<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-820x547.jpg" alt="" class="wp-image-417697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>The seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022. (Photo by Stefani Reynolds / AFP) (Photo by STEFANI REYNOLDS/AFP via Getty Images)</figcaption></figure>



LUSAKA, Sept 7 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund (IMF) does not anticipate any relief for Zambia after the end of a 2022-2025 debt programme, its mission chief Allison Holland said at a briefing on Wednesday.



<a href="https://www.cnbcafrica.com/2022/imf-zambia-to-seek-8-4-bln-debt-relief-for-2022-25/">Zambia is seeking $8.4 billion of debt relief from 2022 to 2025</a>, the IMF said on Tuesday in a report on the first African country to default on its debt in the pandemic era. <a href="https://www.reutersconnect.com/all?search=all%3AL8N30D3SE&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Zambia is struggling with debt that reached 120% of its GDP and its debt restructuring is seen as a test case for the Group of 20 leading economies Common Framework process, which has been criticised for delays.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30734Z&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We don&#8217;t anticipate any relief for Zambia post-programme,&#8221; Holland said in an online media briefing.



&#8220;We expect the debt relief to be provided now will be sufficient to meet the need &#8230; of the goals that we have outlined,&#8221; she said.



Holland said Zambian authorities outlined a goal to have a memorandum of understanding with the official creditor committee by the end of 2022.



&#8220;The memorandum of understanding will be a joint agreement and Zambia will have to reach specific bilateral agreements with all the bilateral creditors to operationalise it,&#8221; she said.



&#8220;The targets that we have set for the debt relief encompass the whole of Zambia’s debt,&#8221; Holland said.



Separately, Finance Permanent Secretary Mukuli Chikuba told reporters Zambia would have needed to pay 70 billion Zambian Kwachas ($4.53 billion) in debt servicing this year out of an available 100 billion kwacha.



The debt service payment for 2023 was estimated slightly lower at 62 billion kwacha, he said.



&#8220;This is the amount of money that we need to restructure of the $14.6 billion,&#8221; Chikuba said, referring to the central government external debt, including guarantees.



The debt restructuring would take the form of haircuts, extended maturity periods and interest adjustments, Chikuba said.



($1 = 15.4632 Zambian kwachas)



(Additional reporting by Anait Miridzhanian; Writing by Nellie Peyton; Editing by James Macharia Chege and Jane Merriman)

US-ECONOMY-FINANCE-IMF-WORLD BANK

IMF anticipates no further relief needed for Zambia post-debt programme

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1257380436-820x547.jpeg" alt="" class="wp-image-407132" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1257380436-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1257380436-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1257380436-120x80.jpeg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1257380436-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1257380436-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1257380436-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>African woman wearing protective face mask buying grocery at a supermarket. Female customer shopping at a local grocery store.</figcaption></figure>



Sept 7 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s business confidence slipped in the third quarter as sentiment among building contractors deteriorated due to shortages of some materials, load-shedding and planning delays, a survey showed on Wednesday.



A survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index (BCI) slipped to 39 points in the third quarter, from 42 points in the previous three months.



&#8220;While on the face of it this is a disappointing outcome, the underlying picture is not as bad as the lower BCI implies,&#8221; according to the survey of about 1,200 senior executives at companies across the country.



South African business confidence has been stuck in the low 40s since mid-2021 due a string of shocks ranging from labour strikes to war and floods.



It is unlikely the fall in the BCI points to another outright contraction in real GDP, the survey said, as confidence among retailers and wholesalers remains above the long-term averages and signals solid consumer spending.



&#8220;None of this is to say the economy will experience strong growth in the year ahead; external headwinds are mounting, interest rates will continue to rise while the danger of summer power outages is ever present,&#8221; said Ettienne le Roux, chief economist at RMB.



(Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri)

Female customer with face mask shopping at a grocery store

South Africa’s business confidence dips in third quarter – survey

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="614" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1288637369-820x614.jpg" alt="" class="wp-image-417600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1288637369-820x614.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1288637369-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1288637369-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1288637369-768x575.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1288637369-1536x1150.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1288637369-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>The United States two-dollar bill ($2) is a current denomination of United States currency. A portrait of Thomas Jefferson, the third President of the United States (1801–09), is featured on the obverse of the note. The reverse features an engraving of the painting Declaration of Independence by John Trumbull. photographed by Peter Dazeley Nov 2020 in his studio in London UK</figcaption></figure>



JOHANNESBURG/BENGALURU, Sept 7 (Reuters)&nbsp;&#8211;&nbsp;Emerging market currencies will find it difficult to reclaim ground lost this year as relentless Federal Reserve rate hikes and safe-haven demand keep the dollar ascendant, a Reuters poll of currency strategists found.



A stampede into the greenback pushed the wider index of emerging market currencies&nbsp;.MIEM00000CUS&nbsp;to its lowest in two years on Tuesday amid growing worries of global recession.



The Sept. 1-6 Reuters survey of currency strategists showed more of the same trouble ahead. Almost all beaten-down EM currencies were expected to weaken or at best cling to a range over the next three months.



&#8220;EMFX will continue to go through a period of elevated volatility until the USD reaches a climax,&#8221; noted Phoenix Kalen, director of emerging markets strategy at Societe Generale.



&#8220;Not only has the market over the past month reverted back to pricing in a more aggressive pace of FOMC rate hikes, but the underlying context of global growth has continued to deteriorate &#8230; and downside China surprises add to the myriad challenges facing EM FX.&#8221;



During past U.S. tightening cycles emerging market central banks usually tried to match or better the pace of the Fed but this time they have failed to keep up.



This has put pressure on EM currencies, driving India&#8217;s rupee&nbsp;INR=IN&nbsp;and Philippine&#8217;s peso&nbsp;PHP=&nbsp;to record lows.&nbsp;INR/POLL



Nearly three-quarters of analysts, 41 of 56, who answered an additional question said EM currencies would fall against the dollar in the next three months, including six who said they would fall significantly.



FX analysts also warned that the Chinese yuan&nbsp;CNY=, which is down about 9% this year, is affecting emerging market counterparts more than ever before and may have a profound effect on their performance over the coming year.



&#8220;The Fed is not going to be the only factor keeping the dollar strong. EMFX remains undermined by renminbi weakness,&#8221; said Francesco Pesole, FX strategist at ING.



&#8220;Unless China presents some sizable fiscal stimulus or abandons its zero COVID strategy, EMFX will continue to trade poorly.&#8221;



While the Reuters poll median for China&#8217;s yuan suggests the currency would strengthen, Mitul Kotecha at TD Securities said there are growing signs, including from recent yuan fixings, that the People&#8217;s Bank of China is uncomfortable with the pace of CNY depreciation.



&#8220;The authorities will favour some depreciation to support exports but will remain wary of a rapid decline in the currency as reflected in recent PBOC push back. We expect such resistance to be maintained, especially ahead of the Communist Party Congress in mid-October,&#8221; added Kotecha.



South Africa&#8217;s rand&nbsp;ZAR=D3&nbsp;meanwhile has taken on a more favourable outlook in comparison to other EM currencies. The high-yielding rand was expected to erase most of its losses made so far this year, gaining about 6.0% to 16.30/$ in a year.



Turkey&#8217;s lira&nbsp;TRY=&nbsp;is down nearly 26% this year, in addition to the 44% it lost last year, as Turkey&#8217;s central bank slashed interest rates even as inflation was soaring. Inflation exceed 80% in August.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30C0Z0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The worst-performing emerging market currency this year, the lira was set to fall about 16% to 21.66 per dollar in the next 12 months.



Russia&#8217;s rouble&nbsp;RUB=, which was propped up by capital controls and had artificially risen to become the world&#8217;s best-performing currency so far this year, is expected to weaken more than 15% to 71.00/$ in a year.



(For other stories from the September Reuters foreign exchange poll:&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N30D19C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>)



Reuters Poll &#8211; Emerging market currency outlook<a href="https://tmsnrt.rs/3TL8uLx">https://tmsnrt.rs/3TL8uLx</a>



(Reporting by Vuyani Ndaba in JOHANNESBURG and Vivek Mishra in BENGALURU; Polling by Anant Chandak, Arsh Mogre and Devayani Sathyan; Editing by Ross Finley and Nick Zieminski)

Several two US dollar bill sitting in a pile

Worst not over for EM currencies as U.S. dollar thunders 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/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg" alt="" class="wp-image-414305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



LONDON, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;Zambia is seeking $8.4 billion of&nbsp;debt relief from&nbsp;2022 to 2025, the International Monetary Fund said on Tuesday in a report on the first African nation to default on its debt in the pandemic era.



Zambia needs to bring down its debt service-to-revenue ratio to 14% by 2025 and then maintain that level on average until 2031, compared to 61% now, the IMF said.&nbsp;The report will form the basis of negotiations to restructure Zambia&#8217;s debts following its 2020 default.



Last week, the IMF approved a $1.3 billion, three-year loan to Zambia, whose debt restructuring is seen as a test case for the Group of 20 leading economies Common Framework process, which has been criticised for delays.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30734Z&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The fund said there were &#8220;sufficient assurances&#8221;&nbsp;from creditors and the government to&nbsp;bring its debt,&nbsp;which the IMF said reached 133% of GDP at the end of 2021,&nbsp;to a sustainable level.



Campaign group Debt Justice estimated that $8.4 billion of debt relief for 2022 to 2025 would represent 90% of scheduled payments to external creditors. It called for the debt to be cancelled permanently rather than rescheduled for payment in the 2030s.



TheIMF projected that Zambia&#8217;s debt-to-GDP ratio would fall to&nbsp;104.7% by&nbsp;2025, with&nbsp;annual growth&nbsp;expected to average around 4.5% until&nbsp;2031.&nbsp;A budget surplus of 3.2% is targeted for 2025, compared to a 6% deficit last year.



&#8220;I expected a larger adjustment over the (three year) period of the IMF (programme),&#8221; Kevin Daly of Abrdn, who chairs a committee of holders of Zambia&#8217;s $3 billion of Eurobonds, said by email, referring to the debt forecasts.



But, he added: &#8220;There are no big surprises.&#8221;



Zambia&#8217;s external debt reached $20 billion at the end of 2021, the IMF said, or $16.8 billion after removing foreign holdings of local currency debt.



Restructuring local currency debt is off the table, the report said, as it could mean local banks needing bailouts.



Zambia had $1.3 billion of arrears to bilateral creditors at the end of 2021, the report said.



Zambia must now negotiate the specifics of&nbsp;debt relief with&nbsp;each of its many creditors.



(Reporting by Rachel Savage and Marc Jones; Additional Reporting by David Lawder in Washington, Chris Mfula in Lusaka and Anait Miridzhanian in Johannesburg; Editing by Estelle Shirbon, Angus MacSwan and Deepa Babington)

BE2FA7DW6VJP3AYQ5S5CUCMQO4

IMF: Zambia to seek $8.4 bln debt relief for 2022-25

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/74HKXN4YGJNTXLGUEOUE6H5HXI-2-820x559.jpg" alt="" class="wp-image-419656" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/74HKXN4YGJNTXLGUEOUE6H5HXI-2-820x559.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/74HKXN4YGJNTXLGUEOUE6H5HXI-2-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/74HKXN4YGJNTXLGUEOUE6H5HXI-2-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/74HKXN4YGJNTXLGUEOUE6H5HXI-2-768x524.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/74HKXN4YGJNTXLGUEOUE6H5HXI-2-1536x1047.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/74HKXN4YGJNTXLGUEOUE6H5HXI-2.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>People work at &#8221;The Faktory&#8221;, a fashion design and clothing manufacturing company in Johannesburg, South Africa, March 4, 2021. REUTERS/Siphiwe Sibeko</figcaption></figure>



PRETORIA, Sept 6 (Reuters) – South Africa’s economy contracted back to pre-pandemic size in the second quarter, weakened by floods that disrupted operations at a key export hub and the country’s worst-ever power cuts, data from the statistics agency showed.



The contraction will provide renewed concerns for South African President Cyril Ramaphosa, who has been under pressure to lift the growth rate.



Gross domestic product (GDP) contracted 0.7% in the second quarter in quarter-on-quarter, seasonally adjusted and non-annualised terms, data showed on Tuesday.



GDP grew 0.2% year-on-year unadjusted in the second quarter, Statistics South Africa said.



Economists had predicted 0.8% quarter-on-quarter contraction and 0.6% year-on-year growth.



The size of the economy was cut to 1.142 trillion rand ($67 billion), back to pre-pandemic levels in the fourth quarter of 2019 at 1.148 trillion.



Ramaphosa promised sweeping reforms after he took office in 2018, but COVID and persistent electricity cuts have constrained activity. The situation was further worsened by the floods.



The floods caused extensive damage to roads leading to Durban port, one of the busiest shipping terminals in Africa. Faulty power stations and labour protests at state utility Eskom led to severe power cuts.



“In the form of power outages and load shedding as well as floods, we can see that these factors do make a contribution,” said Risenga Maluleke, Statistician-General of Stats SA, explaining the decline in growth.



High input costs, such as fuel and fertilisers, worsened the drop in quarterly GDP numbers, he added.



The most heavily impacted industry was agriculture which shrunk by 7.7% in the quarter, followed by manufacturing, which contracted by 5.9%, the data showed.



In total seven industries contracted in the second quarter including, including trade, catering and accommodation which contracted 1.5% and mining and quarrying contracted 3.5%. Construction was down 2.4%, data showed.



($1 = 17.1296 rand) (Additional reporting by Bhargav Acharya Editing by James Macharia Chege and Raissa Kasolowsky)

74HKXN4YGJNTXLGUEOUE6H5HXI-2

South Africa’s economy dips back to pre-pandemic size in Q2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1232017569-820x547.jpg" alt="" class="wp-image-419652" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1232017569-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1232017569-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1232017569-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1232017569-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1232017569-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1232017569-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Branded booths retailing mobile phones and telecoms items inside Awolowo glass house in Lagos, Nigeria, on Monday, March 29, 2021. Nigerians are having to contend with the highest inflation rate in four years, the second-highest unemployment rate on a list of 82 countries tracked by Bloomberg, and an economy thats only just emerged from recession. Photographer: Adetona Omokanye/Bloomberg via Getty Images</figcaption></figure>



ABUJA, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria has suspended plans to add a 5% excise duty on telecommunications services, saying the sector is already overburdened with taxes.



The move comes despite the need for new revenue streams in a country facing rising debt servicing costs, crushing fuel subsidies and a plunge in oil exports due to underinvestment and industrial-scale theft.



Isa Pantami, communications and digital economy minister, said in a statement that the potential tax could &#8220;impact very negatively&#8221; on the digital economy and was on hold until a committee could review it.



The statement said the sector already faced 41 different categories of tax, some of them duplications from multiple tiers of government.



Experts say Nigeria is not generating enough revenue despite growing spending, which is forcing the nation to continue borrowing to repay debt.



Nigeria spent $4.7 billion in the first four months of the year to service its debt, a higher figure than public revenue, and expects to spend 6.31 trillion naira ($15.1 billion) on servicing domestic and foreign debt next year.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2ZL674&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting By Felix Onuah; Writing by Libby George; Editing by Jan Harvey)

Tech Retail At Nigeria’s Ikeja Computer Village Market

Nigeria suspends plan for 5% tax on telecoms despite revenue crunch

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/ZGPJZZEXRJN53GYUBLKQZV43IA-820x543.jpg" alt="" class="wp-image-419647" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/ZGPJZZEXRJN53GYUBLKQZV43IA-820x543.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/ZGPJZZEXRJN53GYUBLKQZV43IA-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/ZGPJZZEXRJN53GYUBLKQZV43IA-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/ZGPJZZEXRJN53GYUBLKQZV43IA-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/ZGPJZZEXRJN53GYUBLKQZV43IA-1536x1017.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/ZGPJZZEXRJN53GYUBLKQZV43IA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: A man wearing a protective face mask walks outside a Shoprite store in Abuja, Nigeria August 3, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



JOHANNESBURG, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s biggest grocer Shoprite Holdings&nbsp;SHPJ.J&nbsp;reported a 10.3% increase in annual profit on Tuesday as shoppers flocked to discount store chains for everything from groceries to household supplies in the face of higher inflation.



Shoprite&#8217;s more affluent customers, who have largely shrugged off the impact of inflation, also boosted profit and sales at its upmarket Checkers supermarket chain, which also offers on-demand grocery delivery.



Shoprite, with more than 2,900 stores in 11 African countries, said headline earnings per share, the main profit measure in South Africa, rose to 1,055 cents in the 52 weeks to July 3, up from 956.3 cents in the prior year.



Shoprite managed to chalk up group sales growth of 184.1 billion rand ($10.75 billion), up 9.6% as its core South African supermarkets business grew sales by 10.1%, despite the impact of civil unrest last year that damaged its 231 stores.



Within this unit, its discount namesake Shoprite and Usave supermarket businesses, which together make up 52.8% of Supermarkets South Africa sales, increased sales by 7.2%, while its Checkers supermarket business, which makes up 39.8% of revenue, increased sales by 9.1%.



The retailer had more shoppers at its stores in the financial year, with visits up by 5% and average basket spend increased by 4.9%. Internal selling price inflation was kept below the country&#8217;s inflation, measuring at 3.9% for the group, it said.



($1 = 17.1328 rand)



(Reporting by Nqobile Dludla; Editing by Tom Hogue and Louise Heavens)

FILE PHOTO: Man wearing a protective face mask walks outside a Shoprite store in Abuja

Shoprite’s annual profit rises as inflation-hit South Africans drive demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="595" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TZBX2X5RMROOXLPSZOAAV7JOSQ-820x595.jpg" alt="" class="wp-image-419643" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TZBX2X5RMROOXLPSZOAAV7JOSQ-820x595.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TZBX2X5RMROOXLPSZOAAV7JOSQ-300x218.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TZBX2X5RMROOXLPSZOAAV7JOSQ-124x90.jpg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TZBX2X5RMROOXLPSZOAAV7JOSQ-768x557.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TZBX2X5RMROOXLPSZOAAV7JOSQ-1536x1114.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TZBX2X5RMROOXLPSZOAAV7JOSQ.jpg 1733w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Angola&#8217;s president and leader of the ruling MPLA Joao Lourenco looks on as he leaves after a meeting at the party&#8217;s headquarters in the capital Luanda, Angola August 26, 2022. REUTERS/Siphiwe Sibeko</figcaption></figure>



Sept 5 (Reuters)&nbsp;&#8211;&nbsp;Angola&#8217;s constitutional court rejected on Monday&nbsp;an opposition party claim seeking&nbsp;to annul general election results&nbsp;which handed the victory to&nbsp;the ruling MPLA.



The National Union for the Total Independence of Angola (UNITA) filed the complaint&nbsp;after the country&#8217;s electoral commission last week declared the People&#8217;s Movement for the Liberation of Angola (MPLA) the winner of the national election.



The court&nbsp;ruled that&nbsp;UNITA&#8217;s complaint did not meet the requirements to allow the&nbsp;legal body&nbsp;to&nbsp;annul&nbsp;the results.



UNITA used a procedure reserved for situations in which&nbsp;&#8220;there are no other means intended to safeguard the useful effect of the alleged rights,&#8221;&nbsp;and therefore the claim was dismissed,&nbsp;the judges said.



The electoral commission&#8217;s results last week gave the MPLA 51.17% of the votes and UNITA 43.95%.



According to UNITA&#8217;s parallel count,&nbsp;it got 49.5% of the vote and the MPLA 48.2%, UNITA&nbsp;President Adalberto Costa Junior said at a press conference on Monday.



&#8220;The data collected by the UNITA (parallel) counting &#8230; reveal huge and unacceptable differences from those published by the CNE (electoral commission),&#8221; Costa Junior said. The discrepancies indicate wilful manipulation of the results,&nbsp;he added.



Costa Junior&nbsp;also said 347,436 votes were &#8220;subtracted&#8221; from UNITA in 15 provincial constituencies, while 185,825 votes were &#8220;added&#8221; to the MPLA in 16 provincial constituencies.



(Reporting by Catarina Demony and Sergio Goncalves; Writing by Anait Miridzhanian in Johannesburg; Editing by Richard Chang)

Angolan election draws low voter turnout as ruling party on course to win

Angolan court rejects opposition claim to annul election result

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/SO2M3UJ3TRJ5HMUCD5UPH7R2V4-820x547.jpg" alt="" class="wp-image-419614" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/SO2M3UJ3TRJ5HMUCD5UPH7R2V4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/SO2M3UJ3TRJ5HMUCD5UPH7R2V4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/SO2M3UJ3TRJ5HMUCD5UPH7R2V4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/SO2M3UJ3TRJ5HMUCD5UPH7R2V4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/SO2M3UJ3TRJ5HMUCD5UPH7R2V4-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/SO2M3UJ3TRJ5HMUCD5UPH7R2V4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Kenya&#8217;s Supreme Court Chief Justice Martha Koome presides to deliver the ruling on a petition seeking to invalidate the outcome of the recent presidential election, at the Supreme Court in Nairobi, Kenya September 5, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Supreme Court on Monday unanimously upheld William Ruto&#8217;s presidential win in a scathing judgment that blasted opposition leader Raila Odinga&#8217;s accusations of cheating.



Soon after, Odinga tweeted that he would respect the ruling even though he disagreed with it, easing fears that Kenya would see any repeat of the violence that followed disputed votes in 2007 and 2017.



Several public figures and anti-corruption campaigners &#8211; including some who had backed Odinga &#8211; welcomed the judgment, saying it bolstered the court&#8217;s reputation for independence.



&#8220;This decision is good for the judiciary. This election result is bad for Kenya. Two things can be true at the same time,&#8221;&nbsp;tweeted&nbsp;author Nanjala Nyabola,&nbsp;who had not backed either candidate.



There were no immediate signs of protest in Odinga&#8217;s stronghold of Kisumu city or the low-income neighbourhoods of Nairobi that traditionally support the left-wing politician.



“There is nothing we can do, the judgment has been made,” Geoffrey Omondi, a 33-year-old electrical engineer who supported Odinga, said.



Ruto&#8217;s jubilant supporters danced and waved flags in his party colours of yellow and green.



East Africa&#8217;s most wealthy and influential nation had been on tenterhooks since the Aug. 9 elections, which pitted Ruto &#8211; a former chicken seller &#8211; against two of nation&#8217;s two most powerful political families.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZR0H1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Similar accusations of cheating triggered deadly election violence, often with ethnic undertones, during the two previous polls.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZS0HB&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading" id="h-scathing-judgement">SCATHING JUDGEMENT</h2>



Chief Justice Martha Koome, who heads the seven-member Supreme Court,&nbsp;left no ambiguity about the court&#8217;s position on key arguments brought by Odinga&#8217;s team and other complainants.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZY09L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



She&nbsp;dismissed&nbsp;some affidavits&nbsp;alleging that polling stations results forms had been tampered with as &#8220;double hearsay&#8221;&nbsp;&#8211; and one&nbsp;as &#8220;no more than hot air &#8230; a wild goose chase&#8221;.



&#8220;Some of the (computer) logs presented as evidence &#8230; were either from logs arising from the 2017 election or were outright forgeries,&#8221; she said.



Koome raised the possibility of perjury, noting that two people who filed affidavits allegedly on behalf of polling stations agents had not spoken to the agents.



&#8220;Swearing to falsehoods is a criminal offence,&#8221; she said.



She also called for reforms at the Independent Electoral and Boundaries Commission, saying that a &#8220;boardroom rupture&#8221; between the commissioners had undermined public confidence.



Four of the seven election commissioners&nbsp;had disowned&nbsp;Ruto&#8217;s win minutes before it was formally announced, saying the tallying process was opaque. But the dissenting commissioners had previously participated in the tallying without raising any concerns, Koome said.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZR0DS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



“We uphold the Supreme Court decision,” dissenting commissioner Juliana Cherera told Reuters.



<h2 class="wp-block-heading">PERSONAL POLITICS</h2>



The history between Odinga, Ruto and outgoing President Uhuru Kenyatta underscores the tangled ties&nbsp;between elite&nbsp;families and the primacy of personality over politics.



Ruto was Kenyatta&#8217;s vice president, but the two fell out and Kenyatta backed Odinga in the vote.



In a speech after the judgment, Ruto poked gentle fun at his predecessor and former ally, saying: &#8220;I&#8217;ve not yet spoken to my &#8230; friend Uhuru Kenyatta.&#8221;



Ripples of laughter spread through the audience before Ruto dissolved into uncontrollable chuckles at the podium.



Later he promised to respect both Kenyatta and Odinga, and said he would stop law enforcement mounting any politically-motivated corruption investigations &#8211; something he accused Kenyatta&#8217;s government of doing.



Ruto said he would not recruit Odinga to serve in his government, saying that the country needed a functioning opposition and such alliances created a &#8220;mongrel of a government.&#8221;



Kenyatta is the son of the country&#8217;s first president and Odinga the son of the first vice president.



Ruto, now a wealthy businessman, portrayed himself as an underdog battling the elite &#8211; a message resonating with chronically underemployed youth and families squeezed by global inflation and rampant graft.



Ruto will be sworn in on Sept. 13.



(Additional reporting by James Macharia Chege, Humphrey Malalo, Aaron Ross and Ayenat Mersie; Editing by William Maclean and Andrew Heavens)

Kenya’s top court to deliver verdict on disputed presidential election

Kenya’s Supreme Court upholds Ruto’s presidential victory

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/STRULQBI4JKBVD3GX4E7YMFKJU-820x555.jpg" alt="" class="wp-image-419590" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/STRULQBI4JKBVD3GX4E7YMFKJU-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/STRULQBI4JKBVD3GX4E7YMFKJU-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/STRULQBI4JKBVD3GX4E7YMFKJU-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/STRULQBI4JKBVD3GX4E7YMFKJU-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/STRULQBI4JKBVD3GX4E7YMFKJU-1536x1040.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/STRULQBI4JKBVD3GX4E7YMFKJU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: The logo of Itochu Corp is seen outside the company&#8217;s headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai</figcaption></figure>



Sept 2 (Reuters)&nbsp;&#8211;&nbsp;South African petrochemical firm Sasol&nbsp;SOLJ.J&nbsp;on Friday said it was partnering with Japan&#8217;s Itochu Corp&nbsp;8001.T&nbsp;to explore the development of green hydrogen and green ammonia projects for shipping fuel and power generation.



Sasol is currently the world&#8217;s biggest producer of fuel products and chemicals from coal, but is transitioning away from the fossil fuel as part of its decarbonisation plan.



Green hydrogen, produced from splitting water into hydrogen and oxygen using renewable energy sources such as solar and wind, has been touted as a key carbon-free energy source for power generation, shipping fuel and fertilizer manufacturing.



Sasol said green ammonia, produced from green hydrogen, is also a key enabler of net-zero fertilizer manufacturing, and can be used as a zero-carbon bunkering fuel in the marine sector and for co-firing in thermal power generation.



&#8220;Green ammonia is an excellent energy carrier, especially over long-distances, and can be easily transported,&#8221; it added. &#8220;The product can also be &#8216;cracked&#8217; back to hydrogen gas for further applications.&#8221;



The two firms signed a memorandum of understanding during the Tokyo International Conference on African Development (TICAD 8) held in Tunisia on Aug. 27 and 28, Sasol said in a statement.



&#8220;This marks yet another milestone in our ambition to lead the energy transition in South Africa through decarbonisation, while stimulating industrial development,&#8221; said Priscillah Mabelane, Sasol&#8217;s executive vice president for energy.



Japanese conglomerate Itochu has been exploring the development of green hydrogen as a fuel in the marine sector and for power generation, Sasol said.



(Reporting by Nelson Banya; Editing by Jan Harvey)

Logo of Itochu Corp is seen outside the company’s headquarters in Tokyo

Sasol partners with Japan’s Itochu for green hydrogen projects

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/S4EPQ3FWGNJSFG3VAJYBEJNWJU-820x547.jpg" alt="" class="wp-image-419585" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/S4EPQ3FWGNJSFG3VAJYBEJNWJU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/S4EPQ3FWGNJSFG3VAJYBEJNWJU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/S4EPQ3FWGNJSFG3VAJYBEJNWJU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/S4EPQ3FWGNJSFG3VAJYBEJNWJU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/S4EPQ3FWGNJSFG3VAJYBEJNWJU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/S4EPQ3FWGNJSFG3VAJYBEJNWJU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: U.S. President Joe Biden talks with South Africa&#8217;s President Cyril Ramaphosa as they arrive for a working session during G7 summit in Carbis Bay, Cornwall, Britain, June 12, 2021. Leon Neal/Pool via REUTERS</figcaption></figure>



Sept 1 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden and his South African counterpart Cyril Ramaphosa will hold talks at the White House on Sept. 16 to discuss trade, investment, climate and energy, the White House said on Thursday.



&#8220;The two Presidents will reaffirm the importance of our enduring partnership, and discuss our work together to address regional and global challenges,&#8221; press secretary Karine Jean-Pierre said in a statement.



This is a developing story&#8230;



(Reporting by Costas Pitas in Los Angeles; Editing by Eric Beech)

G7 summit in Cornwall

Biden and Ramaphosa to hold talks at White House on Sept. 16

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TYWU56NWYRIT7KZ4URYKHKJL24-820x536.jpg" alt="" class="wp-image-419575" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TYWU56NWYRIT7KZ4URYKHKJL24-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TYWU56NWYRIT7KZ4URYKHKJL24-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TYWU56NWYRIT7KZ4URYKHKJL24-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TYWU56NWYRIT7KZ4URYKHKJL24-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/TYWU56NWYRIT7KZ4URYKHKJL24.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A truck loaded with coal drives off at Canyon Coal&#8217;s Khanye colliery near Bronkhorstspruit, around 90 kilometres north-east of Johannesburg, South Africa, April 26, 2022.Picture taken April 26,2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 1 (Reuters)&nbsp;&#8211;&nbsp;About 80% of the billions of dollars pledged by rich nations for South Africa&#8217;s shift away from coal will be loans, not grants, and some may be hard to unlock due to national rules protecting domestic jobs, an official familiar with the matter said.



Last year the United States, European Union, Britain, France and Germany committed to investing $8.5 billion over three to five years to help South Africa reduce its carbon emissions, which are among the world&#8217;s highest because it depends on coal for 80% of its electricity.



The plan is meant to help the country shut down polluting smokestacks and coal mines and re-purpose their locations for solar panels and wind farms &#8211; and eventually electric vehicle and green hydrogen production.



This would create jobs that will help compensate for hundreds of thousands that would be lost in the coal sector.



If successful, it could be a model for other coal-dependent emerging economies in the global fight against climate change.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2SG3VB&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



South Africa requested mainly grants, but international partners are instead mostly offering loans at below market rates. Only less than a fifth would be handouts, usually for technical support, the person familiar with the matter told Reuters.



The person, who spoke on condition of anonymity because the discussions were confidential ahead of a November deadline to close the deal, said South Africa&#8217;s status as middle income country limited its access to grants, noting that lending rates have yet to be decided.



The 80% figure, which may still change as talks continue, has not been reported, but there had been reports about international partners willing to offer mostly loans to South Africa.



Financial guarantees for private investors willing to back agreed projects, are also part of the offer.



The European Commission and the British government, among the main architects of the scheme, did not comment on the matter.



<h2 class="wp-block-heading" id="h-procurement-hurdle">PROCUREMENT HURDLE</h2>



It also may be hard to free up funds from multilateral institutions included in the pledge owing to South Africa&#8217;s procurement rules, which protect local firms and workers, the source said.



That raises concerns about $1 billion commitment from the European Investment Bank (EIB), the EU&#8217;s financial arm.



The EIB can fund projects only with limited preference for local content in tenders, likely putting it at odds with South Africa&#8217;s rules, the person said.



The bank had no official comment, but an EIB official said talks on its more than 10% share of the funding plan were at an &#8220;early stage,&#8221; despite the agreed November deadline.



As talks continue, South Africa has not finalised its list of projects eligible for foreign funds. It has also yet to specify the total cost for greening its energy system &#8211; one estimate by academics puts it at $250 billion &#8211; the source and a second official said.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2XI1B1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The investment plan, with an estimate of long-term costs, is meant to be agreed with partners at the United Nations&#8217; annual climate conference in Egypt in early November.



&#8220;Our work is progressing according to the previously indicated time frames,&#8221; said former central bank governor Daniel Mminele, who chairs the investment plan&#8217;s task force, declining to give further details.



(Reporting by Francesco GuarascioEditing by Tim Cocks and Tomasz Janowski)

TYWU56NWYRIT7KZ4URYKHKJL24

Rich nations to fund 80% of South Africa’s climate plan with loans, some hard to unlock

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/L4XI442QZROTHBSR3AG4SQUT3M.jpg" alt="" class="wp-image-419570" width="728" height="459" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/L4XI442QZROTHBSR3AG4SQUT3M.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/L4XI442QZROTHBSR3AG4SQUT3M-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/L4XI442QZROTHBSR3AG4SQUT3M-143x90.jpg 143w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption>A man talks on his mobile phone in front of a Walmart store in Sao Paulo, Brazil, February 16, 2016. REUTERS/Nacho Doce/File Photo</figcaption></figure>



JOHANNESBURG, Sept 1 (Reuters)&nbsp;&#8211;&nbsp;U.S. retail giant Walmart Inc.&nbsp;WMT.N&nbsp;has signed an agreement to begin buying the 47% stake in South African retailer Massmart it does not own, the companies said in a joint statement on Thursday.



Massmart had said on Monday that its majority owner Walmart had offered it 6.4 billion rand ($373 million) to purchase the remaining shares and to delist the company from the Johannesburg Stock Exchange.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3050AJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The offer would allow Walmart to cut costs, invest more capital and turn around Massmart which has been posting losses and losing market share to bigger local rivals.



&#8220;Ordinary shareholders are hereby advised that Massmart and Walmart entered into an implementation agreement on 31 August 2022, in terms of which Walmart indicated its firm intention to make an offer,&#8221; the companies said in the statement.



<h3 class="wp-block-heading" id="h-read-more-walmart-offers-to-buy-south-african-retailer-massmart-in-377-mln-deal">Read more: <a href="https://www.cnbcafrica.com/2022/walmart-offers-to-buy-south-african-retailer-massmart-in-377-mln-deal/">Walmart offers to buy South African retailer Massmart in $377 mln deal</a></h3>



The firm intention essentially means that the company has the cash in hand to go ahead with the purchase and will now seek approval of authorities.



The two boards are of the view the proposed transaction would enable Walmart to continue its &#8220;overweight&#8221; support as a long-term shareholder and allow Massmart shareholders to realise value, they said.



Since buying its stake in 2010, Walmart had tried several strategies to make Massmart a go-to retailer in South Africa but failed to do so due to competition from strong local rivals such as Shoprite&nbsp;SHPJ.J, Woolworths&nbsp;WHLJ.J&nbsp;and Pick N Pay&nbsp;PIKJ.J.



&#8220;The proposed transaction is a strong reaffirmation of Walmart&#8217;s commitment to Massmart and to South Africa,&#8221; the statement said.



Walmart will buy the shares using its cash reserves and has set a tentative date of Dec. 31 to complete the process, it said, adding that more details will be published on Sept 23.



($1 = 17.1678 rand)



(Reporting by Promit Mukherjee; editing by Jason Neely)

L4XI442QZROTHBSR3AG4SQUT3M

Walmart enters deal to buy remaining stake in South Africa’s Massmart

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MEOMJTBKZJPVBJ6KI2P6NR4ZNI-820x492.jpg" alt="" class="wp-image-419566" width="820" height="492" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MEOMJTBKZJPVBJ6KI2P6NR4ZNI-820x492.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MEOMJTBKZJPVBJ6KI2P6NR4ZNI-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MEOMJTBKZJPVBJ6KI2P6NR4ZNI-150x90.jpg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MEOMJTBKZJPVBJ6KI2P6NR4ZNI-768x461.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MEOMJTBKZJPVBJ6KI2P6NR4ZNI.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A general view of an Emirates Airlines&#8217; Boeing 777-300ER aircraft being modified to provide additional cargo capacity with seats removed from the economy class cabin, following the outbreak of the coronavirus disease (COVID-19), in Dubai, United Arab Emirates in this undated picture obtained June 25, 2020. Emirates Airlines/Handout via REUTERS</figcaption></figure>



DUBAI, Sept 1 (Reuters)&nbsp;&#8211;&nbsp;Emirates will resume some flights to Nigeria this month after the Central Bank of Nigeria released a portion funds the Dubai airline had earned in the country but had not been able to repatriate.



An airline spokesperson said flights to Lagos will resume from Sept. 11, though it is not possible to resume flights to Abuja in September because resources had already been stood down.



&#8220;We continue to engage with the Nigerian authorities to ensure the repatriation of our outstanding and future funds may continue without hindrance,&#8221; the spokesperson said, welcoming what it said was the central bank&#8217;s move to release a portion of its blocked funds.



<h3 class="wp-block-heading" id="h-read-more-emirates-to-suspend-nigeria-flights-from-september-over-trapped-funds">Read more: <a href="https://www.cnbcafrica.com/2022/emirates-to-suspend-nigeria-flights-from-september-over-trapped-funds/">Emirates to suspend Nigeria flights from September over trapped funds</a></h3>



The airline did not say how much money had been released or how much remained blocked.



The state-owned carrier last month announced it was suspending all flights to Nigeria from Sept. 1 after it said it had made no progress with local authorities to access its funds.



Nigeria&#8217;s Central Bank later said it had released $265 million to airlines to settle outstanding ticket sales.



The International Air Transport Association (IATA), the largest airline group, had said that by July Nigeria was blocking airlines from repatriating $464 million in revenue.



(Reporting by Alexander Cornwell; Editing by David Goodman)

MEOMJTBKZJPVBJ6KI2P6NR4ZNI

Dubai’s Emirates to resume Lagos flights after Nigeria releases funds

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DLULD7LDGFJCNKWJJUQTBTLYLI-820x547.jpg" alt="" class="wp-image-419555" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DLULD7LDGFJCNKWJJUQTBTLYLI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DLULD7LDGFJCNKWJJUQTBTLYLI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DLULD7LDGFJCNKWJJUQTBTLYLI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DLULD7LDGFJCNKWJJUQTBTLYLI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DLULD7LDGFJCNKWJJUQTBTLYLI.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A World Meteorological Organization (WMO) headquarter is pictured before a news conference to launch state of global climate report at the United Nations in Geneva, Switzerland, May 18, 2022. REUTERS/Denis Balibouse</figcaption></figure>



GENEVA, Aug 31 (Reuters)&nbsp;&#8211;&nbsp;The La Nina weather pattern will last until at least the end of the year, becoming the first time this century it will have spanned three consecutive northern winters, the World Meteorological Organization predicted on Wednesday.



La Nina conditions in the tropical Pacific strengthened as trade winds intensified in mid-July to mid-August, affecting temperatures and precipitation patterns and exacerbating drought and flooding in different parts of the world.



The WMO&#8217;s El Nino/La Nina Update foresaw the current La Nina &#8211; which started in September 2020 &#8211; continuing over the next six months, with a 70% chance in September-November 2022 and decreasing to 55% in December-February 2022-2023.



La Nina refers to the cooling of ocean surface temperatures coupled with winds and rainfall. It usually has the opposite impact on weather and climate as El Nino, which is the warm phase of the so-called El Nino Southern Oscillation (ENSO).&#8221;It is exceptional to have three consecutive years with a La Nina event. Its cooling influence is temporarily slowing the rise in global temperatures – but it will not halt or reverse the long-term warming trend,&#8221; WMO Secretary-General Petteri Taalas said in a statement.



He said the worsening drought in the Horn of Africa and southern South America bore the hallmarks of La Nina, as did above-average rainfall in southeast Asia and Australasia.



&#8220;The new La Nina Update unfortunately confirms regional climate projections that the devastating drought in the Horn of Africa will worsen and affect millions of people,&#8221; he added.



(Reporting by Michael Shields; Editing by Mark Heinrich)

DLULD7LDGFJCNKWJJUQTBTLYLI

WMO forecasts first ‘triple-dip’ La Nina of the century

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="489" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LMLR2LON6FLMXMZMDMQLQSY7U4-820x489.jpg" alt="" class="wp-image-419525" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LMLR2LON6FLMXMZMDMQLQSY7U4-820x489.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LMLR2LON6FLMXMZMDMQLQSY7U4-300x179.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LMLR2LON6FLMXMZMDMQLQSY7U4-151x90.jpg 151w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LMLR2LON6FLMXMZMDMQLQSY7U4-768x458.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LMLR2LON6FLMXMZMDMQLQSY7U4.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Voters stand inside voting booths during the general elections conducted by the Independent Electoral and Boundaries Commission (IEBC) in Kibera slums of Nairobi, Kenya August 9, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Supreme Court on Tuesday laid out eight questions it will answer when it rules on this month&#8217;s disputed presidential election result, including whether the commission&#8217;s website was hacked.



Opposition leader Raila Odinga, who is seeking the presidency for the fifth time, is contesting the result of a tight vote after which the election commission chairman declared Deputy President William Ruto the winner. Four out of the seven commissioners disowned the result.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3050TO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The disagreement has raised fears it could trigger the type of violence that followed disputed polls in 2007 and 2017.



Odinga&#8217;s legal team lodged a case alleging that a team working for Ruto hacked into the election system and replaced genuine pictures of polling station result forms with fake ones, thus increasing Ruto&#8217;s share.



Ruto denied the allegations. The election commission has filed competing responses, with three commissioners supporting the process and four questioning it.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-odinga-says-he-won-election-but-will-respect-court-ruling">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-odinga-says-he-won-election-but-will-respect-court-ruling/">Kenya’s Odinga says he won election, but will respect court ruling</a></h3>



The Supreme Court will also decide if the polling station returns were interfered with and whether the postponement of eight gubernatorial and legislative elections disadvantaged any candidate, said Chief Justice Martha Koome, the president of the seven-member court.



Kenya is a key western ally in an unstable region and it hosts the regional headquarters of many global companies and organisations.



The court, whose decision on presidential election petitions is final, will also consider if there were unexplained disparities in votes cast for presidential and other downballot races like for members of parliament, she said. It will also decide if the tallying of presidential votes met the constitutional standards.



The court will also decide if Ruto attained the constitutional threshold of 50% plus one of the votes cast, Koome said, and whether any irregularities were substantial enough to nullify the poll.



The court will issue its verdict on those questions on Monday.



(Reporting by Duncan Miriri, Editing by Katharine Houreld and Ed Osmond)

LMLR2LON6FLMXMZMDMQLQSY7U4

Kenya’s top court to rule on hacking allegations, votes disparity in election dispute

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CASIAXVAHNJLDK3EQXXOR57VX4-820x429.jpg" alt="" class="wp-image-419519" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CASIAXVAHNJLDK3EQXXOR57VX4-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CASIAXVAHNJLDK3EQXXOR57VX4-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CASIAXVAHNJLDK3EQXXOR57VX4-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CASIAXVAHNJLDK3EQXXOR57VX4-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CASIAXVAHNJLDK3EQXXOR57VX4.jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Adalberto Costa Junior, leader of Angola&#8217;s main opposition party UNITA after casting his vote in Luanda, Angola, August 24, 2022. REUTERS/Lee Bogota/File Photo</figcaption></figure>



LISBON, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;Angola&#8217;s main opposition party has submitted a legal complaint challenging the electoral commission&#8217;s finding that the governing party won last week&#8217;s election, a letter seen by Reuters shows.



In a separate statement on Tuesday, the opposition party, the National Union for the Total Independence of Angola (UNITA), said it would file a complaint that would have the effect of suspending the declaration of results of the vote.



It was not immediately clear whether UNITA&#8217;s letter to the commission, sent on Monday, was the same complaint.



After the most closely fought election since independence from Portugal in 1975, the commission reported on Monday that 51.17% of voters had supported the ex-Marxist People&#8217;s Movement for the Liberation of Angola (MPLA), prolonging its nearly five decades of uninterrupted rule.



<h3 class="wp-block-heading" id="h-read-more-angola-s-governing-party-wins-divisive-election-extending-long-rule">Read more: <a href="https://www.cnbcafrica.com/2022/angolas-governing-party-wins-divisive-election-extending-long-rule/">Angola’s governing party wins divisive election extending long rule</a></h3>



UNITA, its longtime opponent, got 43.95%, its best result ever, according to the commission.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30511T&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



UNITA&#8217;s letter says the party&#8217;s representative at the commission &#8220;was not granted the right to record in the result sheet his complaint about the electoral results&#8221;.



The leader of UNITA, Adalberto Costa Junior, has repeatedly said in the past few days that he does not recognise the results of the vote and that complaints have been filed.



&#8220;UNITA reiterates that it will not recognise the results announced by the National Electoral Commission until the complaints already in its possession are resolved,&#8221; the party said in its Tuesday statement.



Under Angola&#8217;s rules, if UNITA wishes to challenge the results it must first lodge a complaint with the commission. If that is rejected, the party can take the matter to the Constitutional Court, which must rule within 72 hours.



(Reporting by Catarina Demony; Writing by Francesco Guarascio; Editing by Bradley Perrett)

Reuters

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WMO forecasts first ‘triple-dip’ La Nina of the century

Kenya’s top court to rule on hacking allegations, votes disparity in election dispute

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Reuters

IMF anticipates no further relief needed for Zambia post-debt programme

South Africa’s business confidence dips in third quarter – survey

Worst not over for EM currencies as U.S. dollar thunders on

IMF: Zambia to seek $8.4 bln debt relief for 2022-25

South Africa’s economy dips back to pre-pandemic size in Q2

Nigeria suspends plan for 5% tax on telecoms despite revenue crunch

Shoprite’s annual profit rises as inflation-hit South Africans drive demand

Angolan court rejects opposition claim to annul election result

Kenya’s Supreme Court upholds Ruto’s presidential victory

Sasol partners with Japan’s Itochu for green hydrogen projects

Biden and Ramaphosa to hold talks at White House on Sept. 16

Rich nations to fund 80% of South Africa’s climate plan with loans, some hard to unlock

Walmart enters deal to buy remaining stake in South Africa’s Massmart

Dubai’s Emirates to resume Lagos flights after Nigeria releases funds

WMO forecasts first ‘triple-dip’ La Nina of the century

Kenya’s top court to rule on hacking allegations, votes disparity in election dispute

Angola’s main opposition party challenges election results – letter

News Tips

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