<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-820x547.jpg" alt="" class="wp-image-434077" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Haul trucks are seen at Kumba Iron Ore, the world&#8217;s largest iron ore mines in Khathu, Northern Cape Province November 15, 2011. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



Dec 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Kumba Iron Ore&nbsp;KIOJ.J, a unit of global mining giant Anglo American Plc&nbsp;AAL.L, on Friday said it was cutting production over the next three years to align output to constrained capacity to transport minerals via rail to port.



Transnet, South Africa&#8217;s state-owned freight rail and port operator, is struggling to haul minerals and other commodities to export markets due to locomotive shortages, cable theft and vandalism of its infrastructure. This has cost exporters billions of rand in potential revenue.



Kumba, whose iron ore stockpiles had grown to 9 million tons by September due to the rail bottlenecks, said it expects to end 2023 with production of between 35-36 million tons, from the previous forecast between 35–37 million tons.



Kumba has also lowered its production outlook for the next three years to 35–37 million tons per year, from previous targets of 37–39 million tons in 2024 and 39–41 million



tons in 2025, it said in a production update.



&#8220;There is no escaping the fact that ongoing logistics constraints have continued to place significant pressure on our value chain, resulting in stock levels at the mines increasing to unsustainable levels. We have therefore slowed down production,&#8221; Kumba CEO Mpumi Zikhalala said.



The persistent logistics problems have resulted in a 15% decrease in iron ore railed to port since 2019, Kumba said.



Anglo American CEO Duncan Wanblad told an investor call on Friday that the group had decided to slow down production at Kumba and move stockpiles until Transnet&#8217;s logistics problems were resolved.



&#8220;As soon as we get the transport capacity, we would be able to ramp the production back up,&#8221; Wanblad said.



The global mining giant was preparing to freeze spending on growth and widen job cuts in South Africa, including mothballing some higher-cost platinum mines, sources familiar with the matter told Reuters on Thursday.



At Kumba, the restructuring had already seen a 30% reduction in head office staff in September, Zikhalala said during an investor call. The company was also reviewing its use of contractors, she added.



On Friday, Anglo American said it aims to cut capital expenditure by $1.8 billion by 2026, as it grapples with a fall in demand for most of the metals it mines and a huge writedown for its British fertiliser project.



Kumba is targeting up to 3 billion rand ($159 million) in 2023 cost savings, having reduced its capital expenditure the year by about $105 million to between $475 million and $530 million earlier in the year.



($1 = 18.9120 rand)



(Reporting by Nelson Banya; Editing by Elaine Hardcastle and David Evans)

FILE PHOTO: Kumba Iron Ore, the world’s largest iron ore mines in Khathu

Anglo’s South African iron ore unit cuts production as rail woes persist

<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="(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>



Dec 8 (Reuters)&nbsp;&#8211;&nbsp;Indian equities scaled record highs on Friday after the central bank stayed pat on rates, while investors parsed Hungarian economic data that signalled easing domestic inflation ahead of a key U.S. jobs report.



India&#8217;s NSE Nifty 50 index .NSEI climbed 0.1% after the Reserve Bank of India left key rates at 6.5% and raised the country&#8217;s growth forecast to 7% from 6.5% for fiscal 2023-2024, following a robust performance in the July-September quarter.



&#8220;From being a part of fragile (5%) some time back to having GDP growth revised upwards to 7% when global growth has become fragile is the summary of the good work done by the RBI and the government in the most challenging times,&#8221; said Nilesh Shah, MD, Kotak Mahindra AMC.



On a weekly basis, Indian equities are on course for its longest weekly winning streak in three years.



More broadly, MSCI&#8217;s gauge for developing markets stocks&nbsp;.MSCIEF&nbsp;added 0.4%, while a basket of currencies&nbsp;.MIEM00000CUS&nbsp;edged up 0.2% against the dollar by 0927 GMT.



The equities index is set for a weekly loss of nearly 1%, snapping a five-week winning streak.



Among currencies, China&#8217;s yuan&nbsp;CNY=&nbsp;is on course for a weekly decline of 0.3% &#8211; its worst week since mid-September following a Moody&#8217;s downgrade earlier in the week.



The country&#8217;s blue-chips index closed 0.2% up. China will spur domestic demand and consolidate and enhance the economic recovery in 2024, the Politburo said as per a report.



Meanwhile, Hungary&#8217;s forint EURHUF= inched 0.2% lower after data showed local inflation slowed to an annual 7.9% rise in November, leaving the central bank a path to lower interest rates.



Pakistan&#8217;s benchmark share index .KSE extended gains by 2.2% to hit record highs as the International Monetary Fund (IMF) said it will meet on Jan. 11 to consider the final approval to hand the next $700 million tranche of its loan program.



Russia&#8217;s rouble RUBTSTN=MCX strengthened to 91.79 against the dollar ahead of November inflation data. Analysts expect a 7.6% annual increase, which could move the local central bank to bump up borrowing costs by another 100-basis-points before year-end.



Egypt&#8217;s pound EGP= was flat even after the IMF said it is in discussions with the local government on additional financing as part of a current program.



Egypt will also see presidential elections between Sunday through Tuesday where former army chief Abdel Fattah al-Sisi is set to secure six more years.



All eyes are now on the U.S. November non-farm payrolls data due at 1330 GMT that could determine the outlook for monetary policy out of the world&#8217;s largest economy.



(Reporting by Johann M Cherian in Bengaluru, Editing by Angus MacSwan)

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

India stocks hit record highs on RBI pause; US data on tap

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-820x547.jpg" alt="" class="wp-image-433983" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People sit at the Shell booth on the day of the opening of the Nigeria Oil and Gas 2022 meeting in Abuja, Nigeria July 4, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 7 (Reuters)&nbsp;&#8211;&nbsp;Shell&nbsp;SHEL.L&nbsp;sees a $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said on Thursday, citing Shell&#8217;s director of gas and upstream operations.



Nigerian President Bola Tinubu held talks with Shell&#8217;s Zoe Yujnovich in a move to attract capital to Africa&#8217;s top energy producer, presidential spokesperson Ajuri Ngelale said in a statement.



Yujnovich was cited as saying Shell has &#8220;an imminent $5 billion investment opportunity&#8221; in the offshore Bonga North oil project.



&#8220;I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,&#8221; Yujnovich said.



A Shell spokesperson confirmed talks with the Nigerian president but declined to give further details because the discussions were private.



Nigeria&#8217;s oil output has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks.



Tinubu pledged to resolve &#8220;all investment-related issues&#8221; slowing the flow of capital into Nigeria&#8217;s energy industry.



&#8220;There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investments,&#8221; Tinubu was quoted as saying.



(Writing by Elisha Bala-Gbogbo; Editing by Bill Berkrot and Lisa Shumaker)

YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2

Shell sees $6 billion oil, gas investments in Nigeria, presidency says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-820x615.jpg" alt="" class="wp-image-433965" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters of Union for Democracy and Social Progress {UDPS} gather to attend the launch of the first official day of campaign for the presidential election of December 20, by their leader Felix Tshisekedi in Kinshasa, Democratic Republic of Congo, November 19, 2023. REUTERS/Benoit Nyemba</figcaption></figure>



Dec 8 (Reuters)&nbsp;&#8211;&nbsp;Voters in Democratic Republic of Congo go to the polls on Dec. 20 and international investors are keenly watching to see if a political shake-up occurs in one of the world&#8217;s top suppliers of critical minerals.



A win for President Felix Tshisekedi would likely mean a continuation of his goal to lure more foreign investment and renegotiate contracts to improve terms for Congo.



Tshisekedi&#8217;s opponents include mining magnate Moise Katumbi and former oil executive Martin Fayulu whose business backgrounds they both say will help them clean up Congo&#8217;s corruption-plagued extractive industries if they win.



<h2 class="wp-block-heading" id="h-mines-amp-minerals">MINES &amp; MINERALS</h2>



Congo is the world&#8217;s biggest producer of cobalt, a key component in batteries for electric cars and mobile phones. It is also the world&#8217;s third-largest copper producer and holds significant deposits of lithium, tin, tungsten, tantalum and gold.



The Congolese mining sector, particularly its copper and cobalt mines, is now largely dominated by Chinese companies, but Tshisekedi has tried to woo other foreign investors and renegotiate existing deals to improve Congo&#8217;s stake in major projects.



&#8220;A Tshisekedi victory would provide a degree of policy continuity for investors in the mining sector, albeit of a resource nationalist nature,&#8221; said Aleix Montana, Africa Analyst at risk intelligence company Verisk Maplecroft.



Whoever wins will have to take the lead on ongoing talks with China including on the new terms for the Sicomines joint venture, part of a $6 billion metals-for-infrastructure deal from 2008.



&#8220;Tshisekedi in a new term would have stronger legs to stand on in terms of the negotiating position,&#8221; said Indigo Ellis, managing director at consultancy Africa Matters Ltd (AML).



With Tshisekedi&#8217;s backing, state mining group Gecamines has also said it plans to renegotiate some terms on its joint venture contracts with partners including Glencore&nbsp;GLEN.L&nbsp;and Chinese investors in a push to buy copper and cobalt proportional to its stakes.



<h2 class="wp-block-heading" id="h-oil-amp-gas">OIL &amp; GAS</h2>



Tshisekedi has tried to develop Congo&#8217;s largely untapped fossil fuel reserves by auctioning the rights to 30 oil and gas blocks – many of them in environmentally sensitive areas.



The sale was officially launched in July 2022, but the auctions have been plagued by delays with only the licensing round for the three gas blocks completed so far albeit with the notable absence of major foreign players.



The government says Congo has 22 billion barrels of crude reserves and it is targeting production of 200,000 barrels per day, which would make Congo one of Africa&#8217;s biggest oil producers. The timeline for the development of the blocks remains unclear.



<h2 class="wp-block-heading" id="h-risky-business">RISKY BUSINESS</h2>



Tshisekedi came to power with the promise to root out endemic corruption. Many Western investors have continued to steer clear, but analysts say that may change in the coming years as global powers seek access to minerals needed to drive the clean energy transition.



&#8220;The race &#8230; is forcing Western miners to re-evaluate their risk appetite, said Montana from Verisk Maplecroft, which rates Congo seventh worst globally on its index that assesses the risk of governments seizing more control of revenue from the extractives sector.



Nevertheless many investors are waiting to see that elections go peacefully and the transfer to the next term is smooth. The last election in 2018 was the first transfer of power at the ballot box after decades marked by coups and civil conflict.



&#8220;It makes sense for them (investors) to wait and see what happens,&#8221; said AML&#8217;s Ellis.



(Reporting by Felix Njinji; Writing by Alessandra Prentice; editing by David Evans)

FILE PHOTO: Congolese president Tshisekedi launches electoral campaign with Kinshasa rally

What is at stake for investors in Congo’s election?

<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/GettyImages-1241914844-820x547.jpg" alt="" class="wp-image-423805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A customer browses meat in a refrigerated aisle inside a Spar Group Ltd. supermarket in the Die Wilgers suburb of Pretoria, South Africa, on Thursday, July 14, 2022. A quarterly index measuring sentiment about the nations expected economic performance fell to -39 in the second quarter, according to data released Wednesday by FirstRand Ltd.s First National Bank, the lowest level since 1985. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



Dec 7 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s fourth-quarter consumer confidence fell to the lowest in two decades for the festive season, according to a survey released on Thursday, as the country struggles&nbsp;with higher interest rates and a cost-of-living crisis.



The consumer confidence index, sponsored by the First National Bank (FNB) and compiled by the Bureau for Economic Research, fell to minus 17 points, from minus 16 points in the third quarter of 2023.



&#8220;Consumers will keep tight control over their purse strings during the holiday shopping season, which should worry retailers of expensive luxury goods in particular,&#8221; the survey added.



The overall trends showed consumers were still&nbsp;wary of big-ticket purchases, especially interest-rate sensitive goods, which are expected to underperform previous holiday seasons.



&#8220;High interest rates and a marked deterioration in South Africa&#8217;s fiscal position are likely worrying high- and middle-income consumers,&#8221; FNB Chief Economist Mamello Matikinca-Ngwenya said.



South African inflation quickened more than expected in October to 5.9%, according to latest inflation data, driven by steep rises in food, transport and health costs.



(Reporting by Prerna Bedi in Bengaluru; Editing by Krishna Chandra Eluri)

Spar Group Ltd. Supermarket as South African Consumer Confidence Hits Historic Low

South Africa’s consumer confidence drops in fourth quarter – survey

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-820x572.jpg" alt="" class="wp-image-433696" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo of Meta Platforms&#8217; business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman//File Photo</figcaption></figure>



NAIROBI, Dec 7 (Reuters)&nbsp;&#8211;&nbsp;A Kenyan judge on Thursday found Facebook&#8217;s parent company Meta&nbsp;META.O&nbsp;was not in contempt of court for failing to pay dozens of content moderators that a contractor laid off.



Labour judge Mathews Nduma Nderi said Meta did not &#8220;deliberately and contemptuously&#8221; breach a court order requiring it to pay the wages of hundreds of Facebook content moderators.



&#8220;They did various things which they thought were lawful in trying to deal with their situation but we did not find that what they did amounted to contempt,&#8221; Nderi said.



Earlier this year, 184 moderators sued Meta and two contractors after they said they lost their jobs with one of the firms, Sama, for organising a union.



The plaintiffs alleged they were then blacklisted from applying for the same roles at the second firm, Majorel, after Facebook changed contractors. Out-of-court settlement talks collapsed in October.



A Meta spokesman declined to comment. Sama and Majorel did not immediately respond to requests for comment on Thursday.



Meta has previously responded to allegations of a poor working environment in Kenya by saying it requires partners to provide industry-leading conditions.



Sama has said it has always followed Kenyan law and provided mental health services to its employees. Majorel has said it does not comment on pending or active litigation.



Nderi accepted a request by the plaintiffs&#8217; lawyer Merci Mutemi to be given 45 days to amend the contempt of court petition, and said that unless the matter was resolved out of court, the case would be given priority for the court to determine its merits.



British tech rights group Foxglove, which is supporting the plaintiffs, said it was eager to bring the case to trial.



&#8220;We remain confident of our case overall, as we have prevailed on every substantive point so far,&#8221; Foxglove director Martha Dark said in a statement to Reuters. &#8220;The most important ruling remains the one we won in June: Meta can no longer hide behind outsourcers to excuse the exploitation and abuse of its content moderators.&#8221;



(Reporting by Humphrey Malalo and Hereward Holland; Writing by Hereward Holland; Editing by Aaron Ross and Barbara Lewis)

BCA5C56QAJM4DAU356MWENYCQU-1

Kenya judge finds Meta is not in contempt of court

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-820x547.jpg" alt="" class="wp-image-433674" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



LONDON, Dec 7 (Reuters) &#8211; Britain&#8217;s former interior minister Suella Braverman said on Thursday the government&#8217;s proposed Rwanda legislation, part of a scheme to try to send thousands of asylum seekers to the East African country, will not work.



Rishi Sunak is facing a revolt from the right-wing of his Conservative Party over efforts to deport migrants to Rwanda, with immigration minister Robert Jenrick quitting on Wednesday after the prime minister set out new draft legislation.



The new bill will instruct judges to ignore some sections of the Human Rights Act (HRA) and provisions of domestic or international law that might deem that Rwanda was not a safe country to send asylum seekers to, though appeals by people based on specific circumstances would still be permitted.



Braverman, Jenrick and their allies says that does not go far enough, with some wanting Britain to leave the European Convention on Human Rights altogether.



&#8220;I&#8217;m very concerned that the bill on the table will allow a merry-go-round of legal claims and litigation,&#8221; Braverman told BBC Radio.



&#8220;The reality is, and the solid truth is, that it won&#8217;t work and it will not stop the boats.&#8221;



The government says the Rwanda scheme would deter migrants from paying people smugglers to ferry them from Europe across the Channel to Britain.



It has been forced to come up with a two pronged strategy to relaunch the Rwanda policy after the Supreme Court ruled it would violate international human rights laws enshrined in domestic legislation.



The government signed a new treaty with Rwanda earlier this week.



(Reporting by Muvija M, writing by Sarah Young; Editing by Kate Holton and Kylie MacLellan)

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UK’s new Rwanda bill ‘will not stop the boats’ – former minister Braverman

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="592" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-820x592.jpeg" alt="" class="wp-image-433653" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-820x592.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-300x217.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-125x90.jpeg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-768x554.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-1536x1109.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Fatmata Binta; image by Szymon Brodziak </figcaption></figure>



Africa&#8217;s culinary landscape is transforming, with chefs showcasing the diversity of African cuisine. From traditional ingredients to innovative techniques, these are the chefs reshaping the continent&#8217;s culinary identity.



Africa has long captured the world’s attention, but chef and cookbook author Mokgadi Itsweng says the chefs are leading this shift, through a kind of sankofa. “They’re going back to their roots and sharing it on a plate.”



Itsweng believes that chefs are the link between farmers and consumers, and says that as more African chefs embrace their heritage, they will raise awareness of culturally significant foods that deserve global recognition.



“I think what is bringing evolution to African cuisine is the desire for self-representation,” says Mmabatho Molefe, owner of Emazulwini in Cape Town. Molefe, whose food celebrates her Zulu heritage, says more chefs must embrace their own identity. “Not as a trend but rather as a sense of self-discovery.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="533" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-533x800.jpg" alt="" class="wp-image-433656" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-533x800.jpg 533w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-200x300.jpg 200w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-60x90.jpg 60w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-768x1152.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie.jpg 1000w" sizes="(max-width: 533px) 100vw, 533px" /><figcaption class="wp-element-caption">Vusi Ndlovu; image by Alix-Rose Cowie </figcaption></figure>



Vusi Ndlovu of Boma on Bree and Mlilo in Cape Town echoes Molefe, saying there’s an element of ‘coming home’: “Many chefs I know have worked for some brilliant people but they weren’t cooking their own food. After Covid, people realised that it is much better to push forward a narrative they love. So cooking food you grew up with, the food you love, with that fine technique, is what’s happening now.”



Storytelling and heritage preservation are undeniably at the core here. Johannesburg-based chef Siya Kobo wants African chefs to weave tradition with innovation to showcase the continent&#8217;s rich cuisine. &#8220;In the past, African chefs were mostly cooks,&#8221; Kobo explains. &#8220;Through education and experience, we began to understand who we are and used our learned chef&#8217;s skills and techniques, and combined them with our recipes to put ourselves first.” Kobo’s approach is to draw on his Eastern Cape heritage and polished skills to push his cuisine forward.



<h2 class="wp-block-heading" id="h-the-only-continent-that-hasn-t-been-fully-explored">‘The only continent that hasn’t been fully explored’</h2>



Similarly, Wandile Mabaso, who combines Eurocentric culinary expertise with South African heritage at Les Creatifs in Johannesburg, says African chefs have a responsibility to present local ingredients and techniques at the highest level. “Foodies across the globe are always looking for the new, and Africa is the only continent that hasn’t been fully explored,” says Mabaso. “Most of the new generation of chefs like myself have had global classical and fine dining training, and use knowledge and techniques to rediscover what they have on their home soil.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="571" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-571x800.jpg" alt="" class="wp-image-433654" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-571x800.jpg 571w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-214x300.jpg 214w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-64x90.jpg 64w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-768x1075.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-1097x1536.jpg 1097w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-scaled.jpg 1463w" sizes="(max-width: 571px) 100vw, 571px" /><figcaption class="wp-element-caption">Wandile Mabaso; image supplied </figcaption></figure>



This rediscovery of forgotten dishes helps evolve traditional cuisine but isn’t limited to South Africa.



Further afield in Africa, many chefs are cooking the food close to their hearts. Take Egyptian-born Mohamed Kamal, who’s preserving Nubian culture through food. “Once a chef knows the basic cooking methods, he can turn anything into an international style – it’s all about the techniques.” He does this by using common vegetables, with ingredients distinctive of Nubian cuisine, like hibiscus, dates, lamb and fenugreek flour.



On the opposite side of the continent, Sierra Leone-based Fatmata Binta is driving a similar force. “I’m a modern-day nomadic chef connected to the Fulani culture, customs, and cuisine of the biggest Nomadic group in West and Central Africa,” she says. “My nomadic restaurant ‘Dine on a Mat’ is an invitation for guests to step outside of their comfort zone and explore flavour and sustenance through the palates of Fulani women.” Like Kamal, Binta’s experiences focus on celebrating Africa’s underappreciated ingredients, giving them the platform they deserve.



In Nigeria is Michael Elégbèdé, who runs ÌTÀN in Lagos. Elégbèdé’s cooking celebrates the depth of Nigerian cuisine and pushes boundaries by marrying tradition with innovation. “My roots have always been a deep source of inspiration in my journey into food,” he says. “The food I create is, for me, a way to drive a cultural renaissance.” He credits other African chefs for showcasing dishes with regional specificity, further highlighting Africa’s diversity. “A factor in this evolution is the element of pride and ownership,” says Elégbèdé.



African food is thriving thanks to these African chefs and others. “Our customs live in our cuisine, therefore it’s critical to preserve and progress African cuisine,” says Kobo.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="533" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-533x800.jpg" alt="" class="wp-image-433655" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-533x800.jpg 533w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-200x300.jpg 200w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-60x90.jpg 60w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-768x1152.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-1024x1536.jpg 1024w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-scaled.jpg 1365w" sizes="(max-width: 533px) 100vw, 533px" /><figcaption class="wp-element-caption">Mohamed Kamal; image supplied </figcaption></figure>



Mabaso agrees, “We are now making sure the right stories are told.” Molefe adds that Africa has many unwritten cultural practices that need to be documented and kept alive, but these chefs hold much of the power going forward.



Elégbèdé says: “Only we can tell our stories most authentically.”



They contribute to the sustainability of their food systems while preserving their culinary traditions and biodiversity. Binta concludes that “African cuisine is the future” because of its ingredients and superfoods. Through these unique perspectives, these chefs are shaping a rebirth across Africa – and the culinary landscape has never been more exciting.

Fatmata Binta_ image by Szymon Brodziak

‘Sharing On A Plate’: The Chefs Reshaping The Culinary Industry With A Modern Twist To Traditional African Food

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-820x547.jpg" alt="" class="wp-image-433635" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Wavel Ramkalawan President of Seychelles addresses the 78th United Nations General Assembly at U.N. headquarters in New York, U.S., September 20, 2023. REUTERS/Caitlin Ochs/ File Photo </figcaption></figure>



NAIROBI, Dec 7 (Reuters)&nbsp;&#8211;&nbsp;Seychelles President Wavel Ramkalawan declared a state of emergency on Thursday after a blast at an explosives depot and heavy rains damaged an industrial zone and surrounding areas.



&#8220;Everyone is being asked to stay at home. All schools will be closed. Only workers in the essential services and persons travelling will be allowed free movement,&#8221; Ramkalwan&#8217;s office said in a statement.



The explosion had caused &#8220;massive damage&#8221; to the Providence Industrial zone and surrounding areas on the main island of Mahe, the statement said, while flooding due to rains had resulted in &#8220;major destruction&#8221;.



The statement gave no further details.



The Seychelles is made up of 115 islands and is the least populous country in Africa with about 100,000 people.



(Reporting by Aaron Ross; Editing by Tom Hogue)

RJD43BCCGRIX7PC3NVPMNUUOWA-1

Seychelles declares state of emergency after explosion, flooding

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya is likely get a fresh $1 billion loan from China in this financial year and it could use the cash to partly settle a Eurobond that is maturing next June, if it comes in time, the governor of the central bank said on Wednesday.



The loan was first announced by Kenyan authorities in October, marking a shift in the government of President William Ruto&#8217;s stance on Chinese lending, after criticising the loans during last year&#8217;s election campaign.



&#8220;The National Treasury is engaged with the Chinese government,&#8221; Kamau Thugge, the central banker, told a press conference.



&#8220;The timing is yet to be ascertained. Were we to get it before June 2024, it could be used to address the maturity of the Eurobond.&#8221;



Sovereign bond investors have been watching closely to see how the East African nation will handle the maturing $2 billion hard currency bond.



It struck a staff agreement with the International Monetary Fund last month, which increased the amount it can access under its current borrowing programme with the Washington-based fund.



It plans to use the external financing, including expected disbursements from the World Bank and the regional Trade and Development Bank, to pay the bondholders.



Policymakers are prepared to take &#8220;stronger action&#8221; to ensure the foreign exchange rate has stabilised, Thugge said, a day after the Monetary Policy Committee unexpectedly raised the benchmark lending rate by 2 percentage points.



&#8220;A shilling that continues to depreciate almost in a straight line does not indicate macroeconomic stability,&#8221; he said, referring to the currency.



The magnitude of this week&#8217;s hike means that policymakers could be reluctant to increase borrowing rates further, said a trader with a Nairobi commercial bank.



&#8220;They did it in one bitter pill,&#8221; said the trader, adding that the hike is likely to further fuel economic pain.



The governor defended Tuesday&#8217;s decision, saying the central bank&#8217;s stress tests showed higher interest rates would not have a &#8220;significant impact&#8221; on the financial sector, an assurance that was dismissed by some market participants.



(Reporting by Duncan Miriri; Editing by Kirsten Donovan)

XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya central banker sees $1 bln China loan soon, vows firm FX action

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg" alt="" class="wp-image-433367" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Mozambique sees economic growth picking up to 5.5% next year but its budget deficit widening to 10.4% of gross domestic product (GDP) driven by debt service, public sector wage reforms and election spending, its finance minister said on Wednesday.



Those forecasts compare with 2023 targets of 5.0% growth and a budget deficit of 8.7% of GDP.



Finance minister Max Tonela gave the latest projections in a 2024 budget speech, saying next year&#8217;s deficit would be financed by external grants amounting to 5.4% of GDP, foreign loans of 1.9% of GDP and domestic borrowing of 3.0% of GDP.



2024 growth would be driven by extractive industries, agriculture and finance, among other sectors, he said.



The southern African country&#8217;s economy has suffered a series of shocks in the past decade, including a &#8220;hidden debt&#8221; crisis, devastating cyclones and an Islamic State-linked insurgency concentrated in its gas-rich Cabo Delgado province.



Given those blows, &#8220;our country continues to follow a remarkable path of growth recovery, with a promising scenario in the medium term&#8221;, Tonela said.



(Reporting by Manuel Mucari; Additional reporting by Wendell Roelf in Cape Town; Editing by Alexander Winning and Alex Richardson)

PF3JNZQUQ5M65OD7XXTYURHSSI

Mozambique sees higher economic growth, wider deficit in 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-820x518.jpg" alt="" class="wp-image-433333" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-1536x970.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is seen at the World Trade Organization (WTO) headquarters before a news conference in Geneva, Switzerland, October 5, 2022. REUTERS/Denis Balibouse/File Photo</figcaption></figure>



BERLIN, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;The EU should join forces with African countries to reform the World Trade Organization&#8217;s (WTO) subsidy rules as a way to counter Chinese market distortions and diplomatic influence, the German Economic Institute (IW) argued in a paper on Wednesday.



The IW, which is financed by prominent German business associations and carries weight among Berlin policymakers, published the paper ahead of an EU-China summit in Beijing on Thursday and Friday.



The issue of unfair competition is expected to top the agenda, three months after the European Commission launched an anti-subsidy probe into Chinese electric vehicles.



Reform is to be a key topic at the WTO&#8217;s 13th ministerial conference (MC13) in February, although it requires a full consensus to make any substantive changes.



The WTO&#8217;s Africa negotiating group has proposed reforming current subsidy rules to better support developing countries &#8211; for example allowing them to have local content requirements and to grant subsidies for environmental protection.



The IW argues in its new paper, seen by Reuters ahead of publication, that the EU should expand this initiative to also tighten subsidy rules on the world&#8217;s top trading countries.



Those major players would be determined according to their share of global trade or income level. That means new rules would affect China, even though the WTO classifies it as a developing country.



Such a joint EU-African initiative could pressure China to accept reform and would help limit the growing global subsidy race.



&#8220;In addition, the EU could counter China’s attempt to present itself as the supporter of developing countries’ interests in Geneva,&#8221; wrote Juergen Matthes and Samina Sultan, authors of the paper &#8220;Reforming the WTO’s subsidy rules –A new opportunity to tackle the global distortions of China’s state capitalism&#8221;.



&#8220;If China blocked the&#8230; reform, it would also block the vital interests of the African Group and other developing countries in gaining more policy space for development.&#8221;



(Reporting by Sarah Marsh; Editing by David Gregorio)

FILE PHOTO: A logo is seen at the WTO in Geneva

EU should join Africa on WTO reform to counter China -IW study

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, Dec 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank unveiled a big interest rate hike on Tuesday aimed at stabilising the shilling currency&nbsp;KES=, whose depreciation has spurred price pressures, curbed foreign investment and affected debt-servicing.



The Central Bank of Kenya raised its policy rate&nbsp;KECBIR=ECI&nbsp;by 2 percentage points to 12.5%, its first hike since June when it raised it by 1 percentage point.



&#8220;There is need to adjust the monetary policy stance to address the pressures on the exchange rate and mitigate second round effects,&#8221; the central bank&#8217;s Monetary Policy Committee (MPC) said in a statement.



&#8220;This will ensure that inflationary expectations remain anchored, while setting inflation on a firm downward path towards the 5.0 percent mid-point of the target range.&#8221;



Inflation&nbsp;KECPI=ECI&nbsp;dipped to 6.8% year-on-year in November from 6.9% in October, with the central bank saying on Tuesday that exchange rate depreciation had contributed about 3.0 percentage points to the November reading.



The shilling&nbsp;KES=&nbsp;is down more than 19% against the dollar this year, having struck repeated all-time lows along the way.



&#8220;The MPC &#8230; stands ready to further tighten monetary policy as necessary to ensure price and exchange rate stability are achieved,&#8221; the central bank said, adding its MPC would meet again in February 2024.



Razia Khan, chief Africa and Middle East economist at Standard Chartered Bank, said there had been pressure from the International Monetary Fund and World Bank to tighten policy meaningfully.



&#8220;Market interest rates were already well in excess of the policy rate, so it&#8217;s questionable whether this has a near-term impact,&#8221; she said.



Kenya is being watched closely to see how it handles the settlement of a $2 billion Eurobond that is maturing in June next year.



Central bank governor Kamau Thugge told reporters that authorities were expecting $300 million from regional bank Trade and Development Bank in the first two weeks of December&nbsp;and&nbsp;that would be used to buy back part of the Eurobond.



Thugge said Kenya expected a further $1.25-$1.5 billion in budget support from the World Bank early next year.



(Reporting by George Obulutsa and Duncan Miriri; Editing by Alexander Winning and Christina Fincher)

Kenya central bank tries to stabilise shilling with big rate hike

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/VMMSUJP37ZIHJBSNEGRW226KR4-1-820x547.jpg" alt="" class="wp-image-433094" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/VMMSUJP37ZIHJBSNEGRW226KR4-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/VMMSUJP37ZIHJBSNEGRW226KR4-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/VMMSUJP37ZIHJBSNEGRW226KR4-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/VMMSUJP37ZIHJBSNEGRW226KR4-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/VMMSUJP37ZIHJBSNEGRW226KR4-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/VMMSUJP37ZIHJBSNEGRW226KR4-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">British Home Secretary James Cleverly and Rwandan Minister of Foreign Affairs Vincent Biruta sign a new treaty, in Kigali, Rwanda, December 5, 2023. The treaty will address concerns by the Supreme Court, including assurances that Rwanda will not remove anybody transferred under the partnership to another country. Ben Birchall/Pool.</figcaption></figure>



KIGALI/LONDON, Dec 5 (Reuters)&nbsp;&#8211;&nbsp;British interior minister James Cleverly signed a new treaty with Rwanda on Tuesday in an attempt to overcome a court decision to block the government&#8217;s controversial policy of sending asylum seekers to the East African country.



The Rwanda plan is at the centre of the government&#8217;s strategy to cut migration and is being watched closely by other countries considering similar policies.



The United Kingdom&#8217;s Supreme Court last month ruled that such a move would violate international human rights laws enshrined in domestic legislation.



The new treaty will include an agreement that Rwanda would not expel asylum seekers to a country where their life or freedom would be threatened &#8211; one of the court&#8217;s major concerns.



There will also be a monitoring committee to enable individuals to lodge confidential complaints directly to them and a new appeal body made up of judges from around the world.



Cleverly said there was now no &#8220;credible&#8221; reason to block the deportation flights because the treaty addressed all the issues raised by the Supreme Court and no extra money had been given to Rwanda to upgrade the deal from the existing memorandum of understanding.



&#8220;I really hope that we can now move quickly,&#8221; Cleverly told a press conference in Rwanda&#8217;s capital Kigali.



Many lawyers and charities said it was unlikely that deportation flights could start before next year&#8217;s election. The opposition Labour Party, which has a double-digit lead in the polls, plans to ditch the Rwanda policy if it wins.



Under the plan agreed last year, Britain intends to send thousands of asylum seekers who arrived on its shores without permission to Rwanda to deter migrants crossing the Channel from Europe in small boats.



In return, Rwanda has received an initial payment of 140 million pounds ($180 million) with the promise of more money to fund the accommodation and care of any deported individuals.



<h2 class="wp-block-heading" id="h-pressure">PRESSURE</h2>



Prime Minister Rishi Sunak is under intense pressure to cut net migration, which hit a record 745,000 last year, with the vast majority coming through legal routes.



&#8220;Stop the boats&#8221; is one of five goals Sunak set for his government, to end the flow of asylum seekers who pay people smugglers for their Channel crossings, often in overcrowded boats that are not seaworthy.



The Supreme Court ruled against the Rwanda plan because there was a risk that deported refugees would have their claims wrongly assessed or returned to their country of origin to face persecution.



The new treaty is expected to be followed later this week by the publication of legislation declaring Rwanda a so-called safe country, designed to stop legal challenges against the planned deportation flights.



However, this is likely to trigger a new round of political and legal wrangling. The first flight was scheduled to go last summer but was cancelled at the last moment because of legal challenges.



Sarah Gogan, an immigration lawyer at Harbottle &amp; Lewis, said Rwanda&#8217;s human rights record meant the government&#8217;s policy would be challenged.



&#8220;Rwanda is an unsafe country and this is not a quick fix,&#8221; she said. &#8220;You cannot in a matter of weeks or months reform a country and turn it into one with an impartial judiciary and administrative culture.&#8221;



Yvette Cooper, Labour&#8217;s home affairs spokeswoman, dismissed the government&#8217;s latest plans as another &#8220;gimmick&#8221;.



(Reporting by Andrew MacAskill and Michael Holden; Additional reporting by Rishabh Jaiswal, Muvija M and Kylie MacLellan; Editing by Bernadette Baum and Angus MacSwan)

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UK interior minister signs new Rwanda treaty to resurrect asylum plan

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-820x462.jpeg" alt="" class="wp-image-433063" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese yuan cash bills and chinese flag (money, economy, finance, inflation, crisis) Javier Ghersi | Moment | Getty Images</figcaption></figure>



Ratings agency Moody’s downgraded its outlook on China’s government credit ratings to negative from stable, expecting Beijing’s support and possible bailouts for distressed local governments and state-owned enterprises to diminish China’s fiscal, economic and institutional strength.



Moody’s though retained China’s “A1” long-term rating on the country’s sovereign bonds, while expecting China annual GDP growth to slow to 4% in 2024 and 2025 and average 3.8% from 2026 to 2030.



Structural factors including weak demographics will drive a decline to 3.5% by 2030, it said.



The move underscores concerns over rising debt levels and the impact on broader growth in the world’s second-largest economy as Beijing resorts to fiscal stimulus to support local governments and contain the spiraling debt crisis among the country’s property developers.



“The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector,” Moody’s said in a statement issued Dec. 5.



“These trends underscore the increasing risks related to policy effectiveness, including the challenge to design and implement policies that support economic rebalancing while preventing moral hazard and containing the impact on the sovereign’s balance sheet,” Moody’s added.



China credit default swaps (the cost of insuring against a government default) rose 4 basis points from Monday’s closing level, according to Reuters data.



<h2 class="wp-block-heading" id="h-beijing-disappointment"><a></a>Beijing disappointment</h2>



China’s Finance Ministry expressed its disappointment with Moody’s downgrade decision.



“Moody’s concerns about China’s economic growth prospects and fiscal sustainability are unnecessary,” the ministry said in a statement Tuesday.



“Since the beginning of this year, in the face of the complex and severe international situation, and against the background of unstable global economic recovery and weakening momentum, China’s macro economy has continued to recover and high-quality development has steadily advanced,” the ministry added.



The central government said Oct. 24 that it had formalized a process allowing local governments to borrow funds for the year ahead — starting in the preceding fourth quarter, according to an announcement published by state media.



Beijing also announced a rare mid-year fiscal revision, which included the issuance of 1 trillion yuan in ($137 billion) in government debt — one of the biggest changes to the national budget in years. The amount was for the reconstruction of areas hit hard by natural disasters — such as this summer’s historic floods — and for catastrophe prevention.



Moody’s also cited the 1.6 trillion yuan increase in central government transfers to regional and local governments in 2022 from 2021, which partly but only temporarily offset the 2 trillion yuan in lost land sales revenue, as a key development that factored in its thinking.

107343067-1701767843065-gettyimages-1415687423-yuanybandera7

Moody’s cut China’s credit outlook to negative on rising debt risks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DUFCFSKNIRJZDEEYXNXJIRBYTY-1-820x519.jpg" alt="" class="wp-image-433031" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DUFCFSKNIRJZDEEYXNXJIRBYTY-1-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DUFCFSKNIRJZDEEYXNXJIRBYTY-1-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DUFCFSKNIRJZDEEYXNXJIRBYTY-1-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DUFCFSKNIRJZDEEYXNXJIRBYTY-1-768x487.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DUFCFSKNIRJZDEEYXNXJIRBYTY-1-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DUFCFSKNIRJZDEEYXNXJIRBYTY-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Electricity lights up the central business district of Cape Town, South Africa, June 18, 2019. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



PRETORIA, Dec 5 (Reuters)&nbsp;&#8211;&nbsp;The South African economy recorded a minor contraction in the third quarter of this year as output fell in the agriculture, mining and construction industries, statistics agency data showed on Tuesday.



The 0.2% contraction in quarter-on-quarter seasonally adjusted terms&nbsp;ZAGDPN=ECI&nbsp;was slightly larger than the 0.1% predicted by analysts polled by Reuters and followed two consecutive quarters of growth.



The latest figures mean Africa&#8217;s most industrialised economy grew just 0.3% in the first nine months of the year.



Joe de Beer, head of economic statistics at Statistics South Africa, said that almost all sectors of the economy were neither growing nor declining very much.



&#8220;The economy has moved sideways, &#8230; the numbers are just oscillating around zero,&#8221; he said at a briefing in the capital Pretoria.



In unadjusted year-on-year terms Q3 GDP contracted 0.7%&nbsp;ZAGDPY=ECI, also worse than analysts&#8217; prediction for a fall of 0.2%.



Previously growth in expenditure was driven by private investment in renewable energy as businesses look to compensate for the state utility Eskom implementing the worst power cuts on record. However this has slowed.



&#8220;In the second quarter there was a huge surge in imports of green energy-related products and that wasn&#8217;t sustained in the third quarter,&#8221; said de Beer.



Jason Tuvey, deputy chief emerging markets economist at Capital Economics, said the big picture was that South Africa&#8217;s economic recovery from the COVID-19 pandemic had been among the worst in emerging markets.



He predicted a modest pick-up in growth in 2024.



&#8220;The drag from power cuts should start to ease as efforts to improve supply bear fruit. And, with the election looming, fiscal policy will probably be less restrictive,&#8221; he said, referring to upcoming national elections expected to take place in the first half of 2024.



(Additional reporting by Tannur Anders in Johannesburg; Editing by Alexander Winning and Frances Kerry)

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South African economy contracts marginally in third quarter

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-820x462.jpeg" alt="" class="wp-image-433000" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man wearing a thawb walks past flags of nations participating in the UNFCCC COP28 Climate Conference the day before its official opening on November 29, 2023 in Dubai, United Arab Emirates. Sean Gallup | Getty Images News | Getty Images</figcaption></figure>



DUBAI, United Arab Emirates — Nearly 2,500 fossil fuel lobbyists are estimated to have been granted access to the COP28 climate conference in the United Arab Emirates, according to an analysis from advocacy groups, reflecting a sharp increase from last year.



A report published Tuesday by the Kick Big Polluters Out coalition found that at least 2,456 fossil fuel lobbyists registered to attend the two-week long summit. That’s more than almost every other country delegation, except for Brazil (3,081) and COP28 host the United Arab Emirates (4,409), the analysis said.



The findings come at the mid-way point of COP28 and as a fight over the future of fossil fuels takes center stage.



Campaigners say the number of fossil fuel lobbyists attending the talks is “beyond justification” and signals that polluting industries are seeking to advance a fossil fuel agenda at the expense of frontline communities.



Others, however, including former U.S. energy secretary Ernest Moniz, said that Big Oil’s participation at COP28 should be welcomed.



The International Energy Agency said in the run-up to the talks that the oil and gas industry faces a “moment of truth” about their role in the global energy system and the deepening climate crisis.



A COP28 spokesperson was not immediately available to comment when contacted by CNBC.



“2023 was a year like no other. Record temperatures, record levels of emissions, and now we see a record attendance from Big Polluters at UN climate talks,” said Muhammed Lamin Saidykhan, head of building movement power at Climate Action Network International, a global network of civil society organizations.



“The window to preserve a liveable planet is rapidly closing. At the same time, ever greater numbers of Big Polluters are allowed to roam around this summit, which communities on the frontlines cannot afford to have fail again,” they added.



<h2 class="wp-block-heading" id="h-phase-out-vs-phase-down"><a></a>Phase out vs. phase down</h2>



The surge in the number of fossil fuel lobbyists attending the U.N. climate talks follows a growing call from public officials, U.N. constituencies and civil society groups to eject polluters from the talks.



For many at the U.N. talks, which are being held in Dubai through Dec. 12, COP28 can only be recognized as a success if it results in a deal to phase out all fossil fuels, the burning of which is the chief driver of the climate crisis. 



Not everyone is on board with calls for a phase-out. Russia has said it would oppose this language being used in the final agreement, while COP28 host the United Arab Emirates has signaled its preference for a phase-down.



The language of the final agreement will be closely monitored. A “phase out” commitment would likely require a shift away from fossil fuels until their use is eliminated, while a “phase down” could indicate a reduction in their use — but not an absolute end.



There’s also a debate about whether an agreement should center on “abated” fossil fuels, which are trapped and stocked with carbon capture and storage technologies. “Unabated” fossil fuels are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases.



In an unprecedented start to proceedings on Thursday, delegates at COP28 sealed the details of a landmark deal to help the world’s most vulnerable countries pay for the impacts of climate disasters.



A flurry of COP28 announcements have since sought to help decarbonize the energy sector, with nearly 120 governments on Saturday pledging to triple renewable energy capacity by 2030.

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featured

Anglo’s South African iron ore unit cuts production as rail woes persist

India stocks hit record highs on RBI pause; US data on tap

Shell sees $6 billion oil, gas investments in Nigeria, presidency says

What is at stake for investors in Congo’s election?

South Africa’s consumer confidence drops in fourth quarter – survey

Kenya judge finds Meta is not in contempt of court

UK’s new Rwanda bill ‘will not stop the boats’ – former minister Braverman

‘Sharing On A Plate’: The Chefs Reshaping The Culinary Industry With A Modern Twist To Traditional African Food

Seychelles declares state of emergency after explosion, flooding

Kenya central banker sees $1 bln China loan soon, vows firm FX action

Mozambique sees higher economic growth, wider deficit in 2024

EU should join Africa on WTO reform to counter China -IW study

Kenya central bank tries to stabilise shilling with big rate hike

UK interior minister signs new Rwanda treaty to resurrect asylum plan

Moody’s cut China’s credit outlook to negative on rising debt risks

South African economy contracts marginally in third quarter

‘Beyond justification’: Record number of fossil fuel lobbyists attend COP28 climate talks in Dubai

News Tips

Advertise With Us

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