



It has investments in food delivery companies iFood of Brazil, Delivery Hero&nbsp;DHER.DE&nbsp;and India&#8217;s Swiggy, educational software firms such as SkillSoft and Stack Overflow, and payments companies such as India-focused PayU.



Prosus also holds a stake in Chinese software and gaming giant Tencent&nbsp;0700.HK, which it sold down to 25% from 26.2% last year, to fund a rolling share buyback program.



Naspers and Prosus say the buybacks benefit shareholders because Prosus is worth 30% less than the value of the Tencent stake, or $98 billion at current prices.



(Reporting by Nqobile Dludla and Prerna Bedi; Editing by Rashmi Aich)

FILE PHOTO: Illustration shows smartphone with Naspers’ logo

S.Africa’s Naspers profit doubles on Tencent, e-commerce performance

Kirkland Vs. Member’s Mark: Can Sam’s Club Ever Catch Up To Costco?

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Kenya’s youth-led protest movement leaves Ruto fumbling for a response

India’s JPMorgan bond index entry to suck $11 billion from S.Africa, Poland and Thailand

Cocoa prices are soaring, candy makers will need to get creative

Central banks must prepare for profound impact of AI, BIS says

US dollar’s dominance secure, BRICS see no progress on de-dollarization -report

China’s premier defends national competitiveness as trade tensions simmer

Why strong regional value chains will be vital to the next chapter of China and Africa’s economic relationship

South African rand claws back some losses on reports cabinet talks progress

How Phantom Debt Is Haunting American Consumers

Bitcoin tumbles back to $60,000 to start the week

South African rand falls, focus on cabinet announcement

Ghana reaches agreement in principle on $13 bln bond rework

South African Markets – Factors to watch on June 24

African Markets – Factors to watch on June 24

S.Africa’s Naspers profit doubles on Tencent, e-commerce performance

Kirkland Vs. Member’s Mark: Can Sam’s Club Ever Catch Up To Costco?

Here’s how paying with cash might help you save money

News Tips

Advertise With Us

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Kenya’s youth-led protest movement leaves Ruto fumbling for a response

India’s JPMorgan bond index entry to suck $11 billion from S.Africa, Poland and Thailand

Cocoa prices are soaring, candy makers will need to get creative

Central banks must prepare for profound impact of AI, BIS says

US dollar’s dominance secure, BRICS see no progress on de-dollarization -report

China’s premier defends national competitiveness as trade tensions simmer

Why strong regional value chains will be vital to the next chapter of China and Africa’s economic relationship

South African rand claws back some losses on reports cabinet talks progress

How Phantom Debt Is Haunting American Consumers

Bitcoin tumbles back to $60,000 to start the week

South African rand falls, focus on cabinet announcement

Ghana reaches agreement in principle on $13 bln bond rework

South African Markets – Factors to watch on June 24

African Markets – Factors to watch on June 24

S.Africa’s Naspers profit doubles on Tencent, e-commerce performance

Kirkland Vs. Member’s Mark: Can Sam’s Club Ever Catch Up To Costco?

Here’s how paying with cash might help you save money

News Tips

Advertise With Us

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