How Wingstop is outpacing its fast-food competitors

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="647" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GIDZ.png" alt="" class="wp-image-529029" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GIDZ.png 647w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GIDZ-300x225.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GIDZ-120x90.png 120w" sizes="auto, (max-width: 647px) 100vw, 647px" /></figure>



Competitively located next to sub-Saharan Africa’s largest international airport, the OR Tambo SEZ is playing a key role in advancing South Africa&#8217;s green economy growth – by facilitating the production and export of components that support the generation of green energy.&nbsp; &nbsp;



In addition to its linkages to OR Tambo International, the SEZ is well-positioned near a major platinum refinery, making it ideal for accessing and processing Platinum Group Metals (PGMs), which are essential for producing fuel cells—one of the most important components in the green hydrogen industry. This focus on PGMs aligns with South Africa&#8217;s position as a global leader in PGM production and the Hydrogen Society Roadmap of South Africa. &nbsp;



In support of its goal to stimulate fuel cell and hydrogen localization, the SEZ is excited about the onboarding and imminent operationalization of one of its investors who is focused on the production and export of key fuel cell components.&nbsp;



<h2 class="wp-block-heading" id="h-about-isondo-precious-metals">About Isondo Precious Metals</h2>



Established in 2012, Isondo Precious Metals (IPM) has set up a state-of-the-art facility in the SEZ that will produce key components like PGM catalysts and Membrane Electrode Assemblies (MEA) used in electrolysers and fuel cells.



The Isondo facility is set to be fully operational by late 2024, providing a basis for the OR Tambo SEZ to contribute to South Africa’s objectives to manufacture and export key components with an input into the green hydrogen landscape.



Without a doubt, the realization of Isondo’s imminent plant operationalisation is a major step in positioning South Africa as a leader in the global green hydrogen value chain. It also has significant economic benefits, including creating up to 300 skilled jobs.



<figure class="wp-block-gallery has-nested-images columns-2 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="584" height="438" data-id="529033" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidz2-1.png" alt="" class="wp-image-529033" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidz2-1.png 584w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidz2-1-300x225.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidz2-1-120x90.png 120w" sizes="auto, (max-width: 584px) 100vw, 584px" /></figure>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="582" height="436" data-id="529034" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidsz3-2.png" alt="" class="wp-image-529034" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidsz3-2.png 582w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidsz3-2-300x225.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/gidsz3-2-120x90.png 120w" sizes="auto, (max-width: 582px) 100vw, 582px" /></figure>
<figcaption class="blocks-gallery-caption wp-element-caption">Figure 1:Inside and Outside view of IPM (Building 07) at the OR Tambo SEZ Precinct 1</figcaption></figure>



<h2 class="wp-block-heading" id="h-why-or-tambo-sez-is-supporting-the-fuel-cell-and-green-hydrogen-market">Why OR Tambo SEZ is supporting the Fuel Cell and Green Hydrogen Market</h2>



The green hydrogen and fuel cell industry, driven by the growing demand for cleaner energy solutions, is still in its early stages of development. One key challenge the sector faces is the high price of hydrogen, which, while currently elevated, is expected to decline as demand increases over time.



Additionally, complexities surrounding the transportation of hydrogen, particularly for export, pose significant logistical hurdles. This is where Special Economic Zones (SEZs) such as the OR Tambo SEZ come in: by playing a critical role that assists in reducing production costs—through infrastructure, operational incentives, and localized ecosystems that lower all work together to reduce operational expenses. The SEZ also provides a regulatory framework through which huge investments required for this new industries can be effectively planned and located – with the support of government incentives that provide a basis for VAT and tax rebates; this is crucial in this still cost intensive industry.&nbsp;



The IPM &nbsp;facility located at the SEZ’s first operational precinct exemplifies this and how the SEZ is working on unlocking this new industry: in a way that fosters local manufacturing of components that form part of the fuel-cells value chain.&nbsp;



In addition to the first precinct where IPM is located, the SEZ is also in the advanced stages of planning a full scale PGM-focused SEZ where PGM related products, including mining and capital equipment as well as integrated energy solutions that utilize both gas and fuel cell systems will be located.&nbsp;



With the strong foundation realized with its operational precinct, the OR Tambo SEZ is ready and geared up to promote this new age industry, contributing not just to job creation but the imbedding of new skills and opportunities in South Africa.&nbsp;



For more information on the at OR Tambo SEZ, visit: <a href="http://www.ortambosez.co.za">www.ortambosez.co.za</a>

GIDZ

OR Tambo SEZ: contributing to the stimulation of fuel cell and hydrogen localization

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA.jpg" alt="" class="wp-image-529012" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-768x525.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: An oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo</figcaption></figure>



LONDON, Sept 10 (Reuters)&nbsp;&#8211;&nbsp;OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group&#8217;s second consecutive downward revision.



The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 2.03 million barrels per day (bpd) in 2024, down from growth of 2.11 million bpd it expected last month.



There is a wider than usual split between forecasters on the strength of oil demand growth in 2024, partly due to differences over China and more broadly over the pace of the world&#8217;s transition to cleaner fuels. The reduction still leaves OPEC at the top end of industry estimates.



&#8220;Looking ahead, China&#8217;s economic growth is expected to remain well supported,&#8221; OPEC said in the report.



&#8220;However, headwinds in the real estate sector and the increasing penetration of LNG trucks and electric vehicles are likely to weigh on diesel and gasoline demand going forward.&#8221;



OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd.



(Reporting by Alex Lawler; editing by Jason Neely)

FILE PHOTO: An oil pump jack outside Almetyevsk, Russia

OPEC again lowers 2024, 2025 global oil demand growth view

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Sept 10 (Reuters) &#8211; The Ugandan shilling was a notch firmer on Tuesday, with appetite for hard currency muted across both commercial banks and merchandise importers, traders said.



At 0930 GMT commercial banks quoted the shilling at 3,710/3,720, compared to Monday&#8217;s close of 3,714/3,724.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling trades slightly firmer on muted demand

<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 10 (Reuters) &#8211; 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.



As of 0849 GMT, data from London Stock Exchange Group (LSEG) indicated the shilling trading at 128.30/129.30 to the dollar, slightly different from Monday&#8217;s close of 128.25/129.25.



&#8220;There&#8217;s not much activity happening. There&#8217;s just enough demand for the supply,&#8221; a trader at a commercial bank said.



The shilling has been relatively stable for several months, after a strong rally 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.



(Reporting by Hereward Holland; Editing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling broadly steady in balanced market

Why are so many data centers popping up in Malaysia?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-scaled.jpg" alt="" class="wp-image-424765" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/YCD2FHWTRZP6DDDGNUZALMARSY-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A small toy figure and gold imitation are seen in front of the AngloGold Ashanti logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



Sept 10 (Reuters) &#8211; AngloGold Ashanti will buy Egypt-focused smaller rival Centamin in a $2.5 billion stock and cash deal, the companies said on Tuesday, as the U.S.-listed global miner expands its operations in Africa.



Shares in Centamin jumped about 24% to 148.10 pence in early trade, their highest level since October 2020. Shares in Centamin&#8217;s London-listed peer Hochschild rose about 4%.



Under the terms of the deal, Centamin shareholders will receive 0.06983 new AngloGold shares for each Centamin share and $0.125 in cash.



The implied 163 pence ($2.14) per share offer represents a premium of 36.7% to Centamin&#8217;s Monday closing price of 120 pence, the companies said in a statement.



The acquisition coincides with a flurry of deal activity in the gold mining sector over the past couple of years, with the world&#8217;s top gold producer Newmont buying Australia&#8217;s Newcrest Mining for $16.8 billion in late 2023.



In May, miner BHP Group walked away from its $49 billion plan to take over rival Anglo American after its last-ditch request for more time was rejected by the London-listed firm, ending its six-week pursuit for now.



Following the completion of the Centamin deal, it is expected that AngloGold shareholders will own about 83.6% and Centamin shareholders about 16.4% of AngloGold Ashanti&#8217;s enlarged issued share capital.



AngloGold Ashanti said it expects the deal to be accretive to free cash flow per share in the first full year post completion of the transaction.



Terming the deal &#8220;highly compelling&#8221;, AngloGold Ashanti Chair Jochen Tilk said the acquisition offers &#8220;enormous geological potential&#8221; that the company is well placed to develop.



Centamin&#8217;s principal asset is the Sukari gold mine, which is Egypt&#8217;s largest gold mine as well as one of the world&#8217;s largest producing mines.



Adding Sukari&#8217;s annual output of 450,000 ounces would push AngloGold&#8217;s yearly production above 3 million ounces, making it the fourth largest gold producer in the world by volume, behind Newmont, Barrick Gold and Agnico Eagle.



The Centamin acquisition also expands AngloGold&#8217;s portfolio to yet another key gold producing region. It currently has assets in nine countries &#8211; Tanzania, the Democratic Republic of Congo, Ghana, Guinea, Australia, the U.S., Brazil, Argentina and Colombia.



The Centamin board said it intends to unanimously recommend the deal to its shareholders.



($1 = 0.7634 pounds)



(Reporting by Aby Jose Koilparambil in Bengaluru, additional reporting by Nelson Banya; Editing by Sonia Cheema, Miral Fahmy, Jan Harvey and David Evans)

FILE PHOTO: Small toy figure and gold imitation are seen in front of the AngloGold Ashanti logo in this illustration

AngloGold Ashanti to buy Centamin in $2.5 billion deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg" alt="" class="wp-image-502655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, Sept 10 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Tuesday, ahead of domestic manufacturing data for July.



At 0618 GMT the rand traded at 17.8350 against the dollar, about 0.2% firmer than its previous close.



Statistics South Africa is due to publish the country&#8217;s manufacturing production data for July at 1100 GMT.



Economists polled by Reuters predict the manufacturing sector will register year-on-year growth after declining in June, reflecting volatile conditions in a key sector of Africa&#8217;s most industrialised economy.



The rand is also likely to take direction from dollar movements as markets await a U.S. inflation report on Wednesday for more clues about the size of a predicted Federal Reserve cut to interest rates next week.



South Africa&#8217;s benchmark 2030 government bond was firmer in early deals, with the yield slipping by 1 basis point to 9.01%.



(Reporting by Tannur Anders; Editing by David Goodman)

South African Rand coins are seen in this illustration picture

South African rand firms ahead of manufacturing data

<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 10 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Tuesday.



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



South Africa&#8217;s government will hold its weekly auction of long-term bonds.



Statistics South Africa will publish manufacturing production data for July.



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



The South African rand slipped against a stronger dollar on Monday, with looming U.S. data likely to dictate currency moves this week.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed slightly stronger, up 0.07%.



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



Asian stocks inched slightly higher on Tuesday but struggled to sustain an upbeat rally on Wall Street as concerns about a faltering Chinese economy dampened the market mood.



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



Wall Street&#8217;s three major indexes gained more than 1% on Monday as investors looked for bargains after the previous week&#8217;s sell-off while they also waited for inflation reports in coming days and the Federal Reserve&#8217;s next policy decision next week.



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



Gold prices eased on Tuesday, pressured by a firmer dollar, while traders braced for key U.S. inflation figures that could offer hints about the size of the Federal Reserve&#8217;s interest rate reduction next week.



&#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; Transnet’s R26bn trade-off to privatise Durban terminal



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



&#8211; Godongwana fires broadside at financial sector as Land Bank ends default



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 10

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AXA5KIAGZVICZP4VWXIIUYZFF4-820x528.jpg" alt="" class="wp-image-528940" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AXA5KIAGZVICZP4VWXIIUYZFF4-820x528.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AXA5KIAGZVICZP4VWXIIUYZFF4-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AXA5KIAGZVICZP4VWXIIUYZFF4-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AXA5KIAGZVICZP4VWXIIUYZFF4-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AXA5KIAGZVICZP4VWXIIUYZFF4-1536x989.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AXA5KIAGZVICZP4VWXIIUYZFF4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A Kenya Airports Authority worker inspects planes during an auction after previous owners abandoned them at the Jomo Kenyatta International Airport in Nairobi, Kenya, November 17, 2021. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Sept 10 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s high court has temporarily blocked 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, court documents showed.



In a joint application, the Law Society of Kenya (LSK), the country&#8217;s main bar association, and the Kenya Human Rights Commission (KHRC) told the court on Monday that the country could independently raise the $1.85 billion required to upgrade the airport in the capital Nairobi.



LSK and KHRC said the alleged 30-year lease of Jomo Kenyatta International Airport (JKIA), East Africa&#8217;s largest aviation hub, was unaffordable, threatened job losses, was a fiscal risk and did not offer taxpayers value for money, court documents published by the KHRC on their website showed.



The high court granted the request for leave to file a judicial review to challenge the possible lease of JKIA to Adani, LSK President Faith Odhiambo wrote on the social media platform X late on Monday.



&#8220;The court has meanwhile issued a stay prohibiting any person from implementing or acting on the privately initiated Adani proposal over JKIA pending the conclusion of the court case,&#8221; Odhiambo said.



The Adani Group did not immediately respond to a Reuters request for comment.&nbsp;A spokesperson for the Kenya Airports Authority told Reuters: &#8220;We are not going to comment on matters in court.&#8221;



Last month, the Kenya Aviation Workers Union called for a strike over the proposed deal, saying that it 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 and that no decision has been made on whether to proceed with what it calls a proposed public-private partnership to upgrade the&nbsp;site.



It said in July that Adani&#8217;s offer was being reviewed. If a deal is agreed, the government said there would be safeguards to ensure Kenya&#8217;s national interests are protected.



(Reporting by Maria Ponnezhath in Bengaluru; Editing by Sherry Jacob-Phillips, Mrigank Dhaniwala, Michael Perry and Jason Neely)

A Kenya Airports Authority worker inspects planes during an auction after previous owners abandoned them at the Jomo Kenyatta International Airport in Nairobi

Kenyan court halts proposed Adani lease of country’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/2024/09/108017785-1723066534822-GettyImages-1323542329_2-820x461.jpg" alt="" class="wp-image-528909" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108017785-1723066534822-GettyImages-1323542329_2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108017785-1723066534822-GettyImages-1323542329_2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108017785-1723066534822-GettyImages-1323542329_2-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108017785-1723066534822-GettyImages-1323542329_2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108017785-1723066534822-GettyImages-1323542329_2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108017785-1723066534822-GettyImages-1323542329_2.jpg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">oatawa | Getty</figcaption></figure>



Bitcoin jumped Monday evening and topped $57,000 after Wall Street’s rebound from its worst week of the year.



The price of the flagship cryptocurrency was last higher by 5.6% at $57,4449.00, according to Coin Metrics. Last week, bitcoin tumbled 9% for its worst weekly performance since August 2023.&nbsp;



In regular trading, Coinbase and MicroStrategy climbed 5.2% and 9.2%, respectively, on Monday. Those stocks rose as the S&amp;P 500 broke a four-day losing streak and the Nasdaq Composite gained more than 1%. The three major averages last week posted their worst weekly performance in 2024.



Bitcoin has been trading range bound for most of the year. Last week, it briefly fell below its floor of about $55,000. Analysts have warned that cryptocurrency lacks major catalysts at the moment and that in their absence, prices are likely to be sensitive to macro factors and continue to consolidate.



Seasonality is also a factor. For bitcoin, similar to other risk assets, September is a historically weak month.



“For bitcoin to experience some upside in the upcoming week, it is essential for the U.S. equity markets to find some stability or positive momentum, potentially leading to a decrease in [crypto] ETF outflows,” Bitfinex analysts said in a note Monday. “This relief in the equity markets could help alleviate selling pressure on bitcoin, providing a conducive environment for a recovery.”

108017785-1723066534822-GettyImages-1323542329_2

Bitcoin rebounds from its worst week in more than a year, jumping above $57,000

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-820x512.jpg" alt="" class="wp-image-428950" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-820x512.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-768x480.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-1536x960.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: European Union flags fly outside the EU Commission headquarters in Brussels, Belgium September 19, 2019. REUTERS/Yves Herman/File Photo</figcaption></figure>



PRETORIA, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;The European Union on Monday pledged to give South Africa two grants worth about $35 million to accelerate its green hydrogen plans.



Green hydrogen projects use renewable energy to split water into hydrogen and oxygen, making fuel that can be used across industries such as transport, petrochemicals and steel.



The first EU grant, worth 140 million rand ($7.8 million), is to help struggling South African state company Transnet with infrastructure costs, supporting railways, ports, pipelines and other logistics.



The other grant, for 25 million euros ($27.6 million), will help Africa&#8217;s most industrialised economy develop its green hydrogen value chain.



Green hydrogen is seen as critical to decarbonisation efforts in South Africa and Europe.



European countries have been investing in green hydrogen projects across Africa to secure future supplies of the fuel.



&#8220;These two European Union grants will be implemented in a way so that they contribute to South Africa&#8217;s strategic objectives,&#8221; Kadri Simson, European commissioner for energy, told reporters in Pretoria, South Africa&#8217;s administrative capital.



&#8220;We think that green hydrogen provides some of the best opportunities for the country to really industrialise,&#8221; said Kgosientsho Ramokgopa, South Africa&#8217;s minister of energy and electricity.



($1 = 17.8837 rand)



($1 = 0.9060 euros)



(Reporting by Nellie Peyton; Writing by Tannur Anders; Editing by Alexander Winning)

FILE PHOTO: European Union flags fly outside the EU Commission headquarters in Brussels

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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/2024/09/108024800-1724414538815-gettyimages-2164056363-5ah02161-820x461.jpeg" alt="" class="wp-image-528645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108024800-1724414538815-gettyimages-2164056363-5ah02161-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108024800-1724414538815-gettyimages-2164056363-5ah02161-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108024800-1724414538815-gettyimages-2164056363-5ah02161-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108024800-1724414538815-gettyimages-2164056363-5ah02161-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108024800-1724414538815-gettyimages-2164056363-5ah02161-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/108024800-1724414538815-gettyimages-2164056363-5ah02161.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Federal Reserve Chairman Jerome Powell. Andrew Harnik | Getty Images</figcaption></figure>



The U.S. Federal Reserve can afford to make a jumbo 50 basis points rate cut next week without spooking markets, an analyst has suggested, as opinion on the central bank’s forthcoming meeting remains hotly divided.



Michael Yoshikami, CEO of Destination Wealth Management, said Monday that a deeper cut would demonstrate that the central bank is ready to act without signalling deeper concerns of a broader downturn.



“I would not be surprised if they jumped all the way to 50 basis points,” Yoshikami told CNBC’s “Squawk Box Europe.”



“That would be considered, on one hand, a very positive sign the Fed is doing what is needed to support jobs growth,” he continued. “I think the Fed at this point is ready to get out ahead of this.”



His comment follow similar remarks Friday from Nobel Prize-winning economist Joseph Stiglitz, who said the Fed should deliver a half-point interest rate cut at its next meeting, arguing that it went “too far, too fast” with its previous policy tightening.



Policymakers are widely expected to lower rates when they meet on Sept. 17-18, but the extent of the move remains unclear. A disappointing jobs print on Friday stoked fears of a slowing labor market and briefly tipped market expectations toward a larger cut, before shifting back.



Traders are now pricing in around a 75% chance of a 25 bps rate cut in September, while 25% are pricing in a 50 bps rate reduction, according to the CME Group’s FedWatch Tool. A basis point is 0.01 percentage point.



Yoshikami acknowledged that a larger cut could reinforce fears that a “recessionary ball” is coming, but he insisted that such views were overblown, noting that both unemployment and interest rates remain low by historic levels and company earnings have been strong.



He said the recent market sell-off, which saw the S&amp;P 500 notch its worst week since March 2023, was based on “massive profits” accrued last month. August saw all the major indices post gains despite a volatile start to the month, while September is traditionally a weaker trading period.



Thanos Papasavvas, founder and chief investment officer of ABP Invest, also acknowledged a “rise in concern” around a potential economic downturn.



The research firm recently adjusted its probability of a U.S. recession to a “relatively contained” 30% from a “mild” 25% in June. However, Papasavvas said that the underlying components of the economy — manufacturing and unemployment rates — were “still resilient.”



“We’re not particularly concerned that we’re heading into a U.S. recession,” Papasavvas told CNBC Monday.



The perspectives stand in stark contrast to other market watchers, such as economist George Lagarias, who told CNBC last week that a bumper rate cut could be “very dangerous.”



“I don’t see the urgency for the 50 [basis point] cut,” Forvis Mazars’ chief economist told CNBC’s “Squawk Box.”



“The 50 [basis point] cut might send a wrong message to markets and the economy. It might send a message of urgency and, you know, that could be a self-fulfilling prophecy,” Lagarias added.

108024800-1724414538815-gettyimages-2164056363-5ah02161

Jumbo 50 basis points Fed rate cut should not raise alarm, analyst says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="481" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BUXLYABONJPIFOV4PL2HM4W7WQ-820x481.jpg" alt="" class="wp-image-528628" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BUXLYABONJPIFOV4PL2HM4W7WQ-820x481.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BUXLYABONJPIFOV4PL2HM4W7WQ-300x176.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BUXLYABONJPIFOV4PL2HM4W7WQ-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BUXLYABONJPIFOV4PL2HM4W7WQ-768x451.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BUXLYABONJPIFOV4PL2HM4W7WQ-1536x901.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BUXLYABONJPIFOV4PL2HM4W7WQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People are seen at the entrance of the Sun International&#8217;s Times Square Casino in South Africa&#8217;s administrative capital Pretoria, June 29, 2020. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Sept 9(Reuters)&nbsp;&#8211;&nbsp;Sun International&nbsp;SUIJ.J&nbsp;reported a 9.1% rise in first-half earnings on Monday, as record growth&nbsp;in&nbsp;the South African casino and hotel group&#8217;s betting business helped drive its income.



The owner of the Sun City resort and Maslow Sandton and Table Bay high-end hotels said adjusted headline earnings per share &#8211; its main profit measure &#8211; rose to 2.15 rand ($0.1201) in the six months to June 30, from 1.97 rand a year earlier.



Shares were trading 3.35% higher at 1014 GMT on the results.



Sunbet was the stand-out with a 71.8% rise in income to 512 million rand. Sun International, which achieved mixed results across its segments, said in a statement its urban casino income &#8211; its biggest revenue generator &#8211; was flat at 3.3 billion rand.



&#8220;The gaming industry is experiencing dynamic changes and Sun International, through Sunbet, will continue leveraging its strong brand and market presence to expand our customer base and enter new online markets across Africa,&#8221; Sun International said.



The group said expected interest rate cuts would lift its business outlook and create a more favourable operating environment in the medium to long term.



It declared an interim dividend of 1.61 rand per share.



($1 = 17.9079 rand)



(Reporting by Sfundo Parakozov; Editing by David Goodman and Alexander Smith)

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How Wingstop is outpacing its fast-food competitors

OR Tambo SEZ: contributing to the stimulation of fuel cell and hydrogen localization

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Bitcoin rebounds from its worst week in more than a year, jumping above $57,000

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Why this company is building hydrogen-electric engines for planes

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