<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="661" height="464" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851.jpeg" alt="" class="wp-image-541686" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851.jpeg 661w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851-300x211.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851-128x90.jpeg 128w" sizes="auto, (max-width: 661px) 100vw, 661px" /><figcaption class="wp-element-caption">South African Finance Minister Tito Mboweni reacts as he arrives to deliver his budget speech at the parliament in Cape Town, South Africa, February 26, 2020. Reuters/Sumaya Hisham/File Photo</figcaption></figure>



JOHANNESBURG, Oct 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s former finance and labour minister and first Black central bank governor Tito Mboweni has died aged 65 following a brief illness, the presidency said late on Saturday.&nbsp;



Mboweni was an anti-apartheid activist as a student who later became democratic South Africa&#8217;s first labour minister from 1994 to 1999 under former President Nelson Mandela.&nbsp;



He then served as governor of the South African Reserve Bank for a decade from 1999, and later as finance minister from 2018 to 2021 under President Cyril Ramaphosa.



&#8220;His role in shaping our democratic future particularly during the dying days of apartheid, cannot be overstated,&#8221; said his party, the African National Congress, describing him as a trusted voice in the economic debates that framed the transition to democracy.



Mboweni helped establish the post-apartheid labour legislation that lay the foundation for collective bargaining and labour courts to uphold worker rights, the ANC said.&nbsp;



As central bank governor he oversaw the introduction of inflation targeting to help the bank achieve price stability.



He was a close ally of Ramaphosa and served on the ANC&#8217;s National Executive Committee, which handles party decisions.



&#8220;Given his sense of vitality and energetic and affable engagement with fellow South Africans, Dr Mboweni&#8217;s passing at 65 comes as a shock,&#8221; said Ramaphosa in a statement.&nbsp;



&#8220;We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights.&#8221;



(Reporting by Nellie Peyton; Editing by Emelia Sithole-Matarise)

IMG_5851

South African former finance minister Tito Mboweni dies at 65

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-820x547.jpg" alt="" class="wp-image-541155" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of the Pretoria skyline with smog in the air taken from the Union Buildings in Pretoria, South Africa, June 19, 2024. PHILL MAGAKOE/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s tax service said on Friday that 21.4 billion rand ($1.2 billion) had been paid out in the six weeks since a reform took effect allowing people to make partial withdrawals from their pension funds before retirement.



The &#8220;two-pot&#8221; pension policy reform is meant to support long-term retirement savings while offering flexibility to help fund members in financial distress.



It is expected to spur domestic demand and economic growth in the final months of 2024.



On Sept. 11, 10 days after the reform, the South African Revenue Service (SARS) said individuals had asked to withdraw 4.1 billion rand from their pensions.



On Friday SARS said it had received roughly 1.2 million savings withdrawal applications, up from 160,000 withdrawal applications over Sept. 1 to 10.



From Sept. 1 retirement contributions have been split into a savings component and a retirement component. A ratio of one-third of total contributions go into the savings component and two-thirds into the retirement component.



The savings component will be accessible at any time, but withdrawals must be a minimum of 2,000 rand and only one withdrawal may be made in a tax year. What is withdrawn will be taxed at the individual&#8217;s marginal tax rate, helping to boost the government&#8217;s tax take.



The central bank estimates withdrawals could be between 40 billion rand and 100 billion rand in the fourth quarter.



($1 = 17.4060 rand)



(Reporting by Tannur Anders: Editing by Alexander Winning and Ros Russell)

Inauguration of South Africa’s Cyril Ramaphosa as President at the Union Buildings, in Pretoria

South African tax service says $1.2 bln paid out in 6 weeks since pension reform

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-820x521.jpg" alt="" class="wp-image-541092" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-1536x977.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Russian President Vladimir Putin speaks at the BRICS Parliamentary Forum in Saint Petersburg, Russia July 11, 2024. Valeriy Sharifulin/Host Photo Agency BRICS-RUSSIA2024.RU/Handout via REUTERS/File Photo</figcaption></figure>



MOSCOW, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;Most finance ministers and central bank chiefs from the BRICS group of countries did not attend a high-level meeting in Moscow on Friday ahead of a BRICS summit later this month, sending more junior officials instead, official documents showed.



Finance ministers from Egypt and the United Arab Emirates and the head of Iran&#8217;s central bank were present as Russian Finance Minister Anton Siluanov called for the creation of an alternative to the Western-dominated global financial system.



But finance ministers and bank chiefs from China, India and South Africa stayed away, sending deputies or more junior officials instead, a day after Kremlin aide Yuri Ushakov accused the West of pressuring countries not to attend the BRICS summit.



BRICS, originally comprising Brazil, Russia, India, and China, has expanded to include South Africa, Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia.



The Moscow meeting is modeled on the Group of 20 schedule, where summits are preceded by meetings of top economic policy officials who outline proposals to be reviewed by leaders at the summit.



Russia, heavily sanctioned by the West over its war in Ukraine and cut off from international capital markets, is trying to woo BRICS partners with initiatives such as the creation of the BRICS Bridge international payment system.



&#8220;The creation of a cross-border payment initiative is our main task,&#8221; Siluanov told the officials. Russia is also pushing for the creation of a BRICS clearing centre, a rating agency, a reinsurance company, and a commodities exchange.



Siluanov has also proposed setting up a joint investment platform based on the group&#8217;s New Development Bank, its only functioning financial institution. The platform will use a new digital form of transactions, he said, without elaborating.



<h2 class="wp-block-heading" id="h-transaction-delays">TRANSACTION DELAYS</h2>



Russia has recently experienced delays in international transactions with its trading partners, including BRICS member countries, as banks in these countries fear punitive actions from Western regulators.



The payment problems have forced Russian companies to use barter deals and cryptocurrencies to facilitate payments.



China was represented in Moscow by Deputy Finance Minister Liao Min and Deputy Central Bank Governor Changneng Xuan, and India by Finance Ministry Secretary Ajay Seth.



The summit is scheduled for Oct. 22-24 in Kazan, capital of Russia&#8217;s Tatarstan region.



President Vladimir Putin&#8217;s foreign policy aide, Yuri Ushakov, said nine of the 10 BRICS states would send their leaders, though Saudi Arabia would send its foreign minister, Prince Faisal bin Farhan Al Saud. The Saudi delegation was absent from the Friday meeting.



(Reporting by Gleb Bryanski; Editing by Gareth Jones)

FILE PHOTO: Russian President Vladimir Putin speaks at the BRICS Parliamentary Forum in Saint Petersburg

Top BRICS economic officials stay away from Moscow meeting

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-820x429.jpg" alt="" class="wp-image-541073" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;The ANC&#8217;s main coalition partner the Democratic Alliance called on Friday for a review of a decision by prosecutors not to charge South African President Cyril Ramaphosa over a theft from his game farm that nearly cost him his position two years ago.



The scandal, dubbed &#8220;Farmgate&#8221;, came to light when a former intelligence official told police in June 2022 about the incident and accused Ramaphosa of money laundering, corruption and covering up the theft.



Ramaphosa, a wealthy businessman before he became president, has repeatedly denied wrongdoing.



The Democratic Alliance, a former opposition party which joined a coalition with the African National Congress party after the ANC lost its majority in an election in May, said the decision not to prosecute anyone over the Phala Phala matter lacked transparency.



&#8220;The Phala Phala scandal is much too important to simply disappear without thorough scrutiny and full interrogation of the reasons behind this outcome,&#8221; it said in a statement.



In a statement issued late on Thursday, the Director of Public Prosecutions in the Limpopo province said the decision was taken after a careful assessment of all available evidence presented to the prosecutors.



There was no reasonable prospect of a successful prosecution based on the evidence at the prosecutors&#8217; disposal, the statement said.



The country&#8217;s anti-corruption watchdog cleared Ramaphosa last year of a potential conflict of interest related to the affair, in which thieves made off with large sums of foreign currency hidden in furniture on his Phala Phala game farm in 2020.



Ramaphosa&#8217;s future hung in the balance in late 2022 after a report found evidence he may have committed misconduct over the scandal. But his party rallied around him, stopping an impeachment process from being launched. He was subsequently re-elected for another five years at the helm of the ANC.



The far-left opposition Economic Freedom Fighters (EFF), said it would not rest until Ramaphosa was held to account. The EFF has approached the constitutional court to try to revive impeachment proceedings against the president.



Ramaphosa has acknowledged there was a break-in at the farm in Limpopo, but he said the amount stolen was much lower than alleged and came from the sale of game.



Three suspects accused of being involved in the break-in appeared in court this week. Their case was postponed until next month.



(Reporting by Bhargav Acharya, Editing by Alexander Winning, Philippa Fletcher)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI

S.Africa’s DA seeks review of decision not to charge Ramaphosa over ‘Farmgate’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="580" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/016-kv-feature-galaxy-zfold6-circle-to-search-spen-2p-1-820x580.jpg" alt="" class="wp-image-542032" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/016-kv-feature-galaxy-zfold6-circle-to-search-spen-2p-1-820x580.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/016-kv-feature-galaxy-zfold6-circle-to-search-spen-2p-1-300x212.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/016-kv-feature-galaxy-zfold6-circle-to-search-spen-2p-1-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/016-kv-feature-galaxy-zfold6-circle-to-search-spen-2p-1-768x543.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/016-kv-feature-galaxy-zfold6-circle-to-search-spen-2p-1-1536x1086.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/016-kv-feature-galaxy-zfold6-circle-to-search-spen-2p-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Professionals and businesspeople want technology that meets and adapts to their ever-evolving needs, and the new AI-powered Samsung Galaxy Z Fold6 is here to deliver on that. With its sleek design, advanced features, and impeccable multitasking capabilities, it promises to revolutionise business mobility and set new standards in how we work on the go.



With the Galaxy Z Fold6, Samsung has opened the next chapter of Galaxy AI by leveraging its most versatile and flexible form factor perfectly designed to maximise AI capabilities and significantly enhance productivity. This device is not just a smartphone; it’s like having the slimmest, thinnest, and smartest PC in your pocket. So whether you’re in the office, travelling, or working remotely, the Z Fold6 empowers you to stay connected and productive in an ever-demanding environment.



Sporting a stunning 7.6-inch Dynamic AMOLED 2X main display that unfolds to provide a tablet-like experience, the Galaxy Z Fold6 allows users to multitask with ease. With an HD+ resolution, the display ensures crisp visuals for presentations, documents, and video conferences, a transformative design for those on-the-go. It also features a 6.3-inch cover display, which is perfect for quick notifications and essential tasks without the need to unfold the device.



Engineered to boost productivity, a Z Fold6 feature tailored for this is the improved taskbar that mimics a traditional PC setup, allowing users to pin their favourite apps for quick access. This feature makes navigating between apps seamless, enabling users to work more efficiently. A newly added Composer from Samsung Keyboard generates suggested text based on simple keywords for email and supported social media apps. For social media in particular, the Composer creates text that reflects your tone by analysing previous posts. Additionally, the S Pen experience is expanded further meeting with Galaxy AI on the Galaxy Z Fold6’s screen.



Galaxy AI has also enhanced barrier-free communication on the Galaxy Z Fold6. Maximising its unique dual screen form factor, Interpreter comes with a new conversation mode that enables both parties to conveniently view translations on the main and cover screens for more natural interactions. It also offers one-way translation, so you can easily understand when listening during lectures or any other type of presentation. Live Translate, which translates phone calls directly on your device in real-time, is also now being extended beyond Samsung’s own native calling app to a selection of popular third-party apps.



Imagine you’re a project manager in the middle of a busy day. You receive an email that requires immediate attention. Instead of pulling out your laptop, you can quickly glance at the cover display for an overview. After responding to the email, you can then unfold the device and access multiple applications simultaneously. Picture a video call with your team on one side, while reviewing project documents on the other. The Galaxy Z Fold6’s Flex Mode allows you to set the device at a comfortable angle, enabling hands-free video calls—ideal for discussing plans with your team without needing to hold the device.



Powered by the latest Snapdragon processor, the Galaxy Z Fold6 ensures lightning-fast performance that can handle resource-intensive applications, such as video editing software and heavy multitasking. Its robust battery life is designed to keep you productive throughout the day, allowing you to navigate your work commitments without worrying about running out of power.

016-kv-feature-galaxy-zfold6-circle-to-search-spen-2p (1)

Unfolding New Standards for Business Mobility with the Samsung Galaxy Z Fold6

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg" alt="" class="wp-image-536645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-135x90.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, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened against the dollar on Friday, after U.S. data firmed up bets on another interest rate cut by the Federal Reserve next month.



At 0809 GMT, the rand traded at 17.4575 against the dollar&nbsp;ZAR=D3, about 0.4% stronger than its previous close.



The dollar index was last down 0.04% against a basket of currencies.



Bets for a 25-basis point Fed rate cut increased after US inflation data on Thursday came in slightly higher than expected and jobless claims rose, leading markets to moderate expectations of bigger cuts by the Fed.



&#8220;Inflation did come down yesterday, but&#8230; it is the jobless claims that has helped the ZAR back to 17.50,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



The local currency has tracked the dollar and U.S. economic data points this week in the absence of major domestic events.



South African investor focus will now turn towards an inflation-linked bond auction (ILB) due later on Friday.



&#8220;The ILB auction today will provide further insight into inflation expectations in South Africa,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On the stock market, the Top-40  index was up 0.4%.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 7 basis points to 9.07%.



(Reporting by Bhargav Acharya; Editing by Toby Chopra)

New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand rises after U.S. data fuels Fed rate cut bets

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<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-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Friday.



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



South African inflation-linked bond auction



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



The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.



On the Johannesburg stock market, the Top-40 index closed little changed.



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



Asian shares were headed for their first weekly loss in five on Friday as a stunning rally in Chinese shares took a breather, although all eyes are on the details of much-anticipated fiscal stimulus from Beijing this weekend.



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



Wall Street&#8217;s main indexes closed lower on Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the U.S. economy and the path for interest rates. 



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



Gold prices climbed on Friday after recent data firmed bets for a Federal Reserve rate cut next month, while market participants awaited the U.S. Producer Price Index (PPI) report for further direction.



&#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; Township malls thrive despite high rates, Nedbank says



&#8211; Manganese the target in Exxaro’s search for assets



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



&#8211; &#8216;Severe threat&#8217; of disruption at OR Tambo amid SARS delays, industry warns



&#8211; &#8216;Nothing to work with&#8217;: Good intentions, quick fixes not solving SA&#8217;s deep logistics problem



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 11

<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>



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



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



Nigeria court to rule on Binance executive&#8217;s bail request



A Kenyan court is due to rule on whether a a case challenging deputy president Rigathi Gachagua&#8217;s impeachment should be referred to the Chief Justice for further direction.



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



Asian shares were headed for the first weekly loss in five as the stunning rally in Chinese shares took a breather, although all eyes are on the details of the much-anticipated fiscal stimulus from Beijing this weekend.



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



Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites.



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



The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.



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



The Nigerian and Ghanaian currencies are expected to fall in the next week to Thursday, while Uganda&#8217;s and Zambia&#8217;s could be relatively steady, traders said.



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



Votes were being counted by Mozambique&#8217;s national election authorities on Thursday as civil society monitors were compiling a parallel tally to try to detect possible signs of fraud.



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



Rights activists and local responders said scores of civilians had been killed at sites across Sudan in the past week as the army escalates air strikes nearly 18 months into its war with the paramilitary Rapid Support Forces.



<h2 class="wp-block-heading" id="h-somalia-security">SOMALIA SECURITY</h2>



The presidents of Egypt, Eritrea and Somalia agreed on Thursday to boost cooperation for the Somali army to confront &#8220;terrorism&#8221; and protect its land and sea borders, a joint statement said, leaving Ethiopia further isolated in the region.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 11

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-820x461.jpeg" alt="" class="wp-image-540935" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Alexander Spatari | Moment | Getty Images</figcaption></figure>



LONDON — The U.K. economy returned to growth in August following two consecutive months of stagnation, providing a slight boost as the Labour government prepares to deliver its first budget later this month.



The economy grew 0.2% on a month-on-month basis, flash figures published by the Office for National Statistics showed Friday, meeting expectations of economists polled by Reuters.



It follows an economic flatlining in June and July after the U.K. recorded modest but steady expansion in almost every month this year. Britain emerged from a shallow recession at the start of the year.



Over the three months to August, Britain’s economic growth also expanded 0.2%, compared with the 0.5% recorded in the three months to July.



“The UK economy had a remarkable run through the first few months of 2024, at least if the monthly GDP figures are to be believed. But those same figures now show that this strength was short-lived,” ING’s Developed Markets Economist James Smith said in a note shortly after the release.



“The bottom line is that the economy still seems to be growing at a reasonable pace, but the 0.6/0.7% quarterly GDP readings we became accustomed to in the first two quarters of the year are not going to be repeated in the second half of the year. We’re looking for 0.2% growth in the third quarter overall.”



Sterling rose slightly against the U.S. dollar following the release, trading up 0.05% at $1.3067 by 8:56 a.m. London time. U.K. government bond yields, meanwhile, ticked lower, with the 10-year trading around 4.211%, having climbed sharply over recent days.



The U.K.’s dominant services sector showed slight growth of 0.1% in the month to August, while production and construction output rose by 0.5% and 0.4%, respectively.



Finance Minister Rachel Reeves welcomed the data, saying returning the economy to growth is the government’s “number one priority.”



“While change will not happen overnight, we are not wasting any time on delivering on the promise of change,” she said in a statement. The new Labour administration was voted into power in July during snap elections.



<h2 class="wp-block-heading" id="h-all-eyes-on-the-budget"><a></a>All eyes on the budget</h2>



The reading comes as Reeves is set to deliver her Autumn Budget at the end of this month, with tax hikes and spending cuts expected as she tries to overcome an estimated £22 billion ($29 billion) black hole in the public finances. The Conservative opposition party, which led the country until snap elections earlier this year, deny the gap.



ING’s Smith said that if the U.K. Treasury was hoping the strong growth in the first half of the year would unlock some “extra fiscal headroom” in the budget, “it is likely to be left disappointed.”



“Remember the key here is what the Office for Budget Responsibility projects for the UK economy. And like the BoE, they are unlikely to take much inference from the GDP figures so far this year. Indeed, if anything the OBR forecasts already sit at the more optimistic end of the spectrum,” he added.



The government is pitching its vision for an era of “national renewal,” as it attempts to inject some optimism into the public psyche after painting a gloomy picture of the state of the economy.



Lindsay James, investment strategist at Quilter Investors, said Reeves faces a “tricky balancing” to ensure her decisions don’t stifle further economic growth.



“With interest rates beginning to fall, the responsibility has shifted from the Bank of England to Rachel Reeves, who must now make critical fiscal decisions. She and the Prime Minister have indicated that ‘pain’ is necessary for future prosperity, but there is a real risk of overcorrection at the expense of economic growth,” she said.

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UK economy returns to growth as Labour tees up all-important budget

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-820x461.jpeg" alt="" class="wp-image-540904" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China’s Ministry of Finance, pictured here in Beijing in 2021, is refunding taxes and cutting fees to support economic growth. Yan Cong | Bloomberg | Getty Images</figcaption></figure>



Investors are on tenterhooks as Beijing prepares to deliver fresh policies over the weekend that could jumpstart its economy.



China’s Finance Minister Lan Fo’an is set to hold a press conference at 10 a.m. on Saturday local time on “intensifying” fiscal stimulus policies, the country’s State Council Information Office said.



With Beijing at risk of missing its full year economic growth target of 5%, some analysts are confident that authorities are ready to deliver major fiscal stimulus at the highly anticipated event, while others remain skeptical.



<h2 class="wp-block-heading" id="h-investors-on-edge"><a></a>Investors on edge</h2>



Investors had expected a fresh package to be announced during the National Development and Reform Commission’s press conference on Tuesday, which was held shortly after markets reopened following a weeklong holiday.



During that event, the chair of NDRC pledged a raft of actions to bolster the economy. But Zheng Shanjie stopped short of announcing any new major stimulus plans.



The move underwhelmed investors and sent a lengthy rally in the mainland Chinese markets into days of volatility.



With this second shot, the Chinese government has now realized that it’s facing a “whatever it takes moment” and it will do “whatever that is necessary to stop the bleeding of the economy, and to get things moving,” Chen Zhao, chief global strategist at Alpine Macro, told CNBC’s “Squawk Box Asia.”



Authorities are likely to affirm that at the press conference on Saturday, Zhao said.



Before the Golden Week holiday, Chinese officials unveiled a flurry of stimulus policies, including interest rate cuts, lower cash reserve requirements at banks, looser property purchase rules and liquidity support for stock markets.



Many investors and analysts viewed the move as a signal that Beijing was finally ready to take drastic action to revive its ailing economy, following a barrage of disappointing data and amid a slump in consumer confidence. At the time, Chinese major indexes began to rally, surging over 25% as investors cheered on the slate of stimulus measures.



Most economists expect some sort of additional stimulus this weekend, but there are many differing views on its size as well as the priorities of the package.&nbsp;Some have floated a figure between two and three trillion yuan (the equivalent of $282.8 billion to $424.2 billion), while others have suggested 10 trillion yuan ($1.4 trillion).



Speaking to “Street Signs Asia,” Chetan Ahya, chief Asia economist at Morgan Stanley, said the package will likely be focused on stimulating domestic demand, supporting recapitalization of banks, as well as local government debt restructuring.



The consumer stimulus measures could be targeted at social welfare spending, with an aim to free up more household savings, he said. And a small portion of the package could be dedicated to support consumer trade-in programs.



In a note, economists at Morgan Stanley predicted that China’s Ministry of Finance will deliver a modest supplementary fiscal package at the press conference — which they called “Beijing’s second chance to convince the market” after it undershoot earlier this week. However, the economists conceded that expectations are high.



“Higher size with clear consumption stimulus portion, or clear forward guidance for next year’s expansionary policy, would constitute a positive surprise,” the Morgan Stanley economists wrote.



Forward guidance on 2025 is critical and we expect another two to three trillion yuan widening in the augmented deficit but don’t think the size will be announced before end of 2024, they added.



<h2 class="wp-block-heading">In the trillions</h2>



Beijing needs to announce 10 trillion yuan in fiscal stimulus that’s focused on boosting consumption and removing large inventory in the property market, Morgan Stanley’s Ahya said.



“That’s not what we are saying they will do” but they need something like that “to get the economy out of deflation and ultimately create a sustained turn around in investors’ confidence,” he continued.



Beijing could be wary that an enormous stimulus package may send a signal to the public that there are more severe underlying economic problems, so they could phase them out into piecemeal announcements, Ahya added.&nbsp;&nbsp;



This time round, Ting Lu, chief economist at Nomura, expects the finance ministry will announce a package no larger than 3% of China’s GDP, which grew 5.2% to 126 trillion yuan in 2023.&nbsp;



The ministry may discuss additional funding through the issuance of government bonds, but the exact numbers could come later this month at the National People’s Congress’ standing committee meeting, Lu said. The NPC standing committee is China’s top legislature.



Reuters reported in late September that China had plans to issue special sovereign bonds worth about 2 trillion yuan ($284.42 billion) this year, with 1 trillion yuan primarily to revive domestic consumption and the other half to support local governments’ debt problems. 



A two trillion yuan bond issuance is unlikely to turn the economy around, said Alpine Macro’s Zhao, who believes that the next stimulus package needs to be around 4-5% of GDP to reverse lackluster consumption demand.&nbsp;



“The Chinese government is already backed to the corner, they are panicking. These are good things from the stock market’s point of view,” he said, insisting that the finance ministry will unveil a package on Saturday that could be “sufficient enough to make a bottom for the economy.”&nbsp;



But, a Chinese political veteran has cautioned that changes in fiscal policy needs to go through lengthy legal processes for approval, dampening Zhao’s hopes for this weekend.



Dong Yu, a former official on China’s top economic planning committee who now serves as vice president of China Institute for Development Planning at Tsinghua University, told local media in an article published Thursday that a fiscal stimulus package worth trillions of yuan will eventually come, but people need to “practice some patience.”

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China’s ‘whatever it takes’ moment? Investors hope for hundreds of billions in new stimulus

Will The U.S. Break Up Google?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-820x558.jpg" alt="" class="wp-image-540670" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-768x522.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-1536x1045.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Workers load lithium concentrate at Prospect Lithium Zimbabwe mine in Goromonzi, Zimbabwe, January 9, 2024. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwean miners expect profits to decline on the back of anticipated high costs of production and a weak outlook for platinum and lithium in 2025, according to a report.



A confluence of global and local factors will eat into the southern African country&#8217;s mining revenue and profit next year, said the report by the Chamber of Mines of Zimbabwe (COMZ).



Zimbabwe is known for abundant deposits of platinum group metals (PGMs), gold and lithium.



&#8220;The issue of costs continue to dampen the spirit of profitability,&#8221; said Isaac Kwesu, COMZ&#8217;s chief executive.



Costs of production are expected to increase by an average of 8% in 2025. Miners expect energy needs to grow to 800 megawatts per day in 2025 from 600 megawatts this year.



Zimbabwe&#8217;s mining industry, one of its highest foreign currency earners alongside tobacco and horticulture, continues to be blighted by rolling power cuts and exchange losses.



In 2024, the mining sector lost around $500 million in potential revenue to power outages, the report said.



Miners however expect gold prices to remain bullish, increasing by an average of 12% in 2025 with PGMs and lithium declining 15%, the report said.



Business confidence is also expected to improve with capital expenditure seen exceeding $600 million in 2025.



(Reporting by Nyasha Chingono; Editing by Bhargav Archaya and Ros Russell)

Workers load lithium concentrate at Prospect Lithium Zimbabwe mine in Goromonzi

Zimbabwean miners expect profits to fall in 2025, report says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-820x547.jpg" alt="" class="wp-image-540667" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



ABUJA, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;The Nigerian and Ghanaian currencies are expected to fall in the next week to Thursday, while Uganda&#8217;s and Zambia&#8217;s could be relatively steady, traders said.



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



Nigeria&#8217;s naira could lose ground due to rising dollar demand from individuals paying school fees abroad and importers stocking up for the festive season.



The central bank has only intermittently intervened to support the currency.



The naira was quoted at 1,648 to the dollar on the official market on Thursday, LSEG data showed, compared with around 1,671 a week earlier.



The currency changed hands in street trading at 1,690 naira to the dollar on Thursday.



&#8220;The panic button is 1,700 naira and as it approaches those levels the central bank has intensified intervention, but it is not enough to quench demand,&#8221; one trader said.



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



Ghana&#8217;s cedi is expected to weaken further next week due to corporate foreign-currency demand, mainly from the manufacturing and energy sectors.



LSEG data showed the cedi trading at 15.88 to the dollar on Thursday, compared to 15.77 at last Thursday&#8217;s close.



&#8220;The cedi weakened slightly against the dollar this week, driven by a reduced supply of dollars despite the central bank&#8217;s 7-day funded forward support of approximately $54 million,&#8221; head of trading Stanbic Bank Ghana Chris Nettey said.



&#8220;We anticipate a similar trend in the coming sessions,&#8221; he added.



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



Uganda&#8217;s shilling is seen broadly stable, underpinned by healthy inflows of hard currency from remittances and mid-month tax payments.



Commercial banks quoted the shilling at 3,670/3,680 to the dollar, compared to last Thursday&#8217;s close of 3,660/3,670.



&#8220;Remittances are coming in and we expect the volumes to increase for the remainder of October and going into November,&#8221; one trader said.



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



Zambia&#8217;s kwacha is likely to be little changed.



On Thursday the kwacha was trading at 26.37 per dollar from 26.20 a week ago.



&#8220;The kwacha is anticipated to remain rangebound, with factors of demand and supply dictating the currency&#8217;s next move,&#8221; Zambia National Commercial Bank said in a note.



(Reporting by Chijioke Ohuocha, Christian Akorlie, Elias Biryabarema and Chris Mfula; Editing by Alexander Winning)

7XVXXY5BZZKBDMNDKCX3HG2N4A

Nigerian and Ghanaian currencies seen falling

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Oct 10 (Reuters) &#8211; Nigeria&#8217;s state-owned oil company, NNPC Ltd, has increased petrol prices by over 15%, marking the second hike in less than a month and the exit from a costly subsidy programme that has strained its finances.



At NNPC fuel stations in Lagos the price of gasoline rose to 998 naira per litre ($0.6257) from 858 naira, while in Abuja the price increased to 1,030 naira per litre from 950 naira. Long queues formed as customers came to terms with higher prices.



NNPC, the country&#8217;s sole importer of refined products, can now recover its costs in full, having bought gasoline from the Dangote Oil Refinery at 898 naira per litre.



This is the first time in three decades that Nigeria is selling gasoline at full market prices, relieving the treasury of the heavy cost of subsidies, projected to cost the government at least $3.7 billion this year.



President Bola Tinubu scrapped a costly but popular subsidy on petrol last year when he took office, to cut government expenditure. But he reintroduced subsidy partly after inflation skyrocketed, worsening a cost of living crisis and stoking tension among the population.



By September, NNPC said it faced severe financial strain, admitting it was unable to continue importing fuel after weeks of scarce supplies at its petrol stations.



The price increase has sparked criticism from labour unions to manufacturers, who warn that it will worsen the cost-of-living crisis.



Gasoline prices are a particularly sensitive issue in Nigeria, where millions of households and small businesses rely on generators powered by fuel due to the country’s creaking national electricity grid.



Last week, Nigeria began selling crude oil to the Dangote Refinery in naira, with the understanding that the refinery would fully meet the country’s fuel needs. This month, NNPC is supplying the refinery with 13 cargoes of crude oil.



Edwin Devakumar, head of the Dangote Refinery, said the facility now has the capacity to meet all of Nigeria&#8217;s needs.



Industry insiders say that with gasoline now being sold at market rates, NNPC will no longer be the sole buyer of products from the Dangote Refinery.



&#8220;We have applied to buy directly from the Dangote Refinery, but this hasn’t been finalised yet. For now, we are still buying through NNPC,&#8221; said Billy Gillis-Harry, head of a local fuel traders association.



($1 = 1,595.0000 naira)



(Reporting by Isaac Anyaogu, Editing by Louise Heavens)

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South African former finance minister Tito Mboweni dies at 65

Meet the Singapore-based telco disruptor with the knack for a viral campaign

How T.J. Maxx Disrupted The Retail Industry

South African tax service says $1.2 bln paid out in 6 weeks since pension reform

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South African Markets – Factors to watch on Oct 11

African Markets – Factors to watch on Oct 11

UK economy returns to growth as Labour tees up all-important budget

China’s ‘whatever it takes’ moment? Investors hope for hundreds of billions in new stimulus

Will The U.S. Break Up Google?

Zimbabwean miners expect profits to fall in 2025, report says

Nigerian and Ghanaian currencies seen falling

Nigeria’s NNPC raises fuel prices as it ditches costly subsidies

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