<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="450" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-820x450.png" alt="" class="wp-image-483973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-820x450.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-300x165.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-160x88.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-768x422.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1.png 993w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Cote d&#8217;Ivoire expects to launch a commodities exchange later this year, seeking to provide a marketplace for soft commodities key for the development of West Africa’s farming sector.



The exchange, to be based in Abidjan Cote d&#8217;Ivoire’s commercial capital, will initially trade kola nuts, cashew nuts and corn (maize), Edoh Amenounve, the CEO of the West African Regional Stock Exchange (BRVM), told CNBC Africa in an interview. Cocoa, the region’s dominant crop, will be added later, he said.



&#8220;We hope that we will start this year,&#8221; said Amenounve, who is pitching the BRVM and the commodities exchange to South African investors. &#8220;We are just trying to have all the operational tools in place in terms of informational system. If all these are ready, we will start this commodity exchange.&#8221;



Cote d&#8217;Ivoire is one Africa’s fastest growing economies, with 2024 growth forecast at 6.5 percent before moderating to 6.4 percent the following year, according to the International Monetary Fund. The country is the world’s largest exporter of cocoa with agriculture the mainstay of the economy at about 22 percent of gross domestic product.



Amenounve said apart from pitching the commodity exchange, he was also canvassing support for investment on the BRVM, the 8-member regional stock exchange which is the fifth largest on the continent. The JSE is Africa’s largest and oldest exchange. Growth is picking up across the region in spite of political instability in some countries, he said.



&#8220;Côte d&#8217;Ivoire is the lead in our region and the economic growth in Côte d&#8217;Ivoire is an average 7% during the last 10 years. And for the entire region, we are something in the region of about 6% GDP growth,&#8221; he said. &#8220;We have oil and gas now in Côte d&#8217;Ivoire, in Senegal, in Niger. We have mining in Burkina Faso, in Mali. We think that the fundamentals are very strong and the investors can continue to invest in the West African region.&#8221;



He said South African investors currently own about 5 percent of the BRVM, a figure he wants to grow given the region’s expanding economies. While the JSE was a competitor for now and a clear leader, the future lay in African stock exchanges collaborating through the African Securities Exchanges Association, Amenounve said. 



Investors can &#8220;access the 2,000 listed companies on all the exchanges in Africa so you can compare the performance of all these companies,&#8221; he said. &#8220;That is very important for me, I think we have done for the integration.&#8221;



&#8220;Yes, we started already in West Africa and what is important to know is that the integration of the capital markets in Africa is key for the development of our continent. We cannot stay small, small, small stock exchanges compared to the JSE and pretend to have the performance that we have in Asia or in Europe or in America. It is important that we talk together.&#8221;

BRVM-Transcribe-Image-1

Cote d’Ivoire commodities exchange to be launched this year, BRVM CEO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-820x574.jpg" alt="" class="wp-image-483938" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-768x538.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-1536x1075.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM.jpg 1856w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Former South African President, Jacob Zuma speaks about his political future at a press conference in Orlando East, Soweto, Johannesburg, South Africa, December 16, 2023. REUTERS/Shiraaz Mohamed/File Photo</figcaption></figure>



JOHANNESBURG, May 7 (Reuters)&nbsp;&#8211;&nbsp;Former South African President Jacob Zuma is facing an attempt to oust him from leadership positions in his new party, state broadcaster SABC reported on Tuesday, three weeks before an election in which he is expected to attract significant support.



One of the most divisive figures in South Africa, Zuma was president from 2009 until 2018, when he was forced to quit following a string of corruption scandals involving his administration.



Openly hostile to his successor President Cyril Ramaphosa, Zuma announced in December he would not vote for the ruling African National Congress, his longtime party, in the May 29 election, instead backing new party uMkhonto we Sizwe (MK).



With polls suggesting the ANC will lose its majority for the first time since it came to power in 1994, smaller parties like MK could potentially gain leverage after the election in a scenario where the ANC is looking for coalition partners.



Support for MK has hovered between 8% and 13% since Zuma&#8217;s endorsement, according to polls. Zuma has become the party&#8217;s public face despite remaining an ANC member.



But after Zuma fell out with MK founder Jabulani Khumalo and ousted him from the party, Khumalo has hit back by writing to the electoral commission saying Zuma was not the rightful leader of MK and his face should not appear on ballot papers, SABC reported.



A spokesperson for MK said Zuma was the party&#8217;s president and Khumalo had been expelled. The electoral commission said it did not wish to involve itself in internal party disputes and Zuma had been the registered leader of MK since April 10.



In a measure of Zuma&#8217;s perceived potential for causing disruption, the ANC postponed a disciplinary hearing against him that was supposed to take place this week, citing security concerns ahead of the election.



Zuma remains a force in South African politics, especially in his home province of KwaZulu Natal where protests erupted in 2021 after he was jailed for refusing to participate in a corruption inquiry.



MK is named after the ANC&#8217;s former armed wing in the apartheid era.



(Reporting by Tannur Anders; Writing by Estelle Shirbon, Editing by Alexandra Hudson)

Former South African President, Jacob Zuma speaks about his political future at a press conference in Soweto, in Johannesburg

South Africa’s Zuma faces dissent in new party as election nears

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-820x547.jpg" alt="" class="wp-image-483872" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of Amazon is seen, November 15, 2022. REUTERS/Pascal Rossignol/File Photo</figcaption></figure>



JOHANNESBURG, May 7 (Reuters)&nbsp;&#8211;&nbsp;Amazon&nbsp;AMZN.O&nbsp;launched its online shopping service in South Africa on Tuesday, challenging a number of online retailers dominated by Naspers&#8217;&nbsp;NPNJn.J&nbsp;Takealot.com.



Africa&#8217;s most advanced economy is usually seen as a good entry point for companies to expand into the continent and Amazon could be doing the same, analysts have said in the past.



The launch of its service comes at a time when South Africa has seen a sharp rise in online shopping after the pandemic created an opportunity for e-commerce to finally take hold, with retailers doubling down on investments in response.



Amazon.co.za will offer same-day delivery and next-day delivery with more than 3,000 pickup points. Shoppers will get free delivery on first orders, followed by free delivery for subsequent orders above 500 rand ($27.07), it said in a statement.



Customers in South Africa will be able to shop from a selection of local and international brands across 20 different product categories such as consumer electronics, home and small kitchen appliances, including international brands such as Apple, Amazon said.



More than 60% of the items sold in Amazon&#8217;s stores globally are from independent sellers &#8211; most of which are small and medium-sized businesses.



&#8220;Building a strong relationship with South African brands and businesses is incredibly important to us. We want Amazon.co.za to be the place where they can reach millions of customers,&#8221; said Robert Koen, managing director of Amazon Sub-Saharan Africa.



South Africa&#8217;s growing and evolving retail sector has also attracted international fast fashion e-commerce retailers Shein and Temu, with their rapid rise driven by robust demand for their low-priced apparel. Temu launched in the country earlier this year.



Retailers are also doubling down on e-commerce investments as internet connectivity and smartphone penetration rises in the country.



($1 = 18.4720 rand)



(Reporting by Nqobile Dludla, Editing by Louise Heavens)

FILE PHOTO: The logo of Amazon is seen, November 15, 2022.

Amazon launches online shopping service in South Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-820x547.jpg" alt="" class="wp-image-468014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo</figcaption></figure>



Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.



Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%.



Last week, both futures contracts posted their steepest weekly loss in three months, with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.



The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway.



However, prospects for a deal faded as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages and Israel appeared poised to launch a long-threatened assault in the southern Gaza Strip.



On Monday, Israel’s military called on Palestinian civilians to evacuate Rafah as part of a “limited scope” operation.



“News that Israel wants to go ahead and extend its operation into Rafah risks derailing a potential ceasefire agreement and reigniting Middle Eastern geopolitical tensions which had appeared to be easing,” IG markets analyst Tony Sycamore said.



Also supporting oil was Saudi Arabia’s move to raise the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signaling expectations of strong demand this summer.



In China, the world’s largest crude importer, services activity remained in expansionary territory for the 16th straight month, while growth in new orders accelerated and business sentiment rose solidly, boosting hopes of a sustained economic recovery.

ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1

Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-820x515.jpg" alt="" class="wp-image-483576" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-768x482.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-1536x965.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A protestor holds a placard as she joins a demonstration against oil major Royal Dutch Shell&#8217;s plans to start seismic surveys to explore petroleum systems off the country&#8217;s popular Wild Coast, at Muizenberg beach in Cape Town, South Africa, December 5. 2021. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



CAPE TOWN, May 6 (Reuters)&nbsp;&#8211;&nbsp;Oil major Shell&nbsp;SHEL.L&nbsp;will divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses across all regions, it said on Monday.



&#8220;As a result of this review, Shell has decided to reshape the downstream portfolio and intends to divest our shareholding in SDSA&#8230; this decision was not taken lightly,&#8221; a Shell statement said. It did not specify when the decision took effect.



Shell Downstream SA (SDSA) was formed after Shell South Africa and black empowerment company, Thebe Investment Corporation, agreed a decade ago to merge Shell South Africa Marketing and Shell South Refining businesses. Thebe held a 28% equity stake.



Shell, which has been present in South Africa for more than century, is still exploring the country&#8217;s offshore, incurring opposition from environmental campaigners who have launched court action.



During the divestment process, Shell said on Monday it would work to preserve SDSA&#8217;s operating capabilities and maintain its brand presence.



A Thebe spokesperson was not immediately available for comment.



One of SDSA&#8217;s main assets and South Africa&#8217;s largest refinery, Sapref, in the east coast port city of Durban has not been operating since 2022 when Shell and its refinery joint venture partner, BP&nbsp;BP.L, decided on a spending freeze and halt to the refinery&#8217;s operations.



Flooding along the coast that killed nearly 400 people that same year severely damaged the plant, which at that stage provided around 35% of South Africa&#8217;s refining capacity.



South Africa&#8217;s Central Energy Fund said two years ago it was interested in Sapref, which has a nameplate capacity of 180,000 barrels per day, as it seeks to overcome energy security concerns.



On Monday, an energy official, speaking on condition of anonymity, said CEF had signed a non disclosure agreement with the parties involved and therefore could not comment.



South Africa is a net importer of refined petroleum products, a challenge exacerbated since the closure of Sapref and the country&#8217;s second largest refinery Enref, also in Durban.



(Reporting by Wendell Roelf; editing by Barbara Lewis)

FILE PHOTO: Protestors demonstrate against Royal Dutch Shell’s plans to start seismic surveys in Cape Town

Shell to exit South Africa’s downstream businesses

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-820x547.jpg" alt="" class="wp-image-483558" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Mozambique President Filipe Jacinto Nyusi speaks to reporters ahead of a meeting with U.S. Secretary of State Antony Blinken during the US-Africa Leaders Summit at the Walter E. Washington Convention Center in Washington, DC, U.S., December 14, 2022. Mandel Ngan/Pool via REUTERS/File Photo</figcaption></figure>



MAPUTO, May 6 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s ruling FRELIMO party has announced Daniel Chapo will be its presidential candidate in an election scheduled for October.



FRELIMO has governed the southern African country since gaining independence in 1975 and hopes Chapo will lead the party to another victory in the Oct. 9 election.



&#8220;The soap opera of speculation is over, including speculation about the third term,&#8221; President Filipe Nyusi said on state television on Sunday, dismissing the prospect of contesting elections again.



&#8220;We must all unite around comrade Daniel Francisco Chapo, in the demanding march towards electoral victory next October,&#8221; Nyusi said.



Mozambique&#8217;s constitution limits the president to two five-year terms. However, there had been media speculation that Nyusi would seek a third term after his&nbsp;re-election&nbsp;as party leader in 2022.



A relatively unknown figure in national politics, Chapo is the governor of the southern Mozambican province of Inhambane. He won 225 votes (around 94%) cast by the party&#8217;s central committee, according to a party statement.



&#8220;We are going to work with all social strata,&#8221; Chapo said on television after his win.



A former radio announcer, Chapo was born in 1977, making him the first FRELIMO candidate born after the country&#8217;s independence.



He holds a law degree and a Master&#8217;s degree in development management and has filled a string of political roles including as an administrator of the districts of Nacala and Palma.



(Reporting by Manuel Mucari Writing by Tannur Anders Editing by Bhargav Acharya and Sharon Singleton)

FILE PHOTO: U.S.-Africa Business Forum at the Walter E. Washington Convention Center in Washington D.C

Mozambique’s ruling party announces Chapo as presidential candidate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-820x547.jpg" alt="" class="wp-image-483539" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo Independent Power Plant (IPP) on the outskirt of Benin City in Edo state, Nigeria June 13, 2018. . REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, May 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s electricity regulator has ordered the grid operator to cut back supplies to customers overseas to boost domestic supply.



In a directive issued last Friday, the Nigerian Electricity Regulatory Commission (NERC) said the grid operator&#8217;s current approach in managing supply has caused significant hardship for Nigerians because supply under bilateral contracts, including export to international customers, takes priority over supply to domestic customers.



The regulator said it was placing a cap of 6% on the total available grid generation to international off-takers for the next six months, effective from May 1.



Nigerian power firms have contracts with neighbouring African countries to deliver energy, which gives them foreign currency to support revenue from sub-economic tariffs. However, these companies have not always paid their bills on time.



Power cuts are common in Nigeria due to a shortage of electricity but they have become worse recently. Power companies recently raised tariffs for some domestic customers who are supposed to get more power daily, or 20 hours a day, but the power companies are unable to meet the supply.



As well as having contracts with countries such as Niger, Togo and Benin, Nigerian power firms have bilateral contracts with big users at home including industries and government departments that get priority supply over regular customers.



Analysts said the cap on overseas sales could create uncertainty in the sector. &#8220;Operationally, it will require power generation companies to adjust production and distribution, and potentially modify contracts on short notice,&#8221; said Mikolaj Judson, an analyst at global risk consultancy Control Risks.



He also said it will likely increase financial challenges by reducing revenue from overseas customers and will require power distribution firms, many of which already owe sizeable debts to power generation companies, to step up paying back their debts.



Electricity supply from the national grid had hovered below 3,000 megawatts for several weeks but has risen above 4,700 megawatts since Saturday after the directive, grid service data showed. Usually, local customers get less than 4000MW on normal days.



The regulator said current international and bilateral contracts have lax terms and off-takers frequently exceeded their contracted levels during peak operations at the expense of other grid users. Penalties for violating grid regulations are also not enforced, it said.



Last month, NERC raised tariffs by 230% for 15% of customers who are supposed to get more supply but the power companies have been unable to meet the contracted 20 hours.



The regulator&#8217;s decision to cut back supply to international customers may have also been prompted by those customers&#8217; inability to settle debts on time.



In a report issued in the last quarter of 2023, NERC said international customers owed Nigerian power companies a combined $12.02 million in unpaid debt for services rendered.



(Reporting by Isaac Anyaogu; Editing by Susan Fenton)

FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo IPP on the outskirt of Benin City

Nigeria cuts back electricity sales to overseas customers to boost domestic supply

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-820x534.jpg" alt="" class="wp-image-483474" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-1536x1000.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">File photo: A man looks at an item before buying at a spaza shop in Thembisa, on the East Rand, in South Africa, August 2, 2023. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, May 6 (Reuters)&nbsp;&#8211;&nbsp;South African private sector activity rose marginally in April as an improvement in business confidence encouraged companies to expand purchasing activity and staffing levels, a survey showed on Monday.



The S&amp;P Global South Africa Purchasing Managers&#8217; Index (PMI) rose to 50.3 in April from 48.4 in March, its highest reading since February. A reading above 50 shows growth.



Business sentiment was boosted by a drop in rolling power cuts in April and a softer reduction in new orders.



&#8220;Some of the headwinds that have held the private sector back recently showed signs of easing in April, with reduced load shedding (power cuts) and a lesser degree of supply-chain delays signalled,&#8221; said Andrew Harker, economics director at S&amp;P Global Market Intelligence.



Some companies predict an improvement in demand after the general elections on May 29, Harker added.



South Africa went through April without a single day of power cuts by state power utility Eskom.



Eskom said last month it would probably be able to limit rolling power cuts over the winter months as the outlook for its fleet of power stations had improved.



(Reporting by Bhargav Acharya; editing by Christina Fincher)

A man looks at an item before buying at a spaza shop

South Africa business activity rises in April, PMI shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="577" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-820x577.jpg" alt="" class="wp-image-483457" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-820x577.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-1536x1081.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Election posters of different political parties are seen, as South Africa prepares for national and provincial elections to be held on May 29, in Pretoria, South Africa, April 5, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, May 6 (Reuters) &#8211; South Africans vote in national and provincial elections on May 29 that could test the African National Congress&#8217; 30-year rule.



After the vote, held every five years, the new National Assembly will choose the country&#8217;s next president from among its members.



Below are facts about the election and the voting process.



<h2 class="wp-block-heading" id="h-electoral-system">ELECTORAL SYSTEM</h2>



Voting is under a proportional system where parties and candidates are competing for 400 seats in the National Assembly.



Parties on the national ballot will contest 200 of those seats while the other 200 are divided between the nine regions and contested by parties and independent candidates.



In provincial legislatures, the number of seats is determined on the basis of the size of the population in each of the nine provinces.



<h2 class="wp-block-heading" id="h-three-ballots">THREE BALLOTS</h2>



For the first time, voters will receive three ballots instead of two on voting day. On each ballot, they will have to choose one party or one candidate.



Two ballots will be used to elect the National Assembly and the third one will be for election of members of the provincial legislature in each province.



<h2 class="wp-block-heading" id="h-candidates">CANDIDATES</h2>



For the first time, independent candidates are allowed to compete for seats in the National Assembly and in provincial legislatures.



In total, the election commission cleared 14,889 candidates who will contest 887 seats in the forthcoming elections.



They were nominated by 70 political parties, except for 11 candidates who are independent.



A total of 31 political parties will contest the national elections for the first time.



<h2 class="wp-block-heading" id="h-voters">VOTERS</h2>



The Independent Electoral Commission (IEC) says 27.79 million people are registered to vote, up from 26.74 million in 2019.



VOTING



Around 23,292 voting stations will be open on May 29 from 0500 GMT to 1900 GMT.



(Reporting by Anait Miridzhanian; Editing by Olivia Kumwenda-Mtambo and Emelia Sithole-Matarise)

South Africa prepares national and provincial elections

What you need to know about South Africa’s 2024 election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-820x547.jpg" alt="" class="wp-image-482625" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Anglo American CEO Duncan Wanblad speaks during the Investing in African Mining Indaba 2023 conference in Cape Town, South Africa, February 6, 2023. REUTERS/Shelley Christians REFILE &#8211; CORRECTING INFORMATION</figcaption></figure>



JOHANNESBURG, May 3 (Reuters)&nbsp;&#8211;&nbsp;Anglo American&nbsp;AAL.L&nbsp;CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time since the miner rejected BHP Group&#8217;s&nbsp;BHP.AX&nbsp;$39 billion&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AFWN3GY2K8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">takeover bid</a>, a source familiar with the matter told Reuters.



BHP, the world&#8217;s biggest-listed mining group, is privately talking to investors as it weighs up its next move after Anglo&#8217;s rejection of its initial proposal.



Commodities giant Glencore is also&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3H53AS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">studying an approach</a>&nbsp;for Anglo, sources told Reuters, a development that could spark a bidding war for the 107-year old mining company.



Anglo declined to comment on the meeting with Mantashe.



The source did not give details of the meeting.



BHP has proposed that Anglo sell its shares in units Anglo Platinum (Amplats) and Kumba Iron Ore as an option to exit the South African assets it does not want included in the deal.



Anglo unanimously rejected the proposal as opportunistic and significantly undervaluing the company and its future prospects.



Its investors are concerned that&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3H21H1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">they stand to lose</a>&nbsp;heavily by holding shares in the South African subsidiaries, if they are un-bundled.



There is a risk that South African regulatory authorities, particularly its central bank, could be concerned about capital outflows from foreign investors not willing to hold the shares, the source said.



BHP CEO Mike Henry, who is in South Africa to canvass views from investors on the company’s proposed offer to Anglo, was in &#8220;listening only mode&#8221; during a meeting with a Cape Town-based fund manager on Friday, another source told Reuters.



BHP executives also held a call with South Africa&#8217;s Public Investment Corporation earlier in the week, a separate source said.



Anglo has said it&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3H22HL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">will meet its top investors</a>&nbsp;to hear their views on BHP&#8217;s approach.



(Reporting by Felix Njini and Clara Denina, Editing by Veronica Brown and Emelia Sithole-Matarise)

Investing in African Mining Indaba 2023 conference in Cape Town

Anglo CEO meets S.Africa mines minister after BHP’s takeover proposal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Fed-and-ECB-divergence-on-rate-cuts-could-spell-trouble-for-the-euro-economist-says-820x462.jpeg" alt="" class="wp-image-482533" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Fed-and-ECB-divergence-on-rate-cuts-could-spell-trouble-for-the-euro-economist-says-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Fed-and-ECB-divergence-on-rate-cuts-could-spell-trouble-for-the-euro-economist-says-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Fed-and-ECB-divergence-on-rate-cuts-could-spell-trouble-for-the-euro-economist-says-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Fed-and-ECB-divergence-on-rate-cuts-could-spell-trouble-for-the-euro-economist-says-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Fed-and-ECB-divergence-on-rate-cuts-could-spell-trouble-for-the-euro-economist-says.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The President of the European Central Bank (ECB) Christine Lagarde gestures as she addresses a press conference following the meeting of the governing council of the ECB in Frankfurt am Main, western Germany, on April 11, 2024. Kirill Kudryavtsev | Afp | Getty Images</figcaption></figure>



The prospect of the European Central Bank diverging from the Federal Reserve on interest rate cuts is likely to be “particularly negative” for the 20-nation euro zone, according to one economist.



The ECB&nbsp;<a href="https://www.cnbc.com/2024/04/19/heres-what-12-ecb-members-said-about-interest-rates-this-week.html">appears on course</a>&nbsp;to cut interest rates in June, barring any major surprises, and&nbsp;<a href="https://www.cnbc.com/2024/04/30/euro-zone-inflation-april-2024-and-first-quarter-gdp.html">recent inflation data</a>&nbsp;has since bolstered the case for an imminent reduction in borrowing costs.



The U.S. central bank, meanwhile,&nbsp;<a href="https://www.cnbc.com/2024/05/01/fed-rate-decision-may-2024-.html">held interest rates steady</a>&nbsp;on Wednesday, with the rate-setting Federal Open Market Committee citing a “lack of further progress” in getting inflation back down to its 2% target.



The Federal Reserve&nbsp;<a href="https://www.cnbc.com/2024/05/01/fed-decision-heres-what-changed-in-the-new-statement.html">said in a statement</a>&nbsp;that it did not expect to reduce rates until it had gained “greater confidence” that inflation was moving sustainably back toward its target level, reiterating language it used after the March and January meetings.



It leaves the ECB firmly on track to cut interest rates before the Fed.



“The problem of cutting rates right now is that the ECB takes for granted the strength of the&nbsp;<a href="https://www.cnbc.com/quotes/EUR=/">euro</a>. And if they start to cut rates ahead of the Federal Reserve, that is basically giving the world a signal that the euro needs to weaken,” Daniel Lacalle, chief economist at Tressis Gestion, told CNBC’s “Street Signs Europe” on Thursday.



“And if the euro weakens, the import bill of the euro zone is going to rise, making it even more difficult for the euro area to grow.”



Lacalle said a June rate cut from the ECB was not going to make German, French or Spanish businesses take more credit “because a small rate cut is not the driver of credit demand.” Credit demand refers to the appetite for business and consumer loans.



He added, “What makes credit demand interesting, or rise, is the fact that there [are] economic and investment opportunities and those are curbed by regulation and the misguided energy policy of the euro area.”



An ECB spokesperson declined to comment when contacted by CNBC.



<h2 class="wp-block-heading" id="h-ecb-heading-toward-a-rate-cut"><a></a>ECB heading toward a rate cut?</h2>



Speaking to CNBC on last month, ECB President Christine Lagarde&nbsp;<a href="https://www.cnbc.com/2024/04/16/lagarde-says-ecb-will-cut-rates-soon-barring-any-major-surprises.html">said</a>&nbsp;the central bank remained on course to cut interest rates in the near term, subject to any additional shocks.



“We just need to build a bit more confidence in this disinflationary process but if it moves according to our expectations, if we don’t have a major shock in development, we are heading towards a moment where we have to moderate the restrictive monetary policy,” Lagarde said on April 16.



Official figures&nbsp;<a href="https://www.cnbc.com/2024/04/30/euro-zone-inflation-april-2024-and-first-quarter-gdp.html">published</a>&nbsp;Tuesday showed that prices in the euro area held steady at 2.4% in April, while the economy returned to growth over the first three months of the year.



Gross domestic product rose by 0.3% over the first quarter, slightly better than consensus economist expectations. GDP for the fourth quarter of 2023 was revised from no growth to a 0.1% contraction, which means that the euro zone was in a technical recession in the second half of last year.



Tressis Gestion’s Lacalle said one prevailing market narrative was that high interest rates in Europe were to blame for sluggish economic growth. “However, the euro zone slowdown has absolutely nothing to do with rate hikes,” he said.



Instead, Lacalle said recent economic weakness across the euro zone should be attributed to the bloc’s energy policy, regulatory measures and farming and agricultural policy.



— CNBC’s Jeff Cox &amp; Jenni Reid contributed to this report.

Fed-and-ECB-divergence-on-rate-cuts-could-spell-trouble-for-the-euro-economist-says

Fed and ECB divergence on rate cuts could spell trouble for the euro, economist says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-820x547.jpg" alt="" class="wp-image-482530" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters of Chadian interim President Mahamat Idriss Deby attend his presidential campaign rally ahead of the May elections in Moundou, Chad April 25, 2024. REUTERS/ Gilles Chris Namia Rimbarne/File Photo</figcaption></figure>



N&#8217;DJAMENA, May 3 (Reuters)&nbsp;&#8211;&nbsp;Chad will hold presidential elections on Monday, making it the first in a string of coup-hit states across Central and West Africa to use the ballot box to try to emerge from years of military rule.



Opposition groups have already cried foul.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3DR0AN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">The candidate</a>&nbsp;widely expected to win is Mahamat Idriss Deby &#8211; the man who&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2MF76P&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">seized power</a>&nbsp;the day rebels&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2MD0Q3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">shot and killed</a>&nbsp;his long-ruling father, Idriss Deby, in April 2021.



But Chad&#8217;s Western allies have largely stayed quiet and kept watch &#8211; hoping, analysts say, that at the very least, the vote will deliver a relatively stable state in a region hit by militant violence where Russia is also pushing for influence.



Among those Western countries is Chad&#8217;s former colonial ruler France which still has war planes and 1,000 troops there, most recently helping Chad and its neighbours combat the Islamist fighters of Boko Haram.



Chad is now the last Sahel country with a substantial French military presence after other junta-led states including neighbouring Niger as well as Burkina Faso and Mali, told Paris and other Western powers to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3FU0I9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">remove their troops</a>&nbsp;and turned&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3GK399&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">to Moscow for backing</a>.



The priorities of regional and Western powers will be to push for stability and shore up their positions in the country, analysts say.



&#8220;Chad is just too strategic at the moment for the West to allow Russia to get an opening,&#8221; Ulf Laessing, head of the Sahel programme at the Konrad Adenauer Foundation, said.



It is not just strategic in terms of security, but also on the hot-button issue of migration.



Chad has accepted a huge influx of refugees from Sudan, where civil war has created the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3GN0S4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">world&#8217;s largest displacement crisis</a>. Laessing said some refugees have crossed to Niger, which last year repealed a law aimed at slowing migration to Europe.



&#8220;It&#8217;s another reason for Western countries to keep the relationship with Chad despite the dismal human rights record,&#8221; he added.



An election win would bolster Deby&#8217;s credentials as an ally. &#8220;Western policy makers can say at least he was elected,&#8221; Laessing said.



There are fears the turmoil could be testing old ties in the oil-producing country&nbsp;that lies&nbsp;next to the war-torn states of Sudan, Libya and Central African Republic and the economic powerhouse of Nigeria.



Mahamat Idriss Deby, who took on the title of interim president after his takeover, met French President Emmanuel Macron in Paris in October last year. He also met Russian President Vladimir Putin in Moscow&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3EE1YQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">in January</a>.



In April, Chad&#8217;s air force chief&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3GY33I&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">ordered the U.S.</a>&nbsp;to halt activities at an air base near the capital N&#8217;Djamena, saying there was a problem with their paperwork.



Weeks later, the U.S. announced a temporary&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3GY33I&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">withdrawal</a>&nbsp;of at least some of its troops and said it would continue with a review of security operations after the vote.



PROTESTS, RIVALS, VIOLENCE



Concerns about human rights have also mounted since the younger Deby&#8217;s takeover.



He initially promised an 18-month transition after his father&#8217;s death, but his government later adopted resolutions that postponed&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FC73Q&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">elections</a>&nbsp;and allowed him to run for president.



The delay triggered protests that security forces violently quelled, killing&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31L2NU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">around 50 civilians</a>.



Opposition figure Yaya Dillo was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FE5TP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">shot and killed</a>&nbsp;in N&#8217;Djamena on Feb. 28, the day the election date was announced. The opposition has called Dillo&#8217;s death an assassination and forensic experts have said he was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FX5DS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">likely shot at point-blank range</a>.



Chadian authorities said he was killed during an exchange of fire with security forces who had been sent to detain him for alleged involvement in clashes.



One of Deby&#8217;s most prominent challengers on Monday will be Succes Masra &#8211; a political opponent who spent a year in exile from 2022-2023, then shocked Chadians by agreeing to become Deby&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3DR0AN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">prime minister</a>.



He will also be running against former prime minister Albert Pahimi Padacke and seven other candidates, including Lydie Beassemda, the only woman going for the top job.



&#8220;Masra&#8217;s decision &#8230; was a bit surprising, because, during the demonstrations and the deaths, people were saying they wanted change and they saw Succes Masra as the face of change,&#8221; Babacar Ndiaye, research director at think tank WATHI, said.



Some opposition parties and civil society groups have called for a boycott of the vote, saying Deby and his allies control the main institutions of power and could influence the process.



&#8220;This is an election to consecrate the reign of the current leader of the transition,&#8221; Abderramane Goussoumian, head of the civil society network CSAPR, said.



But for Abakar Moussa Seid, a member of the opposition National Rally for Democracy in Chad party, a boycott would amount to a surrender.



&#8220;The only democratic way to end the perpetuation of the power of the Deby dynasty is through the ballot box,&#8221; he said.



(Editing by Bate Felix and Andrew Heavens)

Chad’s interim President Deby attends his presidential campaign rally in Moundou

Chad prepares to vote in a coup-hit region, wary allies look on

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/PKJQ7JMDLFNENCLG7LH25JBXNY-1-820x547.jpg" alt="" class="wp-image-426016" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/PKJQ7JMDLFNENCLG7LH25JBXNY-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/PKJQ7JMDLFNENCLG7LH25JBXNY-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/PKJQ7JMDLFNENCLG7LH25JBXNY-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/PKJQ7JMDLFNENCLG7LH25JBXNY-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/PKJQ7JMDLFNENCLG7LH25JBXNY-1-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/PKJQ7JMDLFNENCLG7LH25JBXNY-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A labourer dehusks rice before loading it in bags at a processing unit in the town of Fanaye, on the outskirts of Saint Louis, Senegal September 13, 2022. REUTERS/Zohra Bensemra</figcaption></figure>



SINGAPORE, May 2 (Reuters)&nbsp;&#8211;&nbsp;Global rice supplies have stabilised after last year&#8217;s rally, although the market remains vulnerable to risks from dry weather caused by the El Nino, a senior executive at commodity merchant Louis Dreyfus Co (LDC) said.



Rice prices in key Asian export hubs&nbsp;RI-THBKN5-P1,&nbsp;RI-VNBKN5-P1&nbsp;have eased in recent weeks after climbing last year to their highest&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3AB12M&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">since 2008</a>&nbsp;following an export ban by India, the world&#8217;s biggest shipper.



&#8220;It does seem like we went through a very tight situation. You had the export ban in India and Indonesia came to buy a very large volume of rice,&#8221; Rubens Marques, LDC&#8217;s chief executive for South and Southeast Asia, said in an interview.



&#8220;The combination of these two factors, I think, was too much for the market to handle, which ended up pushing prices up. It does seem like the supply and prices have stabilised.&#8221;



India&#8217;s July export ban ended a decade of price stability for the world&#8217;s most-widely consumed staple and heightened food inflation pressure.



Marques said rice supplies remain vulnerable to adverse weather.



&#8220;We cannot deny that climate change has had an impact and may still have an impact in terms of having this El Nino and having drier than expected weather,&#8221; he said.



The&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3GY40S&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">El Nino weather phenomenon</a>&nbsp;is a warming of the Pacific Ocean waters along the equator off the coast of South America. The pattern typically causes hot,&nbsp;dry weather in Asia, impacting vast swathes of rice growing regions.



The market is focusing in the coming months on production from irrigated crops.



&#8220;We need to keep an eye on the levels of reservoirs in some of the key producing countries. In May, June, we should know a bit more about what is going to happen with the irrigated crops,&#8221; he said.



LDC, among the biggest rice merchants, supplies buyers in Asia, Africa and the Middle East.



WEATHER RISK



The unpredictability of weather patterns fuelled by climate change is leading to further supply disruption.



&#8220;I think the biggest thing about El Nino, and it&#8217;s not talked enough about, is the unpredictability of the weather events, he said.



&#8220;The weather events have always been there, but it&#8217;s now how unpredictable it has become and how difficult it has become for the trade to basically solve those imbalances,&#8221; he said.



Last year&#8217;s price rally led to lower rice demand from some countries.



&#8220;You have to keep in mind that a lot of the rice in India ends up in Africa, which is a very price-sensitive market,&#8221; he said. &#8220;And on the way up, I think the market has done its job of rationing demand.&#8221;



India&#8217;s export prices fell to their lowest in over three months last week on subdued demand and ample supplies, while Thailand&#8217;s prices remained largely flat.&nbsp;RIC/AS



For the wheat market, the coming months are crucial for northern hemisphere crops, Marques said.



Benchmark prices&nbsp;Wv1&nbsp;climbed nearly 8% in April, following dryness in parts of Russia and the United States.



&#8220;I don&#8217;t know how much weather premium is already priced in,&#8221; he said. &#8220;There&#8217;s upside potential if you see less than expected rains in the northern hemisphere.&#8221;



Chicago wheat futures edged higher on Thursday as traders assessed whether rainfall in U.S. and Russian crop areas was enough to alleviate dryness that threatens yields.&nbsp;GRA/



(Reporting by Naveen Thukral and Tony Munroe; Editing by Christian Schmollinger)

PKJQ7JMDLFNENCLG7LH25JBXNY-1

Global rice market stable but weather risk remains, Louis Dreyfus exec says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, May 2 (Reuters)&nbsp;&#8211;&nbsp;The South African rand strengthened on Thursday after the U.S. Federal Reserve held interest rates steady as expected and reiterated inflationary concerns.



At 0742 GMT the rand traded at 18.5050 against the dollar&nbsp;ZAR=D3, 0.68% stronger than its previous close.



The dollar index&nbsp;=USD&nbsp;was last trading down 0.1% against a basket of currencies.



The Fed on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3H31SH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Wednesday</a>&nbsp;signalled it is still leaning towards eventual reductions in borrowing costs, but it placed a red flag on recent inflation readings that could delay any cuts to interest rates.



The focus for South African investors on Thursday will be a manufacturing sector purchasing managers&#8217; index and April vehicles sales data.



An absence of load-shedding (power cuts) in April would have boosted manufacturing, ETM Analytics said in a research note.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index and the broader all-share&nbsp;.JALSH&nbsp;index were both up about 1% in early trade.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was stronger in early deals, with the yield down 6 basis points at 10.615%.



(Reporting by Bhargav AcharyaEditing by David Goodman)

South African Rand coins are seen in this photo illustration

South African rand strengthens as Fed keeps rates on hold

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OECD-upgrades-global-growth-outlook-as-U.S.-outperforms-820x547.jpg" alt="" class="wp-image-482163" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OECD-upgrades-global-growth-outlook-as-U.S.-outperforms-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OECD-upgrades-global-growth-outlook-as-U.S.-outperforms-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OECD-upgrades-global-growth-outlook-as-U.S.-outperforms-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OECD-upgrades-global-growth-outlook-as-U.S.-outperforms-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OECD-upgrades-global-growth-outlook-as-U.S.-outperforms-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OECD-upgrades-global-growth-outlook-as-U.S.-outperforms-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">File photo: People cross the intersection of SW 8th Steet and Brickell Ave. at the Brickell neighborhood, known as the financial district, in Miami, Florida, U.S., February 23, 2023. REUTERS/Marco Bello/File photo</figcaption></figure>



PARIS, May 2 (Reuters)&nbsp;&#8211;&nbsp;The global economy is growing faster than expected only a few months ago thanks to resilient U.S. activity while inflation is converging more quickly than expected with central banks&#8217; targets, the OECD said on Thursday, upgrading its outlook.



The global economy would maintain the 3.1% growth rate seen last year and pick up marginally to 3.2% next year, the Organisation for Economic Cooperation and Development said, upgrading forecasts dating from February for growth of 2.9% this year and 3% in 2025.



A faster than expected fall in inflation set the stage for major central banks to begin rate cuts in the second half of the year while also fuelling gains in consumers&#8217; incomes, the OECD said in its latest Economic Outlook.



However, the speed of recoveries diverged widely, the OECD warned, saying lingering sluggishness in Europe and Japan was being offset by the United States, whose growth forecast was hiked to 2.6% this year from a previous estimate of 2.1%.



Next year U.S. growth was expected to cool to a rate of 1.8%, up slightly from 1.7% in February.



Boosted by fiscal stimulus, China&#8217;s economy was also expected to grow faster than expected with its growth now forecast at 4.9% in 2024 and 4.5% in 2025, up from 4.7% and 4.2% respectively in February.



While weakness in Germany would continue to weigh on the broader euro zone, the bloc&#8217;s growth was projected to pick up from 0.7% this year to 1.5% next year as lower inflation boosts households&#8217; purchasing power and paves the way for rate cuts. The OECD had previously forecast euro zone growth of 0.6% this year and 1.3% in 2025.



Britain&#8217;s outlook was one of the few to be downgraded with the OECD now forecasting only 0.4% this year compared with 0.7% previously. As interest rates start coming lower from the third quarter of this year, UK growth was seen picking up to 1% in 2025, compared with 1.2% expected in February.



Meanwhile, in Japan, income gains, easy monetary policy and temporary tax cuts would help its growth rate to accelerate from 0.5% in 2024 to 1.1% in 2025, compared with forecasts of 1% for both years previously, the OECD said.



(Reporting by Leigh Thomas; editing by Philippa Fletcher)

People cross the intersection of SW 8th Steet and Brickell Ave. at the Brickell neighborhood, known as the financial district, in Miami

OECD upgrades global growth outlook as U.S. outperforms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-820x547.jpg" alt="" class="wp-image-413663" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A gas station attendant pumps fuel into a customer&#8217;s car at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020. REUTERS/Afolabi Sotunde</figcaption></figure>



LAGOS, April 30 (Reuters)&nbsp;&#8211;&nbsp;Gasoline shortages persisted in Nigeria&#8217;s major cities on Tuesday, causing a sharp increase in prices and exacerbating the country&#8217;s cost-of-living crisis.



Prices in some retail outlets in Lagos and Abuja rose above 850 naira, while those outside major cities, such as Kano, soared above 1000 naira, though the government-owned oil firm, NNPC Ltd, which imports the products sells at an average price of 617 naira.



President Bola Tinubu&#8217;s government last year removed subsidies and allowed private firms to import but foreign currency shortages and a cap on the price of petrol have meant NNPC remains the sole importer.



An NNPC spokesperson said that some outlets were taking advantage of this situation to maximise profits.



Gasoline is widely used in cars and to power generators for households and small businesses and the current shortage is weighing on the economy, which is already struggling with the highest inflation rate in 28 years.



Many commuters were left stranded waiting for buses that were stuck in long queues at various retail stations.



Analysts say the price of basic food items would see a sharp increase if shortages persist. This will add to frustrations after the government raised electricity tariffs for some consumers.



&#8220;You have the money for transport but no bus, you have the money for to buy fuel but there is scarcity. No light (electricity), heat everywhere, and high costs of goods. What did we do to deserve our leaders,&#8221; someone posted on the X platform.



The NNPC has attributed the shortages to logistical challenges, assuring customers that it has more than 1.5 billion litres of petrol, which was enough to last at least 30 days. But it is in debt and is unable to produce enough crude for its refineries.



(Reporting by Isaac Anyaogu, Editing by Louise Heavens)

V5IRAFHMYRPRVBHQAI5QG5X7UQ

Nigerian gasoline prices soar as shortages worsen cost of living crisis

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3956" height="2632" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/VQAZCQXPCFMLTANSLSXV7JVCKA.avif" alt="" class="wp-image-481603"/><figcaption class="wp-element-caption">A man poses with a handful of Zimbabwean dollars at a bank in central Harare, June 15, 2015. Zimbabweans began exchanging old notes of local dollars for U.S. dollars, as President Robert Mugabe&#8217;s government seeks to officially bury the worthless currency. REUTERS/Philimon Bulawayo/FILE PHOTO</figcaption></figure>



HARARE, April 30 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s new gold-backed currency came into general circulation on Tuesday amid promises by monetary authorities to keep the money supply in check as they struggle to contain inflation.



The southern African country dumped the Zimdollar earlier this month after it lost more than 70% of its value against the U.S. dollar.



The new currency, the Zimbabwe Gold (ZiG), is backed by gold, other precious minerals and the U.S. dollar. It was trading on Tuesday at 13.4 to the dollar, little changed from previous levels on the formal market.



Long queues formed outside banks and at Automated Teller Machines (ATMs) while others used the new currency to buy goods in supermarkets.



While some Zimbabweans have expressed mistrust over the new currency, others such as Melda Mudavanhu, a 50-year-old civil servant, remain optimistic.



&#8220;If we support the currency, since it&#8217;s the first one of its kind, this currency will succeed. Getting rid of the money changers is also welcome because they were a menace,&#8221; Mudavanhu said.



Ahead of the ZiG&#8217;s introduction, authorities moved to arrest illegal foreign currency dealers, accusing them of charging a premium on the ZiG against the greenback.



The Reserve Bank of Zimbabwe on Monday set ZiG 3,000 as a daily withdrawal limit for individuals as it tries to contain the money supply.



A total of ZiG 80 million is currently on the market, according to the central bank.



The central bank&#8217;s Monetary Policy Committee pledged on Monday to support a tight monetary policy stance.



The ZiG, Zimbabwe&#8217;s fourth attempt at currency reform in a decade, has remained stable on the formal market since its introduction.



(Reporting by Nyasha Chingono, Editing by Bhargav Acharya and Gareth Jones)

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