<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-820x547.jpg" alt="" class="wp-image-416685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A company vehicle sits in a parking lot outside the headquarters of the Nairobi Securities Exchange Ltd. (NSE) in Nairobi, Kenya, on Tuesday, July 21, 2015. Kenya is a major technology hub and a key player in one of the most dynamic economic regions on the continent. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, April 25 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Nairobi Securities Exchange&nbsp;NSE.NR&nbsp;is looking to buy up more stakes in bourses across Africa, its chief executive said on Monday, with a view to eventually becoming a pan-continental exchange.



The bourse, the fifth biggest by market capitalisation in Africa, already owns a 4.9% stake in neighbouring Tanzania&#8217;s Dar es Salaam Stock Exchange&nbsp;DSE.TZ, and is eyeing other bourses in countries like Nigeria and Botswana following their demutualisation, its CEO Geoffrey Odundo said.



&#8220;We can become a pan-African exchange in the long term, so we are looking at how we can use this opportunity,&#8221; he said. The group is keen to see the valuation of Uganda&#8217;s bourse when the shares are offered to investors at a later date, he added.



To fund acquisitions, the NSE has cash reserves of up to 1.5 billion shillings ($12.98 million), Odundo said.



The exchange is also looking at buying stakes in related businesses like technology and depository services, he said. &#8220;Acquisitions are a key focus for us,&#8221; he told Reuters.



<h3 class="wp-block-heading" id="h-read-more-world-bank-approves-750-million-in-budgetary-support-to-kenya">Read more:<a href="https://www.cnbcafrica.com/2022/world-bank-approves-750-million-in-budgetary-support-to-kenya/"> World Bank approves $750 million in budgetary support to Kenya</a></h3>



As part of its strategy to acquire related businesses, the NSE has doubled its stake in Kenya&#8217;s Central Depository and Settlement Corporation, which offers back-office services for share trading, Odundo said.



The exchange, which for 2021 offered investors a 17% dividend yield, is also holding discussions with two Kenyan technology firms to boost its securities trading infrastructure, Odundo said, without giving details.



Africa, made up of 54 nations, has just 29 exchanges, meaning there will be opportunities to offer securities trading technology when the others set up their bourses, the CEO said.



The bourse was in a strong position to fend off competition from a new bond trading exchange being set up in Kenya, he said, since it offers many products, including derivatives.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U637S&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The NSE is selling its head office in a Nairobi suburb in favour of leasing, Odundo said. &#8220;Property is not a space for us,&#8221; he added.



NSE turnover has been depressed in the past month by heightened geopolitical risk caused by the Ukraine crisis, he said.



Kenya is holding a general election on Aug. 9, which could feed volatility in the market, Odundo said. However, he expressed optimism that the adverse impact will be low.



&#8220;We are cautiously optimistic,&#8221; he said. &#8220;Investors have priced down the political risk.&#8221;



($1 = 115.6000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Jan Harvey)

Trading At Nairobi Securities Exchange Ltd.

Nairobi Securities Exchange eyes acquisitions among other African bourses

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/U5DUPVTNRFIELG6KDS4EHR4OCM-820x549.jpg" alt="" class="wp-image-414936" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/U5DUPVTNRFIELG6KDS4EHR4OCM-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/U5DUPVTNRFIELG6KDS4EHR4OCM-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/U5DUPVTNRFIELG6KDS4EHR4OCM-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/U5DUPVTNRFIELG6KDS4EHR4OCM-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/U5DUPVTNRFIELG6KDS4EHR4OCM-1536x1029.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/U5DUPVTNRFIELG6KDS4EHR4OCM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Rwandan president Paul Kagame addresses delegates at the Africa CEO Forum in Kigali, Rwanda March 25, 2019. REUTERS/Jean Bizimana</figcaption></figure>



KAMPALA, April 25 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s President Paul Kagame has visited his Ugandan counterpart Yoweri Museveni near Kampala, in what is seen as a sign of improving ties after several years of trading accusations over spying and supporting dissidents.



In January, Rwanda re-opened a border crossing with Uganda that had been closed for three years since Kigali accused Kampala of harassing its nationals and supporting those bent on overthrowing the government.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UB25X&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In turn, Museveni&#8217;s government accused Rwanda of conducting illegal espionage in Uganda.



On Sunday evening, Kagame attended a state banquet for the birthday of Museveni&#8217;s son Muhoozi Kainerugaba, who is seen as the Ugandan leader&#8217;s potential successor.



The pair discussed a number of issues including regional peace, stability and cooperation, Museveni said.



<h3 class="wp-block-heading" id="h-read-more-rwanda-re-opens-border-with-uganda-but-says-grievances-remain">Read more: <a href="https://www.cnbcafrica.com/2022/rwanda-re-opens-border-with-uganda-but-says-grievances-remain/">Rwanda re-opens border with Uganda but says grievances remain</a></h3>



&#8220;I want to thank H.E Kagame for responding positively to Lt Gen Muhoozi&#8217;s invitation and coming to pay a visit to Uganda after years of not coming here,&#8221; Museveni wrote on Twitter.



Rwanda&#8217;s office of the presidency shared photographs on Twitter of the two men, who once fought together but whose relations have become strained, chatting at Uganda&#8217;s state house in Entebbe.



Kagame helped Museveni overthrow Uganda&#8217;s previous president Milton Obote in the 1980s, but relations soured as they jockeyed for influence in the region, particularly in neighbouring Democratic Republic of Congo.



Museveni&#8217;s son Kainerugaba, who leads the Ugandan army&#8217;s land forces, is credited with helping mend relations. The visit comes just days after the East African Community (EAC), of which Rwanda and Uganda are members, agreed to set up a regional military force to try to end decades of bloodshed in eastern Congo.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WK16H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Hereward Holland; Editing by Alex Richardson)

Rwandan president Paul Kagame addresses delegates at the Africa CEO Forum in Kigali

Rwanda’s Kagame visits Uganda’s Museveni as relations thaw

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-820x615.jpg" alt="" class="wp-image-375629" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-1110x833.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-696x522.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-1068x801.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-1920x1440.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-600x450.jpg 600w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Flickr</figcaption></figure>



April 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Sasol Ltd&nbsp;SOLJ.J&nbsp;said on Monday it has declared force majeure on the export of certain chemical products due to the impact of heavy rainfall and floods in KwaZulu-Natal province, possibly affecting its fourth-quarter volume outlook.



The floods, among the worst to hit KwaZulu-Natal province, have killed 435 people, leaving thousands homeless and causing at least 10 billion rand ($638 million) of damage to infrastructure.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WJ4Y6&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;Our Q4 FY22 volume outlook could be impacted subject to the extent of infrastructure damage and the timing of the recovery and restoration of key infrastructure and utilities,&#8221; the petrochemicals group said in a statement.



Sasol, the world&#8217;s biggest producer of fuel products and chemicals from coal, said it has yet to fully assess the material impact of the floods on its business.



The company said that the conflict in Ukraine and the resulting volatility in energy prices, together with COVID-19 lockdowns in China and rising inflation, will also pose risks to sales volumes and margins during the last quarter of 2022.



($1 = 15.6859 rand)



(Reporting by Bhargav Acharya in Bengaluru; Editing by Christopher Cushing and Edmund Klamann)

Sasol_Garage_in_Boksburg

South Africa’s Sasol warns of impact on Q4 volume outlook from floods

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="481" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY.jpg" alt="" class="wp-image-416655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY-136x90.jpg 136w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption>United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) peacekeepers patrol areas affected by the recent attacks by M23 rebels fighters near Rangira in North Kivu in the east of the Democratic Republic of Congo, March 29, 2022. REUTERS/Djaffar Sabiti</figcaption></figure>



NAIROBI, April 22 (Reuters)&nbsp;&#8211;&nbsp;The seven countries of the East African Community (EAC) have agreed to set up a regional military force to try to end decades of bloodshed caused by militant activity in eastern Democratic Republic of Congo, Kenya said.



Despite billions of dollars spent on one of the United Nation&#8217;s largest peacekeeping forces, more than 120 rebel groups continue to operate across large swathes of east Congo almost two decades after the official end of the central African country&#8217;s civil wars.



The EAC, which Congo joined last month, called on local armed groups to join a political process to resolve their grievances or &#8220;be handled militarily&#8221;, the office of Kenya&#8217;s president said in a statement following an EAC meeting in Nairobi on Thursday.



Foreign armed groups, which include an Islamist insurgency with origins in Uganda and ties to Islamic State (IS), &#8220;must disarm and return unconditionally and immediately to their respective countries of origin,&#8221; the president&#8217;s office said, without providing further details about the force.



Tanzania already contributes 835 troops to the U.N.&#8217;s peacekeeping mission, while Kenya contributes 250.



The U.N. has previously accused neighbouring Uganda and Rwanda of backing rebel groups in the mineral-rich region, accusations the two countries firmly deny.



Recent attempts to stop the violence militarily have proven unsuccessful, and in some cases backfired, security analysts and human rights groups say.



<h2 class="wp-block-heading" id="h-read-more-u-s-imposes-sanctions-over-illicit-exports-of-gold-from-congo">Read more: <a href="https://www.cnbcafrica.com/2022/u-s-imposes-sanctions-over-illicit-exports-of-gold-from-congo/">U.S. imposes sanctions over illicit exports of gold from Congo</a></h2>



Congo imposed martial law in its eastern Ituri and North Kivu provinces in May and began joint operations with Uganda&#8217;s army in November against the Islamist group, known as the Allied Democratic Forces (ADF).



The ADF often murders civilians in retaliation for military campaigns against it, human rights groups and security analysts say. It killed more than 1,200 people in 2021, up almost 50% on the previous year, according to the U.N.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2U8494&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Congo&#8217;s President Felix Tshisekedi was meanwhile expected to meet with representatives of another group, the M23, in Nairobi on Friday.



The Congolese army clashed with the M23 in several days of heavy fighting last month, after which the group declared a unilateral ceasefire.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VZ203&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Congolese lawmaker Juvenal Munobo, a member of parliament&#8217;s defence and security commission, expressed reservations about the regional force on Twitter.



&#8220;We know these countries have interests in the Congo. I think the solution is to invest in (Congo&#8217;s army),&#8221; he wrote.



Unrest in Congo has caused one of the world&#8217;s worst and longest-running humanitarian emergencies, with more than 27 million people facing food shortages, and nearly 5.5 million forced to flee their homes, according to the U.N.



(Reporting by Hereward Holland; Editing by Sofia Christensen and Susan Fenton)

Resurgent M23 rebels attack displace hundreds in eastern Congo

East African Community agrees on regional force to try to end Congo unrest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-820x547.jpg" alt="" class="wp-image-416649" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>IMF managing director Kristalina Georgieva speaks during a panel discussion at the COP26 UN Climate Summit in Glasgow on November 3, 2021. (Photo by Daniel LEAL / AFP) (Photo by DANIEL LEAL/AFP via Getty Images)</figcaption></figure>



LONDON, April 21 (Reuters)&nbsp;&#8211;&nbsp;China has committed to joining Zambia&#8217;s creditor committee, International Monetary Fund managing director Kristalina Georgieva said on Thursday, amid complaints from Zambia&#8217;s finance minister about delays to its debt restructuring.



People&#8217;s Bank of China governor Yi Gang said that China intended to co-chair the committee, two sources with knowledge of the International Monetary and Finance Committee meeting told Reuters.



Zambia became the first pandemic-era default in 2020 and is buckling under a debt burden of almost $32 billion, around 120% of GDP.



&#8220;We were very pleased to hear from Governor Yi Gang&#8230; a very specific commitment to join the creditor committee on Zambia and work expeditiously for debt resolution,&#8221; said Georgieva at the International Monetary Fund (IMF) Spring Meetings.



She added that he had also committed to the Common Framework debt restructuring process, launched by the Group of 20 (G20) leading economies in 2020 in response to the coronavirus pandemic.



Zambia&#8217;s finance minister Situmbeko Musokotwane said at public events on Thursday that the debt restructuring process had &#8220;stalled&#8221; and that the Zambian team had &#8220;come here to complain&#8221;.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WJ4XX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



An IMF spokesperson said that they did not have any more details of Yi&#8217;s statement, noting that it was at a closed door meeting.



&#8220;This augurs well, for coordination, in resolving debt for various African countries,&#8221; Zimbabwe&#8217;s finance minister Mthuli Ncube&nbsp;<a href="https://twitter.com/MthuliNcube/status/1517147119244636165" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;of the Chinese position.



Ethiopia and Chad also signed up to the Common Framework more than a year ago and have yet to receive debt relief.



&#8220;China is a very significant lender to many of these low-income countries, and China needs to participate, along with the Paris Club and private creditors,&#8221; U.S. Treasury Secretary Janet Yellen said at a press conference before Georgieva&#8217;s.



&#8220;I&#8217;ve called on China to specifically for example participate right away in a meeting for Zambia, that wishes to undergo debt restructuring. And I am hopeful that China will agree to play a more constructive role.&#8221;



China and Chinese entities held $5.78 billion of Zambia&#8217;s debt at the end of 2021, according to the most recent Zambian government data.



(Reporting by Rachel Savage and Jorgelina do Rosario; Additional reporting by Daniel Burns, David Lawder and Andrea Shalal, Editing by Alexandra Hudson)

BRITAIN-UN-CLIMATE-COP26

China committed to joining Zambia creditor committee -IMF’s Georgieva

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="510" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/JD2IZHEJJJLTNPNS6LFXDDAY2Q-820x510.jpg" alt="" class="wp-image-416645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/JD2IZHEJJJLTNPNS6LFXDDAY2Q-820x510.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/JD2IZHEJJJLTNPNS6LFXDDAY2Q-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/JD2IZHEJJJLTNPNS6LFXDDAY2Q-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/JD2IZHEJJJLTNPNS6LFXDDAY2Q-768x477.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/JD2IZHEJJJLTNPNS6LFXDDAY2Q-1536x955.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/JD2IZHEJJJLTNPNS6LFXDDAY2Q-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Brazilian Real and U.S. dollar notes are pictured at a currency exchange office in Rio de Janeiro, Brazil, in this September 10, 2015 photo illustration. REUTERS/Ricardo Moraes/File Photo</figcaption></figure>



LONDON, April 21 (Reuters)&nbsp;&#8211;&nbsp;After huge rallies fed by blockbuster commodity price surges, the tide may be turning for currencies such as the Aussie dollar and Colombian peso as fears of a global growth slowdown take hold in markets.



As inflation and higher borrowing costs crimp business and consumer spending, the International Monetary Fund and World Bank this week slashed global growth forecasts by nearly a percentage point and flagged the risk of further drops stemming from China&#8217;s COVID lockdowns and sanctions on Russia&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WG0QF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>.



The warnings knocked prices of oil and metals, though tight supply of most commodities has so far capped losses. Brent crude futures remain above $100 a barrel while the Refinitiv CRB commodity index is still up nearly a quarter this year&nbsp;.SNCMP.



Eight of the top 30 currency performers this year in a group monitored by Societe Generale are commodity-linked. In a smaller G10 grouping, four of the top five are from commodity exporting countries, Refinitiv data shows.



Societe Generale strategist Kenneth Broux reckons however, that the rally is &#8220;running on fumes&#8221; with a big test for commodity currencies coming from U.S. real yields &#8211; or inflation-adjusted 10-year Treasury yields &#8211; turning positive this week for the first time in two years.



Central banks are also polishing their hawkish credentials, especially the U.S. Federal Reserve.



A BofA investor survey this week predicted the Fed would hike rates more than seven times this year, up from four times in a March survey.



Anticipation of the resulting growth slowdown may be already taking the edge off commodities and commodity currencies such as the Australian dollar, which rose 10% versus the greenback between end-January and late-March.



The Brazilian real&nbsp;BRL=&nbsp;has gained 18% this year and the Colombian peso 8%&nbsp;COP=.



&#8220;Long Latin American energy exporters and short Asian importers&#8221; has been this year&#8217;s most concentrated foreign exchange trade, the head of a U.S. bank&#8217;s currency desk said.



April has brought a turnaround, however. The Chilean peso for example, has shed almost half its first-quarter gains as copper prices ease, while signs of a Chinese slowdown have weighed on the Aussie and Kiwi dollars.



Morgan Stanley&#8217;s proprietary FX positioning tracker, calculated off client option market positions, reflects the shift, said James Lord, the bank&#8217;s global head of foreign exchange.



&#8220;Usually exchange rates tend to be very correlated and tend to go in the same direction, but we have seen a huge decoupling between commodity exporting and importing currencies since the start of the year,&#8221; Lord said.



On Morgan Stanley&#8217;s scale of minus 100 to plus 100, where 0 is neutral, positioning on commodity currencies reached 75 in March, the highest according to data going back to 2014. The score has since eased, albeit to a still-bullish 62.



&#8220;Commodity exporters&#8217; currencies may start to weaken from here because global growth is slowing,&#8221; Lord said, noting that extreme positioning means there were &#8220;a lot of flows that can go the other way&#8221;.



<h2 class="wp-block-heading" id="h-lot-of-optimism">LOT OF OPTIMISM</h2>



The catalyst could be China.



The yuan, crucial to the trajectory of commodities, has fallen to a two-month low against a basket of currencies&nbsp;.RXYH&nbsp;and a Reuters poll shows analysts are &#8220;short&#8221; yuan for the first time since October.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2WI1YC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>.



With swathes of China under COVID lockdowns, a gauge of hedge fund positioning compiled by the U.S. CFTC shows a sharp decline in Aussie dollar net longs &#8211; currently $2.1 billion versus six-year highs of about $6.5 billion in January&nbsp;AUDNETUSD=.



Brazilian real net longs have held up better, though they too are off early March&#8217;s record highs of nearly $1 billion&nbsp;BRLNETUSD=. Hedge funds have also stopped buying the kiwi and the Canadian dollar, the data shows&nbsp;NZDNETUSD=,&nbsp;CADNETUSD=.



If growth does slows sharply, currencies&#8217; exalted valuations will be hard to justify &#8211; the Norwegian crown&#8217;s value on a trade-weighted basis is near its highest, relative to its median value, for the last 50 years.



The Aussie and Kiwi dollars are also well above historic averages on a trade-weighted basis, according to Refinitiv data.



Current exchange rates are pricing a lot of bullishness, said Francesca Fornasari, head of currency solutions at Insight Investment, noting for instance &#8220;when it comes to the Aussie, there is a lot of optimism baked in about China, commodity markets and the central bank rate trajectory.&#8221;



(Reporting by Sujata Rao and Saikat Chatterjee; Editing by Kirsten Donovan)

FILE PHOTO: Brazilian Real and U.S. dollar notes are pictured at a currency exchange office in Rio de Janeiro

Growth slowdown fears temper bullishness on commodity currencies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg" alt="" class="wp-image-411734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>UNITED STATES &#8211; APRIL 25: Situmbeko Musokotwane, finance minister of Zambia, left, speaks as Mustafa Mkulo, finance minister of Tanzania, center, and Charles Koffi Diby, finance minister of the Ivory Coast, listen during a press briefing in Washington, D.C., U.S., Saturday, April 25, 2009. The global economic crisis may force as many as 90 million more people into extreme poverty this year and make it harder to meet goals to improve health and education, the World Bank and International Monetary Fund said yesterday. (Photo by Joshua Roberts/Bloomberg via Getty Images)</figcaption></figure>



LONDON, April 21 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s debt restructuring process has &#8220;stalled&#8221; as it awaits the formation of a creditor committee, Finance Minister Situmbeko Musokotwane said on Thursday at the International Monetary Fund (IMF) Spring Meetings.



&#8220;We&#8217;ve been waiting for the committees to sit,&#8221; Musokotwane told IMF African Department director Abebe Selassie in a &#8216;Governor Talk&#8217; interview broadcast by the fund.



&#8220;And while we are here I hope we can get some clarity from you and your colleagues from the World Bank on how we can move forward. Because for now it is stalled,&#8221; he continued.



Zambia was the first country to default in the pandemic era, in November 2020, as it buckled under debt of more than 120% of GDP. The debt hit $31.74 billion at the end of 2021, 17% higher than six months earlier, according to official Zambian data.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VQ55B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Zambia reached a staff level agreement with the IMF on a $1.4 billion, three-year credit facility in December 2021.



Musokotwane, who also described the restructuring as a &#8220;stalemate,&#8221; told parliament on March 25 that the creditor committee would be announced &#8220;within the next few weeks&#8221; and has said he hopes for a formal IMF deal by mid-year. <a href="https://www.reutersconnect.com/all?search=all%3AL5N2VS1ZH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-british-firm-plans-to-invest-100-million-in-zambia-mine-expansion">Read more: <a href="https://www.cnbcafrica.com/2022/british-firm-plans-to-invest-100-million-in-zambia-mine-expansion/">British firm plans to invest $100 million in Zambia mine expansion</a></h3>



Selassie had asked what the international community could do to address what he described as the &#8220;unresolved&#8230; debt challenge&#8221;.



At a second event on Thursday, Musokotwane criticised the Common Framework debt restructuring process, which was launched by the Group of 20 (G20) leading economies in 2020 in response to the coronavirus pandemic.



&#8220;Unfortunately we are now in the fourth month from the time when we thought we would quickly move to the discussion with creditors. Nothing has happened,&#8221; he told a side event hosted by the Atlantic Council, a think-tank.



&#8220;So we&#8217;ve come here to complain and also discuss with the leaders of the G20, the leaders of the Common Framework.&#8221;



Musokotwane said Zambia had fulfilled its commitments and contrasted the Common Framework process with what he said was the clearer Heavily Indebted Poor Countries (HIPC) debt relief programme first set up by the IMF and World Bank in 1996.



Having signed up for the Common Framework more than a year ago, Ethiopia and Chad have also yet to receive debt relief.



(Reporting by Rachel Savage; Editing by Emma Rumney and Mark Potter)

Situmbeko Musokotwane, finance minister of Zambia, left, spe

Zambia debt restructuring ‘stalled’ – finance minister

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="520" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KTGFKTEVNFMJXA74BTSOHVSX2U-820x520.jpg" alt="" class="wp-image-416625" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KTGFKTEVNFMJXA74BTSOHVSX2U-820x520.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KTGFKTEVNFMJXA74BTSOHVSX2U-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KTGFKTEVNFMJXA74BTSOHVSX2U-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KTGFKTEVNFMJXA74BTSOHVSX2U-768x487.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/KTGFKTEVNFMJXA74BTSOHVSX2U.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A general view of a mudslide which destroyed several houses during flooding in Mzinyathi near Durban, South Africa, April 17, 2022. REUTERS/Rogan Ward</figcaption></figure>



JOHANNESBURG, April 21 (Reuters)&nbsp;&#8211;&nbsp;The death toll from severe flooding in South Africa&#8217;s KwaZulu-Natal province last week has been revised down to 435 from 448, Police Minister Bheki Cele said on Thursday.



Cele said the number of missing people was not confirmed.



The floods, among the worst to hit KwaZulu-Natal province, have left thousands homeless and caused at least 10 billion rand ($656 million) of damage to infrastructure.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WF06T&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In giving the lower death toll, Cele told a televised briefing that four of the bodies found were murder related and nine had died from natural causes other than the floods.



<h3 class="wp-block-heading" id="h-read-more-south-african-military-deployed-to-flood-ravaged-province">Read more: <a href="https://www.cnbcafrica.com/2022/south-african-military-deployed-to-flood-ravaged-province/">South African military deployed to flood-ravaged province</a></h3>



Search and rescue efforts were still under way on Wednesday.



In Ekuthuleni near Durban, rescue workers dug through rubble for almost 10 hours before pulling out the body of Mxolisi Madziba from under tree trunks.



A relative told Reuters TV that the news of his death was very painful but the family was relieved that he can now be buried properly after searching for a week in mortuaries across the city.



($1 = 15.2520 rand)



(Writing by Alexander Winning; Editing by Alison Williams)

KTGFKTEVNFMJXA74BTSOHVSX2U

Death toll from South African floods revised down to 435

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45.jpg" alt="" class="wp-image-416621" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-768x512.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>FILE PHOTO: A photovoltaic solar panel farm is seen in Porto Feliz, Sao Paulo state, Brazil February 13, 2020. REUTERS/Amanda Perobelli/File Photo</figcaption></figure>



SITOLO, Malawi, April 21 (Reuters)&nbsp;&#8211;&nbsp;A solar mini-grid in rural Malawi is powering maize mills, a sunflower oil facility and will help a welder in a nearby village expand his business, showing that centralised grid systems are not Africa&#8217;s only route towards low-carbon power.



Development experts say village-level solar power is a more promising way of bringing electricity to Africa&#8217;s remotest areas than conventional grids, which often do not reach them, tend to prioritise more privileged neighbourhoods and are often powered by polluting fossil-fuel generation.



&#8220;I see myself prospering with this electricity project,&#8221; welder Bartholomew Soko told Reuters TV in the village of Ndawambe. He plans to start making door frames, television stands and drying racks for plates, as well as the bicycles he already repairs.



&#8220;If electricity is extended to other rural areas, it would help people with disabilities be self-reliant,&#8221; Soko, who was injured in a car accident and uses a wheelchair, added.



<h3 class="wp-block-heading" id="h-read-more-india-s-coal-imports-are-shifting-thermal-more-than-coking-russell">Read more: <a href="https://www.cnbcafrica.com/2022/indias-coal-imports-are-shifting-thermal-more-than-coking-russell/">India’s coal imports are shifting, thermal more than coking: Russell</a></h3>



In Malawi, more than three quarters of the country&#8217;s roughly 20 million population does not have access to electricity &#8212; a higher proportion than the continental average of roughly half.



The cost of solar power has fallen by more than three quarters globally over the past decade.



The Sitolo project connects more than 700 people across three villages, and local farmers no longer have to trek long distances to get their maize milled or sunflower seeds pressed.



Brenda Limbikani, a sunflower farmer, said local people never used to grow sunflowers. &#8220;But with this oil-pressing machine, more people have planted the crop,&#8221; she said. &#8220;This year the number of farmers growing sunflowers is more than ever.&#8221;



(Reporting by Eldson Chagara; Writing by Frank Phiri and Alexander Winning. Editing by Tim Cocks and Jane Merriman)

download-45

Malawi solar mini-grid shows promise as way of electrifying rural Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LVMVISQKKZL3NN6CWXWCTWREGU-820x546.jpg" alt="" class="wp-image-416610" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LVMVISQKKZL3NN6CWXWCTWREGU-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LVMVISQKKZL3NN6CWXWCTWREGU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LVMVISQKKZL3NN6CWXWCTWREGU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LVMVISQKKZL3NN6CWXWCTWREGU-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LVMVISQKKZL3NN6CWXWCTWREGU-1536x1023.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LVMVISQKKZL3NN6CWXWCTWREGU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: A worker sprays water over piles of coal at Mundra Port Coal Terminal in the western Indian state of Gujarat April 2, 2014. REUTERS/Amit Dave</figcaption></figure>



LAUNCESTON, Australia, April 21 (Reuters)&nbsp;&#8211;&nbsp;India&#8217;s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia&#8217;s invasion of neighbouring Ukraine.



India, the world&#8217;s second-biggest coal importer behind China, has long been viewed as a price-sensitive buyer of the polluting fuel, and given the surge in prices after Russia&#8217;s Feb. 24 attack on Ukraine, it was always likely that trade flows would be affected.



Russia is the world&#8217;s third-largest coal exporter and it&#8217;s expected that many buyers, especially in Europe and Japan, will stop importing fuel from Russia in coming months as part of economic efforts to isolate Moscow.



India hasn&#8217;t been a major buyer of Russian coal, but it will still be affected by the loss of Russian cargoes as other importers seek to replace Russian volumes with supplies from exporters such as Australia, Indonesia and South Africa.



These three exporters are India&#8217;s major suppliers and are likely to see increasing demand for cargoes in coming months.



South African cargoes are likely to flow to Europe as it seeks to replace Russian coal, while Australian volumes are likely to increase to traditional buyers in north Asia, such as Japan and South Korea.



India&#8217;s overall coal imports look set to be relatively robust in April, with commodity consultants Kpler estimating arrivals will total 15.92 million tonnes.



This is down from March&#8217;s 21.79 million tonnes, but up from 12.77 million in February.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/eu-countries-hunt-for-global-coal-stocks-as-russian-ban-looms/">EU countries hunt for global coal stocks as Russian ban looms</a></h3>



March was something of an outlier for coal imports across Asia, as volumes surged after Indonesia ended an abrupt one-month ban on exports, which had impacted its shipments in January and February.



Looking at the breakdown of India&#8217;s imports reveals flows are already shifting.



It&#8217;s important to separate the main types of coal, namely metallurgical, or coking, coal used to make steel, and thermal coal used to generate power or in some industrial processes such as making cement.



India&#8217;s imports of coking coal have been steady in recent months, reflecting strong demand for steel, both for domestic consumption and for export.



April imports of coking coal are estimated by Kpler at 4.66 million tonnes, down from 6.17 million in March but in line with February&#8217;s 5.01 million and January&#8217;s 4.91 million.



Australia, the world&#8217;s top exporter of coking coal, remains the top supplier, with imports of 3.17 million tonnes likely in April, down from 3.96 million in March and 3.51 million in February.



The slight drop in coking coal imports from Australia shows the resilience of this trade, given that the price of Australian coking coal on the Singapore Exchange&nbsp;SCAFc1&nbsp;has sky-rocketed in recent months, reaching a record high of $635 a tonne on March 10.



It has since slipped back to $483.33 a tonne at the close on Wednesday, but this is still more than four times the $111 it was trading at on the same day last year.



India has few options to secure alternative supplies of coking coal, with Russia perhaps being the best hope, although it&#8217;s worth noting that April arrival of this grade of coal from Russia are estimated at just 238,933 tonnes, down from 620,748 in March and 383,016 in February.



This means that India has little choice when it comes to coking coal but to buy what it can from Australia, with alternatives such as Canada and the United States likely to prove just as pricey, especially when the higher freight costs are included.



<h2 class="wp-block-heading" id="h-thermal-dynamics">THERMAL DYNAMICS</h2>



For thermal coal, it appears India is trying to shift to cheaper supplies from Indonesia, with Kpler estimating April arrivals from the Southeast Asian nation at 7.37 million tonnes.



While this is down from 9.79 million tonnes in March, it is up strongly from 3.54 million in February and 2.45 million in January.



At the same time, India&#8217;s imports of thermal coal from Australia are dropping, down to 908,795 tonnes in April, compared to 982,238 in March and well below the recent peak of 2.10 million in November last year.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/anglo-american-completes-exit-from-south-african-coal-miner-thungela/">Anglo American completes exit from South African coal miner Thungela</a></h3>



Imports from South Africa are also slipping, with April arrivals slated to reach 1.16 million tonnes, down from 2.86 million in March and 2.20 million in February.



Both South African and Australian thermal coal prices have surged since the Russian invasion of Ukraine, with futures for benchmark Australian Newcastle cargoes&nbsp;NCFMc1&nbsp;ending at $326.35 a tonne on Wednesday, versus the record high of $440 on March 2, but more than four times the $93.75 from the same day in 2021.



Indonesian coal prices have also rallied, but nowhere near to the extent as those for Australian and South African, most likely reflecting more limited export markets for the lower-energy coal produced by the Southeast Asian nation.



Indonesian coal contracts in Singapore&nbsp;S42CFc1&nbsp;ended at $90.38 a tonne on Wednesday, down from the recent record high of $140 on March 3, and also just slightly less than double the $47.82 from April 20 last year.



It&#8217;s likely that Indian utilities will continue to seek out cheaper Indonesian thermal coal, as well as looking at heavily discounted Russian coal in coming months, while seeking to cut out unaffordable cargoes from Australia and South Africa.



(Editing by Himani Sarkar)

A worker sprays water over piles of coal at Mundra Port Coal Terminal in the western Indian state of Gujarat

India’s coal imports are shifting, thermal more than coking: Russell

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-44.jpg" alt="" class="wp-image-416606" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-44.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-44-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-44-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-44-768x484.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>Absa Group logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



LONDON, April 21 (Reuters)&nbsp;&#8211;&nbsp;Barclays&nbsp;BARC.L&nbsp;has sold a 7.4% stake in South African bank Absa&nbsp;ABGJ.J, it said on Thursday, raising 526 million pounds ($687 million) as it looks to bolster its capital levels.



Barclays, which said it would use the net proceeds for general corporate purposes, said the placing would raise the bank&#8217;s core capital ratio by around 10 basis points, and result in a loss on sale of 43 million pounds through the income statement.



The move comes at a time when Barclays&#8217; capital levels are under scrutiny, after regulators earlier this month warned British lenders against gaming pension rules to bolster capital ratios.



Russia&#8217;s invasion of Ukraine has further dented confidence in European banks&#8217; capital levels, as the resulting economic slowdown and delays in central bank rate hikes dent prospects of higher dividends.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2VA3IW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



It also marks a further step in the British bank&#8217;s exit from Africa, after it announced the sale of Absa in 2016, ending a 90-year presence on the continent.



<h3 class="wp-block-heading" id="h-read-more-stanchart-cuts-seven-minnow-businesses-in-africa-and-middle-east">Read more: <a href="https://www.cnbcafrica.com/2022/stanchart-cuts-seven-minnow-businesses-in-africa-and-middle-east/">StanChart cuts seven minnow businesses in Africa and Middle East</a></h3>



Following the placing, Barclays will hold 63 million ordinary shares in Absa, representing around 7.4% of the company.



In an accelerated bookbuilding, the bank priced 63 million shares at 164 rand each.



Absa, which owns lenders in 10 African countries including Ghana, Kenya, Botswana and Tanzania, was formerly part of Barclays Africa Group until the British bank opted to streamline its African exposure as part of a strategy revamp led by former CEO Jes Staley.



Rival Standard Chartered earlier this month also said it was streamlining its Africa business, exiting seven countries as slower than expected economic growth in parts of the continent has hampered profits.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WC0L1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Barclays was the global bookrunner on its share sale and Absa, Citigroup, Banco Santander and Societe Generale were co-bookrunners.



($1 = 0.7661 pounds)



(Reporting by Kirstin Ridley and Lawrence White, editing by Sinead Cruise and Emelia Sithole-Matarise)

download (44)

Barclays bolsters capital with $687 mln sale of Absa stake

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/B2LORCWYB5OAPJZJV2ED4FEPLM-820x547.jpg" alt="" class="wp-image-416602" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/B2LORCWYB5OAPJZJV2ED4FEPLM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/B2LORCWYB5OAPJZJV2ED4FEPLM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/B2LORCWYB5OAPJZJV2ED4FEPLM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/B2LORCWYB5OAPJZJV2ED4FEPLM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/B2LORCWYB5OAPJZJV2ED4FEPLM.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Supporters of Nigeria&#8217;s All Progressive Congress demonstrate at the Eagle square, in Abuja, Nigeria, March 26, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, April 20 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s ruling party All Progressives Party (APC) has set its presidential primaries for May 30-31, a spokesman said on Wednesday.



Nigerian President Muhammadu Buhari will step down after serving two four-year terms following a Feb. 23, 2023 ballot.



The country&#8217;s political parties are due to pick presidential candidates by June 3. Official campaigning will begin in September, according to the country&#8217;s electoral commission.



Current Vice President Yemi Osinbajo and former Lagos state governor Asiwaju Bola Tinubu are frontrunners in the race to be the next candidate.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W90ZF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The primaries for governors, state house assembly, national house of representatives and the senate are slated to run from May 18 to 24.



This is a developing story&#8230;



(Reporting by Felix Onuah; Writing by Julia Payne; Editing by Sandra Maler)

B2LORCWYB5OAPJZJV2ED4FEPLM

Nigeria’s ruling party APC sets presidential primaries date

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="503" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43.jpg" alt="" class="wp-image-416576" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-43-768x483.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, April 20 (Reuters) – Diamond miner De Beers has signed two mineral investment contracts with the Angolan government for licence areas in the northeast of the country, the Anglo American subsidiary said on Wednesday.



The contracts are for 35 years and give De Beers the rights to explore and mine, through two new joint ventures with Angola’s state diamond company Endiama.



De Beers will hold a “substantial” majority of the new joint ventures, the company said, without specifying a percentage. Endiama will be able to increase its equity share over time.



<h3 class="wp-block-heading" id="h-read-more-bp-eni-seek-to-raise-2-bln-for-angola-joint-venture">Read more: <a href="https://www.cnbcafrica.com/2021/bp-eni-seek-to-raise-2-bln-for-angola-joint-venture/">BP, Eni seek to raise $2 bln for Angola joint venture</a></h3>



De Beers expects to start exploration activities in the licences this year, pending regulatory approvals.



The company announced in December last year that it had applied to conduct exploration activities in the country.



“Angola has worked hard in recent years to create a stable and attractive investment environment and we are pleased to be returning to active exploration in the country,” De Beers Chief Executive Bruce Cleaver said in a statement.



Angola was the seventh biggest producer of rough diamonds in the world in 2020, according to Kimberley Process statistics. Western sanctions on the world’s biggest diamond producer, Russia, could boost demand for alternative sources of diamonds. 



(Reporting by Helen Reid, Editing by Louise Heavens and Edmund Blair)

download-43

De Beers to explore for diamonds in Angola

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V5QM7JFVHRME5I2XIPSEBIGWGA.jpg" alt="" class="wp-image-416570" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V5QM7JFVHRME5I2XIPSEBIGWGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V5QM7JFVHRME5I2XIPSEBIGWGA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V5QM7JFVHRME5I2XIPSEBIGWGA-135x90.jpg 135w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption>A view of a sign above the entrance of the Google office, ahead of presentation of the detailed investment plan for Germany, in Berlin, Germany, August 31, 2021. REUTERS/Annegret Hilse/File Photo</figcaption></figure>



NAIROBI, April 20 (Reuters)&nbsp;&#8211;&nbsp;Alphabet Inc&#8217;s Google&nbsp;GOOGL.O&nbsp;is investing in its first ever Africa product development centre in the Kenyan capital Nairobi, it said, as it positions itself to serve a growing base of internet users on the continent.



By the end of this decade, the continent will host 800 million internet users, the California-based firm said, and a third of the world&#8217;s youth population, making it an attractive investment destination.



Google is hiring engineers, product managers, user experience designers and researchers to staff the new centre, said Suzanne Frey, vice president for products, and Nitin Gajria, the head of Google Africa, in a joint blog post on Tuesday.



<h3 class="wp-block-heading" id="h-read-more-twitter-opens-first-african-office-in-ghana">Read more: <a href="https://www.cnbcafrica.com/2021/twitter-opens-first-african-office-in-ghana/">Twitter opens first African office in Ghana</a></h3>



The company is investing $1 billion in various projects on the continent over five years, its CEO Sundar Pichai said last October, to help economies accelerate their digital transformation.



It has already opened an artificial intelligence centre in Accra, Ghana, focusing on innovations that can be applied to various challenges.



Microsoft&nbsp;MSFT.O&nbsp;has also been investing in technology development hubs in Kenya and Nigeria, investing $100 million and hiring hundreds of engineers in both countries.



(Reporting by Duncan Miriri;Editing by Elaine Hardcastle)

FILE PHOTO: A view of a sign above the entrance of the Google office in Berlin

Google to set up first Africa product development centre in Nairobi

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-820x547.jpg" alt="" class="wp-image-416567" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238893740-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Denmark&#8217;s Minister for Immigration and Integration Mattias Tesfaye speaks to the press ahead of the Extraordinary Meeting of EU Justice and Home Affairs Ministers on the Russian invasion of Ukraine, in Brussels on March 3, 2022. (Photo by François WALSCHAERTS / AFP) (Photo by FRANCOIS WALSCHAERTS/AFP via Getty Images)</figcaption></figure>



COPENHAGEN, April 20 (Reuters)&nbsp;&#8211;&nbsp;Denmark is in talks with Rwanda about&nbsp;setting up a&nbsp;new&nbsp;procedure for&nbsp;transferring asylum seekers to the east African nation, mirroring a similar move by Britain announced just last week.



Denmark, which has gained notoriety in the last decade for its increasingly harsh immigration policies, passed a law last year that allows refugees arriving on Danish soil to be moved to asylum centres in a partner country.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2NL0G9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



But the Nordic nation, which drew the anger of human rights advocates, the United Nations and the European Commission over the move, had yet to find a partner country at that time.



&#8220;Our dialogue with the Rwandan government includes a mechanism for the transfer of asylum seekers,&#8221; Immigration Minister Mattias Tesfaye said in an emailed statement to Reuters on Wednesday.



<h3 class="wp-block-heading" id="h-read-more-imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply">Read more: <a href="https://www.cnbcafrica.com/2022/imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply/">IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply</a></h3>



The deal would aim to &#8220;ensure a more dignified approach than the criminal network of human traffickers that characterises migration across the Mediterranean today,&#8221; he added.



Last week, Britain said it&nbsp;planned&nbsp;to relocate thousands of asylum seekers to Rwanda,&nbsp;in a&nbsp;new deal aimed at&nbsp;smashing&nbsp;people-smuggling networks and stemming the flow of migrants.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WC0AV&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Denmark has not yet struck a deal with Rwanda, the minister said, but immigration speakers in parliament had been summoned to a meeting on the matter on Thursday next week. The government needs parliamentary backing for a potential deal with Rwanda.



(Reporting by Nikolaj Skydsgaard;Editing by Clarence Fernandez)

BELGIUM-EU-UKRAINE-RUSSIA-CONFLICT

Denmark in talks with Rwanda on transfer of asylum-seekers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-820x533.jpg" alt="" class="wp-image-416563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2ETT44OMDNKXNDSQCOFTSVYKFQ.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A search and rescue team prepares to airlift a body from the Mzinyathi River after heavy rains caused flooding near Durban, South Africa, April 19, 2022. REUTERS/Rogan Ward</figcaption></figure>



UMDLOTI, South Africa, April 19 (Reuters)&nbsp;&#8211;&nbsp;After two years of the COVID-19 pandemic keeping tourists away, South African resorts along the popular eastern Indian Ocean coastline were hoping for a bumper Easter weekend.



But torrential rain last week triggered floods and mudslides, killing more than 440 people, knocking out power and water supplies and covering the beaches in and around the main port city of Durban, KwaZulu-Natal province, with debris.



Some hotels had a third of bookings cancelled and others were forced to close during what is normally the second-busiest time of the year. Provincial authorities say they were expecting around 360,000 arrivals, but got less than half of that.



Tourism remains a big employer in a country with over 30% unemployment.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WF05F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;Coming out of COVID &#8230; we needed the tourists back, we were getting there, but these rains caused havoc,&#8221; financial planner Eugene Naidu told Reuters in his wrecked holiday home in the town of Umdloti, near Durban, where the walls were smeared with waist-high mud.



<h3 class="wp-block-heading" id="h-read-more-south-african-military-deployed-to-flood-ravaged-province">Read more: <a href="https://www.cnbcafrica.com/2022/south-african-military-deployed-to-flood-ravaged-province/">South African military deployed to flood-ravaged province</a></h3>



Africa&#8217;s southeastern coast is on the front line of seaborne storm systems that are being worsened by global warming, as it pushes up temperatures in the Indian Ocean, and scientists predict storms will get much worse in coming decades.



Naidu used to rent out his apartment on Airbnb and Booking.com and was fully booked in December and January. He said people like him could stand to lose a monthly income of 20,000 rand ($1,340) from holiday rentals.



Everyone in his building left on the day the mudslide started, apart from one elderly resident who had to be saved by a sea rescue team, he said.



A construction vehicle was still shifting piles of mud on the Umdloti beachfront on Tuesday, and Durban&#8217;s deserted North Beach was littered with rubbish and mangled branches.



Anthony Leeming, chief executive of hotel and resort chain Sun International&nbsp;SUIJ.J, which owns a lodge and casino in KwaZulu-Natal, told Reuters business was a lot quieter than usual.



&#8220;We had hoped for a lot better Easter. It was unfortunate,&#8221; he said. &#8220;We&#8217;re certainly hoping this will not have a long-term impact.&#8221;



($1 = 14.8962 rand)



(Additional reporting by Nqobile Dludla and Promit Mukherjee in Johannesburg,Writing by Alexander Winning,Editing by Tim Cocks and Ed Osmond)

2ETT44OMDNKXNDSQCOFTSVYKFQ

First COVID, now floods empty South Africa’s eastern beach resorts

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="770" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001.jpg" alt="" class="wp-image-416552" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001.jpg 770w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/IMG-20220217-WA0001-768x512.jpg 768w" sizes="(max-width: 770px) 100vw, 770px" /><figcaption>A man poses as he displays the Flutterwave homepage on a mobile phone screen in Abuja, Nigeria January 21, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



JOHANNESBURG, April 18 (Reuters)&nbsp;&#8211;&nbsp;African start-ups attracted a record $5.2 billion in venture capital last year, bouncing back from a pandemic-induced dip in 2020 with a nearly five-fold increase in investments, according to data released by an industry group on Tuesday.



The success of companies like Nigeria&#8217;s Paystack, acquired in 2020 by U.S. payments firm Stripe, and fellow fintech Flutterwave, valued at over $3 billion, has fuelled international interest in up-and-coming businesses on the continent.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UQ313&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;African startups raised more in 2021 alone than the preceding seven years combined,&#8221; the African Private Equity and Venture Capital Association (AVCA), which promotes private investment on the continent, wrote in a report.



Much of the investor focus has been on fintech start-ups seeking to meet the needs of the continent&#8217;s largely unbanked population. The data compiled by AVCA showed the financial sector accounted for 60% of the investments by value and nearly a third of deals by volume.



<h3 class="wp-block-heading" id="h-read-more-ukraine-war-creates-woes-but-also-an-opportunity-for-africa-afdb-pres">Read more: <a href="https://www.cnbcafrica.com/2022/ukraine-war-creates-woes-but-also-an-opportunity-for-africa-afdb-pres/">Ukraine war creates woes, but also an opportunity for Africa – AfDB Pres</a></h3>



Nigeria, a hotbed of new fintech firms, was the leading destination for venture capital in Africa last year, surpassing South Africa, the continent&#8217;s most developed economy.



Most venture capital deals were concentrated in early-stage funding rounds. However, late-stage funding ballooned in 2021, including a nearly 40-fold increase in financing raised by Series C fundraising rounds.



Fintechs Chipper Cash, MFS Africa, Yoco, and OPay together raised $833 million via Series C funding rounds.



While deals of less than $1 million represented nearly a third of transactions by volume, those worth over $50 million accounted for 62% of the total value of venture capital financing in Africa last year.



(Reporting by Joe Bavier; Editing by Pravin Char)

Reuters

Nairobi Securities Exchange eyes acquisitions among other African bourses

Rwanda’s Kagame visits Uganda’s Museveni as relations thaw

South Africa’s Sasol warns of impact on Q4 volume outlook from floods

East African Community agrees on regional force to try to end Congo unrest

China committed to joining Zambia creditor committee -IMF’s Georgieva

Growth slowdown fears temper bullishness on commodity currencies

Zambia debt restructuring ‘stalled’ – finance minister

Death toll from South African floods revised down to 435

Malawi solar mini-grid shows promise as way of electrifying rural Africa

India’s coal imports are shifting, thermal more than coking: Russell

Barclays bolsters capital with $687 mln sale of Absa stake

Nigeria’s ruling party APC sets presidential primaries date

De Beers to explore for diamonds in Angola

Google to set up first Africa product development centre in Nairobi

Denmark in talks with Rwanda on transfer of asylum-seekers

First COVID, now floods empty South Africa’s eastern beach resorts

African startups drew record $5.2 billion in venture capital last year – industry group

News Tips

Advertise With Us

Reuters

Nairobi Securities Exchange eyes acquisitions among other African bourses

Rwanda’s Kagame visits Uganda’s Museveni as relations thaw

South Africa’s Sasol warns of impact on Q4 volume outlook from floods

East African Community agrees on regional force to try to end Congo unrest

China committed to joining Zambia creditor committee -IMF’s Georgieva

Growth slowdown fears temper bullishness on commodity currencies

Zambia debt restructuring ‘stalled’ – finance minister

Death toll from South African floods revised down to 435

Malawi solar mini-grid shows promise as way of electrifying rural Africa

India’s coal imports are shifting, thermal more than coking: Russell

Barclays bolsters capital with $687 mln sale of Absa stake

Nigeria’s ruling party APC sets presidential primaries date

De Beers to explore for diamonds in Angola

Google to set up first Africa product development centre in Nairobi

Denmark in talks with Rwanda on transfer of asylum-seekers

First COVID, now floods empty South Africa’s eastern beach resorts

African startups drew record $5.2 billion in venture capital last year – industry group

News Tips

Advertise With Us

Newsletters