<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/tv-channels-remote-control-screens-1-820x547.jpg" alt="" class="wp-image-418965" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/tv-channels-remote-control-screens-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/tv-channels-remote-control-screens-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/tv-channels-remote-control-screens-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/tv-channels-remote-control-screens-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/tv-channels-remote-control-screens-1.jpg 910w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Max Pixel</figcaption></figure>



ABUJA, Aug 3 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s broadcast regulator has fined Multichoice Nigeria Ltd, part of a South African pay-TV group, and others 5 million naira ($12,013) each for airing a BBC report that it said &#8220;glorified the activities of bandits and undermines national security.&#8221;



The National Broadcasting Commission said in a statement on Wednesday that the outlets had until Aug. 30 to pay.



It also fined local channel Trust TV, part of the group that owns the prominent Daily Trust newspaper, for its own report on banditry.



&#8220;The Commission wishes to seize this opportunity to advise broadcasters to be circumspect and deliberate in the choice and carriage of contents deleterious to Nigeria&#8217;s national security,&#8221; NBC said in a statement.



The Daily Trust quoted its management as saying, &#8220;We wish to state unequivocally that as a television station, we believe we were acting in the public interest by shedding light on the thorny issue of banditry.&#8221;



&#8220;This story is overwhelmingly in the public interest and the BBC stands by its journalism,&#8221; the BBC said in an emailed statement.



Multichoice had no immediate comment.



Armed criminals, known locally as bandits, have kidnapped thousands of Nigerians over the past two years.



Free speech and democracy activists in Africa&#8217;s most populous country have raised the alarm over what they say are erosions to freedom of expression in recent years, including last year&#8217;s ban on social media platform Twitter.



Nigeria has a presidential election in February in which deteriorating security nationwide could play a prominent role.



(Reporting by Camillus Eboh in Abuja and Libby George and MacDonald Dzirutwe in Lagos, additional reporting by Felix Onuah and Promit Mukherjee in Johannesburg; editing by Jonathan Oatis, Sandra Maler, Cynthia Osterman and Marguerita Choy)

tv-channels-remote-control-screens (1)

Nigeria fines Multichoice, others for airing BBC report on banditry -statement

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LYYZVZJSCZN2TJCO45GID3BP3I-820x555.jpg" alt="" class="wp-image-418955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LYYZVZJSCZN2TJCO45GID3BP3I-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LYYZVZJSCZN2TJCO45GID3BP3I-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LYYZVZJSCZN2TJCO45GID3BP3I-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LYYZVZJSCZN2TJCO45GID3BP3I-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LYYZVZJSCZN2TJCO45GID3BP3I.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A employee counts Colombian pesos at a store in Bogota, Colombia December 28, 2018. REUTERS/Luisa Gonzalez//File Photo</figcaption></figure>



NEW YORK, Aug 3 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets posted a fifth straight month of portfolio outflows in July, setting the longest such streak in records going back to 2005, as global recession risk, inflation and a strong dollar drew away cash, data from the Institute of International Finance (IIF) showed on Wednesday.



Non-residents pulled $9.8 billion out of emerging market portfolios in July, the data show,&nbsp;compared&nbsp;with&nbsp;an outflow&nbsp;of $3.8 billion in June and a $35.1 billion inflow in July 2021.



Net outflow over the past five months totaled $39.3 billion, according to the IIF.



Cash has left emerging markets partly because developed economies have reversed years of very low interest rates to try to put a cap on inflation. Russia&#8217;s invasion of Ukraine in February triggered a spike in food and energy prices that increased their challenge.



Commodity exporters, many in emerging markets, gained revenue and attracted investment, and heightened payments to them also countered dollar strength &#8211; but only for a while.



&#8220;Most of the recent dynamics in flows can be attributed to the dollar,&#8221; IIF economist Jonathan Fortun said in a statement, noting that following a string of interest rate hikes the U.S. Federal Reserve could be approaching a &#8220;neutral&#8221; rate. Reaching it and achieving some stability in U.S. interest rates could help stem the outflows.



But on Tuesday a trio of Fed officials from across the policy spectrum signaled that they and their colleagues remained &#8220;completely united&#8221; on getting U.S. interest rates up to a level that would more significantly curb economic activity and put a dent in the highest inflation since the 1980s.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZE1P1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The dollar index&nbsp;=USD&nbsp;21-day moving average closed on Tuesday at its highest level since mid-November 2002.



&#8220;For the coming months, several factors will influence flows dynamics,&#8221; said Fortun. &#8220;Among these (are) the timing of inflation peaking and the outlook for the Chinese economy.&#8221;



July saw inflows of $2.5 billion to emerging-market equity portfolios outside of China, the first month of inflows since February, while ex-China emerging-market debt posted $6.0 billion in outflows. China saw a net outflow of $6.4 billion, with $2.9 billion leaving debt portfolios and $3.5 billion exiting equities.



(Reporting by Rodrigo Campos; Editing by Paul Simao and Bradley Perrett)

LYYZVZJSCZN2TJCO45GID3BP3I

Emerging market portfolios post longest streak of monthly outflows on record – IIF

<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/GettyImages-536213350-820x547.jpg" alt="" class="wp-image-418941" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-536213350-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-536213350-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-536213350-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-536213350-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-536213350-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-536213350-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>The Stars Foundation visiting Action in the Community Environment (ACE) in Bungoma, Kenya. A man is transporting sugar canes on his bicycle. The area around Bungoma is very fertile but most of the land is used to grow sugar canes. Sugar cane is what is called a cash crop (or a man&#8217;s crop), it is easy to grow and can be sold off in one go earning the farmer some easy cash. The trouble in Bungoma is that few women and children get to benefit from the cash and since the land is full of sugar canes they often go hungry and malnourished. | Location: Bungoma, Kenya. (Photo by In Pictures Ltd./Corbis via Getty Images)</figcaption></figure>



KIBIGORI, Kenya, Aug 3 (Reuters)&nbsp;&#8211;&nbsp;The khaki-coloured road slicing through Kibigori town in Kenya&#8217;s sugar-growing country is more than a county boundary, it is also a faultline dividing communities fielding rival presidential candidates in the Aug. 9 election.



The town&#8217;s split loyalties and history of unrest make it a potential flashpoint where armed police are conducting daily patrols. But it is also a test case for home-grown community peace-building in a country wary of the violence that followed the disputed 2007 and 2017 elections.



In 2017, tit-for-tat violence erupted in the town between two of the nation&#8217;s largest ethnic groups – the Luo and the Kalenjin. Houses were torched, cattle stolen and six people killed.



This time, religious leaders and volunteer peace ambassadors from both sides are trying to stop problems before they start. The peace ambassadors are part of a nationwide initiative &#8211; the Peace Ambassadors Integration Organisation.



On the southern side of the town, residents from the Luo community largely back their ethnic kinsman and veteran opposition presidential hopeful Raila Odinga. Their neighbours to the north overwhelmingly support Deputy President William Ruto, a fellow ethnic Kalenjin.



No politician is worth a life, the peace ambassadors say.



&#8220;Every five years politicians come and make more promises&#8230; but when you elect them they disappear,&#8221; said Willis Oundo, who has volunteered as a peace ambassador with the Luo community for 14 years.



Local politicians from both sides promise to move the county boundary north or south, he said, giving their supporters a larger share of fertile lands rich with sugar cane and grazing grounds.



Oundo tells voters to ignore politics and focus on shared interest: the sugar plantations and factories where residents work side by side.



&#8220;When we fight, the economy collapses,&#8221; he said.



Prisca Rono, one of Oundo&#8217;s counterparts from the Kalenjin community, says the same.



&#8220;If we don&#8217;t have peace, industry will close. No peace, no work,&#8221; she said.



Some residents are still worried. Shopkeepers from both sides plan to close their business two days before the vote.



At the Grace Gospel Ministry, a corrugated iron church on the southern side of town, pastor Moses Agolla said Kalenjin parishioners stopped coming as political tensions rose three months ago. Agolla was injured in 2017 when a mob attacked him and torched his house.



Several weeks ago, in a nearby town, leaflets were distributed ordering people to vote for Ruto or leave town. On Tuesday, police arrested eight people in a different area for distributing incendiary leaflets in the Rift Valley.



<h2 class="wp-block-heading" id="h-vote-for-peace">VOTE FOR PEACE</h2>



To help improve ties, Agolla has sent parishioners door-to-door to preach peace, and held meetings with likeminded pastors from across the street.



&#8220;My message is to vote for peace,&#8221; Agolla said.



Rono and Oundo agree there&#8217;s far less hate-speech or threats to seize land than before the 2017 election. Cattle-rustling, often a spark for revenge, has reduced.



Nationally, pre-election violence such as hate leaflets, civil unrest, intimidation, attacks on candidates, has fallen by more than two-thirds between January and end of July compared with the same period in the run-up to the 2017 polls, said Declan Galvin of risk advisory company WS Insight.



The peace ambassadors also liaise between citizens and security forces, who are frequently accused by rights groups of using excessive force to quell protests.



&#8220;This election is a bit volatile,&#8221; Oundo said. &#8220;You never know what will happen&#8230; we&#8217;ll keep on talking.&#8221;



(Reporting by Baz Ratner; Writing by Hereward Holland. Editing by Jane Merriman)

Kenya – Bungoma – Action in the Community Environment

In Kenya’s sugar country, volunteers keep election relations sweet

<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/GettyImages-1084513522-820x547.jpg" alt="" class="wp-image-418937" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1084513522-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1084513522-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1084513522-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1084513522-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1084513522-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1084513522-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Workers prepare pieces of metal for resale at a scrap and sheet metal stall in Harare, Zimbabwe, on Thursday, Jan. 17, 2019. Hopes of an economic revival in Zimbabwe lie in tatters 14 months after President Emmerson Mnangagwa took office, as the nation reels from foreign-exchange and fuel shortages, strikes and a dearth of political leadership. Photographer: Cynthia R Matonhodze/Bloomberg via Getty Images</figcaption></figure>



HARARE, Aug 3 (Reuters)&nbsp;&#8211;&nbsp;Shepherd Chowe pushes a cart filled with tins, iron rods and other metallic objects down a dusty pathway in Hopley, a poor settlement about 15 km west of Zimbabwe&#8217;s capital, Harare.



It is 11 a.m. and Chowe, 46, has arrived at a scrap yard where dozens of metal scavengers await to sell their wares. For two sacks, Chowe gets paid $6.



&#8220;I start moving around the township at 8 a.m. &#8230; asking people for scrap metal or anything metallic they are not using anymore,&#8221; Chowe said, adding that on a good day he takes home $40.



Chowe is among Zimbabweans selling scrap metal for survival as the cost of living soars, piling pressure on a population already facing food shortages and high unemployment, stirring memories of economic chaos years ago under veteran leader Robert Mugabe&#8217;s near four-decade rule.



Annual inflation, which hit 256.9% in July, has cast a shadow over President Emmerson Mnangagwa&#8217;s bid to revitalise the economy.



By selling scrap metal, Chowe can afford to pay rent, buy food and pay school fees for his two daughters.



&#8220;Scrap metal has given us hope,&#8221; Chowe said.



Zimbabwe&#8217;s steel industry has been struggling since the collapsed of the Zimbabwe Iron and Steel Company (Ziscosteel) more than a decade ago.



However, in recent years, small steel producers working with scrap yard dealers are picking up the pieces.



&#8220;These scavengers help the steel industry which we supply. Sometimes they (steel makers) lack money to pay us, but the metal is always available,&#8221; scrap yard owner Fungai Mataga said, as workers loaded metal into a truck headed for Kwekwe in the Midlands, the home of steel manufactures.



Mataga buys cast iron for $0.15 per kg and mild steel $0.22 per kg from scavengers.



&#8220;They all come here to sell (metal) for survival,&#8221; he said.



The scrap metal trade is not illegal in Zimbabwe, but has raised concerns about vandalism of infrastructure including that of state-owned National Railways of Zimbabwe, which has called for the trade to be regulated.



As Chowe leaves the scrap yard, 19-year-old Mike Mavhunga arrives saddled with sacks of tins.



Every day he wakes up at 5 a.m. to walk 10 km to Glen Norah, a township west of Harare, his hunting ground for metal.



&#8220;My aim is to get at least two bags of scrap metal which gives me $6. But on a rough day, I get $1 or $1.50,&#8221; Mavhunga said. &#8220;This is how I survive.&#8221;



(Editing by Olivia Kumwenda-Mtambo and Alison Williams)

Tanking Economy Snaps Zimbabwe Dream Of Post-Mugabe Revival

Impoverished Zimbabweans turn to scrap metal trade as inflation bites

<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/GettyImages-1412591406-820x547.jpg" alt="" class="wp-image-418923" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1412591406-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1412591406-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1412591406-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1412591406-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1412591406-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1412591406-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>TAIPEI, TAIWAN &#8211; AUGUST 03: Speaker of the U.S. House Of Representatives Nancy Pelosi (D-CA), center, speaks after receiving the Order of Propitious Clouds with Special Grand Cordon, Taiwan’s highest civilian honour, from Taiwan&#8217;s President Tsai Ing-wen, right, at the president&#8217;s office on August 03, 2022 in Taipei, Taiwan. Pelosi arrived in Taiwan on Tuesday as part of a tour of Asia aimed at reassuring allies in the region, as China made it clear that her visit to Taiwan would be seen in a negative light. (Photo by Chien Chih-Hung/Office of The President via Getty Images)</figcaption></figure>



JOHANNESBURG, Aug 3 (Reuters)&nbsp;&#8211;&nbsp;The South African rand regained some ground on Wednesday as China&#8217;s response to U.S. House Speaker Nancy Pelosi&#8217;s visit to Taiwan was not as severe as some in financial markets had feared.



Pelosi&#8217;s visit has caused an escalation in tensions between the United States and China, which views Taiwan as a breakaway province, triggering a sell-off in risk-sensitive currencies like the rand on Tuesday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZE1CN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



China demonstrated its anger with a burst of military activity, and by summoning the U.S. ambassador and halting several agricultural imports from Taiwan. But demand for safe-haven assets eased on Wednesday, providing some respite to the rand.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZF06C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



At 0730 GMT, the South African currency&nbsp;ZAR=D3&nbsp;traded at 16.6800 to the dollar, nearly 1% stronger than its previous close. On Tuesday it lost almost 2%.



Also providing support to rand assets in a relatively light week for domestic economic data, a purchasing managers&#8217; index survey showed South African private sector activity expanded for the third month in a row in July.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AZRN004TQL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The South African government&#8217;s benchmark 2030 bond&nbsp;ZAR2030=&nbsp;was slightly weaker in early deals, with the yield up 2 basis points to 10.365%.



(Reporting by Alexander Winning; Editing by Mark Potter)

US House Speaker Pelosi Visits Taiwan

South African rand rises; China’s response to Pelosi visit not as severe as feared

<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/LCZPGRKWCVM3LJZHCSCKTBIF5A-820x547.jpg" alt="" class="wp-image-418919" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LCZPGRKWCVM3LJZHCSCKTBIF5A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LCZPGRKWCVM3LJZHCSCKTBIF5A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LCZPGRKWCVM3LJZHCSCKTBIF5A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LCZPGRKWCVM3LJZHCSCKTBIF5A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LCZPGRKWCVM3LJZHCSCKTBIF5A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/LCZPGRKWCVM3LJZHCSCKTBIF5A-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Soccer Football &#8211; Serie A &#8211; Empoli v Napoli &#8211; Stadio Carlo Castellani, Empoli, Italy &#8211; April 24, 2022 Napoli fans inside the stadium before the match REUTERS/Ciro De Luca</figcaption></figure>



Aug 3 (Reuters)&nbsp;&#8211;&nbsp;Napoli owner Aurelio De Laurentiis said on Tuesday he would not sign African players any longer unless they agreed to not take part in the Africa Cup of Nations.



Senegal defender Kalidou Koulibaly &#8211; now at Premier League side Chelsea &#8211; and Cameroon midfielder Andre Zambo Anguissa missed several Napoli games while on international duty at this year&#8217;s AFCON, which took place between January and February.



&#8220;Or they sign a waiver giving up their right to participate to the Africa Cup of Nations tournaments or between AFCON and the championships in South America &#8230; I never have them (Napoli players) available,&#8221; he said in a Wall Street Italia talk show.



He criticised the fact that clubs were agreeing to more and more games, suggesting a European tournament with the top clubs from the strongest five countries instead of the Champions League, Europa League and Europa Conference League.



&#8220;The world of football cannot self manage because we do the puppet show for others &#8230; if we could play 100 games, it would be a happy ending for everyone and we (clubs) like cretins agree to that.&#8221;



The Italian film producer also said he did not support the breakaway European Super League which folded less than 48 hours after it was announced last year as it was an elite club.



&#8220;You cannot create a super club of privileged members who invite others (to the league). You need to democratically keep the door open for everyone,&#8221; he said.



The Italian film producer added he was tired of offers from investment funds for the club, adding that he was offered 900 million euros around four to five years ago by American investors.



&#8220;You (bidders) did not understand a thing (about me). I am a pure entrepreneur who enjoys doing business &#8230; let me play,&#8221; he said.



&#8220;I want to be the 12th player on the pitch. Actually the 12th player is the fan, I can be the 13th or even the 14th, as 14 is my favourite number.&#8221;



(Reporting by Silvia Recchimuzzi in Gdansk; Editing by Stephen Coates)

Serie A – Empoli v Napoli

Napoli to sign African players only if they sign AFCON waiver, owner says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/QUX23WWM4RIVJG2ZBRJX5ACL5I-820x526.jpg" alt="" class="wp-image-418894" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/QUX23WWM4RIVJG2ZBRJX5ACL5I-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/QUX23WWM4RIVJG2ZBRJX5ACL5I-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/QUX23WWM4RIVJG2ZBRJX5ACL5I-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/QUX23WWM4RIVJG2ZBRJX5ACL5I-768x493.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/QUX23WWM4RIVJG2ZBRJX5ACL5I-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/QUX23WWM4RIVJG2ZBRJX5ACL5I-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Samburu tribes people walk home after receiving relief meat in the de-stocking of emaciated animals in a program by the government and the Kenya Red Cross to buy livestock, slaughter and distribute the meat as relief food to the most affected families following a prolonged drought near Lengusaka in Wamba, Samburu county, Kenya July 27, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



LENGUSAKA, Kenya, Aug 2 (Reuters)&nbsp;&#8211;&nbsp;In Kenya&#8217;s northern Samburu County, severe drought has forced herders to migrate hundreds of kilometres in search of pasture and water, meaning some may have to skip voting in elections set for Aug. 9.



People are more focused on trying to save their animals and livelihoods than on casting their ballots.



&#8220;The problem is that our pastoralists have gone very far to look for pasture&#8230; They will not get a chance of coming back to vote,&#8221; said Paul Paradisi, administrator of Koiting Location in Samburu County with about 6,800 residents.



Poor rainfall means around four million people in Kenya are currently facing acute food shortages, and cases of child malnutrition have surged by half in parts of the country. <a href="https://www.reutersconnect.com/all?search=all%3AL8N2Z337V&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-usaid-pledges-kenya-255-mln-to-fight-drought-appeals-to-rich-countries-to-help">Read more: <a href="https://www.cnbcafrica.com/2022/usaid-to-give-kenya-255-mln-for-drought-administrator/">USAID pledges Kenya $255 mln to fight drought, appeals to rich countries to help</a></h3>



To cushion the impact, the government and Kenya Red Cross will spend some 24 million shillings ($202,190) to buy livestock for slaughter in Samburu County.



The meat from the animals will be given back to the herders after they have been killed.



Mary Yanaiyo, mother of eight from Koiting Location, told Reuters that people were suffering because the rains had failed and food prices skyrocketed.



&#8220;The children went to graze the cows far away and we don&#8217;t know when they will come back,&#8221; she said, as government officials and Red Cross personnel distributed meat behind her.



Kenya holds presidential, parliamentary and local government elections on Aug. 9.



($1 = 118.7000 Kenyan shillings)



(Reporting by Thomas Mukoya; Writing by George Obulutsa; Editing by Alexander Winning and Gareth Jones)

In northern Kenya, drought may keep some herders from voting in Samburu

In northern Kenya, drought may keep some herders from voting

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="554" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DWZGTMGIKJI6PEJDJRYIQMRDYU-820x554.jpg" alt="" class="wp-image-418882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DWZGTMGIKJI6PEJDJRYIQMRDYU-820x554.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DWZGTMGIKJI6PEJDJRYIQMRDYU-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DWZGTMGIKJI6PEJDJRYIQMRDYU-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DWZGTMGIKJI6PEJDJRYIQMRDYU-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/DWZGTMGIKJI6PEJDJRYIQMRDYU.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Visitors to the Yamana Gold mining company booth speak with representatives during the Prospectors and Developers Association of Canada (PDAC) annual convention in Toronto, Ontario, Canada March 4, 2019. REUTERS/Chris Helgren</figcaption></figure>



KALGOORLIE, Australia, Aug 2 (Reuters)&nbsp;&#8211;&nbsp;Gold Fields&nbsp;GFIJ.J&nbsp;Chief Executive Chris Griffith said on Tuesday that convincing the company&#8217;s shareholders to back its takeover offer for Canada&#8217;s Yamana Gold&nbsp;YRI.TO&nbsp;was still a &#8220;work in progress&#8221;.



The South Africa listed miner, with assets in Australia, Africa and South America, announced plans in May to acquire Yamana in an all-share deal valuing the Canada-listed miner at $6.7 billion on May 31.



But shares of Gold Fields plunged after news of the proposed takeover. Last month the miner promised higher dividends and a Toronto Stock Exchange (TSX) listing to sweeten its takeover offer.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2YS0CB&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The market has started to understand the strategy and the timing of the deal, but is still miffed with the premium the company offered to pay, Griffith told reporters at a mining conference in Kalgoorlie, Australia.



&#8220;We are trying to get them to see the massive upside that exists in this deal. So work in progress is probably the best way to describe it,&#8221; he said when asked if investors and shareholders were on board with the deal.



Gold Fields shareholders will vote on the deal in the second week of October.



Griffith said the company has held a couple of road shows in recent weeks to &#8220;educate&#8221; shareholders.



Redwheel, one of the 10 biggest investors in Gold Fields, publicly told the miner to cancel the takeover, which it described as an expensive error with no guarantee of growth and profitability.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2XX3FQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Gold Fields&#8217; shares tumbled 25% in the first few days after the details of the deal and the premium it was paying emerged. But the shares have made a comeback since, Griffith said.



When asked if the deal terms would be changed if there&#8217;s pushback from shareholders, Griffith said: &#8220;The deal structure has been locked in. We don&#8217;t foresee that we will change the deal structure. But I do say that never say never.&#8221;



(Reporting by Praveen Menon; Editing by Muralikumar Anantharaman)

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Gold Fields CEO: Shareholder buy-in for Yamana takeover is still ‘work in progress’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="506" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/JXV42Q5275JKZJ3PHXJV2PWGBQ-820x506.jpg" alt="" class="wp-image-418879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/JXV42Q5275JKZJ3PHXJV2PWGBQ-820x506.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/JXV42Q5275JKZJ3PHXJV2PWGBQ-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/JXV42Q5275JKZJ3PHXJV2PWGBQ-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/JXV42Q5275JKZJ3PHXJV2PWGBQ-768x474.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/JXV42Q5275JKZJ3PHXJV2PWGBQ.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Locals walk past electricity pylons during frequent power outages from South African utility Eskom, caused by its aging coal-fired plants, in Soweto, South Africa, July 3, 2022. REUTERS/Siphiwe Sibeko//File Photo/File Photo</figcaption></figure>



JOHANNESBURG, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;The principle that the South African government will take on some of state power utility Eskom&#8217;s debt has been agreed, but there is no consensus over how much, the finance minister said on Monday.



Eskom, which regularly implements electricity outages that choke economic growth, is saddled with around 400 billion rand ($24.32 billion) of&nbsp;<a href="https://www.reuters.com/article/safrica-eskom-idUKL8N2YG4Y9">debt</a>&nbsp;it cannot afford to service without government bailouts.



South African officials have been grappling with different options for years, but no definitive solution has been reached.



&#8220;It&#8217;s an accepted issue &#8230; that debt for Eskom is unsustainable,&#8221; Finance Minister Enoch Godongwana told a news conference. &#8220;It poses a risk to the sovereign, to avoid that sovereign risk the sovereign has got to step in.&#8221;



&#8220;What has not been settled yet &#8230; is the quantum of that, how much will be taken by the sovereign, but the principle is there. At the moment both (National) Treasury officials and Eskom officials are developing scenarios which we will table before cabinet,&#8221; Godongwana added.



The minister was part of a delegation of ministers expanding on measures announced a week ago by President Cyril Ramaphosa to tackle the country&#8217;s worst power crisis to date.



<a href="https://www.reuters.com/article/safrica-eskom-idUSL8N2Z64VL">Ramaphosa</a>&nbsp;pledged to expand generation, cut red tape and buy surplus electricity from private producers and neighbouring countries.



Since taking office in 2018, Ramaphosa&#8217;s administration has tried to reform South Africa&#8217;s ailing power supply industry, but he has made little headway and this year outages are set to reach a record level.



($1 = 16.4448 rand)



FACTBOX-Why is South Africa facing its worst power crisis in two years?<a href="https://www.reutersconnect.com/all?search=all%3AL8N2YG4Y9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Alexander Winning and Bhargav Acharya; editing by Barbara Lewis)

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South Africa to take on Eskom debt, but unclear how much

<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/GettyImages-1241064424-820x547.jpg" alt="" class="wp-image-418870" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1241064424-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1241064424-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1241064424-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1241064424-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1241064424-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1241064424-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>BARCELONA, CATALONIA, SPAIN &#8211; 2022/05/31: Emirates Airline, Boeing 777-300ER airplane is seen landing at El Prat Airport. (Photo by Thiago Prudencio/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



LAGOS, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Dubai&#8217;s Emirates plans to reduce flights to Nigeria this month due to troubles repatriating revenue from Africa&#8217;s most populous nation, according to a letter sent to the government and seen by Reuters.



Emirates plans to cut the number of flights to Lagos to seven from 11 by mid-August, the letter said, adding it had $85 million stuck in the country as of July, a figure that had been rising by $10 million per month.



Industry observers say more airlines could follow suit if the central bank, which restricts access to foreign currency to tackle a severe dollar shortage, did not address airlines&#8217; issues.



&#8220;We have no choice but to take this action, to mitigate the continued losses Emirates is experiencing as a result of funds being blocked in Nigeria,&#8221; it said in a letter to aviation minister Hadi Sirika dated July 22.



A spokesperson for the aviation ministry did not reply to a request for comment.



Emirates, in an emailed statement, said trouble repatriating funds was impacting its commercial viability in Nigeria and that efforts to solve the problem had been met with limited success.



Emirates did not comment directly on the letter and said it hoped to continue a full schedule.



Last week, the naira&#8217;s black market value versus the dollar dropped to a record low. The central bank said it was worried about the naira&#8217;s value.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZA1UL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Nigeria, which gets roughly 90% of its foreign exchange from oil, is struggling to produce due to pipeline theft and years of underinvestment.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WW3WT&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL8N2QA49E&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Amid similar foreign exchange restrictions in 2016, several airlines reduced flights and carriers Iberia and United Airlines stopped flying to Nigeria altogether. The latter re-launched a Nigerian service last year, but Iberia has yet to return.



The International Air Transport Association said in June Nigeria was withholding hundreds of millions in revenue that international carriers operating in the country had earned.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y608C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Additional reporting by Camillus Eboh in Abuja and Maha El Dahan in DubaiEditing by Mark Potter)

Emirates Airline, Boeing 777-300ER airplane is seen landing

Emirates plans to reduce Nigeria service due to trapped revenue – letter

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XLCCCJF7SRMX5PJLAV6X4DBERI-820x615.jpg" alt="" class="wp-image-418859" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XLCCCJF7SRMX5PJLAV6X4DBERI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XLCCCJF7SRMX5PJLAV6X4DBERI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XLCCCJF7SRMX5PJLAV6X4DBERI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XLCCCJF7SRMX5PJLAV6X4DBERI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XLCCCJF7SRMX5PJLAV6X4DBERI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XLCCCJF7SRMX5PJLAV6X4DBERI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Kenyan Cabinet Secretary in the Ministry of Information and Communications Joe Mucheru uses his cell phone on the Loon technology internet to stream a live video call of Kenya&#8217;s President Uhuru Kenyatta addressing villagers as Alphabet Inc begins offering the world&#8217;s first commercial high-speed internet using balloons to villagers in Radad, Baringo, Kenya July 8, 2020. REUTERS/Jackson Njehia</figcaption></figure>



NAIROBI, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Kenya has no intention of shutting down Facebook, which is owned by Meta&nbsp;META.O, its ICT minister said on Monday after the national cohesion watchdog gave the platform seven days to comply with rules on hate speech or face suspension.



The National Cohesion and Integration Commission (NCIC) on Friday accused Facebook of contravening Kenya&#8217;s constitution and laws for failing to tackle hate speech and incitement on the platform ahead of Aug. 9 national elections.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2ZA0PN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We do not have a plan to shut down any of these platforms,&#8221; Joe Mucheru, the minister for information, communication and technology, told Reuters. &#8220;Press freedom is one we cherish, whether it is (traditional) media or social media.&#8221;



His statement echoed that of the interior minister, Fred Matiangi, who accused the NCIC of making haphazard decisions over the weekend, and vowed that the platform will not be shut down.



&#8220;They (NCIC) should have consulted widely because they don&#8217;t have the power to shut anybody down. They don&#8217;t licence anybody,&#8221; Mucheru said.



When it issued its ultimatum, the NCIC said it was consulting with the Communication Authority of Kenya, which regulates the industry, adding that it would recommend suspension of Facebook&#8217;s operations if it does not comply.



Meta has taken &#8220;extensive steps&#8221; to weed out hate speech and inflammatory content, and it is intensifying those efforts ahead of the election, a company spokesperson told Reuters.



Mucheru agreed, adding that the platform has deleted 37,000 hate speech related posts during the electioneering period.



Supporters of the leading presidential candidates, veteran opposition leader Raila Odinga and deputy president William Ruto, have used social media platforms to praise their candidates, persuade others to join them or to accuse opposing sides of various misdeeds.



Some of Kenya&#8217;s 45 tribes have targeted each other during violence in past polls, but Mucheru said this election is different and the country is enjoying peace and calm in spite of the heightened political activities.



(Reporting by Duncan Miriri; Editing by Toby Chopra)

toKenyan Cabinet Secretary in the Ministry of Information and Communications Joe Mucheru uses his cell phone on the Loon technology internet in Radad

Kenyan ministers rally around Meta’s Facebook after watchdog’s ultimatum

<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/VEFG55GA2VOMLAUECEQ7JVMQXA-820x547.jpg" alt="" class="wp-image-418855" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/VEFG55GA2VOMLAUECEQ7JVMQXA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/VEFG55GA2VOMLAUECEQ7JVMQXA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/VEFG55GA2VOMLAUECEQ7JVMQXA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/VEFG55GA2VOMLAUECEQ7JVMQXA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/VEFG55GA2VOMLAUECEQ7JVMQXA.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Senegal&#8217;s President Macky Sall attends the ECOWAS summit to discuss transitional roadmap for Mali, Burkina Faso and Guinea, in Accra, Ghana, July 3, 2022. REUTERS/Francis Kokoroko/File Photo/File Photo</figcaption></figure>



DAKAR, July 31 (Reuters)&nbsp;&#8211;&nbsp;Senegal President Macky Sall&#8217;s ruling coalition said on Monday it has won 30 of the country&#8217;s 46 administrative departments, giving it a slim majority parliament following Sunday&#8217;s legislative election.



Former prime minister Aminata Toure, who led the ruling coalition&#8217;s list in the legislative election announced the partial results on national television from the party&#8217;s headquarters early on Monday after Sunday&#8217;s vote.



&#8220;This gives us an unquestionable majority,&#8221; Toure said to the cheers of supporters. She did not say how many of the 165 parliamentary seats the party won.



Under Senegal&#8217;s hybrid electoral system 97 candidates who win a majority of votes in administrative departments are elected, while 53 from national lists are elected using proportional representation, and 15 are elected by Senegalese living outside the country.



Barthelemy Dias, mayor of the capital Dakar, and a leader of the main opposition coalition which has been energised by economic hardship and fears of Sall&#8217;s third term ambition, immediately disputed the results announced by Toure, warning that it was not her place to announce results of the election.



&#8220;The people will respond, and the people will come out into the streets tomorrow, and you will tell us where you got your majority,&#8221; Dias said.



The political backdrop in the country of 17.5 million, considered among West Africa&#8217;s most stable democracies, has become increasingly acrimonious, fuelled in part by Sall&#8217;s refusal to rule out breaching term limits.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Z883G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Violent protests erupted last year after Sall&#8217;s main opponent, Ousmane Sonko, was arrested on rape charges. Sonko, who came third in the last presidential election in 2019, denies the allegations and says they are politically motivated.



Violent protests broke out again last month after the main opposition coalition&#8217;s primary list of parliamentary candidates, which included Sonko, was disqualified on technical grounds. As a result, the coalition&#8217;s backup list &#8211; consisting mostly of relative unknowns &#8211; will be on the ballot.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y95X2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The coalition, which formed an alliance with another led by 96-year-old former President Abdoulaye Wade, is hoping to build on gains the opposition made during the January municipal election when they won control of Senegal&#8217;s major cities.



<h2 class="wp-block-heading" id="h-third-term-ambition">THIRD TERM AMBITION?</h2>



Sall&#8217;s ruling Benno Bokk Yakaar coalition is trying to conserve its majority of more than three-quarters of the parliament&#8217;s 165 seats.



&#8220;I&#8217;m confident that like in the past, voters will decide in all transparency,&#8221; Sall said after voting.



Sixty-year-old Sall swept to power in 2012 removing Wade, and was elected again in 2019. He has campaigned on big-ticket construction projects such as a high-speed train line and a conference centre, as well as oil and gas production.



His opponents have seized on growing frustrations with economic hardship caused by the coronavirus pandemic and rising fuel and food prices.



Sall&#8217;s refusal to publicly rule out a candidacy in 2024 has stoked fears he will follow in the footsteps of Ivory Coast President Alassane Ouattara and former Guinea President Alpha Conde. Both men stood for &#8211; and won &#8211; third terms in 2020 by arguing that new constitutions had reset their two-term limits.



Senegal adopted constitutional revisions, which among other things reduced presidential terms from seven to five years, in 2016. Sall has declined to comment on his intentions for 2024.



Senegal&#8217;s opposition supporters bang pots and pans in noisy protest<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y95X2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Senegal&#8217;s ruling party loses key cities in local elections<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U42UL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Writing by Aaron Ross and Bate Felix; Editing by Christina Fincher, Hugh Lawson, Andrew Cawthorne &amp; Simon Cameron-Moore)

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Senegal’s ruling party says holds majority after legislative vote

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/GNZ4EKIZHBJMHAHGTKTLUHIQ54-820x517.jpg" alt="" class="wp-image-415106" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/GNZ4EKIZHBJMHAHGTKTLUHIQ54-820x517.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/GNZ4EKIZHBJMHAHGTKTLUHIQ54-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/GNZ4EKIZHBJMHAHGTKTLUHIQ54-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/GNZ4EKIZHBJMHAHGTKTLUHIQ54-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/GNZ4EKIZHBJMHAHGTKTLUHIQ54.jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo</figcaption></figure>



July 31 (Reuters)&nbsp;&#8211;&nbsp;OPEC&#8217;s new secretary general said that Russia&#8217;s membership in OPEC+ is vital for the success of the agreement, Kuwait&#8217;s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais.



He said OPEC is not in competition with Russia, calling it &#8220;a big, main and highly influential player in the world energy map&#8221;, Alrai reported.



OPEC+ is an alliance of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.



Al-Ghais, Kuwait&#8217;s former OPEC governor, will head his first OPEC+ meeting on Aug. 3, in which the group will consider keeping oil output unchanged for September, despite calls from the United States for more supply.



Although, a modest output increase is also likely to be discussed, eight sources told Reuters last week.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Z94QT&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



AL-Ghais told Alrai that &#8220;OPEC doesn&#8217;t control oil prices, but it practices what is called tuning the markets in terms of supply and demand,&#8221; describing the current state of the oil market as &#8220;very volatile and turbulent.&#8221;



He added of the recent hikes in oil prices: &#8220;As for me, I still stress that the recent rise in oil prices is not only related to the developments between Russia and Ukraine.



&#8220;All the data confirm that prices began to rise gradually and cumulatively, and before the outbreak of the Russian-Ukrainian developments, due to the prevailing perception in the markets that there is a shortage of spare production capacity, which has become confined to a few and limited countries,&#8221; al-Ghais said.



Oil&nbsp;LCOc1&nbsp;has soared in 2022 to its highest since 2008, climbing above $139 a barrel in March, after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine. Prices have since eased to around $108, as soaring inflation and higher interest rates raise fears of a recession that would erode demand.



Replying to a question about the factors that will affect oil prices by the end of the year, al-Ghais said: &#8220;In my view, the most important factor will be the continued lack of investments in the field of drilling, exploration and production.&#8221;



&#8220;This will push prices in an upward direction, but we cannot determine the level they will reach.&#8221;



(Reporting by Moataz Mohamed and Nayera Abdallah; editing by Philippa Fletcher and Sandra Maler)

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OPEC secretary general says Russia’s membership in OPEC+ is vital for success of agreement

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IPJIO6EXK5L4TF6EMEG6ESDRDA-820x526.jpg" alt="" class="wp-image-418848" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IPJIO6EXK5L4TF6EMEG6ESDRDA-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IPJIO6EXK5L4TF6EMEG6ESDRDA-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IPJIO6EXK5L4TF6EMEG6ESDRDA-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IPJIO6EXK5L4TF6EMEG6ESDRDA-768x493.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IPJIO6EXK5L4TF6EMEG6ESDRDA.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A delegate looks on as South Africa&#8217;s governing African National Congress (ANC) holds a national policy conference at the Nasrec Expo Centre in Johannesburg, South Africa. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, July 31 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s ruling African National Congress (ANC) party reaffirmed its position that the central bank should be nationalised during a policy conference over the past three days, President Cyril Ramaphosa said on Sunday.



Unlike most central banks in the world, South Africa&#8217;s is privately owned. The ANC resolved in 2017 to move it into full state ownership, but has yet to implement the decision.



&#8220;The conference noted again the historical anomaly of the private ownership of the South African Reserve Bank,&#8221; Ramaphosa said in his concluding remarks.



&#8220;And reaffirmed again the resolution that the bank should be fully owned by the people of South Africa.&#8221;



He added that delegates to the conference had urged the government to do it with a way and pace that would take account of the costs to an already stretched public purse.



Surrounding the decision is a debate in the ANC over whether or not to expand the bank&#8217;s mandate beyond price stability to broader goals such as tackling unemployment that affects two-thirds of people and empowering poor Black South Africans.



Ramaphosa is believed to be opposed to any change in the bank&#8217;s mandate, but the debate unnerved investors when it first flared up five years ago.



(Reporting by Tim Cocks; Editing by Hugh Lawson and Andrew Cawthorne)

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ANC reaffirms commitment to nationalising central bank – president

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI.jpg" alt="" class="wp-image-418009" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI-768x518.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>South African President Cyril Ramaphosa appears to testify before the Zondo Commission of Inquiry into State Capture in Johannesburg, South Africa, August 11, 2021. REUTERS/ Sumaya Hisham</figcaption></figure>



JOHANNESBURG, July 29 (Reuters)&nbsp;&#8211;&nbsp;President Cyril Ramaphosa scolded his ruling African National Congress (ANC) on Friday for losing the trust of South Africans, saying the party was weaker than at any time since it ended white minority rule in 1994.



In a sombre address to an ANC national policy conference in Johannesburg, Ramaphosa urged delegates to come up with ways to tackle the corruption, persistent poverty, unemployment and poor public services that he said had led to the party&#8217;s worst election result in history in last November&#8217;s local polls.



&#8220;The ANC today is its weakest and most vulnerable since the advent of democracy,&#8221; he said. &#8220;Our weaknesses are evident in the distrust, the disillusionment, the frustration that is expressed by many people towards our movement and government.&#8221;



The party&#8217;s weaknesses were clearly reflected in its unprecedented failure to get more than 50% of the vote in the municipal polls, he said, but also in the &#8220;divisions within our ranks &#8230; (which) manifest themselves in patronage, gatekeeping, vote buying and &#8230; are driven by corruption&#8221;.



Ramaphosa and his party, which has been in power for nearly three decades, face growing public anger over multiple issues, including worsening electricity blackouts because of a crisis at the state power provider, Eskom, poor or non-existent basic services, a sluggish economy, corrupt procurement tenders and a spate of crime-related shootings.



The COVID-19 pandemic has meanwhile worsened an already wide gab between the richest and poorest South Africans &#8212; a quarter of the country of about 60 million struggles to put food on the table.



The party is also more divided than when Ramaphosa took power in 2017, ousting his predecessor Jacob Zuma, who is being investigated for several corruption scandals during and before his presidency. Zuma denies any wrongdoing.



Ramaphosa&#8217;s own finances are being investigated after a $4 million theft of cash at his farm in June, and a faction loyal to Zuma is hoping to use this to unseat him at an elective party conference at the end of this year ahead of 2024 national polls.



Ramaphosa says the money was proceeds from sales of game animals on the farm, but he has publicly welcomed the police investigation.



In a speech punctuated by subdued applause, Ramaphosa urged the ANC to tackle the challenges facing it, especially local government corruption and unemployment, currently affecting one third of the country.



&#8220;The people of South Africa will not forgive us if we abandon &#8230; confronting wrongdoing within our ranks,&#8221; he said.



(Editing by Frances Kerry)

South African President Cyril Ramaphosa appears to testify before the Zondo Commission of Inquiry into State Capture in Johannesburg

Ramaphosa scolds ruling ANC for losing South Africans’ trust

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="577" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-820x577.jpg" alt="" class="wp-image-418823" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-820x577.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-768x541.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Kamo Mphela, a dancer and singer performs Amapiano, a South African musical export that has crossed borders and cultural barriers, reaching as far as Japan, during a music concert in Pretoria, South Africa, July 22, 2022. REUTERS/Shafiek Tassiem</figcaption></figure>



JOHANNESBURG, July 29 (Reuters)&nbsp;&#8211;&nbsp;South African musical export Amapiano has crossed borders and cultural barriers, reaching as far as Japan. To top female artists Kamo Mphela and DBN Gogo, who helped put the dance music genre on the map, it is about inclusivity.



Mphela, 22, from Johannesburg&#8217;s Soweto township, took a leap of faith four years ago and jumped into the world of Amapiano. Now she is a household name in South Africa and tours the globe.



&#8220;Now we have our own sound. We don&#8217;t have to act different anymore,&#8221; Mphela said.



DBN Gogo, 29, believes it is a responsibility to take Amapiano&#8217;s beats to rest of the world.



<h3 class="wp-block-heading" id="h-read-more-global-brands-are-taking-note-of-africa-s-music-and-talent">Read more: <a href="https://www.cnbcafrica.com/2022/global-brands-are-taking-note-of-africas-music-and-talent/">Global brands are taking note of Africa’s music and talent</a></h3>



The two artists say Amapiano captures how they live their lives and reminds them of home. It fuses styles such as house and jazz and is believed to have originated in the townships.



Amapiano has quickly built a following in countries like France, Morocco and Japan and is set to hit a billion streams on Spotify this month, according to Phiona Okumu, the platform&#8217;s head of music for Sub-Saharan Africa.



She said about the genre: &#8220;A moment met a mood. And then we had this explosion.&#8221;



Fan Thabang Mkuma says he loves Amapiano because it is genuine and defines South African culture.



&#8220;It&#8217;s our own type of music that we represent to the world,&#8221; he said.



(Reporting by Sisipho Skweyiya; Writing by Bhargav Acharya; Editing by Alexander Winning and Alison Williams)

XDZMXRYL6JOE7AVFZM7XXTIUAE

Amapiano stars put South African dance music on the map

<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>



ACCRA, July 28 (Reuters)&nbsp;&#8211;&nbsp;Ghana is anticipating a possible three-year programme with the International Monetary Fund (IMF) worth about $2 billion to $3 billion, Finance Minister Ken Ofori-Atta said on Thursday.



&#8220;We&#8217;re thinking of maybe a three-year programme &#8230; but knowing that within two years we must have achieved most of what we intend to,&#8221; he said in an interview on Ghanaian television.



&#8220;We look forward to anything, maybe two or three or so billion dollars over the period.&#8221;



Gold, cocoa and oil-producing Ghana is facing a nearly $1 billion balance-of-payments deficit and turned to the IMF earlier this month for a support package after hundreds of people took to the streets to protest worsening economic hardship. <a href="https://www.reutersconnect.com/all?search=all%3AL8N2YI31N&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-crisis-hit-ghana-changes-its-mind-and-turns-to-imf-for-help">Read more: <a href="https://www.cnbcafrica.com/2022/ghanas-president-asks-finance-minister-to-begin-talks-with-imf/">Crisis-hit Ghana changes its mind and turns to IMF for help</a></h3>



Inflation soared to 29.8% in June and the cedi currency has lost nearly a quarter of its value this year, problems which the government has blamed mainly on external factors such as the COVID-19 pandemic and the war in Ukraine.



When Ghana last sought IMF assistance in 2015, it received $918 million for a three-year programme. Because GDP has now gone up it may enhance the quota, Ofori-Atta said.



A staff mission from the IMF visited Ghana from July 6-13 to hold initial discussions on the support package and has not given a timeline for next steps.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2YU58Q&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;Programmes usually take about six months, but the interventions of finding support for balance of payments has to be immediate and those discussions are going on,&#8221; Ofori-Atta said.



(Reporting by Christian Akorlie and Nellie Peyton; Editing by Marguerita Choy and Matthew Lewis)

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Reuters

Nigeria fines Multichoice, others for airing BBC report on banditry -statement

Emerging market portfolios post longest streak of monthly outflows on record – IIF

In Kenya’s sugar country, volunteers keep election relations sweet

Impoverished Zimbabweans turn to scrap metal trade as inflation bites

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Emirates plans to reduce Nigeria service due to trapped revenue – letter

Kenyan ministers rally around Meta’s Facebook after watchdog’s ultimatum

Senegal’s ruling party says holds majority after legislative vote

OPEC secretary general says Russia’s membership in OPEC+ is vital for success of agreement

ANC reaffirms commitment to nationalising central bank – president

Ramaphosa scolds ruling ANC for losing South Africans’ trust

Amapiano stars put South African dance music on the map

Ghana looking at 3-year IMF programme of $2 bln-$3 bln -finance minister

News Tips

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