<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/GW5TJQQC7JKYFM3DDSGK3DS4FA-820x536.jpg" alt="" class="wp-image-419796" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GW5TJQQC7JKYFM3DDSGK3DS4FA-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GW5TJQQC7JKYFM3DDSGK3DS4FA-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GW5TJQQC7JKYFM3DDSGK3DS4FA-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GW5TJQQC7JKYFM3DDSGK3DS4FA-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GW5TJQQC7JKYFM3DDSGK3DS4FA.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Dhicis Guray, an internally displaced Somali man, attends to the carcass of his dead livestock following severe droughts near Dollow, Gedo Region, Somalia May 26, 2022. REUTERS/Feisal Omar</figcaption></figure>



JOHANNESBURG, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;Africa is losing 5% to 15% of its per capita economic growth due the effects of climate change and is facing a gaping climate finance shortfall, according to the African Development Bank (AfDB).



Africa has been hit disproportionately hard by the fallout from climate change, which has aggravated droughts, flooding and cyclones across the continent in recent years.



African nations received around $18.3 billion in climate finance between 2016 and 2019, Kevin Urama, the AfDB&#8217;s acting chief economist, said in a statement released on Tuesday.



But they are staring down a nearly $1.3 trillion climate finance gap for the 2020 to 2030 period.



&#8220;These sums reflect how the crisis is,&#8221; Urama said. &#8220;Investing in climate adaptation in the context of sustainable development is the best way to cope with the climate change impacts.&#8221;



Rich nations promised in 2009 to deliver $100 billion in climate financing to the developing world. But that pledge has only ever been partially met and is due to expire in 2025.



African ministers meeting in Cairo last week ahead of November&#8217;s COP27 climate summit decried the lack of support which they said had resulted in the continent benefiting from less than 5.5% of global climate financing.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30G4LV&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Joe Bavier, editing by Ed Osmond)

GW5TJQQC7JKYFM3DDSGK3DS4FA

Africa losing up to 15% of GDP growth to climate change – AfDB

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/C5LSOYCKWBMH3EAFQCPZ3KWO4I-820x534.jpg" alt="" class="wp-image-419792" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/C5LSOYCKWBMH3EAFQCPZ3KWO4I-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/C5LSOYCKWBMH3EAFQCPZ3KWO4I-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/C5LSOYCKWBMH3EAFQCPZ3KWO4I-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/C5LSOYCKWBMH3EAFQCPZ3KWO4I-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/C5LSOYCKWBMH3EAFQCPZ3KWO4I.jpg 1080w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Trucks and cars are seen driving past while smoke rises from the Duvha coal-based power station owned by state power utility Eskom, in Emalahleni, in Mpumalanga province, South Africa, June 3, 2021. REUTERS/Siphiwe Sibeko/Files</figcaption></figure>



JOHANNESBURG, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;South African ministers will meet in the coming days to discuss an investment plan for billions of dollars pledged by rich nations for a transition to green energy, aiming to complete it before November&#8217;s COP27 climate summit, the environment minister said.



At talks in Glasgow last year, the European Union, Britain, France and Germany promised $8.5 billion to help the country kick start a shift from carbon-intensive coal to cleaner energy.



Talks are meant to conclude before the COP27 in Egypt starting Oct. 31. If successful, it will serve as a model for other emerging economies to wean themselves off coal.



But South Africa, one of the world&#8217;s most carbon-intensive economies, has yet to produce a plan to show donors, while the terms of the funds &#8212; four-fifths of which is in loans, not grants &#8212; haven&#8217;t been agreed.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3052QF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;I think that we had under-estimated how complicated it is when you have four partners, and each &#8230; has their own budgetary issues (and) development agencies,&#8221; Environment Minister Barbara Creecy, who heads up the negotiations, told Reuters in a videocall interview late on Monday.



&#8220;There was this chicken-and-egg situation where we were saying &#8216;give us chapter and verse on the deal&#8217;, and they were saying &#8216;let&#8217;s have a look at the investment plans&#8217;,&#8221; she said, explaining why it has not been finalised nearly a year later.



She added that the plan and discussions over terms were now happening concurrently, which had sped things up.



South Africa is the world&#8217;s 12th biggest carbon emitter, pumping out 430 megatonnes of CO2 in 2019, according to the latest data, more than Mexico or Brazil and five places ahead of Britain, an economy eight times the size.



&#8220;The investment plan is now &#8230; ready for ministerial consideration. We are having that meeting this week or next week,&#8221; Creecy said.



&#8220;We are still trying for that (COP27) deadline.&#8221;



<h2 class="wp-block-heading">&#8220;TRILLIONS, NOT BILLIONS&#8221;</h2>



The priority is transitioning state power utility Eskom from coal &#8212; which provides 80% of power &#8212; to renewables, then later turn South Africa into a hub for green hydrogen and electric vehicle manufacturing.



Creecy said the grants part was for elements of the plan that would not generate revenue, such as feasibility studies and re-skilling workers. Vastly more would be needed in total.



&#8220;For South Africa to get from where it is now to net zero in 2050, you&#8217;re &#8230; talking trillions, not billions (of rand),&#8221; she said.



Energy transition still faces opposition from factions within the ruling African National Congress, especially union leaders who fear the loss of 90,000 coal mining jobs.



&#8220;Organised labour &#8230; (doesn&#8217;t) want to share the risks of the transition while somebody else carries the benefits,&#8221; she said, so the transition must tackle &#8220;high rates of economic exclusion&#8221;.



South Africa&#8217;s pro-coal energy minister Gwede Mantashe frequently makes sceptical remarks about renewable energy, and has noted Europe&#8217;s reversion to burning more coal in the wake of the Russian gas crisis as proof it is &#8220;no saviour&#8221;.



&#8220;Europe has lost some of its moral authority,&#8221; Creecy said, adding that South Africa was criticised at the COP26 for citing domestic circumstances as a reason to keep burning coal.



&#8220;The same countries that criticised us are now themselves citing domestic circumstances (to burn more coal),&#8221; she said.



&#8220;It&#8217;s a bit hypocritical, isn&#8217;t it?&#8221;



(Editing by David Evans)

C5LSOYCKWBMH3EAFQCPZ3KWO4I

South Africa close to producing plan for Western climate aid despite hurdles

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg" alt="" class="wp-image-412999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A general view of the headquarter of the embattled South African main electricity provider ESKOM is pictured on February 4, 2015 in Johannesburg. South Africa power supply was under &#8220;extreme&#8221; pressure on February 2, 2015 and likely to remain so until end of the week after a technical fault at the country&#8217;s sole nuclear plant, electricity utility Eskom said. AFP PHOTO/GIANLUIGI GUERCIA (Photo by Gianluigi GUERCIA / AFP) (Photo by GIANLUIGI GUERCIA/AFP via Getty Images)</figcaption></figure>



JOHANNESBURG, Sept 12 (Reuters)&nbsp;&#8211;&nbsp;South African government plans to end recurring power cuts could take at least a year to deliver results, a top executive at struggling utility Eskom said on Monday.



Africa&#8217;s most industrialised economy is set for its worst year of electricity outages, despite President Cyril Ramaphosa pledging new moves to tackle the crisis in July.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Z64VL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



State-owned Eskom implemented extensive power cuts last week and is scheduled to do so again this week.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30I04Y&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We have various plans in place, I believe very good plans&#8230;however this is going to take time to implement,&#8221; Eskom Chief Operating Officer Jan Oberholzer said, adding: &#8220;For the next 12 months or so we may not see the required benefits.&#8221;



Oberholzer told a news briefing that the performance of Eskom&#8217;s fleet of ageing, unreliable coal-fired power stations continued to deteriorate. He said 42 generating units, or almost 24,000 megawatts of capacity, tripped last week, with some units breaking down more than once.



Mid-way through its financial year, Eskom has spent 7.7 billion rand ($451 million) on diesel to run emergency generators, far in excess of the budgeted amount, Oberholzer added, calling it a serious concern.



&#8220;It&#8217;s really a difficult situation we find ourselves in,&#8221; he told reporters.



($1 = 17.0775 rand)



(Reporting by Alexander Winning and Anait Miridzhanian; Editing by Alexander Smith)

SAFRICA-ELECTRICITY-NUCLEAR-ECONOMY-ENERGY

South Africa could take a year or more to end power cuts -Eskom official

<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/J7XC4DKQNFJL7BQCZLKT6HX4DQ-820x547.jpg" alt="" class="wp-image-419753" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/J7XC4DKQNFJL7BQCZLKT6HX4DQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/J7XC4DKQNFJL7BQCZLKT6HX4DQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/J7XC4DKQNFJL7BQCZLKT6HX4DQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/J7XC4DKQNFJL7BQCZLKT6HX4DQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/J7XC4DKQNFJL7BQCZLKT6HX4DQ.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>China&#8217;s President Xi Jinping, Senegal&#8217;s President Macky Sall, Congo&#8217;s President Felix Antoine Tshisekedi, Egypt&#8217;s President Abdel Fattah al-Sisi, South Africa&#8217;s President Cyril Ramaphosa, United Nations (UN) Secretary General Antonio Guterres, Chairman of the African Union Commission Moussa Faki Mahamat and Comoros? President Azali Assoumani attend the opening of the forum Forum on China-Africa Cooperation, (FOCAC) via video link in Dakar, Senegal November 29, 2021. REUTERS/Cooper Inveen/File Photo</figcaption></figure>



LONDON, Sept 12 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s waiver of 23 interest-free loans to African countries last month amounted to only 1.1% or less of Chinese lending to the continent, a study showed on Monday.



China&#8217;s foreign ministry said in August it had cancelled 23 loans to 17 African countries that matured in 2021, but did not give further details.



The waived loans were of 10 to 30-year maturities and were worth up to $610 million in total, researchers at Boston University estimated, using a database of Chinese state lending compiled by researchers.



China has waived some loans to African countries since 2000 when it cancelled loans made in the 1980s and 1990s, although it generally takes a harder stance on restructuring lending to developing nations under its Belt and Road Initiative (BRI) launched in 2013, analysts say.<a href="https://www.reutersconnect.com/all?search=all%3AL8N3062XN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Chinese state-owned lenders committed to $53.8 billion of loans to Africa between 2000 and 2012, according to the Boston University database, which tracks loans made since 2000, so the loans cancelled last month accounted for a tiny portion.



&#8220;(Interest-free loan) provision and cancellation are important diplomatic and symbolic tools in China&#8217;s lending practices,&#8221; said the report, by Jyhjong Hwang and Oyintarelado Moses.



They added that the loans are &#8220;more akin to foreign policy instruments than bottom line-oriented financial instruments&#8221;.



Interest-free loans from China to Africa, which have included funding for government buildings, stadiums and hospitals, are usually treated like grants, according to researchers and African government officials.



(Reporting by Rachel Savage; Additional reporting by Martin Quin Pollard and Yew Lun Tian in Beijing; Editing by Susan Fenton)

J7XC4DKQNFJL7BQCZLKT6HX4DQ

China’s waiver of African interest-free loans worth 1% or less of its lending to continent-study

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6MQ52ENRNROCPICRVCAU3NTV4U-820x499.jpg" alt="" class="wp-image-419706" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6MQ52ENRNROCPICRVCAU3NTV4U-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6MQ52ENRNROCPICRVCAU3NTV4U-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6MQ52ENRNROCPICRVCAU3NTV4U-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6MQ52ENRNROCPICRVCAU3NTV4U-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6MQ52ENRNROCPICRVCAU3NTV4U.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A woman leaves a voting station after casting her vote during the general election in Cacuaco, a suburb of the capital, Luanda, Angola August 24, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



LISBON, Sept 8 (Reuters)&nbsp;&#8211;&nbsp;Angola&#8217;s Constitutional Court made a final ruling on Thursday to dismiss a complaint filed by the runner-up in the Aug. 24 election seeking to annul the results that gave victory to the ruling MPLA.



After the country&#8217;s most closely fought election, the electoral commission declared last week the People&#8217;s Movement for the Liberation of Angola (MPLA) the winner, prolonging its nearly five decades of uninterrupted rule and handing President Joao Lourenco a second term.



Just over 51% of voters had supported the ex-Marxist MPLA, it said. The National Union for the Total Independence of Angola (UNITA), its longtime opponent and former civil war enemy, took about 44%, its best result on record, 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 leader Adalberto Costa Junior rejected the results, citing discrepancies between the commission&#8217;s count and the party&#8217;s own tally. He accused the electoral commission, which mostly controlled by the MPLA, of fraud.



The commission has repeatedly said the process was fair and transparent.



According to UNITA&#8217;s parallel count, it got 49.5% of the vote and the MPLA 48.2%. A parallel count by civic movement Mudei, which monitored the process, also showed UNITA slightly ahead.



The court, which is led by a former member of the MPLA, made an initial ruling on Monday against a complaint filed by UNITA but Thursday&#8217;s decision is final and cannot be appealed, paving the way for Lourenco to be sworn in next week. <a href="https://www.reutersconnect.com/all?search=all%3AL8N30C41V&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-angolan-court-rejects-opposition-claim-to-annul-election-result">Read more: <a href="https://www.cnbcafrica.com/2022/angolan-court-rejects-opposition-claim-to-annul-election-result/">Angolan court rejects opposition claim to annul election result</a></h3>



Court chief Laurinda Cardoso told reporters that evidence was analysed and, based on that, they decided to reject the case.



UNITA and other opposition parties called for peaceful demonstrations to protest against what they have described as election &#8220;irregularities&#8221;.



Among other issues, there were only 1,300 observers to cover a country twice the size of France, around 2.7 million deceased people were included in the electoral roll, and the MPLA was given more air time than others.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30511T&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



People took to social media to urge the electoral commission to release its result sheets so they can be compared with parallel counts.



&#8220;We demand electoral truth,&#8221; a young woman said in a video shared by Mudei on Twitter. &#8220;No to fraud!&#8221;



Angola has placed its armed forces in &#8220;high combat readiness&#8221; until Sept. 20 to avoid incidents that might &#8220;disturb public order&#8221;, it said.



Analysts fear the court decision could ignite mass street protests among a poor and frustrated youth who voted for UNITA.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2ZY3VJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Catarina Demony; Editing by Grant McCool)

6MQ52ENRNROCPICRVCAU3NTV4U

Angolan court rejects election results complaint, opposition calls for protests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/dry-dehydration-drought-rip-crack-earth-820x547.jpg" alt="" class="wp-image-418561" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/dry-dehydration-drought-rip-crack-earth-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/dry-dehydration-drought-rip-crack-earth-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/dry-dehydration-drought-rip-crack-earth-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/dry-dehydration-drought-rip-crack-earth-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/dry-dehydration-drought-rip-crack-earth.jpg 910w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via pxfuel</figcaption></figure>



DAKAR, Sept 8 (Reuters)&nbsp;&#8211;&nbsp;With soaring heat, rising seas, droughts and floods, climate change fallout is disproportionately affecting Africa, the World Meteorological Organization (WMO) said on Thursday, calling for more financing to help countries adapt.



Africa accounts for just 2-3% of the world&#8217;s greenhouse gas emissions, but overall the continent is warming faster than the global average and last year was one of the top four hottest on record, the WMO said in its report &#8216;State of the Climate in Africa 2021.&#8217;



It comes as Africa demands richer, polluting nations stump up more money for adaptation projects on the continent and compensation for climate change-linked losses — topics that are expected to be in focus at COP27, the November U.N. climate summit in Egypt dubbed &#8216;the African COP.&#8217;



<a href="https://www.reutersconnect.com/all?search=all%3AL1N30C191&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL4N2ZG2OW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The WMO said the need for more investment in climate adaptation was crucial, estimating that climate impacts could cost African nations $50 billion per year by 2030, with droughts and floods the top concern.



Some parts of Africa are seeing seas rise 1 millimetre faster per year than the global average, worsening the threat of severe coastal flooding.



The report also highlighted increasingly disrupted rain patterns that have led to the worst drought in the Horn of Africa in more than 40 years and devastating floods that are hitting other parts of the continent more and more often.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30226N&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



South Sudan recorded its worst floods in 60 years last year with over 800,000 people affected, while Chad this year saw its most rainfall in over 30 years as it and many other countries in central and western Africa battled seasonal floods.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WD08T&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL8N30C3LJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Scientists say extreme heat and heavy rainfall have been made worse by human-caused climate change and will only increase in severity and frequency as the world continues to warm.



To improve African countries&#8217; resilience, &#8220;it is imperative for the continent to accelerate efforts to establish robust regional and national early warning systems and climate services,&#8221; WMO Secretary-General Petteri Taalas said.



The report provides a stark forecast of the climate-linked crises threatening Africa.



Four out of five African countries are unlikely to have sustainably managed water resources in seven years&#8217; time and water stress alone is seen displacing up to 700 million people in the same period, it said.



Meanwhile, rising temperatures have helped reduce growth in agricultural productivity by over a third since 1961 — more than any other region in the world. &#8220;This trend is expected to continue in the future, increasing the risk of acute food insecurity and malnutrition,&#8221; it said.



Already, parts of Somalia are expected to be hit by famine later this year as the Horn of Africa drought worsens, the United Nations warned on Monday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30C0HS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Despite these challenges, Africa is receiving just 12% of the finance it needs to manage the impacts of climate change, according to data from the Climate Policy Initiative.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2ZN3I7&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;Africa can no longer wait,&#8221; African Development Bank President Akinwumi Adesina told a climate adaptation summit on Monday. &#8220;Never have the stakes been so high.&#8221;



(Editing by Gloria Dickie and Aurora Ellis)

dry-dehydration-drought-rip-crack-earth

Africa needs investment to stave off disproportionate climate threats: WMO￼

<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)

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Reuters

Africa losing up to 15% of GDP growth to climate change – AfDB

South Africa close to producing plan for Western climate aid despite hurdles

South Africa could take a year or more to end power cuts -Eskom official

China’s waiver of African interest-free loans worth 1% or less of its lending to continent-study

Angolan court rejects election results complaint, opposition calls for protests

Africa needs investment to stave off disproportionate climate threats: WMO￼

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

News Tips

Advertise With Us

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Africa needs investment to stave off disproportionate climate threats: WMO