<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 12 (Reuters)&nbsp;&#8211;&nbsp;The following political and economic events, company announcements, equity and currency market moves may affect South African markets on Thursday.



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



July mining output figures



Q3 inflation expectations survey



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



President Ramaphosa answers questions in parliament



Democratic Alliance leader briefs reporters



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



FirstRand full-year results



Truworths full-year earnings



Sibanye Stillwater half-year results



Mr Price hosts capital markets day



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



The South African rand held onto gains against the dollar on Wednesday after U.S. inflation data reinforced expectations that the Federal Reserve will opt for a smaller 25 basis point rate cut at its policy meeting next week.



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



Asian shares bounced on Thursday, tracking a tech-driven rally on Wall Street, while the dollar was firm after U.S. core inflation surprised slightly on the upside and dashed hopes of a large rate cut by the Federal Reserve next week.



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



All three major U.S. stock indexes closed higher on Wednesday with a boost from the technology sector offsetting investor disappointment at an inflation report.



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



Gold prices edged higher on Thursday, with traders focusing on upcoming U.S. economic data that may offer further insights into an expected reduction in the Federal Reserve&#8217;s interest rate next week.&nbsp;GOL/



&#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; Job cuts send SA platinum supply back to pre-COVID levels



&#8211; Tax hit deters some two-pot withdrawals



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 12

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/7BCG6QNXMJLJZG2Q5Z4UAZGMHE-820x548.jpg" alt="" class="wp-image-529650" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/7BCG6QNXMJLJZG2Q5Z4UAZGMHE-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/7BCG6QNXMJLJZG2Q5Z4UAZGMHE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/7BCG6QNXMJLJZG2Q5Z4UAZGMHE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/7BCG6QNXMJLJZG2Q5Z4UAZGMHE-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/7BCG6QNXMJLJZG2Q5Z4UAZGMHE-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/7BCG6QNXMJLJZG2Q5Z4UAZGMHE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. Ambassador to the United Nations Linda Thomas-Greenfield attends a United Nations Security Council meeting about the Israel-Hamas conflict in Gaza, at the U.N. headquarters in New York City, U.S., September 4, 2024. REUTERS/David &#8216;Dee&#8217; Delgado/File Photo</figcaption></figure>



UNITED NATIONS, Sept 12 (Reuters)&nbsp;&#8211;&nbsp;The United States supports creating two permanent United Nations Security Council seats for African states and one seat to be rotated among small island developing states, U.S. Ambassador to the U.N. Linda Thomas-Greenfield will announce on Thursday.



The move comes as the U.S. seeks to repair ties with Africa, where many are unhappy about Washington&#8217;s support for Israel&#8217;s war in Gaza, and deepen relations with Pacific Islands nations important to countering Chinese influence in the region.



Thomas-Greenfield told Reuters she hopes the announcement will &#8220;move this agenda forward in a way that we can achieve Security Council reform at some point in the future,&#8221; describing it as part of U.S. President Joe Biden&#8217;s legacy.



The push for two permanent African seats and a rotating seat for small island developing states is in addition to Washington&#8217;s long-held support for India, Japan and Germany to also get permanent seats on the council.



Developing nations have long demanded permanent seats on the Security Council, the most powerful body in the United Nations. But years of talks on reform have proved fruitless and it is unclear whether U.S. support could fuel action.



Ahead of making the announcement at the Council on Foreign Relations in New York on Thursday, Thomas-Greenfield clarified to Reuters that Washington does not support expanding veto power beyond the five countries that hold it.



The Security Council is charged with maintaining international peace and security and has the power to impose sanctions and arms embargos and authorize the use of force.



When the U.N. was founded in 1945, the Security Council had 11 members. This increased in 1965 to 15 members, made up of 10 elected states serving two-year terms and five permanent veto-wielding nations: Russia, China, France, the U.S. and Britain.



<h2 class="wp-block-heading" id="h-legitimacy-problem">LEGITIMACY PROBLEM</h2>



U.N. Secretary-General Antonio Guterres backs Security Council reform.



&#8220;You have a Security Council that corresponds exactly to the situation after the Second World War &#8230; that has a problem of legitimacy, and that has a problem of effectiveness, and it needs to be reformed,&#8221; Guterres told Reuters on Wednesday.



Any changes to the Security Council membership is done by amending the founding U.N. Charter. This needs the approval and ratification by two-thirds of the General Assembly, including the Security Council&#8217;s current five veto powers.



The 193-member U.N. General Assembly has annually discussed reform of the Security Council for more than a decade. But momentum has grown in recent years as geopolitical rivalries have deadlocked the council on several issues, particularly after permanent veto-wielding member Russia invaded Ukraine.



&#8220;Much of the conversation around Security Council reform has been just that: a conversation,&#8221; Thomas-Greenfield will say on Thursday, according to prepared remarks reviewed by Reuters of her announcement that Washington supports moving to negotiations on a draft text to amend the U.N. Charter to expand the council.



Thomas-Greenfield told Reuters she could not say how long it might take to get the General Assembly to vote on such a resolution.



Each year the General Assembly elects five new members from different geographical groups for two-year terms on the Security Council. Africa currently has three seats rotated among states.



&#8220;The problem is, these non-permanent seats don&#8217;t enable African countries to deliver the full benefit of their knowledge and voices to the work of the council &#8230; to consistently lead on the challenges that affect all of us &#8211; and disproportionately affect Africans,&#8221; Thomas-Greenfield will say.



She will also say that small island developing states deserve a rotating elected seat because they offer &#8220;critical insights on a range of international peace and security issues: including, notably, the impact of climate change.&#8221;



(Reporting by Michelle Nichols; Editing by Don Durfee and Tom Hogue)

FILE PHOTO: UN Security Council meeting in New York

US supports two permanent UN Security Council seats for Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/IMG_20240816_113709-820x518.jpg" alt="" class="wp-image-529432" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/IMG_20240816_113709-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/IMG_20240816_113709-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/IMG_20240816_113709-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/IMG_20240816_113709-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/IMG_20240816_113709-1536x969.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/IMG_20240816_113709-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Think of a family business – the image that probably comes to mind is the ‘mom and pop’ corner store with kids carrying stock and doing counter duty. The reality, however, is different. The African multigenerational business of today is likely to employ hundreds of people, and ultimately may find itself moving towards being listed on one of the stock exchanges.



Multigenerational, family-owned businesses are estimated to contribute between 20% and 30% of South Africa’s gross domestic product (GDP). In fact, 60% of JSE-listed entities were either founded by or are still managed by families. Perhaps most notably, family businesses comprise about 70% of all South African companies and employ approximately 60% of the workforce.



These impressive statistics and success stories are not just about entrepreneurs who have identified opportunities but also about their strategic vision, hard work and the transformation of fledgling enterprises into powerhouses. Family-owned businesses, which span all market sectors, including agriculture, agri-processing, manufacturing and logistics, also share other characteristics that contribute to their success.



They tend to grow market share by investing locally at first and have consistently grown above inflation and the national average GDP growth rate. Their focus most often is on building sustainable businesses that are the mainstay of a family legacy. These entities demonstrated impressive resilience during COVID and have managed sustained growth over a long period of relative weakness in the overall SA economy. Because we at Standard Bank Commercial and Business Banking (BCB) must meet the needs of hundreds of these businesses, we are conscious that multigenerational businesses, despite their success, also face various challenges. For example:



<ul class="wp-block-list">
<li>They hold different views regarding capital allocation. Some family members may want capital preserved, while others may favour investment and fast growth.</li>



<li>They often must meet growth demands by adapting and ‘corporatising’ business structures to respond to market conditions and stay current.</li>



<li>They must recognise a need for adapting employment practices and acquiring specialised skills. Regarding the latter, if the business is to remain sustainable, the skills required may need to be reviewed in the light of changed operational circumstances.</li>



<li>Succession planning is a critical issue that needs to be addressed as a business grows and matures. </li>



<li>There may be issues around how to allocate equity within the business and how ‘external’ parties are integrated into the family arrangement.</li>



<li>With the advent of new trading conditions and treaties across Africa, creating partnerships that can maximise local growth and facilitate cross-border trade and operations in neighbouring countries or even further abroad is a key competitive differentiator.</li>
</ul>



The common denominator for all multigenerational businesses is that success and growth means increased complexity. As complexity increases, meticulous planning, access to finance and strategic support tend to play pivotal roles.



Take for instance one of our longstanding clients, the Radley family, who have owned and managed Radley Landgoed, a solar farm located near the farming town of Malelane, Mpumalanga, for nearly 80 years. Over the decades, this multigenerational business has not only maintained its agricultural heritage but has also embraced innovation to secure its future. Recently, they took a significant leap forward by pioneering renewable energy solutions with our support, leading to the development of Mpumalanga’s first water-borne solar plant. This groundbreaking project underscores our role as a trusted partner for growth, dedicated to fostering sustainable solutions that empower businesses, enhance financial inclusivity, and address critical challenges like energy supply. By supporting such initiatives, we help ensure the longevity and success of family-owned enterprises, enabling them to thrive across generations while contributing positively to the broader economy.



We also advise multigenerational companies about various issues in this vital economic sector that have the potential to impact their success. These include:



<ul class="wp-block-list">
<li>Helping businesses respond to requests about how to successfully expand across borders and diversify operations to meet new markets. Demand for assistance with international introductions and seamless integration of banking services has risen by about 30% over the past year.</li>



<li>Recognising that although an ‘owner-managed’ culture is influential, owners often need assistance when it comes to adapting to changed environments and changing business direction.</li>



<li>Changing business focus from being niche bound to expanding across value chains, identifying opportunities, and knowing when and how to take advantage of them.</li>



<li>Conducting wealth and estate planning to ensure unified leadership and the transfer of ownership and assets across generations.</li>



<li>Making good equity and leverage decisions, which often becomes important as businesses grow. For instance, such decisions may revolve around the need of a family-owned business to enter an empowerment deal or undertake an acquisition.</li>
</ul>



At the heart of most discussions in this regard is the issue of professionalising the family business so that the structure assists with the innovation required to allow the company to grow. Issues involved may range from appointing non-family members to the board to implementing governance structures and using technology to improve productivity and control costs.



Given BCB’s extensive business footprint within South Africa and its access to 15 markets on the continent, as well as offshore operations in New Jersey and the Isle of Man, Standard Bank has the networks, insights and experience to enable business owners to identify suitable partners and other trade markets.



Africa is open for business, and many of South Africa’s leading multigenerational companies are positioning themselves for the local and international opportunities that will arise.



Navigating the complexities required for growth is critical for ensuring the sustainability and success of family-owned enterprises. Through its collaborative approach, Standard Bank’s BCB division is poised to help preserve the legacies and values of multigenerational businesses while helping to position them to adapt and thrive in a constantly changing marketplace.

IMG_20240816_113709

Fostering the growth of multigenerational family businesses is helping build the stock market leaders of tomorrow

Why All Eyes Are On Arkansas’ Lithium

<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/NFMNXYOFQBOCDPJ4CHX7OU26YQ-820x547.jpg" alt="" class="wp-image-529427" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NFMNXYOFQBOCDPJ4CHX7OU26YQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NFMNXYOFQBOCDPJ4CHX7OU26YQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NFMNXYOFQBOCDPJ4CHX7OU26YQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NFMNXYOFQBOCDPJ4CHX7OU26YQ-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NFMNXYOFQBOCDPJ4CHX7OU26YQ.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda&#8217;s Minister of Finance Matia Kasaija displays a briefcase carrying National Budget 2024/25 before presenting it to the nation during a budget speech at Kololo airstrip in Kampala, Uganda, June 13, 2024. REUTERS/Michael Muhati/File Photo</figcaption></figure>



KAMPALA, Sept 11 (Reuters)&nbsp;&#8211;&nbsp;Uganda plans to issue new oil and gas exploration licences in the 2025/2026 (July-June) fiscal year to help boost investments in the sector and overall economic growth, the finance minister said on Wednesday.



The east African country&#8217;s last licensing round, launched in 2019 concluded early last year. It handed out the last two of five blocks on offer.



&#8220;Accelerating investments in oil and gas will be instrumental in contributing to faster growth of Uganda next financial year,&#8221; Matia Kasaija said in a speech laying out priorities for the country in the 2025/2026 financial year.



To achieve higher investments in the petroleum sector and overall growth, the government would issue additional exploration licences to increase production volumes, he said.



Uganda plans to start commercial production of oil next year from existing fields in the Albertine Graben basin in the country&#8217;s west.



The government says only about 40% of the Graben has been explored so far, where an estimated 6.5 billion barrels of oil have been found.



France&#8217;s TotalEnergies, with 56.7% equity is majority owner of the fields and its other partners include China&#8217;s CNOOC 0883.HK and state-run Uganda National Oil Company UNOC.



Kasaija also said Uganda&#8217;s debt load remained &#8220;sustainable,&#8221; despite credit downgrades by ratings agencies. He said the country was committed maintaining its debt to GDP ratio below 50%.



In late August, Fitch cut Uganda&#8217;s rating to B from B+, citing its &#8220;reduced access to concessional financing, high domestic borrowing costs and a decline in foreign-exchange reserves.&#8221;



Fitch&#8217;s move followed Moody&#8217;s that also downgraded Uganda&#8217;s rating to B3 from B2 in May, citing Uganda&#8217;s &#8220;diminished debt affordability.&#8221;



(Reporting by Elias Biryabarema; Editing by George Obulutsa; Editing by Ros Russell)

NFMNXYOFQBOCDPJ4CHX7OU26YQ

Uganda say it will offer new oil exploration licences next fiscal year

How are German car brands holding up?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Sept 11 (Reuters) &#8211; The Kenyan shilling was unchanged against the U.S. dollar on Wednesday, LSEG data showed, extending a recent period of stability that has lasted about a month.



At 1040 GMT the shilling was quoted at 128.50/129.50 to the dollar, the same as Tuesday&#8217;s closing level.



The currency rallied strongly in the first half of 2024 as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June, but it lost momentum from April onwards.



(Reporting by Hereward Holland; Editing by Alexander Winning)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling unchanged against dollar, LSEG data shows

<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/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-820x547.jpg" alt="" class="wp-image-529377" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">David Eshun 45, co-owner of Bethel Brothers bakery, prepares to deliver baked bread from the Bethel Brothers bakery to customers in Accra, Ghana, March 8, 2022. Francis Kokoroko</figcaption></figure>



ACCRA, Sept 11 (Reuters) &#8211; Ghana&#8217;s consumer inflation slowed for a fifth consecutive month in August, to 20.4% year on year from 20.9% in July, the statistics service said on Wednesday.



Government statistician Samuel Kobina Annim told a news conference that the latest decline was partly due to a decline in food prices.



Although inflation has been easing, it remains well above the central bank&#8217;s medium term target of 8% with a margin of error of 2 percentage points either side.



Finance minister Mohammed Amin Adam said in July the West African nation&#8217;s inflation is expected slow to 15% by the end of 2024, adding that its economy was rebounding faster than expected.



The cocoa-, gold- and oil-producing West African country is battling to emerge from its worst economic crisis in a generation.



It invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments in an offer ending Sept. 30.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian;Editing by Bate Felix)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_C2C5FTZETVK4ZMT6Y2MI4UTUYM

Ghana consumer inflation slows for fifth month in August

<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 11 (Reuters) &#8211; The Ugandan shilling was stable on Wednesday, supported by muted demand for dollars as some players held onto their local currency to meet pending mid-month tax payments, traders said.



At 0933 GMT commercial banks quoted the shilling at 3,710/3,720, same level as Tuesday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

UGANDA SHILLING

Ugandan shilling stable as pending taxes offer support

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1079" height="922" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1.jpg" alt="" class="wp-image-529344" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1.jpg 1079w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-300x256.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-820x701.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-105x90.jpg 105w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-768x656.jpg 768w" sizes="auto, (max-width: 1079px) 100vw, 1079px" /></figure>



Nestled on the foot of the rolling Udi Hills, which offer a picturesque backdrop to the concrete jungle below, Enugu is a city that is quietly reinventing itself. The capital of the eponymous Enugu State in southeastern Nigeria, Enugu was once a thriving coal mining hub.



British colonial administrators founded the city in 1909 as a coal mining camp. Coal was extracted and exported through a purpose-built railway line to the coast. Flushed with revenue and job opportunities, Enugu rapidly grew from a sleepy village to a bustling mining and administrative town.



But the coal mining industry in Nigeria collapsed long before the global transition from fossil&nbsp;fuels gathered steam. The discovery of crude oil in commercial quantities in the neighbouring Niger Delta region in the late 1950s dealt a fatal blow to Enugu&#8217;s coal mining industry. Oil was seen as more lucrative and strategic by the central government, prompting it to gradually divest from the coal industry into oil exploration and production.



What followed were decades of sluggish economic growth as the city struggled to find new economic relevance in an increasingly oil-driven Nigerian economy. The various macroeconomic headwinds that have hampered the growth of Nigeria also did not spare it.



However, in recent times, Enugu seems to have rediscovered its purpose and ambition. From education to technology, the city is positioning itself to thrive in the modern economy.



<h2 class="wp-block-heading" id="h-an-infrastructural-rebirth">An Infrastructural Rebirth</h2>



The state government is aggressively upgrading the city&#8217;s public infrastructure to&nbsp;facilitate private enterprise. New road constructions are transforming the cityscape, while plans to <a href="https://nairametrics.com/2024/05/13/enugu-state-orders-50-brt-buses-initiates-mega-bus-terminal-projects/">introduce modern bus terminals</a>, a bus rapid transport system, and an <a href="https://www.cnbcafrica.com/media/6341487697112/attracting-investment-in-nigerias-rail-infrastructure/">intrastate rail network</a> will ease public transportation and reduce the city&#8217;s carbon footprint.



Education is one of the areas that have witnessed massive investments. With more than 30 tertiary institutions located within and a few kilometers away from the city – including Nigeria&#8217;s first indigenous university, the University of Nigeria – Enugu aims to become an academic and knowledge-economy hub in Nigeria and West Africa.



<h2 class="wp-block-heading" id="h-from-coal-city-to-code-city">From Coal City to Code City</h2>



Being a secondary city, Enugu has often been in the shadows of larger urban centers like Lagos and Abuja. Its new graduates and economically active population have historically migrated in droves in search of employment opportunities elsewhere. With innovations like AI revolutionizing industries and economies around the world, tech is an area that Enugu is betting on to stem and reverse this trend.



It hopes that it can capitalize on its wealth of young and educated talent, entrepreneurial culture, and improving digital infrastructure like high-speed internet penetration to stake a claim in the global tech race&nbsp;and create knowledge jobs. The city&#8217;s lower cost of living&nbsp;compared to Lagos and Abuja makes it an attractive destination for tech startups. It currently ranks 4th in startup ecosystem development in Nigeria, according to the Global Startup Ecosystem Index 2024.



Greenage Technologies, a company driving energy inclusion in Nigeria by manufacturing and distributing Nigerian-made solar energy equipment, and Xend Finance, a fintech that provides payment solutions for small businesses, are among the growing list of VC-backed startups that call Enugu home. Funding rounds led by the likes of <a href="https://techcrunch.com/2021/03/22/binance-backed-xend-finance-launches-defi-platform-for-credit-unions-in-africa/">Google</a>, Binance, and <a href="https://all-on.com/media/media-releases/all-on-and-greenage-technologies-sign-investment-deal.html">All On</a>, a Shell-backed impact investor, have injected millions of dollars into Enugu&#8217;s tech startup ecosystem.



<h2 class="wp-block-heading" id="h-challenges-of-building-a-startup-ecosystem-in-an-african-secondary-city">Challenges of Building a Startup Ecosystem in an African Secondary City</h2>



But Enugu&#8217;s tech startup leadership ambition has faced significant hurdles.&nbsp;Building a startup in Enugu is still more challenging than it is in Lagos or Abuja. While there is no shortage of innovative ideas in the city, there is a shortage of supportive networks that will bring them to life.&nbsp;Like many other secondary cities in Africa, Enugu does not have the full complement of resources needed to sustain the growth of its tech startup scene.



Across the continent, economic resources and opportunities are often disproportionately concentrated in the primate cities. These are usually the economic or political capitals of their countries. Cities like Nairobi in Kenya, Cairo in Egypt, Abidjan in Cote d&#8217;Ivoire, Kigali in Rwanda, and Lagos and Abuja in Nigeria enjoy far&nbsp;greater access to capital, talent, and infrastructure than any other urban area in their countries, leading to wide regional disparities.



So, the cost of living may be comparatively lower in the city, but it lags behind in most other startup ecosystem enablers. Access to incubators, accelerators, and co-working spaces that offer mentorship, connections, visibility, and funding is particularly limited.



Niche businesses that offer specialized but critical services and extensive supply and distribution chains are also in short supply. All of these have left many startups in the city dependent on services from businesses and value chains in Lagos and Abuja to operate.



<h2 class="wp-block-heading" id="h-a-multipronged-approach">A Multipronged Approach</h2>



Making Enugu&#8217;s startup ecosystem largely self-sustaining is where the real work lies, and it requires synergy between the government – especially at the state level – and the private sector. The government must lead the charge by facilitating the creation of the enablers that it currently lacks.



Incentives like tax breaks, subsidized office spaces, and procurement contracts, along with innovative financing vehicles for local tech startups like government-backed privately managed venture capital funds, will motivate entrepreneurs and investors to see the city as a preferred investment destination.&nbsp;Policies that target the ease of doing business in the broader municipal economy will strengthen the local supply and distribution chains.



For the private sector, building a strong community and network of mentors and funders that can support local tech startups is a good place to start. Partnership and&nbsp;patronage&nbsp;to generate demand for their solutions and the&nbsp;establishment&nbsp;of corporate venture capital (CVC) initiatives are also essential.



The startups themselves must also play a role, especially by forging strategic partnerships and investing in marketing and publicity to boost their visibility and reduce information asymmetries. Integration with the broader Nigerian, African, and global economies is vital. This will help them to tap into a wider customer base, even whilst anchoring their operations in Enugu.



When properly pieced together, these and more strategies can pave the way for the emergence of Enugu’s very own unicorn in the next few years.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1688" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-scaled.jpg" alt="" class="wp-image-529343" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-300x247.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-820x676.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-109x90.jpg 109w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-768x633.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-1536x1266.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /></figure>



Chinedu George Nnawetanma is a development strategist working at the intersection of private sector development and local economic development (LED) in Africa. He is passionate about the empowerment of businesses and people to drive the accelerated, inclusive, and sustainable economic growth and development of the continent. He has designed and led advisory&nbsp;and financing&nbsp;initiatives&nbsp;that have improved access to capital, knowledge, market, and digital skills for thousands of SMEs, startups, and youths.

Chinedu George Nnawetanma Picture 2

From Coal Mines to Startup Labs – An African City’s Remarkable Tech Transformation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-820x540.jpg" alt="" class="wp-image-529340" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-1536x1011.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S5LZY64NRJN3PBETOPLEHJD2FY-2-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s President, Cyril Ramaphosa, speaks during the launch of the new Sandvik Khomanani manufacturing site at Khomanani in Kempton Park, Johannesburg, South Africa, September 9, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 11 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa&#8217;s office said he would sign into law a disputed education bill, prompting the first sign of real friction in his unity government when the second-biggest party said the move jeopardised the coalition deal.



Ramaphosa&#8217;s spokesperson called for restraint in response to the statement from the Democratic Alliance on Wednesday, saying there was no need to threaten the stability of government over a bill.



The DA entered into a coalition with Ramaphosa&#8217;s African National Congress and other smaller parties, despite strong ideological differences between them, after the ANC lost its parliamentary majority in a May election



The passing of the legislation would violate the agreements and understandings that formed the basis of the government of national unity, DA leader John Steenhuisen said in a statement.



&#8220;The DA regards this issue in the most serious light, and I will convey to the President the destructive implications it holds for the future of the GNU,&#8221; he said.



Steenhuisen did not spell out what the implications would be. He is due to address journalists in Cape Town on Thursday to outline what he sees as the DA&#8217;s role in the unity government.



Presidential spokesperson Vincent Magwenya said that disagreements over legislation were to be expected, and that the parties in government would be meeting on Wednesday evening to discuss a dispute resolution mechanism.



&#8220;There shouldn&#8217;t be any concern that each time there&#8217;s a dispute, the entire governance framework of this country will be under threat,&#8221; Magwenya told reporters in Cape Town.



&#8220;The president is not concerned about the GNU (government of national unity) collapsing,&#8221; he added.



The disputed bill makes several changes to basic education laws in South Africa. The clause that has caused the most controversy would strengthen government oversight over schools&#8217; language and admission policies, touching on a sensitive debate about racial integration.



The ANC says some children are still excluded from schools based on language, which has been used as a proxy for race, and that the legislation will help prevent that.



The DA has defended the right of school governing bodies to determine their language policies, citing the&nbsp;importance of mother-tongue education.



Although the bill does not name any specific language or group, some of its strongest opposition has come from South Africa&#8217;s white Afrikaans-speaking community, with interest group AfriForum saying it threatens the survival of Afrikaans schools.



The DA&#8217;s statement followed a presidency statement saying that Ramaphosa would sign into law the Basic Education Laws Amendment (BELA) bill on Friday in a ceremony at the Union Buildings, the seat of government in the capital Pretoria.



(Reporting by Nellie Peyton; Additional reporting by Tannur Anders; Editing by Alexander Winning, Ros Russell and Mark Porter)

FILE PHOTO: South African President Cyril Ramaphosa attends the launch of the new Sandvik Khomanani manufacturing site

South Africa’s coalition government sees first real friction over education bill

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-820x511.jpg" alt="" class="wp-image-460080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-768x478.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-1536x957.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



Sept 11 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s government raised $900 million in its first ever domestic dollar bond sale, the coordinator for the issue said on Wednesday, as it sought to diversify funding sources and avoid elevated yields in international capital markets.



The bond sale will be a welcome source of hard currency for Africa&#8217;s largest economy which has experienced crippling dollar shortages that have forced the central bank to devalue the naira twice in less than a year.



The five-year domestic dollar bond comes with a coupon of 9.75%, the coordinator Africa Finance Corporation said in a statement, and received a subscription rate of 180%.



Appetite for the bond showed &#8220;the benefits of African nations looking inward to tap the deep pool of domestic capital on the continent and taking the lead in financing their own development,&#8221; said Banji Fehintola, Executive Director at AFC.



Proceeds of the bond will be invested in &#8220;critical sectors&#8221; of the economy, AFC said, without giving more details.



Although frontier issuers like Kenya have been able to raise cash from international capital markets this year, they have been forced to pay interest rates of above 10%.



Nigeria&#8217;s 2029 international dollar bond currently yields 9.7%, indicating it might face double digits if it were to tap international bond markets though analysts have said the country can afford to wait longer before doing so.



The domestic dollar bond targeted local investors, pension funds and Nigerians living abroad, whose investments were expected to support the local naira currency.



Domestic and diaspora investors are usually stickier, leaving such securities less prone to big in- and outflows.



Investors will be able to trade the bond when it is listed locally on two exchanges, AFC said.



(Reporting by Libby George and Duncan Miriri; Writing by Alexander Winning; Editing by Karin Strohecker and Christina Fincher)

FILE PHOTO: Illustration shows U.S. dollar banknotes

Nigeria raises $900 mln in inaugural domestic dollar bond

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg" alt="Waldo Swiegers | Bloomberg | Getty Images" class="wp-image-381748" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-696x391.jpg 696w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption class="wp-element-caption">Waldo Swiegers | Bloomberg | Getty Images
</figcaption></figure>



JOHANNESBURG, Sept 11 (Reuters)&nbsp;&#8211;&nbsp;The South African rand edged higher against a weaker dollar in early trade on Wednesday, with the greenback on the defensive after a combative&nbsp;U.S. presidential debate.



Traders were also waiting nervously for a key U.S. inflation report later in the day that could provide clues on how aggressively the Federal Reserve cuts rates next week.



At 0600 GMT, the rand traded at 17.9050 against the dollar, about 0.2% stronger than Tuesday&#8217;s closing level.



The dollar was down around 0.3% against a basket of peers, as&nbsp;some currency analysts&nbsp;saw Kamala Harris winning the debate against rival Donald Trump.



Investors broadly see the dollar strengthening in the event of a victory by Trump, as tariffs might prop up the currency and higher fiscal spending could boost interest rates.



With no major economic data due in South Africa on Wednesday, the rand is likely to take its direction from moves on global markets.



South Africa&#8217;s benchmark 2030 government bond&nbsp;gained in early deals, with the yield down 5 basis points to 8.965%.



(Reporting by Alexander Winning; Editing by Andrew Heavens)

Waldo Swiegers | Bloomberg | Getty Images

South African rand edges higher as dollar dips after US election debate

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



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



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



West Africa&#8217;s central bank, the BCEAO, is expected to announce its rate decision.



The Kenya Aviation Workers’ Union are due to start a strike notice on Wednesday about the planned lease of airport operations to the Indian company Adani Holdings.



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



Asian markets wobbled and U.S. stock futures slipped on Wednesday after Democratic Vice President Kamala Harris and Republican Donald Trump clashed in a keenly-awaited U.S. presidential debate.



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



Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand.



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



The South African rand weakened alongside other emerging market currencies on Tuesday, with markets looking to Wednesday&#8217;s U.S. inflation print for clues about the Federal Reserve&#8217;s interest rate path.



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



The Kenyan shilling was broadly steady against the U.S. dollar on Tuesday, with the supply of foreign exchange matched by demand from all sectors in a muted session, traders said.



<h2 class="wp-block-heading" id="h-kenya-strike">KENYA STRIKE</h2>



The biggest union of Kenya&#8217;s aviation workers plans to go on strike on Wednesday to protest against a proposed deal for India&#8217;s Adani Group to lease the country&#8217;s main airport for 30 years in exchange for expanding it, a union official said on Tuesday.



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



Floods in north Nigeria have killed more than 80% of animals in a large zoo with an array of wildlife from lions and crocodiles to buffaloes and ostriches, the facility said on Tuesday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 11

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg" alt="" class="wp-image-481529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-1536x1000.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A visitor descends stairs outside the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



Sept 11 (Reuters) &#8211; Miner Anglo American on Wednesday said one of its subsidiaries has raised 7.2 billion rand ($403.21 million) from the sale of about a 5.3% stake in Anglo American Platinum (Amplats) as part of a share sale program that launched a day earlier.



Anglo American South Africa Proprietary Limited sold 13.9 million Amplats shares for $28.84 per share, the miner said.



An accelerated bookbuild offering of about 13 million shares of Amplats was launched on Tuesday, ahead of the South African unit&#8217;s demerger expected next year.



&#8220;The placing is intended to broaden the free float of Anglo American Platinum, reduce the number of shares distributed to Anglo American shareholders upon demerger and thereby reduce flowback following the demerger,&#8221; Anglo American said.



Amplats CEO Craig Miller had said in July that the company was planning a secondary listing in London.



($1 = 17.8824 rand)



(Reporting by Aatrayee Chatterjee and Yamini Kalia in Bengaluru; Editing by Shreya Biswas and Mrigank Dhaniwala)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo American nets over $400 mln from platinum unit share sale amid demerger plans

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="448" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/VZR7ERWAWBPMBAR7E4PB4GBYGY.jpg" alt="" class="wp-image-421144" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/VZR7ERWAWBPMBAR7E4PB4GBYGY.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/VZR7ERWAWBPMBAR7E4PB4GBYGY-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/VZR7ERWAWBPMBAR7E4PB4GBYGY-146x90.jpg 146w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Airways planes are seen through a window as the Jomo Kenyatta international airport reopens after flights were suspended following the coronavirus disease (COVID-19) outbreak in Nairobi, Kenya August 1, 2020. REUTERS/Njeri Mwangi/File Photo</figcaption></figure>



NAIROBI, Sept 11 (Reuters) &#8211; Workers at Kenya&#8217;s main international airport began a strike on Wednesday, blowing plastic trumpets and scuffling with police in a protest against an Indian company that caused flight cancellations and delays for hundreds of passengers.



Dozens of workers at Nairobi&#8217;s Jomo Kenyatta International Airport chanted &#8220;Adani must go&#8221; in reference to a proposed deal for the Adani Group to lease it for 30 years in exchange for $1.85 billion investment in expansion.



Outside the terminals, passengers sat on curbs and luggage trolleys waiting for updates on flights as departure and arrival boards were shut off.



&#8220;It&#8217;s very poor,&#8221; said one passenger, Ahmed Abdulrahman, recounting a six-hour wait.



&#8220;Nobody is coming out to tell us anything, whether we should leave or look for a hotel or something. I have a little child here waiting hungrily,&#8221; added Warda Omar, standing next to her child.



TV footage showed one police officer hitting a protester with a baton. By midday, lines were moving again, as police conducted security checks instead of airport staff.



It was unclear how many workers were taking part in the strike, which has been declared indefinite, or how much disruption had been caused.



Major regional carriers Kenya Airways, Ethiopian Airlines and RwandAir reported flight cancellations and delays.



<h2 class="wp-block-heading" id="h-job-losses">JOB LOSSES</h2>



The Kenya Aviation Workers Union argues that a deal with Adani would lead to job losses and bring in non-Kenyan workers.



Kenya&#8217;s government has said the airport is operating above capacity and needs modernising but that it is not for sale. It says no decision has been made on what it calls a proposed public-private partnership to upgrade the site.



The Kenya Airports Authority, which is responsible for managing the airport, said minimal operations at Jomo Kenyatta had resumed by 7 a.m. (0400 GMT) and it was engaging with relevant parties to normalise the situation.



The strike spread to workers at regional airports in the cities of Kisumu and Mombasa, the Nation newspaper reported.



Kenya&#8217;s high court on Monday temporarily blocked the Adani proposal, in which it would build a new runway and upgrade the passenger terminal, to allow time for a judicial review.



(Reporting by Hereward Holland, Humphrey Malalo and Edwin Waita; editing by Elaine Hardcastle and Andrew Cawthorne)

VZR7ERWAWBPMBAR7E4PB4GBYGY

Protest against India’s Adani causes chaos at Kenya’s main airport

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-820x461.jpeg" alt="" class="wp-image-529070" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108031541-1725948491431-gettyimages-2170168255-Illustration_Huawei_Foldable_Phone_Booking.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration of a user browsing booking information for Huawei’s new foldable mobile phone in Suqian, Jiangsu province, China, Sept 8, 2024.  Cfoto | Future Publishing | Getty Images</figcaption></figure>



As Huawei tries to upstage Apple’s new iPhone with the launch of its own ‘trifold phone’ on Tuesday, its chip capabilities remain a weakness, despite recent breakthroughs, according to one analyst. 



Speaking to CNBC’s “Squawk Box Asia” on Tuesday, Martin Yang, senior analyst of emerging technologies at Oppenheimer &amp; Co., said Huawei’s chip remains two or three years behind the cutting edge.&nbsp;



The gap on technology for their systems-on-chip, or SoCs, that merge central processing with cellular connectivity,&nbsp;is “widening because [Huawei] still doesn’t have access to any below 7 nanometer processes,” said Yang.&nbsp;In chip manufacturing, a nanometer denotes the size of transistors on a processor.



The smaller the size of a transistor, the more can be fit on a chip, increasing its level of advancement.&nbsp;



Huawei had made a smashing breakthrough last year when it released its Mate 60 smartphone, which included an advanced 7-nanometer chip originating from China. 



The speed in which Chinese firms were able to reach this benchmark surpassed what many analysts thought possible under U.S. trade restrictions that limited China’s access to advanced semiconductor tech. 



On the back of this success, Huawei has been able to take back market share from Apple in China, the largest smartphone market in the world.&nbsp;



However, unlike with the Mate 50, Huawei has not announced a big chip breakthrough for its latest phone launch.&nbsp;&nbsp;



Meanwhile, Apple is now on its second generation of 3 nanometer processes, and are already showing a 10% to 15% performance boost on this year’s phone compared to last year’s first generation 3 nanometer process, according to Yang.&nbsp;



“I think the chip will not be a big focus area or big marketing point for Huawei’s upcoming phone this week,” Yang said.&nbsp;



Instead, the company will likely try to downplay this chip disadvantage in the coming launch week and instead try to highlight that its phone is the first trifold phone on the market, he added.&nbsp;



Huawei has been accepting preorders for the foldable phone, the Mate XT, since Sept. 7. According to its website, the phone had already received more than 3.5 million preorders as of Tuesday. 



However, the Mate 60 RS, which Huawei released last year similarly had respectable reservations numbers, but failed to transfer them to actual sales, according to Yang. 



“I wouldn’t expect real world shipments in the [3 million range],” he said.



Speaking to CNBC’s “Street Signs Asia,” on Tuesday, Navkendar Singh, of the International Data Corporation, said that while Huawei has dominated in sales of foldable smartphones, the market remains niche due to consumer concerns about price and functionality.

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