<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 12 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



Asian shares were subdued on Wednesday after data showed China&#8217;s consumer prices still remained soft, while the dollar held firm ahead of a key U.S. inflation report and Federal Reserve policy decision that would set the near-term course for interest rates.



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



Oil prices ticked higher on Wednesday amid upbeat global demand views from the U.S. Energy Information Administration and OPEC, reinforced by industry data showing U.S. crude oil inventories fell more than expected last week.



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



The South African rand gained on Tuesday, as political parties continued talks to try and form a government of national unity in the country, days away from the first sitting of lawmakers.



<h2 class="wp-block-heading" id="h-nigeria-lng">NIGERIA LNG</h2>



Nigeria&#8217;s state firm NNPC has signed an agreement with Golar LNG to deploy a floating liquefied natural gas (LNG) vessel off the coast of its oil-rich Niger Delta, NNPC said on Tuesday.



<h2 class="wp-block-heading" id="h-nigeria-guinness">NIGERIA GUINNESS</h2>



Singapore-based consumer group Tolaram on Tuesday agreed to buy Diageo&#8217;s 58.02% shareholding in Guinness Nigeria and enter into long-term licence and royalty agreements, the Nigerian brewer said in a statement.



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



Kenya&#8217;s shilling was unchanged on Tuesday, with dollar inflows from tea, coffee and horticulture exports expected to strengthen it in the coming days, traders said.



<h2 class="wp-block-heading" id="h-ethiopia-budget">ETHIOPIA BUDGET</h2>



Ethiopia&#8217;s budget deficit is estimated at 2.1% of gross domestic product next fiscal year, the East African country&#8217;s finance minister Ahmed Shide said on Tuesday.



<h2 class="wp-block-heading" id="h-malawi-vice-president">MALAWI VICE PRESIDENT</h2>



Malawi&#8217;s Vice President Saulos Klaus Chilima and nine others, including former first lady Shanil Dzimbiri, were killed when the military plane they were travelling in crashed, President Lazarus Chakwera said on Tuesday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on June 12

<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/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg" alt="" class="wp-image-495905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, June 12 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s President Bola Tinubu said on Wednesday economic reforms would continue despite increasing hardships that have fuelled public anger, and promised to send an executive bill to parliament soon to set a new minimum wage.



Tinubu, who came to power a year ago, removed a decades-old petrol subsidy that kept prices artificially low and devalued the currency, sending inflation soaring to 33.69% in April, its highest level in nearly three decades and eroding incomes.



In a television broadcast to mark Democracy Day, Tinubu acknowledged hardships caused by the reforms, which also include higher interest rates and the partial removal of electricity subsidies, but he said this would create a stronger foundation for future growth.



&#8220;Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil,&#8221; Tinubu said.



&#8220;As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.&#8221;



Nigeria is grappling with the worst cost-of-living crisis in decades and labour unions last week suspended a strike called to pressure the government to agree a new monthly minimum wage.



The government has offered to double the minimum wage to 62,000 naira ($41.89) a month against labour demands of 250,000 naira, and Tinubu said his government had negotiated in good faith. The last minimum wage was set in 2019.



&#8220;We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less,&#8221; Tinubu said.



He did not say whether the bill would contain the government minimum wage proposal or a new figure.



Labour union leaders have said they would wait to hear back from Tinubu before deciding on next steps.



($1 = 1,480.0000 naira)



(Writing by MacDonald Dzirutwe; Editing by Jamie Freed)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s president says economic reforms will continue despite hardships

Meet the world’s first highly bionic gait-walking robot

The future of payment

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="459" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/PJCHMVECYFJSHBL6FLC3BX34ZM-1.jpg" alt="" class="wp-image-425605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/PJCHMVECYFJSHBL6FLC3BX34ZM-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/PJCHMVECYFJSHBL6FLC3BX34ZM-1-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/PJCHMVECYFJSHBL6FLC3BX34ZM-1-143x90.jpg 143w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">A woman uses a trolley as she shops at a grocery store in East London, in the Eastern Cape province, South Africa, July 7, 2022. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, June 11 (Reuters) &#8211; South African business confidence slipped for the second month in a row in May, dented by a decrease in tourist arrivals and merchandise imports in the leadup to last month&#8217;s election, data showed on Tuesday.



The South African Chamber of Commerce and Industry (SACCI) Business Confidence Index fell to 107.8 in May, down from 108.9 in April and 114.7 in March.



SACCI said the future course of business confidence would be largely determined by the makeup of the new government, after the African National Congress (ANC) lost its parliamentary majority for the first time since coming to power at the end of apartheid 30 years ago.



The ANC is talking to a broad spectrum of political parties about setting up a government of national unity.



&#8220;Political stability and policy certainty will be fundamental assurances that drive business and investor sentiment,&#8221; SACCI said in a statement. 



(Reporting by Tannur Anders; Editing by Alexander Winning)

Woman shops at a grocery store, in East London

South African business confidence index falls for second month in May

Does the Fed talk too much?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="500" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg" alt="" class="wp-image-495627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, June 11 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Tuesday, as political parties continued talks to try and form a government of national unity in the country, days away from the first sitting of lawmakers.



At 0725 GMT, the rand traded at 18.6450 against the dollar, around 0.44% stronger than its previous close.



The African National Congress (ANC) last week said it would look to form a government of national unity after it lost its parliamentary majority in an election in May, the first time since it came to power at the end of a apartheid 30 years ago.



Potential partners include the pro-business Democratic Alliance (DA) and the leftist Economic Freedom Fighters (EFF).



&#8220;The ongoing talks will remain at the front of investors&#8217; minds ahead of Friday when the National Assembly will hold its first sitting,&#8221; said Rand Merchant Bank analysts in a research note.



New lawmakers will be sworn-in, and the speaker, deputy speaker and next president will be elected.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 4.5 basis points to 10.33%.



(Reporting by Tannur Anders; Editing by Rashmi Aich)

FILE PHOTO: South African Rand coins are seen in this illustration picture

South African rand gains as unity government talks continue

<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 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Asian stocks traded in a narrow range on Tuesday, as investors pondered fresh political uncertainty in European markets after right-wing gains in elections and a snap poll in France revived concerns about the cohesion of the bloc.



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



Oil prices traded lower on Tuesday, as investors waited for key U.S. inflation data and the outcome of the Federal Reserve&#8217;s policy meeting to glean a clearer picture of where inflation is heading, and how that will affect fuel demand.



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



The South African rand strengthened on Monday, as focus remained on talks between political parties on forming a government of national unity in the country.



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



Kenya&#8217;s shilling was stable on Monday, as importers from the manufacturing sector held off from buying dollars as they anticipate that the local currency will strengthen, traders said.



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



Kenya has reached a staff level agreement with the International Monetary Fund on Tuesday, the organisation said, paving the way for the disbursement of about $976 million.



<h2 class="wp-block-heading" id="h-malawi-vice-president">MALAWI VICE PRESIDENT</h2>



Malawi&#8217;s president Lazarus Chakwera said late on Monday that he had ordered that search and rescue operations continue until the plane carrying Vice President Saulos Klaus Chilima was found.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on June 11

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



NAIROBI, June 11 (Reuters)&nbsp;&#8211;&nbsp;Kenya has reached a staff level agreement with the International Monetary Fund on Tuesday, the organisation said, paving the way for the disbursement of about $976 million.



The fund said in a statement that if its Executive Board approves a second review of Kenya&#8217;s Resilience and Sustainability Facility, it would have immediate access to $120 million.



The lender also urged the East African nation to adjust its 2024/25 budget to include more revenue raising measures, as a worsening in the primary fiscal balance in the previous financial year and a tax collection shortfall was expected to keep domestic borrowing needs high.



Although Kenya has been facing liquidity challenges since 2022, it managed to sell a new $1.5 billion Eurobond from international markets in February, albeit at a steep price, to partly buy back another Eurobond that is maturing in June.



The issuance assuaged investor concerns about a potential default, restored foreign investors confidence in the economy and caused the shilling currency to strengthen against the dollar.



The fund said fiscal adjustments for 2024/25 could remedy the situation.



&#8220;Authorities have taken decisive steps towards fiscal consolidation by introducing several measures in the context of the draft 2024/25 Budget and the 2024 Finance Bill,&#8221; it added.



The finance minister is due to present the 2024/25 (July-June) budget to parliament on Thursday.



Parliament approved overall spending for the year at 4 trillion shillings ($31 billion), up from the 3.75 trillion shillings the minister presented last June for the 2023/24 year. That budget was later adjusted to 3.85 trillion shillings.



The 2024/25 budget will be accompanied by the Finance Bill 2024, a separate law outlining revenue-raising proposals which some critics say some could cripple sectors including financial services, transport, manufacturing and retail.



Kenya&#8217;s current IMF deal, which is for a total of $3.6 billion, was agreed in April 2021. The current review is the seventh under the program.



Last week, the central bank governor said Kenya will use part of a $1.2 billion World Bank budget support loan to make a payment of roughly $500 million on a Eurobond maturing this month.



($1 = 129.0000 Kenyan shillings)



(Additional reporting by Gursimran Kaur in Bangalore; Editing by Jacqueline Wong and Miral Fahmy)

IMF logo is seen outside the headquarters building in Washington

IMF reaches staff level agreement with Kenya, urges fiscal consolidation

Why It Took Boeing A Decade To Launch NASA Astronauts On Starliner

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/WFQYVBPXURJ57NHQPRJRSOJRI4-820x550.jpg" alt="" class="wp-image-495374" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/WFQYVBPXURJ57NHQPRJRSOJRI4-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/WFQYVBPXURJ57NHQPRJRSOJRI4-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/WFQYVBPXURJ57NHQPRJRSOJRI4-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/WFQYVBPXURJ57NHQPRJRSOJRI4-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/WFQYVBPXURJ57NHQPRJRSOJRI4-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/WFQYVBPXURJ57NHQPRJRSOJRI4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view shows Tata Steel Port Talbot steel production plant, ahead of its planned transition from blast furnace to electric arc furnaces, at Port Talbot, Wales, Britain, March 11, 2024. REUTERS/Toby Melville/File Photo</figcaption></figure>



LONDON, June 5 (Reuters)&nbsp;&#8211;&nbsp;A group of 10 West African countries has weighed into a debate over whether companies around the world should be allowed to use carbon offsets to cut emissions, arguing they are critical to attracting financing for climate and conservation efforts.



While some scientists and technical advisers have criticised offsets as undermining efforts to rein in climate change by permitting continued greenhouse gas emissions, others see them as a necessary tool to boost crucial finance.



In a letter to the Science-Based Targets initiative (SBTi), the world&#8217;s top corporate climate-target verifier, the 10 countries called on its trustees to ensure offsetting is included within net-zero guidance to companies.



The letter, signed by Burkina Faso, Cape Verde, Ivory Coast, Gambia, Guinea-Bissau, Guinea, Liberia, Mali, Senegal and Togo, said recent reports questioning the validity of offsetting emissions were the work of &#8220;misguided activists&#8221;.



There is growing debate over the ethics and efficacy of offsets, also called carbon credits, to excuse some corporate emissions. Offsets are generated by investing in projects that lower or prevent carbon emissions and can be traded.



On Wednesday, U.N. Secretary-General Antonio Guterres weighed into the fray, warning about &#8220;dubious carbon offsets that erode public trust while doing little or nothing to help the climate.&#8221;



&#8220;We need high integrity carbon markets that are credible and with rules consistent with limiting warming to 1.5 degrees. I also encourage scientists and engineers to focus urgently on carbon dioxide removal and storage – to deal safely and sustainably with final emissions from the heavy industries hardest to clean.&#8221;



The letter&#8217;s main author told Reuters that the lack of certainty in the SBTi&#8217;s guidance was damaging corporate confidence and slowing financing.



&#8220;The SBTi is, rightly or wrongly, the gatekeeper that can unlock finance from corporations around the world that wish to contribute to climate action &#8230; at the same time as (and not instead of) taking action to decarbonise their valuation,&#8221; said Ousmane Fall Sarr, coordinator of the West African Alliance on Carbon Markets and Climate Finance.



The SBTi&#8217;s current guidance only allows very limited use of renewable energy certificates which a company can use to reduce so-called Scope 2 emissions, those related directly to the energy it uses.



But SBTi&#8217;s board of trustees said on April 9 that, subject to certain rules and guidance, it would allow them for Scope 3 emissions, those associated with their supply chains, distribution and product use. This was welcomed by both companies and developing countries that are relying on carbon offset projects to generate cash.



Uncertainty remained, however, because the board had not followed SBTi&#8217;s normal procedure for policy-setting. SBTi has said it is reviewing the scientific research and debating the issue before making a final call.



In a statement to Reuters, it said it welcomed feedback from all stakeholders, and would open a public consultation once its research was complete.



<h2 class="wp-block-heading" id="h-no-alternative">&#8216;NO ALTERNATIVE&#8217;</h2>



The SBTi, formed by a coalition of non-profit organisations, is seen as a key player in global efforts to scale up the market for voluntary carbon credits by addressing quality concerns and ensuring they deliver the benefits they claim.



The United States added momentum on&nbsp;May&nbsp;28 by unveiling its own guidelines for voluntary carbon credits.



In their May 24 letter, the West African countries reminded the SBTi board of its pledge in April, which is still on its website. &#8220;To us, carbon markets is climate finance,&#8221; the letter said. &#8220;There is no alternative. We are at a pivotal moment.&#8221;



With climate financing still far below needed levels, the letter said offset revenues were crucial to supporting poor communities, encouraging conservation, making the transition to clean energy and adapting to the conditions of a warmer world.



The OECD has said poor nations&#8217; actual climate investment needs could total $1 trillion per year by 2025.



Ousmane said the lack of clarity on offsets would also hold up country efforts to calculate and update their national climate plans ahead of the COP29 United Nations climate summit in November in Baku, Azerbaijan.



Countries must update these &#8220;nationally determined contributions&#8221; before next year&#8217;s COP30 summit in Brazil, but are being encouraged to submit them this year.



(Reporting by Virginia Furness in London; Editing by Katy Daigle, Simon Jessop, Alexander Smith and Rod Nickel)

FILE PHOTO: Views of Tata Steel Port Talbot steel production plant in Port Talbot, Wales

West African nations call for firms to be able to offset carbon

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



June 10 (Reuters)&nbsp;&#8211;&nbsp;Emerging market assets fell on Monday with political uncertainties preoccupying investors after a spate of elections, while U.S. inflation reports and Federal Reserve policy decisions topped this week&#8217;s watchlist.



The MSCI EM equities index and the currencies gauge slipped 0.3% each after last week&#8217;s gains. The Chinese stock market was shut due to a public holiday.



At the top of investors&#8217; radar is the Fed&#8217;s rate decision due on Wednesday, with a slew of inflation reports throughout the week further shaping the outlook for policy after last week&#8217;s hot&nbsp;jobs data&nbsp;pointed to a robust U.S. economy.



&#8220;High U.S. rates can also exacerbate capital flight out of EMs in favour of the U.S., which will further tighten local financial conditions. A significant number of EMs will be hoping the Fed starts to cut rates soon,&#8221; said Stuart Cole, head macro economist at Equiti Capital.



Mexico&#8217;s ruling Morena party and its allies won a super-majority in the lower house of Congress but not the Senate,&nbsp;falling just short&nbsp;of the two-thirds majority needed in both houses to change the constitution.



The Mexican peso inched up 0.3% against the dollar in early trade after logging its steepest weekly decline since March 2020.



In Central and Eastern Europe, official results reported by the media showed Polish Prime Minister Donald Tusk&#8217;s Civic Coalition (KO)&nbsp;came first in European Parliament elections.



The zloty was up 0.1% against the euro, which fell sharply on political uncertainty after French President Emmanuel Macron called a snap parliamentary election following his party&#8217;s big losses to the far right in the EU vote.



Hungarian Prime Minister Viktor Orban&#8217;s Fidesz party&nbsp;was on track&nbsp;for its worst result in a national vote in nearly two decades, where a political newcomer trounced all other opposition parties.



The forint fell 0.2%, leading losses among CEE peers, after Hungarian inflation spiked less than expected, keeping rate cut expectations alive.



&#8220;In CEE, the far right were kept in check and did not do as well as in some other EU states&#8230;The far right certainly made gains and are now more of a force to be reckoned with, but they did not do quite as well as had been feared,&#8221; Cole added.



Israeli minister&nbsp;Benny Gantz&nbsp;resigned from Prime Minister Benjamin Netanyahu&#8217;s emergency cabinet, withdrawing the only centrist grouping from the otherwise far-right coalition. While this won&#8217;t pose an immediate threat of a government collapse, it could leave Netanyahu reliant on hardliners, with no end in sight to the Gaza war and a possible escalation in tensions.



Narendra Modi was sworn in as India&#8217;s prime minister for a third term. Stocks were muted after recouping steep losses made on June 4 following a shock election setback.



(Reporting by Ankika Biswas in Bengaluru)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Emerging markets assets slip after elections, Fed decision in spotlight

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ArturoElizondo_Lead-820x546.png" alt="" class="wp-image-495292" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ArturoElizondo_Lead-820x546.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ArturoElizondo_Lead-300x200.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ArturoElizondo_Lead-135x90.png 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ArturoElizondo_Lead-768x512.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ArturoElizondo_Lead.png 1001w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



SingularityU South Africa Summit to take place in collaboration with Old Mutual on 21 &amp; 22 October 2024



Johannesburg, 22 May 2024: True to its promise to bring business leaders the latest innovations and bleeding edge breakthroughs in exponential technologies, Singularity South Africa has announced the plans for the upcoming Summit, that will return in physical format this year, in collaboration with Old Mutual. With over 1 500 delegates expected, the popular summit will take place on Monday 21 and Tuesday 22 October 2024 at the Sandton Convention Centre in Johannesburg.



Continuing its strategic focus to future proof Africa and leverage the latest innovations to solve the global challenges, the first ten international and local speakers have been announced.



World-renowned cybersecurity expert, Jaya Baloo will return to the stage to share insights on guarding the digital frontier. The genius behind Stable Diffusion, Emad Mostaque, Founder of Stability AI, will address the future of decentralized and democratized AI. The food scientist, Arturo Elizondo who has made it his life&#8217;s mission to improve the global nutrition system, will tackle the future of protein in a plant-based ecosystem. Cathy Hackl, founder of Spatial Dynamics (USA) will deliver a keynote on immersion in the spatial web.



Tech venture capital (VC) investor, Karine Arama will ignite conversations around the convergence of artificial intelligence (AI) and Blockchain and the future of the VC investing landscape. Carlo van de Weijer, a smart mobility and AI visionary from Eindhoven University of Technology, will steer the narrative around the future of mobility while sharing the latest global innovations in mobility solutions.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Jaya-Baloo-820x410.jpeg" alt="" class="wp-image-495388" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Jaya-Baloo-820x410.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Jaya-Baloo-300x150.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Jaya-Baloo-160x80.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Jaya-Baloo-768x384.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Jaya-Baloo.jpeg 969w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



With AI currently super charging every aspect of business and society, the summit will see the world’s thought leaders on this topic congregate to equip delegates with the foresights needed to harness this phenomenon. AI Ethics Sociologist Alix Rubsaam will address AI and ethics, exploring the societal impacts of bridging the human and digital realms. Adam Pantanowitz (PhD) will speak on the current shifts that are leading to the convergence between humans and machines.



Professor of Machine Learning and Robotics Benjamin Rosman will dive into the algorithms that are reshaping how machines learn and interact. Data wizard, Mark Nasila (PhD) who harnesses analytics to enhance banking security and customer insights, will address the African Artificial (AI) renaissance.&nbsp;



Now entering its sixth year, and known for exceeding expectations at every event, the 2024 iteration of the Singularity Summit will feature a broad array of topics that also include energy, ESG (environmental, social, and governance), food, leadership, medicine, robotics, technology, the future of work, virtual reality, and water. More speakers will be announced leading up to the event.



In another first for South Africa, the Singularity South Africa Summit will be the first local event to feature a dedicated world-class metaverse track. People from all over the world will be able to access the summit’s main stage and plenary sessions in an immersive, 3D format, via the Africarare metaverse. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Mark-Nasila-2023-820x461.jpg" alt="" class="wp-image-495389" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Mark-Nasila-2023-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Mark-Nasila-2023-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Mark-Nasila-2023-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Mark-Nasila-2023-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Mark-Nasila-2023.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



“As Old Mutual advances its digital transformation and prepares for the launch of a digital bank, the upcoming two-day SingularityU summit, featuring top experts in AI, technology, science, and futurism, offers a chance to glean invaluable insights from those shaping the future of tech and society,” shared Celiwe Ross, Director: Group Strategy, Sustainability, People and Public Affairs at Old Mutual.



“In a world where technology is rapidly reshaping the horizons of our possibilities, this year’s SingularityU South Africa Summit is a beacon for innovation. Collaborating with Old Mutual enables us to enhance our platform, where global leaders in technology will illuminate the path towards a sustainable and prosperous future. Our commitment is stronger than ever to empower visionaries and leaders with the insights needed to harness exponential technologies for the greater good of Africa and the world.” said Mic Mann, co-CEO of SingularityU South Africa.



“We remain steadfast in our commitment to help empower Africa&#8217;s business leaders with the knowledge and tools needed to shape an abundant future and know that the insights that will be shared from the stage will play a meaningful role in bringing this vision to reality. We are pleased to be collaborating with Old Mutual on this mission and know that their business dexterity will add tremendous value to this years’ experience,” added Shayne Mann, co-CEO of SingularityU South Africa.



The plans regarding ancillary events, networking opportunities, and the final programme for the SingularityU South Africa Summit will be announced in the coming months. To join the SingularityU community of changemakers, or to learn more, visit <a href="https://singularityusouthafrica.org/">https://singularityusouthafricasummit.org/</a>.



Ticket prices: R 14&nbsp;500 per person, book before midnight on 15 July and save 22%. (Next tier applies thereafter) All prices include VAT.

ArturoElizondo_Lead

Plans announced for Singularity Summit 2024

<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 10 (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-events">EVENTS:</h2>



*Tanzania&#8217;s and Rwanda&#8217;s statistics offices are expected to release their respective consumer inflation data for May.



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



Asian stocks sank on Monday as traders heavily pared back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns and weighed on the euro.



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



Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday.



[O/R]



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



The South African rand gained on Friday, after the African National Congress (ANC) said it would seek to form a government of national unity following its failure to win a majority in last week&#8217;s election.



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



Kenya&#8217;s shilling &lt;KES=> gained ground against the dollar on Friday, as hard-currency demand waned and foreign investors bought the local unit to purchase short-term government debt, traders said.



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



Kenya&#8217;s parliament has approved government spending of 4.00 trillion shillings ($31.01 billion) in the fiscal year that starts in July, up from the 3.75 trillion shillings it approved last June for the current fiscal year.



<h2 class="wp-block-heading" id="h-african-development-bank">AFRICAN DEVELOPMENT BANK</h2>



Africa needs quicker debt restructurings, more favourable lending terms and some $25 billion for the Africa Development Fund to avoid a lost decade, the head of its development bank said.



<h2 class="wp-block-heading" id="h-mauritius-budget">MAURITIUS BUDGET</h2>



Mauritius forecasts its budget deficit to drop to 3.4% of gross domestic product in 2024/25 from 3.9% in the fiscal year that ends in June, its finance minister said on Friday.



<h2 class="wp-block-heading" id="h-ethiopia-budget">ETHIOPIA BUDGET</h2>



Ethiopia&#8217;s cabinet on Friday approved a roughly 25% increase in its 2024/2025 budget, worth around one trillion birr ($17.51 billion), the Prime Minister&#8217;s office said.



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



Ghana and its official creditors have finalised core issues on a debt rework and will sign a draft memorandum of understanding very soon, two sources told Reuters, a key step required to access more International Monetary Fund financing.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on June 10

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-820x461.jpeg" alt="" class="wp-image-477062" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. 
Chalinee Thirasupa | Bloomberg | Getty Images</figcaption></figure>



The gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find, according to the World Gold Council.



“We’ve seen record first quarter mine production in 2024 up 4% year on year. But the bigger picture, I think about mine production is that, effectively, it plateaued around 2016, 2018 and we’ve seen no growth since then,” WGC Chief Market Strategist John Reade said.



According to data from the international trade association, mine production inched up only 0.5% in 2023 compared to a year ago.



In 2022, the growth was 1.35% year on year, the year before it was 2.7%, while in 2020, global gold production logged the first decline in a decade, sliding 1%.



“I think the overwhelming story there is: after 10 years of rapid growth from around 2008, the mining industry is struggling to report sustained growth in production,” said Reade.



New gold deposits are becoming harder to find around the world as many prospective areas have already been explored, he elaborated.



Large-scale gold mining is capital-intensive, and requires significant exploration and development, taking an average of 10 to 20 years before a mine is ready for production, according to WGC.



Even during the exploration process, the likelihood of a discovery progressing into the development of a mine is low, with only about 10% of global gold discoveries containing sufficient metal to warrant mining.



Around 187,000 metric tons of gold has been mined to date, with the majority coming from China, South Africa and Australia. Gold reserves that can be excavated are estimated at around 57,000 tonnes, according to the United States Geological Survey.



Aside from the discovery process, government permits getting harder to secure and requiring more time to come through have made mining more difficult, Reade added. Securing licenses and permits needed before mining companies can start operations can take several years.



Additionally, many mining projects are planned for remote areas that require infrastructure such as roads, power, and water, resulting in added costs in building these mines and financing operations, Reade said.



“It’s getting harder to find gold, permit it, finance it, and operate it,” he said.



Gold prices are taking a breather after rallying to record highs in recent months bolstered by strong demand led by China. Spot gold is currently trading at $2,294.3 per ounce.

107385958-1710210089452-gettyimages-1868370670-THAILAND_GOLD

Gold is getting harder to find as miners struggle to excavate more, World Gold Council says

Is flying getting more expensive? It depends on where you are going

home

African Markets – Factors to watch on June 12

Nigeria’s president says economic reforms will continue despite hardships

Meet the world’s first highly bionic gait-walking robot

The future of payment

South African business confidence index falls for second month in May

Does the Fed talk too much?

South African rand gains as unity government talks continue

African Markets – Factors to watch on June 11

IMF reaches staff level agreement with Kenya, urges fiscal consolidation

Why It Took Boeing A Decade To Launch NASA Astronauts On Starliner

West African nations call for firms to be able to offset carbon

Emerging markets assets slip after elections, Fed decision in spotlight

Plans announced for Singularity Summit 2024

African Markets – Factors to watch on June 10

Gold is getting harder to find as miners struggle to excavate more, World Gold Council says

Is flying getting more expensive? It depends on where you are going

Why Five Below Is So Volatile

News Tips

Advertise With Us

home

African Markets – Factors to watch on June 12

Nigeria’s president says economic reforms will continue despite hardships

Meet the world’s first highly bionic gait-walking robot

The future of payment

South African business confidence index falls for second month in May

Does the Fed talk too much?

South African rand gains as unity government talks continue

African Markets – Factors to watch on June 11

IMF reaches staff level agreement with Kenya, urges fiscal consolidation

Why It Took Boeing A Decade To Launch NASA Astronauts On Starliner

West African nations call for firms to be able to offset carbon

Emerging markets assets slip after elections, Fed decision in spotlight

Plans announced for Singularity Summit 2024

African Markets – Factors to watch on June 10

Gold is getting harder to find as miners struggle to excavate more, World Gold Council says

Is flying getting more expensive? It depends on where you are going

Why Five Below Is So Volatile

News Tips

Advertise With Us

Newsletters