<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



KAMPALA, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said it is rolling out measures to ensure the recipients of lending to Uganda are not discriminated against by a tough anti-gay law.



A World Bank spokesperson said the measures, which include an independent monitoring mechanism to ensure compliance, would apply to ongoing and new projects.



Uganda, a mostly conservative country, enacted the Anti-Homosexuality Act (AHA) in May last year, drawing widespread condemnation from the West and sanctions from the United States.



Under the law, same-sex intercourse is punishable by life in prison while those who commit so-called aggravated homosexuality receive the death penalty.



The bank suspended all new lending to Uganda last year after finding that the law contradicts its values.



The World Bank is one of Uganda&#8217;s biggest funders, especially of critical infrastructure such as roads and energy. The funding suspension was seen as a significant blow to its finances.



&#8220;We will not propose any new public financing for Uganda to our board until we are satisfied that&#8230; mitigation measures are in place,&#8221; the bank said.



LGBT activists had asked the bank to keep the ban on funding as long as the law remains in force, they said in a statement this week.



&#8220;The World Bank&#8217;s mitigation measures are a facade, designed to provide the illusion of protection,&#8221; said Richard Lusimbo, a top official at Convening for Equality (CFE), a Ugandan LGBT activist group.



(Reporting by Elias Biryabarema; Editing by Sonia Rao, Hereward Holland and Ros Russell)

106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank says it aims to protect projects in Uganda from anti-LGBT law

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-820x461.jpeg" alt="" class="wp-image-535493" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



BEIJING — China aims to stop the property slump, top leaders said Thursday in a readout of a high-level meeting published by state media.



Authorities “must work to halt the real estate market decline and spur a stable recovery,” the readout said in Chinese, translated by CNBC. It also called for “responding to concerns of the masses.”



Chinese President Xi Jinping led Thursday’s meeting of the Politburo, the second-highest circle of power in the ruling Chinese Communist Party, state media said.



The readout said leaders called for strengthening fiscal and monetary policy support, and touched on a swath of issues from employment to the aging population. It did not specify the timeframe or scale of any measures.



“I take the messages from this meeting as a positive step,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in an email to CNBC. “It takes time to formulate a comprehensive fiscal package to address the economic challenges, [and] the meeting took one step in that direction.”



Stocks in mainland China and Hong Kong extended gains after the news to close sharply higher on Thursday. An index of Chinese property stocks in Hong Kong surged by nearly 12%.



Real estate once accounted for more than a quarter of China’s economy. The sector has slumped since Beijing’s crackdown in 2020 on developers’ high levels of debt. But the decline has also cut into local government revenue and household wealth.



China’s broader economic growth has slowed, raising concerns about whether it can reach the full-year GDP target of around 5% without additional stimulus. Just days after the U.S. cut interest rates, the People’s Bank of China on Tuesday announced a slew of planned interest rate cuts and real estate support. Stocks rose, but analysts cautioned the economy still needed fiscal support.



Official data shows real estate’s decline has moderated slightly in recent months. The value of new homes sold fell by 23.6% for the year through August, slightly better than the 24.3% drop year-to-date as of July.



Average home prices fell by 6.8% in August from the prior month on a seasonally adjusted basis, according to Goldman Sachs. That was a modest improvement from a 7.6% decline in July.



“Bottom-out stabilization in the housing market will be a prerequisite for households to take action and break the ‘wait-and-see’ cycle,” Yue Su, principal economist China, at the Economist Intelligence Unit, said in a note. “This suggests that the policy priority is not to boost housing prices to create a wealth effect, but to encourage households to make purchases. This real estate policy is aiming at reducing its drag on the economy.”



Thursday’s meeting called for limiting growth in housing supply, increasing loans for whitelisted projects and reducing the interest on existing mortgages. The People’s Bank of China on Tuesday said forthcoming cuts should lower the mortgage payment burden by 150 billion yuan ($21.37 billion) a year.



While Thursday’s meeting did not provide many details, it is significant for a country where policy directives are increasingly determined at the very top.



The high-level meeting reflects the setting of an “overall policy,” as there previously wasn’t a single meeting to sum up the measures, Bank of China’s chief researcher Zong Liang said in Mandarin, translated by CNBC.



He noted how the meeting follows the market’s positive response to the policy announcements earlier in the week. Zong expects Beijing to increase support, noting a shift from focus on stability to taking action.



<h2 class="wp-block-heading" id="h-tempering-growth-expectations"><a></a>Tempering growth expectations</h2>



The meeting readout said China would “work hard to complete” the country’s full-year economic targets.



That’s less aggressive than the Politburo meeting in July, when the readout said China would work to achieve those goals “at all costs,” according to Bruce Pang, chief economist and head of research for Greater China at JLL.



That shows policymakers are looking for middle ground between short-term growth and longer-term efforts to address structural issues, he said.



Goldman Sachs and other firms have trimmed their growth forecasts in the last few weeks.



The change in tone about the economic targets signals “the government may tolerate growth below 5%,” the EIU’s Su said. “We estimate real economic growth to be around 4.7% in 2024, before slowing down to 4.5% (a moderate upward revision to our previous forecast).”



“The Politburo meetings on economic deployment usually take place in April, July, and October,” she said.



“The fact that this meeting was held earlier, along with the emphasis on stabilizing growth, reflects policymakers’ concerns about the current economic growth trend.”



Initial analyst reactions to Thursday’s meeting readout were varied.



HSBC said “the tide has turned; be prepared for more proactive initiatives.” Capital Economics, on the other hand, said Beijing’s hint at stimulus did not make it clear whether it would include large-scale fiscal support.



S&amp;P Global Ratings analysts said in a report earlier this year that fiscal stimulus is losing its effectiveness in China and is more of a strategy to buy time for longer-term goals.



Senior officials in the summer told reporters that the economy needed to endure necessary “pain” as it transitioned to one of higher-quality growth with a bigger high-tech industry.



— CNBC’s Sonia Heng contributed to this report.

107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa

China’s Xi and top leaders call for halting real estate decline, responding to public concerns

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-820x547.jpg" alt="" class="wp-image-535260" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A loader is seen at the Klipfontein Colliery near Balmoral, in the Mpumalanga province, South Africa September 11, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s donor-funded climate programme has spent just over a sixth of its allotted $11.6 billion, with a focus on expanding the power grid and preventing its coal-mining region slipping into decline as it shifts to renewables, two sources said.



A donor and a South African official involved in the plan, neither of whom were willing to be named because they were not authorised to speak publicly, said about $1.9 billion had been spent, half of it on policy-based loans to the government.



Of the rest, about $488 million had gone towards electricity, a breakdown seen by Reuters showed. The remaining quarter was for projects to revive the coal belt province, Mpumalanga, a planned green hydrogen hub and skills training, among other things.



Britain, France, Germany, the European Union and United States initially pledged $8.5 billion at COP26 climate talks in 2021. That figure &#8211; all but a fraction of it in the form of concessional loans &#8211; grew last year, as Denmark, Canada, Spain, the Netherlands and Switzerland joined the initiative.



Owing to its complexity, the number of donors involved and South Africa&#8217;s internal politics, the climate programme has been moving more slowly than planned, and South Africa has told donors it will not meet its 2030 emissions-reduction targets.



Environment Minister Dion George was quoted in the national press this month as saying that German officials had told him South Africa was moving away from fossil fuels too slowly.



A spokesperson for the German embassy declined to comment.



<h2 class="wp-block-heading" id="h-easy-win">EASY WIN?</h2>



Africa&#8217;s most industrialised nation, where 80% of the power is generated from coal, is seen as an easy win for donor-assisted green energy programmes, with its well-developed infrastructure and abundant sun and wind.



But politicians are nervous about winding down a 160-year-old coal business that directly employs 90,000 people and supports whole communities, even while it poisons their air and water.



&#8220;It&#8217;s about &#8230;the mine workers, the coal truckers&#8230;the entire ecosystem (around coal) whose material interests are threatened,&#8221; said Joanne Yawitch, head of the Just Energy Transition at President Cyril Ramaphosa&#8217;s climate commission.



Yawitch said the focus was on new skills and economic opportunities for coal-belt residents, especially its most vulnerable: informal workers, youths and women.



&#8220;With South Africa&#8217;s levels of poverty and unemployment&#8230;if we don&#8217;t take care of the needs of that community&#8230;(the) transition&#8230;will just be resisted all the way.&#8221;



Burning coal has rendered South Africa one of the world&#8217;s most carbon intensive economies, central bank data shows. South Africa is in the top 15 greenhouse gas emitters, ahead of France and Britain.



The policy loans have funded reforms such as a law enacted last month to bring private companies and competition into a power sector long dominated by state monopoly Eskom, the donor source said.



Grants are only $676 million of the total, and Ramaphosa has complained that they make up too small a portion.



(Reporting by Tim Cocks; Editing by Kirsten Donovan)

FILE PHOTO: A loader is seen at the Klipfontein Colliery

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-820x461.jpg" alt="" class="wp-image-535129" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/101943216-980643681.jpg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">AFP | Getty Images</figcaption></figure>



China’s government announced it will offer a one-time cash allowance to those in extreme poverty, a day after its central bank rolled out a slate of stimulus measures aimed at shoring up the economy.



The handout will be provided to “extremely poor people, orphans and other needy people on the occasion of the 75th anniversary of the founding of New China,” China’s Ministry of Civil Affairs reported on Wednesday. That’s according to a Google translation. The subsidies will be doled out before China’s National Day on Oct. 1 to “promptly convey the Party and government’s care and concern for the needy.” The report did not specify the size of the allowance or any further details.



“Xi Jinping and the CPC are laser focused on giving a hand to low- and middle-income Chinese through his common prosperity drive … Xi is focused on building equity in poorer regions,” founder of China Market Research Group Shaun Rein told CNBC when asked about the living subsidies.&nbsp;&nbsp;



The concept of common prosperity, initially introduced by Mao Zedong in the 1950s, was reintroduced by the Chinese government in 2021 to promote moderate wealth for everyone.



As of last November, 40.4 million people in China were covered by subsistence allowances. The average allowance was about 779 yuan ($110.80) per person a month for those staying in urban areas, while rural subsistence was 615 yuan per person.



On Tuesday, China’s vice minister of human resources and social security claimed the country has established the world’s largest social security network. He said the number of people enrolled in basic old-age insurance, unemployment insurance and work-related injury insurance has reached 1.07 billion, 245 million, and 301 million, respectively.



While Chinese President Xi Jinping is a proponent of common prosperity, deploying one-time handouts within such a short time frame is still uncommon.&nbsp;



Even during the Covid pandemic, China did not give out cash subsidies to households and enterprises unlike other governments such as the U.S. and Europe, key member of the Chinese central bank Huang Yiping noted in an August article. 



China’s economy has been pummeled by a raft of weak economic data, as more Chinese opt to save rather than spend leading to lackluster consumption and retail sales figures.

101943216-98064368[1]

China offers one-time cash allowance for those in extreme poverty

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-820x547.jpg" alt="" class="wp-image-534863" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman selling veterinary medicines in Ghana, 2022. Copyright GALVmed/Buta Photography</figcaption></figure>



From backyard chicken raising to the grazing cattle of nomadic pastoralists, across much of rural Africa, animal diseases travel faster and wider than veterinary medicine.



An estimated&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.ilri.org/knowledge/publications/story-cattle-africa-why-diversity-matters">800 million</a>&nbsp;people keep chickens, goats and cattle across the continent as valuable sources of food, income, fuel and fibre. Yet across Africa, the most prominent livestock diseases cost an estimated&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.woah.org/fileadmin/Home/eng/Publications_%26_Documentation/docs/pdf/TT/2015_AFR1_Grace_A.pdf">$9 billion every year</a>&nbsp;– roughly 6% of the total value of the continent’s livestock sector.



Protecting and treating animals across such a vast and disparate population and geographic expanse is complicated and costly. Getting vaccines and medicine to livestock in remote areas of Africa is often limited by a lack of knowledge, manpower, funding and reliable refrigerated transport. Even when resources exist, they are typically spread too thin to systematically protect animal health and, by extension, the incomes of livestock keepers.



With a rapidly growing population and demand for animal-derived protein, enabling the veterinary sector to address the diverse needs and challenges of small-scale producers is not only possible, but also critical to Africa’s sustainable development.



Entrusted with the safeguarding of national herds, government veterinary services have historically focused on the most detrimental diseases affecting large-scale livestock operations, leaving many small-scale farmers behind.



Efforts in the past have successfully dealt with damaging infectious livestock diseases, including eradicating the deadly cattle disease&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://ourworldindata.org/how-rinderpest-was-eradicated">rinderpest</a>&nbsp;in 2011 through an integrated global campaign.&nbsp;Yet existing government-led efforts to manage other contagious livestock diseases are now lagging.



Facing rising economic pressures and a significantly broadened mandate, many African governments can no longer achieve sufficient vaccination coverage and deliver “last mile” services that saw volunteers across the continent contribute to rinderpest’s eradication even in the most remote communities.



Comprehensive livestock health management today requires governments and other livestock health organisations to think holistically and consider the infectious diseases limiting small-scale livestock producers’ potential. This includes foot and mouth disease, lumpy skin disease and contagious bovine pleuropneumonia (CBPP) in cattle, as well as peste des petits ruminants (PPR), sheep and goat pox and contagious caprine pleuropneumonia (CCPP) in sheep and goats.



Meanwhile, the global veterinary medicine industry has traditionally focused on addressing livestock health issues of the Global North, where the profitable markets justify the high cost of investments in research and development of new products.



Small-scale producers of large and small ruminants – cattle, sheep, and other grazing animals – in the Global South have not benefitted from such investment. A commercially viable market for ruminant vaccination does not currently exist. Where it does, it can be regularly undermined by free mass vaccination by governments, non-governmental organisations and development agencies. Simply put, there are not enough private veterinary vaccination efforts supporting small-scale livestock producers.



In recent years, the Global Alliance for Livestock Veterinary Medicines (GALVmed) and several private animal health companies have succeeded in developing and bringing to market a more complete portfolio of affordable animal vaccines and medicines for small-scale livestock producers in the Global South. Further, combined efforts in the poultry sector have demonstrated that governments and businesses sharing responsibility can foster a functioning veterinary service sector and vibrant, locally adapted veterinary medicine infrastructure and industry that caters to the specific needs of small-scale producers.



In practice, this means creating demand through increased awareness about livestock diseases while providing uninterrupted access to affordable veterinary products at the farm level. Adequately addressing the needs of the continent’s tens of millions of small-scale producers requires opening the ruminant vaccines market for private sector development, particularly for vaccine suppliers, local supply chain actors and private veterinary service providers.



Improving product registration and distribution will also help to equip farmers across Africa with the tools needed to preserve their animals’ health and support food security and economic growth on the continent, including their own.



Together with our partners, GALVmed has delivered more than&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.galvmed.org/galvmeds-achievements/">1.2 billion vaccines</a>&nbsp;and other animal health products to farmers across Africa and South Asia, preventing the deaths of more than 23 million livestock – and the associated impacts this has on farmers’ incomes and food security.



Currently, GALVmed’s partners are developing a suite of&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.galvmed.org/why-combination-vaccines-are-better-for-small-scale-livestock-producers/">combination vaccinations</a>&nbsp;that address multiple infectious livestock diseases with a single intervention. These new vaccines promise to facilitate and improve vaccination access for farmers. Preventing multiple diseases at a lower cost will protect their livestock and livelihoods more completely and for the long term.



The vision of a food-secure, resilient African continent is well worth the efforts of removing the barriers to the functioning of the African small-scale livestock-producing sector. When governments, policymakers, veterinarians and veterinary medicine developers put the needs of small-scale producers first, they can help fill the gaps of the fragmented livestock health sector. Today, most tools are available but stakeholders will have to work together to deliver them to the farmers who need them most, for the benefit of Africa’s small-scale livestock-producing sector and society at large.

DSC_7329

How to bridge the divide across Africa’s fragmented veterinary medicine sector

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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/2024/09/GettyImages-1228701729-820x547.jpg" alt="" class="wp-image-534859" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo sits on display outside an Investec Plc bank offices in Pretoria, South Africa, on Wednesday, Sept. 23, 2020. South Africas biggest lenders were faced with the pressing need to raise provisions to protect against souring loans, while demand for credit slumped as the coronavirus lockdown took a toll on business customers. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Sept 25 (Reuters) &#8211; South African lender Investec has opened an office in the Dubai International Financial Centre (DIFC), it said on Wednesday, in a bid to access deep pools of wealth from wealthy families and individuals in the region.



The DIFC has been luring global banks, asset and wealth managers as well as hedge funds, and it is now seeing rising interest from South African entities as investors look for safe havens, a neutral political stance and favourable policies.



Investec will offer its clients advisory and arranging services in private banking, wealth and investment management, and corporate and investment banking, Cumesh Moodliar, CEO of Investec Bank Limited said in a statement.



&#8220;We see a sustained emergence of high-net-worth individuals in Dubai and the Gulf as the region offers connectivity, quality services and growth opportunities for domestic and international companies,&#8221; Moodliar said.



By setting itself up in DIFC, Investec can use Dubai as a gateway to more than $3 trillion of private wealth, Salmaan Jaffery, Chief Business Development Officer of DIFC Authority said.



The Investec Group operates in two anchor geographies, South Africa and the United Kingdom, as well as the United States, Ireland, the Channel Islands, Mauritius, India and Continental Europe.



Investec did not say how many staff it would have in its new DIFC office.



(Reporting by Nqobile Dludla; Editing by Hugh Lawson)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg" alt="" class="wp-image-534754" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand extended its recent rally on Wednesday, strengthening to a fresh 20-month high against the dollar.



At 0810 GMT, the rand traded at 17.22 against the U.S. currency, 0.3% stronger than its previous close and its strongest level since early February 2023.



Analysts have partly attributed the rand&#8217;s current strength to positive sentiment in the wake of interest rate cuts by the South African Reserve Bank (SARB) and U.S. Federal Reserve.



&#8220;We are likely to continue to trade in a R17.20/R17.40 range for now,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On Thursday South Africa-focused investors will shift their focus to August producer inflation figures, which will shed further light on the extent to which price pressures are easing.



Slowing consumer inflation helped convince the SARB to cut rates last week.



Earlier on Wednesday central bank data showed a composite leading business cycle indicator rose 0.7% month on month in July. The indicator reflects vehicle sales, business confidence, money supply and other factors in Africa&#8217;s most industrialised economy.



The Johannesburg Stock Exchange&#8217;s Top-40 index was up 1.5% after touching a new high earlier in the session.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker, with the yield up 1.5 basis points to 8.86%.



(Reporting by Bhargav Acharya, additional reporting by Ankika Biswas in Bengaluru; Editing by Alexander Winning and Toby Chopra)

FILE PHOTO: A street money changer counts South African Rands in Harare

South African rand firms to fresh 20-month high

Why the UAE needs the U.S. on side for its AI ambitions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108038698-1727224394854-OpenAI_Voice-820x615.jpg" alt="" class="wp-image-534792" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108038698-1727224394854-OpenAI_Voice-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108038698-1727224394854-OpenAI_Voice-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108038698-1727224394854-OpenAI_Voice-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108038698-1727224394854-OpenAI_Voice-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108038698-1727224394854-OpenAI_Voice-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108038698-1727224394854-OpenAI_Voice-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">OpenAI has launched advanced voice mode for audio chats with ChatGPT. Jordan Novet, CNBC</figcaption></figure>



ChatGPT is ready for more natural audio chats.



OpenAI said Tuesday that its popular chatbot now has an advanced voice feature for people who pay for the premium service. The tool allows for more fluid conversations.



The release will continue through the week. The company said it’s not yet available in EU countries, Iceland, Liechtenstein, Norway, Switzerland or the U.K.



OpenAI announced the new capability in May. The rollout got plenty of publicity because of a voice called Sky that resembled that of Scarlett Johansson in the 2013 movie “Her.” Legal counsel working on behalf of Johansson sent OpenAI letters claiming the company didn’t have the right to use the near-identical voice, and OpenAI paused using it in its products, CNBC reported.



In the months since, people have been able to configure ChatGPT to talk to them in other voices through a free tier. The advanced version responds more quickly and will stop talking and listen if you interrupt it. There are now nine voices to choose from, and you can enter instructions for voice chats in the Customizations part of the app’s settings.



“Hope you think it was worth the wait,” Sam Altman, OpenAI’s co-founder and CEO, wrote in an X post on Tuesday.



It’s an increasingly competitive space for OpenAI, which is backed by Microsoft.



For the past couple weeks, Google has been releasing its own Gemini Live voice feature in English on Android devices. And on Monday, Reuters reported that Meta will introduce celebrity voices later this week that can be accessed through Facebook, Instagram and WhatsApp.



OpenAI got a head start in the generative AI chatbot market, when it launched ChatGPT in late 2022. In August, OpenAI told media outlets that ChatGPT had over 200 million weekly active users.



The advanced mode is only available to those with subscriptions to OpenAI’s Plus, Team or Enterprise plans. The most affordable option is the Plus tier at $20 per month.



<h2 class="wp-block-heading" id="h-here-s-what-to-do"><a></a>Here’s what to do</h2>



If you’re paying, it’s easy to get started, assuming OpenAI has granted access to your device.



First, make sure you have the latest version of the app on your phone.



Open the ChatGPT app.



OpenAI says you’ll receive a notification in the app once it’s turned on access to the new feature. Hit the continue button to get started.



Create a new chat by swiping right or tapping the two-line icon in the top left corner and selecting ChatGPT at the top. To the right of the “Message” text field and the microphone icon, you should see a sound wave icon. Tap that and make sure your sound is on.



In a few seconds, you’ll hear a little “bump” sound, and the circle in the middle of the screen will morph into a fluid sky-like blue and white animation. Start speaking. You should receive a response quickly. Don’t be surprised if audio breaks up a bit.



OpenAI said it has improved accents in some foreign languages and has increased the speed of conversations. But if you don’t like what you’re hearing, you can ask ChatGPT to speak differently. You can tell it to speed up, for example, or incorporate a Southern accent.



With advanced voice mode, you can have ChatGPT tell you a bedtime story, help you get ready for a job interview or even work on your foreign language skills.



But even if you’re paying, you won’t have unlimited access to advanced voice mode. After using it for about a half hour on Tuesday, I started seeing “15 minutes left” at the bottom of the screen.



OpenAI didn’t immediately respond to a request for details about the time limit.

108038698-1727224394854-OpenAI_Voice

OpenAI just launched advanced voice mode for audio chats with ChatGPT. Here’s how to use it

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Sept 25 (Reuters) &#8211; The Ugandan shilling posted gains against the dollar on Wednesday, on the back of some foreign exchange inflows from non-governmental organisations (NGOs), traders said.



At 0913 GMT commercial banks quoted the shilling at 3,688/3,698, compared to Tuesday&#8217;s close of 3,695/3,705.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

UGANDA SHILLING

Ugandan shilling firms on charity FX inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-820x546.jpg" alt="" class="wp-image-534772" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Riot police members operate during a demonstration against Kenya&#8217;s proposed finance bill 2024/2025 in Nairobi, Kenya, June 25, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;Kenyan police out of uniform and with no official identification fired live rounds at demonstrators at the country&#8217;s parliament complex in Nairobi on June 25, Amnesty International said on Wednesday.



That day saw &#8220;the use of officers without identity badges, uniforms or vehicles marked as police cars actively shooting at protesters and arresting others&#8221;, Irũngũ Houghton, Amnesty&#8217;s Kenya director, told Reuters as the rights group published a press release detailing its reconstruction of the events.



The national police did not respond to Reuters&#8217; requests for comment on the Amnesty statement.



More than 50 people were killed in months-long protests over a controversial finance bill, creating President William Ruto&#8217;s biggest crisis since taking office in 2022. Ruto abandoned the legislation in June and sacked almost his entire cabinet.



The rallies began peacefully, later turning violent. On June 25, the bill was scheduled for a third reading, and some demonstrators briefly stormed parliament. The police opened fire.



The rights group said its reconstruction of the day&#8217;s events was conducted with five partners and based on interviews with 23 witnesses and analysis of dozens of videos and photographs.



As unarmed demonstrators entered parliament, men in civilian clothes were &#8220;seen on camera firing rifles and handguns towards the crowd and in the air&#8221;, Amnesty said.



&#8220;Researchers counted at least 45 shots fired within 56 seconds.&#8221;



Three witnesses saw at least six bodies of protesters who they believed were shot dead at the parliament complex, the rights group said.



&#8220;I saw my friend going down,&#8221; said one person interviewed for the report, whose name was withheld. &#8220;He was shot.&#8221;



Amnesty&#8217;s report said images showed groups of men in civilian clothes carrying weapons and working alongside the police.



Amnesty also said Kenyan police that day unlawfully fired tear gas and beat and arbitrarily detained peaceful demonstrators, while some protesters threw back tear gas canisters at officers, hurled stones, broke windows and took flags.



(Writing by Paul Carsten; editing by Ammu Kannampilly and Alex Richardson)

FILE PHOTO: Demonstration against Kenya’s proposed finance bill 2024/2025 in Nairobi

Kenyan police in plainclothes fired on Nairobi protesters, Amnesty says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Sept 25 (Reuters) &#8211; Kenya&#8217;s shilling was steady against the dollar on Wednesday, helped by companies converting foreign currency ahead of quarterly tax payments, traders said.



At 0728 GMT, the shilling traded at 128.50/129.50 to the U.S. dollar, the same as Tuesday&#8217;s closing rate, LSEG data showed.



The East African currency strengthened sharply in early 2024 as concerns eased that the government would default on a $2 billion Eurobond that matured in June, but it has remained rangebound since early August.



(Reporting by Sonia Rao; Editing by Alexander Winning)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling steady on quarterly tax payments

<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, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Wednesday.



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



The South African Reserve Bank will publish the country&#8217;s leading indicator for July



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



South Africa&#8217;s rand strengthened to a fresh 20-month high against the dollar on Monday after a slight hiccup in the morning session.



On the stock market, the Top-40 index closed up 1.22%.



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



Chinese stocks made brisk gains on Wednesday, extending their stimulus-fueled rally to a second day, even as equities in the rest of the region struggled and crude oil retreated from a multi-week high.



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



The S&amp;P 500 and Dow ended at record highs on Tuesday, shrugging off weak consumer confidence data, as mining stocks surged following China&#8217;s announcement of a sweeping stimulus package.



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



Gold hit a record high on Wednesday, boosted by a softer U.S. dollar and hopes of more interest rate cuts, while investors looked for new signals for the Federal Reserve&#8217;s interest rate trajectory. 



&#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; Eskom targets revenue of R1.4-trillion from 2026-2028



&#8211; Musk says he had ‘great meeting’ with Ramaphosa



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



&#8211; SA manufacturers fear they are paying the price for Pretoria&#8217;s cosy relationship with Beijing



&#8211; Huawei&#8217;s SA workforce is now majority local, from 90% foreign two years ago



(Compiled by Bhargav Acharya)

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World Bank says it aims to protect projects in Uganda from anti-LGBT law

China’s Xi and top leaders call for halting real estate decline, responding to public concerns

Focus on coal miners, power grid as South Africa spends just sixth of climate aid

Japan is pushing a 4-day working week

How Cava’s Bet On The Chipotle Model Is Paying Off

Dutch neobank Bunq goes on hiring spree, targeting digital nomads, as other fintechs slash jobs

China offers one-time cash allowance for those in extreme poverty

How to bridge the divide across Africa’s fragmented veterinary medicine sector

Why Automaker’s EV Factory Investments Aren’t Paying Off In The U.S.

South African lender Investec opens office in Dubai’s DIFC

South African rand firms to fresh 20-month high

Why the UAE needs the U.S. on side for its AI ambitions

OpenAI just launched advanced voice mode for audio chats with ChatGPT. Here’s how to use it

Ugandan shilling firms on charity FX inflows

Kenyan police in plainclothes fired on Nairobi protesters, Amnesty says

Kenyan shilling steady on quarterly tax payments

South African Markets – Factors to watch on Sept 25

News Tips

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