<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DANGOTE-REFINERY.avif" alt="" class="wp-image-568268"/><figcaption class="wp-element-caption">A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo </figcaption></figure>



LAGOS, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Dangote Refinery is now operating at 85% capacity and is on course to deliver European-standard products by January, an executive said on Friday.



The 650,000-barrel-per-day Dangote oil refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity but had been struggling to secure sufficient crude locally.



&#8220;We have gone up to 550,000 bpd, that is 85% capacity in crude distillation,&#8221; Edwin Devakumar, head of the refinery, told Reuters.



The refinery was forced to source crude from international markets following a dispute with the Nigerian state-oil firm the NNPC over a crude supply deal under which Dangote had agreed to sell a 20% stake in the refinery to NNPC for $2.76 billion.



&#8220;Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of five years through deductions on crude oil that they supply to us and from dividends due to them,&#8221; a Dangote spokesperson said.



&#8220;Unfortunately, NNPCL was later unable to supply the agreed 300,000 barrels a day of crude given that they had committed a greater part of their crude cargoes to financiers with the expectation of higher production which they were unable to achieve,&#8221; the spokesperson said in a statement on Wednesday.



Dangote Refinery began processing crude in January into products including diesel, naphtha and jet fuel, and started processing petrol in September.



It still faces challenges distributing the products at home with local fuel traders and even the NNPC&nbsp;importing&nbsp;refined products. The NNPC recently said it had restarted its 60,000 bpd Port Harcourt refinery.



Dangote Refinery cut the price of its petrol to 899.50 naira ($0.58) per litre on Thursday from 970 naira &#8220;to alleviate transport cost during the holiday season&#8221;.



($1 = 1,541.4300 naira)



(Reporting by Isaac Anyaogu; Editing by Emelia Sithole-Matarise)

DANGOTE REFINERY

Nigeria’s Dangote Refinery hits 85% refining capacity, executive says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/ORANO.avif" alt="" class="wp-image-568252"/><figcaption class="wp-element-caption">The Orano logo is seen on a jacket of an employee on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, June 14, 2022. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



PARIS, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;French nuclear fuels company Orano said on Friday it had started arbitration proceedings against Niger, after Niger&nbsp;withdrew the mining licence of Orano&#8217;s subsidiary Imouraren.



Niger&#8217;s military-led government has stepped up pressure in recent months on foreign investors. A representative for the government did not immediately respond to a request for comment.



Orano said in June that Niger had removed the mining permit for Imouraren, and the following month Canada&#8217;s GoviEx Uranium GXU.V said it too had been stripped of its right to develop a uranium project in Niger.



Earlier this month, Orano said authorities in Niger had seized control of its Somair uranium mine.



Niger accounts for about 4% of global output of uranium, the most widely used fuel for nuclear energy.



Barrick Gold said on Wednesday it would initiate arbitration in its dispute with neighbouring Mali.



(Reporting by Benjamin Mallet and Sudip Kar-Gupta; Writing by Makini Brice; Editing by Susan Fenton)

ORANO

France’s Orano launches arbitration against Niger over mining licence

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="439" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand-Dec.avif" alt="" class="wp-image-568249"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand recovered some losses on Friday after a slight improvement in risk sentiment.



At 1406 GMT, the rand traded at 18.355 against the dollar&nbsp;ZAR=D3, about 0.3% stronger than its previous close.



Trade in the rand, like most emerging market currencies, has been volatile this week after the U.S. Federal Reserve on Wednesday struck a hawkish tone in its interest rate outlook for the year ahead.



Andre Cilliers, currency strategist at TreasuryONE, said liquidity constraints during the holiday season could amplify swings in the local currency.



&#8220;Near-term volatility (is) likely to persist,&#8221; Cilliers said.



There are no major local economic data releases scheduled for next week.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was little changed.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was weaker, with the yield up 2 basis points to 9.135%.



(Reporting by Bhargav Acharya; Editing by Angus MacSwan and Shailesh Kuber)

rand Dec

South African rand recovers some ground against dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="473" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QPQQ77FJE5JRTNVTB23SO7K7RM.avif" alt="" class="wp-image-568246"/><figcaption class="wp-element-caption">A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde//File Photo</figcaption></figure>



ABUJA, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;The Central Bank of Nigeria (CBN) has granted the country&#8217;s Bureau de Change (BDC)&nbsp;operators temporary access to the official foreign exchange market from December 19 to January 30, 2025, it said in a statement on Thursday.



Operators will be allowed to purchase a maximum of $25,000 weekly from authorised dealers. All transactions require upfront funding at prevailing rates and must adhere to a maximum spread of 1%, the CBN said.



Nigeria&#8217;s central bank typically sells foreign exchange directly to BDCs at a subsidised rate. The bank&#8217;s statement did not explain the reasoning behind the move, which would give the BDCs access to a new automated FX trading system launched this month to replace a decade-old over-the-counter system.



(Reporting by Elisha Bala-Gbogbo; Editing by Peter Graff)

QPQQ77FJE5JRTNVTB23SO7K7RM

Nigeria central bank grants exchange bureaus temporary access to FX spot market

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



ECONOMIC EVENTS



Energy regulator Nersa meeting on Eskom&#8217;s tariff application



SOUTH AFRICAN MARKETS



South Africa&#8217;s rand slipped on Thursday, a day after the Federal Reserve struck a hawkish tone on interest rate cuts in the coming year.&nbsp;.JZAR/



GLOBAL MARKETS



Asian shares hit a fresh three-month low on Friday as investors awaited key U.S. inflation data that could either ease or worsen concerns about stubbornly high price pressures, while the dollar towered at two-year peaks.&nbsp;MKTS/GLOB



WALL STREET



U.S. stocks ended little changed on Thursday, giving up an initial rebound from a sharp drop in the prior session after the Federal Reserve forecast fewer-than-expected interest rate cuts and higher inflation next year.&nbsp;.N



GOLD



Gold prices were set for a weekly decline on Friday after the Federal Reserve&#8217;s verdict on its monetary policy-easing cycle signalled a slowdown in rate cuts, while focus shifted to U.S. Personal Consumption Expenditure data later in the day.&nbsp;GOL/



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



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



BUSINESS DAY



&#8211; Treasury makes proposals to tighten laws in bid to exit greylist



&#8211; Grindrod hit hard by disruption after Mozambican election



FIN 24



&#8211; As power theft cripples Eskom, it discovers a massive racket involving its staff



(Compiled by Alexander Winning)

rand2 (1)

South African Markets – Factors to watch on Dec 20

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg" alt="" class="wp-image-412999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the headquarter of the embattled South African main electricity provider ESKOM is pictured on February 4, 2015 in Johannesburg. South Africa power supply was under &#8220;extreme&#8221; pressure on February 2, 2015 and likely to remain so until end of the week after a technical fault at the country&#8217;s sole nuclear plant, electricity utility Eskom said. AFP PHOTO/GIANLUIGI GUERCIA (Photo by Gianluigi GUERCIA / AFP) (Photo by GIANLUIGI GUERCIA/AFP via Getty Images)</figcaption></figure>



JOHANNESBURG, Dec 19 (Reuters)&nbsp;&#8211;&nbsp;South African state power utility Eskom on Thursday reported a higher loss after tax of 55 billion rand ($3 billion) in the financial year to the end of March because of an accounting adjustment linked to the separation of its transmission unit.



The loss after tax was up from 26.1 billion rand in the year to the end of March 2023.



Revenue in the year to end-March 2024 grew 14% to 295.8 billion rand, a presentation on the company&#8217;s website showed. Sales volumes dipped 3% to 183.3 Terawatt hours, as the company implemented power cuts on 329 days during the reporting year.



($1 = 18.2461 rand)



(Reporting by Nqobile Dludla and Bhargav Acharya; Editing by Alexander Winning)

SAFRICA-ELECTRICITY-NUCLEAR-ECONOMY-ENERGY

South Africa’s Eskom reports $3 bln loss on split of transmission unit

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4653" height="3100" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AD5EWZPFCVLJ3MS7VAUAZFF3SA.avif" alt="" class="wp-image-567761"/><figcaption class="wp-element-caption">A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo</figcaption></figure>



Dec 19 (Reuters) &#8211; Australian miner South32 said on Thursday it expects to rebuild alumina stocks in the coming days if trucking conditions remain favourable at the Mozal Aluminium smelter in Mozambique after operational disruptions at the site due to post-election civil unrest.



Earlier this month, the company retracted its output prediction for its Mozal Aluminium smelter in Mozambique, following protests by opposition supporters after a disputed election result in October, which led to increasing violence in the country.



According to South32, which owns 63.7% of the Mozal Aluminium smelter, the disturbances caused road closures that have made it more difficult to get raw materials to the smelter.



&#8220;Over the past few days, road blockages have largely cleared and we have been able to safely transport alumina from port to Mozal Aluminium,&#8221; South32 said.



The company adds that while the situation in Mozambique has improved, any escalation in civil unrest, which is likely after the election results by the Mozambique Constitutional Council on Dec. 23, can potentially impact trucking activity and operations at Mozal.



(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Alan Barona)

AD5EWZPFCVLJ3MS7VAUAZFF3SA

South32 expects to start rebuilding at Mozambique project after post-election hit

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/NXWKCDUVZNLTBAFY4YNDDH4KKA.avif" alt="" class="wp-image-567479"/><figcaption class="wp-element-caption">A woman receives a bag of food from the government during the distribution of food items by the government to cushion the high cost of living in Abuja, Nigeria, September 20, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation is expected to fall sharply to around 15% next year from 34.6% in November, helped by lower imports of petroleum products, President Bola Tinubu said on Wednesday.



In his second budget speech since being elected, Tinubu said spending priorities in 2025 would include security, infrastructure and measures to ease a cost-of-living crisis.



He said the 2025 spending plan of 47.90 trillion naira included&nbsp;a budget deficit of 3.89% of gross domestic product, approximately 13.0 trillion naira.



&#8220;The reforms we have instituted are beginning to yield results, no reversals,&#8221; Tinubu said in a televised speech.



Inflation quickened sharply in the second half of last year after Tinubu devalued the naira currency and cut subsidies on petrol to try to lift economic growth and shore up public finances.



These actions intensified the most severe cost-of-living crisis in decades in Africa&#8217;s most populous country.



To combat rising inflation, the central bank has raised interest rates six times this year, totalling an increase of 875 basis points.



Tinubu said foreign exchange reserves stood at around $42 billion against a healthy trade surplus, but that 15.18 trillion naira would be needed in 2025 for debt service.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Christina Fincher and Alex Richardson)

NXWKCDUVZNLTBAFY4YNDDH4KKA

Nigeria inflation to fall to 15% next year, president says in budget speech

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/NIGERIA-INFLATION.avif" alt="" class="wp-image-567461"/><figcaption class="wp-element-caption">A woman stands near the bread stand at Cherries Hypermarket in Abuja, Nigeria March 15, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation is expected to fall sharply to around 15% next year from 34.6% in November, helped by lower imports of petroleum products, President Bola Tinubu said on Wednesday.



In his second budget speech since being elected, Tinubu said spending priorities in 2025 would include security, infrastructure and measures to ease a cost-of-living crisis.



He said the 2025 spending plan of 47.90 trillion naira included&nbsp;a budget deficit of 3.89% of gross domestic product, approximately 13.0 trillion naira.



&#8220;The reforms we have instituted are beginning to yield results, no reversals,&#8221; Tinubu said in a televised speech.



Inflation quickened sharply in the second half of last year after Tinubu devalued the naira currency&nbsp;NGN=D1&nbsp;and cut subsidies on petrol to try to lift economic growth and shore up public finances.



These actions intensified the most severe cost-of-living crisis in decades in Africa&#8217;s most populous country.



To combat rising inflation, the central bank has raised interest rates six times this year, totalling an increase of 875 basis points.



Tinubu said foreign exchange reserves stood at around $42 billion against a healthy trade surplus, but that 15.18 trillion naira would be needed in 2025 for debt service.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Christina Fincher and Alex Richardson)

NIGERIA INFLATION

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3303" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SIJQKYZGPNOYTMR2KBTSYHWFOE.avif" alt="" class="wp-image-567387"/><figcaption class="wp-element-caption">General view of buildings in the capital, Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



CAPE TOWN, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s 2024 economic growth is likely to be revised down from a previous forecast of 4.3% due to post-election civil unrest and the impact of Cyclone Chido, a senior International Monetary Fund (IMF) official said.



In October, Daniel Chapo, the candidate of Mozambique&#8217;s ruling party Frelimo, was declared winner of the presidential election that opposition parties say was marred by voting irregularities.



The disputed election results sparked protests from opposition supporters and there has been more violence since. The unrest has affected business operations, including for mining companies, and has at times led to the closure of key trade corridors.



Mozambique&#8217;s Constitutional Council is expected to rule on the validity of the election count on Dec. 23, an outcome civil society organisations and analysts fear may trigger more violence and economic disruption if Frelimo&#8217;s victory is upheld.



&#8220;Growth went from 4.5% in the second quarter to 3.7% in the third quarter, before the protests started,&#8221; Olamide Harrison, the IMF&#8217;s Mozambique resident representative, told Reuters.



&#8220;In the context of protests, and natural disasters, we expect a further slowdown in the fourth quarter followed by a modest rebound in 2025,&#8221; he said.



Harrison said the IMF deeply regretted the loss of lives during the protests, adding that it was a &#8220;difficult situation&#8221; the lender was closely monitoring.



Cyclone Chido, which made landfall in northern Mozambique over the weekend killing at least 34 people, has also dampened growth prospects, he said.



Harrison said negotiations for a three-year credit facility programme between the IMF and Mozambican authorities will resume once a political transition is complete.



&#8220;We wait until the new government is in place and then we resume negotiations,&#8221; he said of a process typically followed when there is a political transition during an ongoing IMF lending arrangement.



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo and Angus MacSwan)

SIJQKYZGPNOYTMR2KBTSYHWFOE

Mozambique’s post-election unrest to hit economic growth, says IMF official

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4564" height="2776" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/7ASWQJJB7FJFVDHIOUFPVXUYDA.avif" alt="" class="wp-image-567383"/><figcaption class="wp-element-caption">A technician works on the cables of a high voltage electricity transmission pylon from the Kiambere hydroelectric dam in Embakasi district of Nairobi, Kenya January 12, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Dec 18 (Reuters) &#8211; Kenya suffered a widespread power outage on Wednesday that affected most of the country, with electricity supply restored about six hours later, the nation&#8217;s leading power utility Kenya Power said.



The cause of the outage in East Africa&#8217;s largest economy, which was first reported at 1:28 a.m. local time (1028 GMT), has yet to be determined, Kenya Power said in a post on social media platform X.



As of 7:35 a.m. local time (0435 GMT), power had been restored in the areas where it had gone off, the company said.



Wednesday&#8217;s outage was the latest in a series of recurring power outages the country has faced over the past year.



Kenya Power supplies power to more than 9.6 million customers in Kenya, according to its website.



The blackout has significantly reduced internet connectivity across the country, said Netblocks, a global observatory that monitors internet access.



The outage also affected neighbouring Tanzania, the observatory added in a post on X.



(Writing by Bate Felix and George Obulutsa; Editing by Nicholas Yong and Abinaya Vijayaraghavan)

7ASWQJJB7FJFVDHIOUFPVXUYDA

Power supply restored after major outage hits Kenya, affects internet access

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-820x547.jpg" alt="" class="wp-image-567071" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Ethiopia&#8217;s Parliament members listen to Prime Minister Abiy Ahmed, as he addresses them on the current situation of the country, at the Parliament Building in Addis Ababa, Ethiopia, October 31, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, Dec 17 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s parliament passed long-planned legislation on Tuesday allowing foreign banks to operate in the Horn of Africa country, part of government efforts to attract more overseas investment.



The country has been gradually opening up its tightly controlled economy, which is one of Sub-Saharan Africa&#8217;s biggest, since Prime Minister Abiy Ahmed took over in 2018.



However, a two-year civil war, slow progress with reforms and a foreign exchange crunch have deterred investors.



In June, the cabinet approved the draft law, which allows foreign banks to establish subsidiaries, open branches or representative offices, and buy shares in local banks.



Ownership of local banks by foreign strategic investors will be capped at 40%, a copy of the law seen by Reuters showed.



Ethiopia&#8217;s banking sector is currently dominated by state-owned Commercial Bank of Ethiopia.



Parliament overwhelmingly backed the banking law, although a handful of opposition lawmakers expressed concern that local banks would not be able to compete with foreign competitors.



The governor of Ethiopia&#8217;s central bank, Mamo Mihretu, said competition would instead strengthen local lenders.



Ethiopia, with more than 120 million people, is one of the most populous on the African continent and has long been in the sights of foreign investors after being shut off for decades.



It secured an International Monetary Fund support programme in July, hours after it followed one of the Fund&#8217;s key recommendations and floated its birr currency.



Other reforms linked to the negotiations for an IMF programme included the adoption of an interest rate-based monetary policy regime.



(Reporting by Dawit Endeshaw; Writing by Elias Biryabarema; Editing by Alexander Winning and Alexander Smith)

FILE PHOTO: Ethiopia’s Prime Minister Abiy Ahmed addresses the Parliament members

Ethiopia passes law allowing foreign banks to operate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Dec 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand slipped against a stronger dollar on Tuesday, as investors turn their attention to the Federal Reserve&#8217;s interest rate decision.



At 0820 GMT, the rand traded at 17.93 against the greenback, about 0.4% weaker than its previous close.



The dollar index was last trading up about 0.2% against a basket of currencies.



The Fed will announce its interest rate decision on Wednesday, with markets expecting a 25 basis point cut, but the focus will also be on the central bank&#8217;s tone on rates for the year ahead.



&#8220;A conservative tone will likely support the USD and pressure EM (emerging market) currencies, including ZAR,&#8221; said Andre Cilliers, Currency Strategist at TreasuryONE.



On the stock market, the Top-40 index was down about 0.9%.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker, with the yield up 1 basis point at 8.93%.



(Reporting by Bhargav Acharya; Editing by Kirsten Donovan)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand weakens ahead of Fed decision

<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, Dec 17 (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-events">EVENTS</h2>



-Ethiopian lawmakers to consider new laws that might allow foreign banks to operate in the country



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



Asian stocks wobbled while the dollar held firm on Tuesday as traders braced for a slate of central bank meetings this week that is likely to see the U.S. Federal Reserve deliver a rate cut and the Bank of Japan stand pat for now.



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



Oil prices eased further on Tuesday as China&#8217;s economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve&#8217;s interest rate decision.



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



The Kenyan shilling held steady in Monday&#8217;s trading session compared to its last close, as trading activities slowed ahead of the Christmas holidays, according to traders.



<h2 class="wp-block-heading" id="h-nigeria-inflation">NIGERIA INFLATION</h2>



Nigeria&#8217;s inflation rate rose for the third straight month in November, advancing to 34.60% in annual terms from 33.88% in October, data from the statistics agency showed on Monday.



<h2 class="wp-block-heading" id="h-nigeria-oil">NIGERIA OIL</h2>



Shell said on Monday its Nigerian subsidiary has announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria.



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



Barrick Gold will suspend operations in Mali if gold shipments continue to be blocked, the company said on Monday as it struggles to reach agreement with authorities on a new mining code in the West African country.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Dec 17

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Dec 17 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Tuesday.



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



South African leading business cycle indicator up 1.1% in October



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



Asian stocks wobbled while the dollar held firm on Tuesday as traders braced for a slate of central bank meetings this week that is likely to see the U.S. Federal Reserve deliver a rate cut and the Bank of Japan stand pat for now.



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



The Nasdaq closed at a record high on Monday and the S&amp;P 500 also rose as investors gauged the latest economic data while looking toward the Federal Reserve&#8217;s final policy announcement of the year later in the week to gauge the path of interest rates.



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



Gold prices steadied on Tuesday ahead of the Federal Reserve policy meeting as the market keenly awaited the U.S. central bank&#8217;s outlook for cues on its interest rate path in 2025.



&#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; Telkom gets Icasa nod for sale of masts business



&#8211; Jubilee’s Roan facilities hit by unplanned Zambia power outages



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Dec 17

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/3ZBREFEEMBMVNIDF57IIH75RYU.avif" alt="" class="wp-image-565676"/><figcaption class="wp-element-caption">FIA President Mohammed Ben Sulayem talks to Rwanda&#8217;s President Paul Kagame during the FIA General Assembly at the Kigali Convention Center, in Kigali, Rwanda December 13, 2024. REUTERS/Jean Bizimana</figcaption></figure>



KIGALI, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;Rwandan president Paul Kagame announced his country&#8217;s bid for a Formula One race on Friday, ahead of an awards ceremony in the capital Kigali that will hand the champion&#8217;s trophy to Max Verstappen for a fourth year in a row.



Formula One has not raced in Africa since the last South African Grand Prix was held at Kyalami, north of Johannesburg, in 1993.



&#8220;I am happy to formally announce that Rwanda is bidding to bring the thrill of racing back to Africa by hosting a Formula One Grand Prix,&#8221; Kagame said in an opening address to the governing FIA&#8217;s General Assembly.



&#8220;A big thank you to (Formula One chief executive) Stefano (Domenicali) and the entire team at F1, for the good progress in our discussions so far.



&#8220;I assure you that we are approaching this opportunity with the seriousness and commitment which it deserves. Together we will build something we can all be proud of.&#8221;



Domenicali said in August that Rwanda wanted to host a race at a permanent circuit.



Media reports say the track, to be designed by a company run by Austrian former F1 racer Alexander Wurz, would be&nbsp;near a new international airport under construction at Bugesera some 40km from Kigali.



Seven-times world champion Lewis Hamilton also said in August that the time was right for a race in Africa.



&#8220;The time&#8217;s 100% right. We can&#8217;t be adding races in other locations and continue to ignore Africa, which the rest of the world just takes from. No one gives anything to Africa,&#8221; said the Briton.



&#8220;I think having a Grand Prix there will really be able to highlight just how great the place is and bring in tourism and all sorts of things. Why are we not on that continent?&#8221;



The FIA is holding its general assemblies in Africa for the first time and the FIA&#8217;s Emirati President Mohammed Ben Sulayem and Rwanda&#8217;s Sports Minister Richard Nyirihishema met earlier in Kigali.



&#8220;To be here in Rwanda for such an important moment in the FIA’s calendar is a testament to the strength of this nation, in particular its growing influence in motorsport,&#8221; said Ben Sulayem.



&#8220;We are aligned on our values and shared goals across key sectors such as innovation, sustainability, and road safety, and I look forward to our continued partnership. The future of motorsport in Africa is bright.&#8221;



Verstappen is also carrying out &#8216;work of public interest&#8217; in Rwanda as punishment for swearing in a Singapore Grand Prix press conference in October.



The activity involves an Affordable Cross Car built locally in Rwanda from blueprints provided by the&nbsp;FIA.



Kagame has won praise from Western and regional leaders for helping to end the 1994 genocide in Rwanda and rebuilding the country into an attractive destination for investment and aid.



But he also stands accused of a brutal crackdown on critics at home, and supporting the M23 rebel group in neighbouring Democratic Republic of Congo, who rights groups say are guilty of killings, rapes and other apparent war crimes.



He has repeatedly denied the allegations.



(Writing by Alan Baldwin in London, additional reporting by Hereward Holland in Nairobi, editing by Christian Radnedge)

3ZBREFEEMBMVNIDF57IIH75RYU

Rwandan president announces bid for F1 race

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



ECONOMIC EVENTS



South Africa shifts to FDI outflows in third quarter, central bank says



South African inflation-linked bond auction



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



The South African rand was steady against the dollar on Thursday, after the release of third quarter employment data and producer inflation figures.



On the Johannesburg Stock Exchange, the Top-40 index closed about 0.2% lower.



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



Asia shares fell on Friday as a strong dollar weighed on risk sentiment, while longer-dated Treasury yields are headed for their biggest weekly rise in a year on receding U.S. rate cut expectations for 2025.



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



Wall Street pulled back on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve&#8217;s meeting next week.



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



Gold prices edged higher on Friday and were set for a weekly gain, driven by recent reports of top consumer China resuming gold purchases, and heightened expectations of an interest rate reduction by the Federal Reserve at its Dec. 17-18 meeting. 



&#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; Lesotho and SA clash over appointment of water project CEO



&#8211; VBS liquidator pays R458m to creditors as hunt for looted cash continues



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



&#8211; Claims of spiralling costs and coal theft emerge as corporate chaos rips through Exxaro



&#8211; Former finance minister Trevor Manuel to head G20 expert panel on Africa



(Compiled by Bhargav Acharya)

Reuters

Nigeria’s Dangote Refinery hits 85% refining capacity, executive says

France’s Orano launches arbitration against Niger over mining licence

South African rand recovers some ground against dollar

Nigeria central bank grants exchange bureaus temporary access to FX spot market

South African Markets – Factors to watch on Dec 20

South Africa’s Eskom reports $3 bln loss on split of transmission unit

South32 expects to start rebuilding at Mozambique project after post-election hit

Nigeria inflation to fall to 15% next year, president says in budget speech

Nigeria inflation to fall to 15% next year, president says in budget speech

Mozambique’s post-election unrest to hit economic growth, says IMF official

Power supply restored after major outage hits Kenya, affects internet access

Ethiopia passes law allowing foreign banks to operate

South African rand weakens ahead of Fed decision

African Markets – Factors to watch on Dec 17

South African Markets – Factors to watch on Dec 17

Rwandan president announces bid for F1 race

South African Markets – Factors to watch on Dec 13

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Reuters

Nigeria’s Dangote Refinery hits 85% refining capacity, executive says

France’s Orano launches arbitration against Niger over mining licence

South African rand recovers some ground against dollar

Nigeria central bank grants exchange bureaus temporary access to FX spot market

South African Markets – Factors to watch on Dec 20

South Africa’s Eskom reports $3 bln loss on split of transmission unit

South32 expects to start rebuilding at Mozambique project after post-election hit

Nigeria inflation to fall to 15% next year, president says in budget speech

Nigeria inflation to fall to 15% next year, president says in budget speech

Mozambique’s post-election unrest to hit economic growth, says IMF official

Power supply restored after major outage hits Kenya, affects internet access

Ethiopia passes law allowing foreign banks to operate

South African rand weakens ahead of Fed decision

African Markets – Factors to watch on Dec 17

South African Markets – Factors to watch on Dec 17

Rwandan president announces bid for F1 race

South African Markets – Factors to watch on Dec 13

News Tips

Advertise With Us

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