<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Sept 18 (Reuters)&nbsp;&#8211;&nbsp;Emerging market (EM) stocks fell on Monday in a glum start to a week packed with major central bank policy decisions, with Hong Kong&#8217;s&nbsp;benchmark&nbsp;index dragged down by prolonged malaise in China&#8217;s property sector.



The Hang Seng .HSI closed down 1.4%, bogged down by a 2.0% drop in the property index .HSMPI after police detained some staff at China&#8217;s embattled developer Evergrande Group 3333.HK, suggesting a new investigation.



MSCI&#8217;s index for&nbsp;EM&nbsp;equities&nbsp;.MSCIEFwas down&nbsp;0.8% by 8:55 GMT.



Chipmakers were also a drag, with South Korea&#8217;s benchmark stock index .KS11 falling 1.0% after Reuters on Friday reported that Taiwan&#8217;s TSMC 2330.TW told its major suppliers to delay delivery of high-end chip-making equipment on demand worries.



After signs of stabilisation in the Chinese economy propped up EM stocks last week, the focus will&nbsp;now&nbsp;be on the Federal Reserve&#8217;s rate decision due on Wednesday, where the central bank is widely expected to hold interest rates&nbsp;steady.



&#8220;If the U.S. economy reaccelerates&#8230; then the Fed will hike further and the dollar will strengthen, which could start to undermine EM equities,&#8221; said Jon Harrison, managing director of emerging market macro strategy at TS Lombard.



EM&nbsp;currencies&nbsp;.MIEM00000CUS&nbsp;were down 0.1% against a stronger dollar, with rate decisions from Turkey, South&nbsp;Africa&nbsp;and Brazil on tap in&nbsp;the&nbsp;coming days.



Turkey&#8217;s lira TRYTOM=D3 weakened beyond 27 to the dollar for the first time in more than three weeks, ahead of a central bank meeting later this week, where it is expected to hike rates by 500 basis points.



In central and eastern Europe, the Czech crown EURCZK= gained 0.4% versus the euro after Governor Ales Michl said on Sunday that the central bank will not cut rates in September amid high inflation and will wait for data in November and beyond.



Separately, data showed August producer prices rose more than expected by 1.8% on an annual basis.



Poland&#8217;s zloty&nbsp;PLNEUR=R&nbsp;rose 0.2% ahead of the country&#8217;s net annual inflation numbers. Economists polled by Reuters expect price growth to cool to 10% in August from July&#8217;s 10.6%.



Meanwhile, Moody&#8217;s downgraded Ethiopia&#8217;s foreign currency rating deeper into junk on high likelihood of a default, while upgrading Greece&#8217;s sovereign credit rating as it expects an even faster reduction in the general government debt burden.



(Reporting by Johann M Cherian and Amruta Khandekar in Bengaluru; Editing by Sonia Cheema)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

China property woes weigh on EM stocks ahead of central bank-heavy week

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-820x540.jpg" alt="" class="wp-image-427539" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bob van Dijk, CEO of e-commerce group Naspers, poses for a photograph in front of the company logo after holding a media briefing in Johannesburg, South Africa, October 9, 2019. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;Dutch-listed technology investor Prosus NV&nbsp;PRX.AS&nbsp;and its South African parent Naspers&nbsp;NPNJn.J&nbsp;said on Monday Bob van Dijk has stepped down as chief executive officer from both companies.



The companies named investment chief Ervin Tu, a previous VisionBank manager and Goldman Sachs technology banker, as interim CEO.



The companies did not provide a reason for Van Dijk&#8217;s departure. However it coincides with the unwinding Monday of a cross-structure between Prosus and Naspers.



Van Dijk oversaw Prosus&#8217;s 2019 IPO and the company&#8217;s stock boomed during the COVID-19 pandemic. However he struggled to close a valuation gap between Prosus, Naspers and the value of their biggest asset: Chinese software giant Tencent0700.HK&nbsp;.



Prosus holds a 26% stake Tencent, which is currently worth around $387 billion.



The company now faces a fight to ease the discount between the value of the Tencent stake and Naspers.



In the post-pandemic bust, shares have declined along with a fall in valuation of high-growth technology investments.



More recently, Prosus was forced to dispose of some of its most attractive smaller assets in Russia at a discount in the wake of the invasion of Ukraine.



Van Dijk, who has led Naspers since 2014 and Prosus since 2019, has agreed to remain as a consultant until Sept. 30, 2024, the companies said in a statement.



&#8220;The group&#8217;s strategic goals remain unchanged and it is on target to deliver on its commitments,&#8221; the global consumer internet companies said in a statement.



(Reporting by Tannur Anders in Johannesburg, Toby Sterling in Amsterdam and Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips, Stephen Coates and Michael Perry)

Bob van Dijk, chief executive officer of Naspers Ltd.

Naspers & Prosus CEO steps down, M&A chief Ervin Tu is successor

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-820x539.jpg" alt="" class="wp-image-427524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Sept 15 (Reuters)&nbsp;&#8211;&nbsp;President Bola Tinubu has nominated the former head of Citibank in Nigeria Olayemi Cardoso to serve as the country&#8217;s new central bank governor, days before its next interest rate meeting, a presidential spokesperson said on Friday.



Cardoso would replace Godwin Emefiele who was suspended by Tinubu in June and later detained by the country&#8217;s state security agency. It is not clear whether Emefiele has resigned.



Tinubu sent Cardoso&#8217;s nomination to the Senate for confirmation alongside four new deputy governors, spokesperson Ajuri Ngelale said.



The central bank did not respond to a request for comment on whether Emefiele and its deputy governors had resigned.



&#8220;The President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners,&#8221; Ngelale said in a statement.



The central bank raised rates by a smaller-than-expected 25 basis points in July, contrary to analysts&#8217; expectations, under acting Governor Folashondun Shonubi, one of Emefiele&#8217;s deputies.



The bank is due to set rates again on Sept. 26 and some analysts expect a more hawkish stance.



Tinubu had promised a &#8220;thorough house cleaning&#8221; of monetary policy, during his inauguration in May and said that the central bank should work towards lower interest rates after criticising Emefiele&#8217;s handling of the currency.



The central bank pursued unorthodox policies under Emefiele who kept the currency artificially strong, a policy backed by former President Muhammadu Buhari, which supported government borrowings on the international markets.



Nigeria&#8217;s new government wants to encourage investments rather than rely on borrowing to create jobs as it tries to revive an economy struggling with record debt, a weak currency, double-digit inflation and fragile power supplies.



Cardoso was part of the team that had been working on an economic blueprint for the new government. He was a former commissioner for economic planning and budget in Lagos state when Tinubu was governor between 1999-2007.



(Additional reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by MacDonald Dzirutwe, Richard Chang and Jane Merriman)

FILE PHOTO: A view shows Nigeria’s Central Bank headquarters in Abuja

Nigeria’s Tinubu picks banker Cardoso as next central bank governor

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-820x462.jpeg" alt="" class="wp-image-427512" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">In an aerial view, oil storage tanks are shown at the Enterprise Sealy Station on August 28, 2023 in Sealy, Texas. Brandon Bell | Getty Images News | Getty Images</figcaption></figure>



Oil prices climbed to their highest level of the year this week, extending a rally that has put a return to $100 a barrel sharply into focus.



Indeed, some analysts believe crude prices could hit this milestone before year-end.



International benchmark Brent crude futures traded at $93.90 a barrel on Friday morning in London, around 0.2% higher. U.S. West Texas Intermediate futures, meanwhile, stood at $90.41, almost 0.3% higher for the session.



Both Brent and WTI settled at their highest respective levels of the year on Thursday. The oil contracts are sharply higher month-to-date and remain firmly on track to notch their third consecutive positive week.



The price rally comes amid growing expectations of tighter supply after Saudi Arabia and Russia moved to draw down global inventories and extend their oil output cuts through to the end of the year.



OPEC kingpin Saudi Arabia said on Sept. 5 that it would extend its 1 million barrel per day production cut through to year-end, with non-OPEC leader Russia pledging to reduce oil exports by 300,000 barrels per day until the end of the year. Both countries have said they will review their voluntary cuts on a monthly basis.



Analysts at Bank of America have indicated they now believe oil prices could soon spike beyond triple digits.



“Should OPEC+ maintain the ongoing supply cuts through year-end against Asia’s positive demand backdrop, we now believe Brent prices could spike past $100/bbl before 2024,” analysts led by Francisco Blanch said Tuesday in a research note.



Tamas Varga of oil broker PVM said a jump toward the $100 milestone was “plausible,” citing production constraints from Saudi Arabia and Russia, upcoming refinery maintenance, the structural shortage of diesel in Europe and a growing consensus that the current cycle of tightening will soon come to an end.



“Nonetheless, such a rally also entails renewed inflationary pressure,” Varga told CNBC on Friday. This was reflected, he said, in this week’s&nbsp;<a href="https://www.cnbc.com/2023/09/13/cpi-inflation-report-august-2023-.html">U.S. inflation data</a>&nbsp;and the rise in consumer spending, which indicated that interest rates&nbsp;<a href="https://www.cnbc.com/2023/09/13/the-latest-inflation-uptick-means-the-fed-will-likely-raise-rates-.html">may stay higher for longer</a>&nbsp;and could have a negative impact on both economic and oil demand growth.



“For this reason, I believe that any spike towards $100 will be short-lived,” he added.



<h2 class="wp-block-heading" id="h-a-significant-supply-shortfall"><a></a>‘A significant supply shortfall’</h2>



The International Energy Agency&nbsp;<a href="https://www.iea.org/reports/oil-market-report-september-2023" target="_blank" rel="noreferrer noopener">warned</a>&nbsp;on Wednesday that Saudi Arabia and Russia’s production constraints would likely result in a “substantial market deficit” through the fourth quarter.



The world’s leading energy authority said in its monthly oil report that output curbs by OPEC and non-OPEC members of over 2.5 million barrels per day since the start of the year had so far been offset by members outside the OPEC+ alliance — such as the U.S. and Brazil.



“From September onwards, the loss of OPEC+ production, led by Saudi Arabia, will drive a significant supply shortfall through the fourth quarter,” the IEA said.



Christyan Malek, global head of energy strategy and head of EMEA oil and gas equity research at JPMorgan, said he believes the price of oil is likely to trade in a range of $80 to $100 in the short term — and at around $80 over the long term.



“As we go into next year, it will be very dependent on how we see China evolve … what does the US do? And how does shale respond?” Malek said Monday, noting the U.S. appears to have limited options if it is to try to drive oil and gasoline prices lower ahead of next year’s pivotal presidential election.



“I think for us one of the important data points for this year as a whole is that we tested $70. You have to test the marginal costs, we can all predict it, and we got there. We got to $70, and it bounced off so with that marginal cost, we’re looking at a much higher long-term price,” he added.



Not everyone believes oil prices are destined for an imminent return to $100, however. Ole Hansen, head of commodity strategy at Saxo Bank, says the crude sector looks increasingly overbought in the near-term and appears in need of a pullback.



“We do not join the $100 per barrel camp but will not rule out a relatively short period where Brent could trade above $90,” Hansen said in a research note published Sept. 8.



“From a technical perspective, Brent has been in a bullish uptrend since July and needs to hold support at $89 as a break may trigger long liquidation towards $87.5 from traders who bought the production cut extension news,” he added.



“However, the medium-term uptrend is still firm with trendline support near $85, potentially being the bottom of a new higher range supported by OPEC’s active management of supply.”



— CNBC’s Michael Bloom contributed to this report.

107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar

Oil just hit its highest level of the year — and some analysts expect a return to $100 before 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-820x551.jpg" alt="" class="wp-image-427508" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Zambia’s President Hakainde Hichilema arrives to attend the 36th Ordinary Session of the Assembly of the African Union at the African Union Headquarters in Addis Ababa, Ethiopia February 19, 2023. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



BEIJING, Sept 15 (Reuters)&nbsp;&#8211;&nbsp;President Xi Jinping said on Friday China supports Zambia in safeguarding its national sovereignty, security and development interests, while encouraging more imports from the southern African country.



Xi met Zambian President Hakainde Hichilema in Beijing and the two countries upgraded their ties to a&nbsp;&#8220;comprehensive strategic cooperative partnership&#8221;, Chinese state news agency Xinhua said.Xi vowed to work with Zambia to expand cooperations covering infrastructure, agriculture, mining and clean energy.



Zambia is seeking to restructure its external debt with China and find more trade opportunities with the world&#8217;s second-largest economy.



Hichilema thanked China for supporting the African Union&#8217;s accession to the Group of 20 major economies at its Sept. 9-10 summit in New Delhi, and for its positive role in resolving Zambia&#8217;s debt problem, Xinhua said.



It was not immediately known whether China and Zambia signed any debt agreements.



China has significant commercial interests in Zambia, having invested in over 30 projects through its Belt and Road Initiative between 2014 and 2023, according to data compiled by the American Enterprise Institute think tank.



It shows the projects were worth $11.3 billion in total, ranging from the energy sector to agriculture and aviation.



China also takes around one fifth of Zambian exports, predominantly copper.



&#8220;Zambia abides by the one-China principle, highly appreciates the guiding concepts and principles of Chinese-style modernisation, and hopes to learn from China&#8217;s development experience,&#8221; Hichilema said at the meeting with Xi.



Xi said China was encouraging the entry of more Zambian high-quality products into the Chinese market and supporting more Chinese-funded enterprises to invest in Zambia.



Hichilema will be in China until Saturday.



(Reporting by Ethan Wang, Liz Lee, Joe Cash and Bernard Orr; editing by Jacqueline Wong, Tom Hogue and Mark Heinrich)

FILE PHOTO: Zambia’s President Hakainde Hichilema attends African Union assembly in Addis Ababa

China, Zambia upgrade ties, focus on key economic sectors

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-820x547.jpg" alt="" class="wp-image-427502" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A banner reads &#8220;End Fossil Fuels&#8221; at the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo</figcaption></figure>



BRUSSELS, Sept 15 (Reuters)&nbsp;&#8211;&nbsp;Climate protesters were set to take to the streets in more than 50 countries from Friday to Sunday, in a weekend of demonstrations to demand that governments phase out the burning of fossil fuels heating the planet.



In a year of mounting deaths and economic destruction from record-breaking floods,&nbsp;wildfires and drought, protesters have planned more than 500 gatherings in 54 countries &#8211; from Pakistan and Nigeria to the United States.



Organizers of the protests expect global turnout over the weekend to total more than a million people. That could make this weekend&#8217;s action the largest international climate protest since before the COVID-19 pandemic, when the &#8220;school strike&#8221; movement led by Swedish activist Greta Thunberg saw millions of people worldwide join marches.



&#8220;This is directed at world leaders,&#8221; said Mitzi Jonelle Tan, a climate activist with youth movement Fridays for Future in Manila, the Philippines.



&#8220;The fossil fuel industry&#8217;s time is up. We need a just transition, and we need to phase out the fossil fuels causing the destruction of our environment,&#8221; she told Reuters.



Organisers said they would call on governments to immediately end subsidies for oil and gas and to cancel any plans for expanding production.



Governments spent a record-high $7 trillion in subsidies to oil, gas and coal last year, according to an IMF analysis.



&#8220;We&#8217;re taking to the streets to demand that African leaders phase out on fossil fuels and focus on investing in community-led renewable energy, to meet the energy demand for the 600 million Africans who do not have access to electricity,&#8221; said Eric Njuguna, a climate activist based in Nairobi, Kenya.



The demonstrations take place two months before this year&#8217;s U.N. COP28 climate summit, where more than 80 countries plan to push for a global agreement to gradually phase out coal, oil and gas.



The burning of fossil fuels is the main cause of climate change, but countries have never agreed in U.N. climate talks to phase out fossil fuels &#8211; though they have committed to phase down use of coal power.



Governments reliant on oil and gas revenues, and those planning to use fossil fuel-based energy to improve poor communities&#8217; living standards, are expected to push back on the proposal.



Wealthy nations will also face pressure to offer far more funding to help developing countries invest in low-carbon energy.



Renewable energy is cheaper than fossil fuels in terms of its running costs, but communities need support to make the upfront investments required to quickly build wind farms and install solar panels.



Despite having plentiful solar energy resources, Africa received only 2% of global investments in renewable energy over the last two decades, the International Renewable Energy Agency has said.



Around 15,000 people were expected to join a march in New York on Sunday, as leaders gather for next week&#8217;s U.N. General Assembly, as well as a &#8220;climate ambition summit&#8221; on Wednesday. U.N. Secretary General Antonio Guterres is expected to ask governments to strengthen their plans for cutting planet-warming emissions.



A U.N. report last week warned that the world was on a dangerous track toward severe global warming, and said more action was needed on all fronts, including a drastic drop in coal-fuelled power use by 2030.



The report also urged a massive boost in financial investment to developing countries for both clean energy and measures to adapt to rising heat, worsening storms and other consequences of the warming climate, the U.N. said.



(Reporting by Kate Abnett; editing by Katy Daigle and Aurora Ellis)

FILE PHOTO: Bonn Climate Change Conference in Germany

Global climate protests demand world leaders phase out fossil fuels

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2L6UNHAOHBNBFHTCFBPWLTOBJA-820x547.jpg" alt="" class="wp-image-427486" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2L6UNHAOHBNBFHTCFBPWLTOBJA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2L6UNHAOHBNBFHTCFBPWLTOBJA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2L6UNHAOHBNBFHTCFBPWLTOBJA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2L6UNHAOHBNBFHTCFBPWLTOBJA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2L6UNHAOHBNBFHTCFBPWLTOBJA-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2L6UNHAOHBNBFHTCFBPWLTOBJA.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street food vendor sells barbecue chicken to customers, after Uganda’s president Yoweri Museveni reopened the economy which permitted bars and musicians to perform amid the coronavirus disease (COVID-19) containment efforts, in Nakulabye suburb of Kampala, Uganda January 31, 2022. REUTERS/Abubaker Lubowa</figcaption></figure>



KAMPALA, Sept 14 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s economy is likely to grow by 6.5% in the 2024/25 financial year, its finance minister said on Thursday, accelerating slightly from expected growth in the current year and driven by the industrial, services and agriculture sectors.



The government forecasts the economy will grow 6% in the 2023/24 financial year which ends in June 2024.



Finance Minister Matia Kasaija said public debt as a percentage of gross domestic product (GDP) had declined to 47% at the end of June from 48.4% a year earlier.



There had been &#8220;a slower rate of debt accumulation, in line with government&#8217;s commitments to fiscal consolidation,&#8221; Kasaija told an event at which he presented the government&#8217;s budget strategy.



In absolute terms total public debt as at end of June stood at 86.8 trillion Ugandan shillings ($23.33 billion), compared with 78.8 trillion shillings in June 2022, but economic growth meant its share of GDP shrank.



The World Bank last month halted all new lending to Uganda to protest the passing of a tough new anti-gay law.



This month, ratings agency Fitch affirmed Uganda&#8217;s rating at B+ with a negative outlook, citing problems with accessing cheap credit after the World Bank move.



Overall the size of Uganda&#8217;s economy is projected to hit US$ $63.36 billion in 2024/25, according to the finance ministry.



Kasaija said funding priorities in the next financial year would include expediting the construction of a crude oil refinery, with government meeting majority funding for the project rather than sourcing it from private investors.



A previous deal with an international consortium that includes a unit of U.S. firm Baker Hughes BKR.O to fund the refinery collapsed in July.



Uganda and international oil firms like France&#8217;s TotalEnergies&nbsp;TTEF.PA, and China&#8217;s CNOOC&nbsp;0883.HK&nbsp;are also implementing multi-billion dollar projects including a crude oil pipeline. Commercial oil production is projected to take off in 2025.



($1 = 3,720.0000 Ugandan shillings)



(Reporting by Elias Biryabarema; Editing by George Obulutsa and Susan Fenton)

2L6UNHAOHBNBFHTCFBPWLTOBJA

Uganda’s economy set to grow 6.5% in 2024/25 -finance minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70.jpg" alt="" class="wp-image-427480" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70-768x531.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">A man holds Ghana&#8217;s cedi notes in Accra July 3, 2007. . REUTERS/Luc Gnago</figcaption></figure>



ACCRA, Sept 14 (Reuters)&nbsp;&#8211;&nbsp;Ghana is reopening a debt exchange that was originally settled in February for another 12.9 billion cedis ($1.1 billion) of local bonds, the finance ministry said on Thursday.



The terms of the new invitation are identical to those of the February 2023 exchange, which closed with an 85% participation rate of &#8220;relevant&#8221; bonds, the ministry said in statement.



The exchanges are part of efforts by Ghana to restructure both domestic and external debt &#8211; a condition set by the International Monetary Fund (IMF) for a $3 billion bailout secured in May.



In August, the finance ministry said it had completed a separate swap of 95% of local debt held by pension funds, which had been excluded from the February exchange after labour unions threatened to strike.



Ghana defaulted on most of its $30 billion external debt in December, after its currency tumbled and inflation and debt servicing costs soared.



It is targeting $10.5 billion of external debt service relief from 2023-2026, as it negotiates the restructuring of $20 billion of overseas debt with bilateral creditors including China and Paris Club members and international bondholders.



(Reporting by Christian Akorlie and Maxwell Akalaare AdombilaWriting by Sofia Christensen and Rachel Savage; Editing by Kevin Liffey and Toby Chopra)

download-70

Ghana reopens debt exchange for 12.9 bln cedis of local bonds – fin ministry

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg" alt="" class="wp-image-425628" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-1536x1013.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 14 (Reuters)&nbsp;&#8211;&nbsp;South&nbsp;Africa&#8217;s Reserve Bank will keep interest rates steady at 8.25% at its Sept. 21 meeting to curb the impact of fuel price inflation, according to nearly all economists polled by Reuters, but will start cutting borrowing costs early next year.



In an almost unanimous poll taken Sept. 7-13, 29 of 30 economists said the South&nbsp;African Reserve Bank will keep rates steady. One opted for a 50 basis point hike to 8.75%.



&#8220;I expect no further rate hikes in South&nbsp;Africa&nbsp;– and the first cut in rates might come in the first quarter of 2024, rates could be lower by 100 to 125 bps by the end of 2024,&#8221; said Johann Els, chief economist of Old Mutual Investment Group.



The poll&#8217;s medians suggested the bank will cut in the first quarter of next year by 25 basis points, chop another 25 basis points in May &#8211; the only meeting in that quarter &#8211; and a final cut for the horizon is expected in the third quarter, to 7.75%.



In the U.S., where policy tends to affect the rest of the world, the Federal Reserve will leave its benchmark overnight interest rate unchanged at the end of its Sept. 19-20 policy meeting and probably until the April-June period of 2024, according to economists in a Reuters poll.



The latest survey suggests inflation will quicken to 5.2% in the next two quarters, then moderate closer to the mid-point of the Reserve Bank&#8217;s 3%-6% comfort zone. This year it is expected to average 5.8% and 4.9% next year.



&#8220;While the September and October CPI data will be under upward pressure due to petrol price increases, I expect that uplift to be temporary,&#8221; added Els.



&#8220;Food inflation is still on a declining trend plus the sharp rise in petrol prices might turn out to be deflationary in that it crowds out other consumer spending and thus keeps a lid on price increases elsewhere.&#8221;



Economists upped their outlook for this year and the median for annual 2023 GDP growth is now 0.7%, 0.4 percentage points higher than in an August survey, after the economy recorded a greater-than-expected expansion last quarter.



JPMorgan wrote in a note that the solid second-quarter gain reflected continued catch-up from the 4Q22 hole, increased investment in renewable energy and a reduced intensity of power cuts.



However, South&nbsp;Africa&#8217;s power utility Eskom recently said power cuts would be more intense until further notice.



(Reporting by Vuyani Ndaba, additional polling by Susobhan Sarkar; Editing by Sharon Singleton)

FILE PHOTO: South Africa’s central bank governor to delivers keynote address

South Africa’s Reserve Bank to hold rate at Sept 21 meeting, chop 75 bps in 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VQH6B3XWKFL7RPIVYJVD2ERGME-820x547.jpg" alt="" class="wp-image-427460" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VQH6B3XWKFL7RPIVYJVD2ERGME-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VQH6B3XWKFL7RPIVYJVD2ERGME-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VQH6B3XWKFL7RPIVYJVD2ERGME-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VQH6B3XWKFL7RPIVYJVD2ERGME-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VQH6B3XWKFL7RPIVYJVD2ERGME-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VQH6B3XWKFL7RPIVYJVD2ERGME-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS/Aly Song</figcaption></figure>



NEW YORK, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;Chinese stocks took a record hit as foreign investors yanked $15.5 billion out of emerging market portfolios in August, the largest monthly outflow in a year, as concerns over China&#8217;s growth permeated across equities in an otherwise strong year for EMs.



A monthly report from the Institute of International Finance showed non-residents funneled $14.9 billion out of China stocks, the largest monthly outflow on records back to 2015, while Chinese debt saw $5.1 billion in outflows.



Investors were underwhelmed by China&#8217;s economic growth and a lack of fresh stimulus measures by the government at the end of July, as the government sacrifices steeper growth for shared prosperity. Fresh turbulence in the property sector added to the negative investor tone.



The broad MSCI stock and currency emerging market indexes posted in August their largest monthly drops since February.



The emerging market outflows highlight &#8220;the negative sentiment over (China&#8217;s) economic challenges, amid skepticism over measures to stem the economic slowdown,&#8221; according to IIF economist Jonathan Fortun.



Earlier on Wednesday Amundi, Europe&#8217;s largest asset manager, lowered its view on Chinese equities and said it has upgraded U.S. growth forecasts while downgrading China&#8217;s.



Equity outflows ex-China were $6.6 billion last month, the most since September 2022, while ex-China debt securities saw the seventh month of inflows in the last eight, adding $11.1 billion.



&#8220;Diminished currency volatility (&#8230;) is encouraging foreign creditors to benefit across EM local yield curves,&#8221; Fortun said.



Emerging Asia and Latin America saw outflows just below $5 billion last month, while the Africa and Middle East region posted $5.5 billion in negative flows, the IIF report showed.



Equities fell across all geographical regions while debt posted inflows in Asia, Latam and emerging Europe.



Year-to-date numbers through August show a $13.1 billion outflow from China while emerging markets ex-China has seen $139.5 billion in non-resident portfolio inflows.



(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama)

Investors look at an electronic board showing stock information at a brokerage house in Shanghai

Chinese stocks lead foreign exodus from emerging markets in August -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/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Sept 13 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks slipped on Wednesday as a spike in oil prices fuelled fears of persistent price pressures ahead of a key U.S. inflation reading that could determine whether the Federal Reserve is close to the end of its rate hiking cycle.



MSCI&#8217;s index for emerging market equities&nbsp;.MSCIEF&nbsp;was down 0.2% by 0906 GMT, falling for the second straight session.



After a strong start to the week on optimism around upbeat economic data from China, emerging market stocks have come under pressure in the run-up to the U.S. consumer price index reading for August as any upside in inflation expectations could add to worries that rates will stay higher for longer.



The data, expected at 8:30 a.m. ET (1230 GMT) is likely to show annual CPI rose about 3.6% last month, a Reuters poll showed, after climbing 3.2% in July, though core inflation is expected to have eased.



A stronger-than-expected core inflation reading &#8220;will probably lay the groundwork for a reasonably hawkish FOMC meeting this time next week, where despite unchanged rates, the Fed will (through its dot plots) hold out the threat of one further hike this year,&#8221; ING strategists said in a note.



Clouding the outlook for inflation further, oil prices held on to a 10-month peak hit the previous day, with the recent shutdowns of oil ports in Libya adding to supply concerns. O/R



On Wednesday, equities in China&nbsp;.CSI300&nbsp;fell 0.6% while the yuan&nbsp;CNY=CFXS&nbsp;firmed against the dollar.



China&#8217;s central bank will boost demand and support a modest rebound in prices, the Financial News, a publication run by the People&#8217;s Bank of China (PBOC) said on Wednesday, citing an unnamed senior central bank official.



Amundi, Europe&#8217;s largest asset manager, said on Wednesday it had turned neutral on Chinese equities in the latest sign of a shift in investor sentiment towards the world&#8217;s second biggest economy.



Broader EM currencies&nbsp;.MIEM00000CUS&nbsp;were flat, with the South African rand&nbsp;ZAR=&nbsp;down 0.2%, while the Russian rouble&nbsp;RUBUTSTN=MCX&nbsp;weakened past 96 to the dollar, pulling back from near six-week highs.



The Hungarian forint&nbsp;EURHUF=R&nbsp;was up 0.1% against the euro ahead of minutes from the Hungarian central bank&#8217;s August policy meeting where it cut its one-day deposit rate by 100 basis points to 14.00%.



The Romanian leu EURRON= firmed 0.2% versus the euro after data showed inflation stood at 9.43% in August, above market expectations of 9.15%.



In other news, global ratings agency Moody&#8217;s cut its outlook on Gabon to &#8220;negative&#8221; from &#8220;stable&#8221;, citing heightened political and government liquidity risks following last month&#8217;s coup.



(Reporting by Amruta Khandekar and Johann M Cherian in Bengaluru; Editing by Jacqueline Wong)

Stocks fall for second day on jitters ahead of US inflation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-820x547.jpg" alt="" class="wp-image-427449" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bill Gates, co-chairman of the Bill and Melinda Gates Foundation, during the EEI 2023 event in Austin, Texas, US, on Monday, June 12, 2023. The event aims to address the major challenges and opportunities facing electric companies today. Photographer: Jordan Vonderhaar/Bloomberg via Getty Images</figcaption></figure>



Microsoft co-founder Bill Gates says artificial intelligence could transform production systems worldwide while fundamentally changing industries such as health and education.



While some experts are concerned that the nascent industry could threaten the survival of the human race, the American billionaire and investor points out that humanity has ridden out the creation of dangerous inventions such as nuclear weapons and viruses in the past.



“AI by itself, I don&#8217;t see as a threat,” Gates said in an exclusive interview with CNBC Africa. “There is a lot of long-term affects where AI could make us all so productive. It will change how we use our time but, we need to roll it out and we need to get the benefits which in every domain, particularly health and education, I am very excited about.”&nbsp;



Governments and companies globally are scrambling to harness and expand the opportunities that artificial intelligence is opening up in fields from industrial applications to language. Gates says it’s the most transformative innovation of our era.



“AI is a fundamental breakthrough, and in fact, the Bill &amp; Melinda Gates Foundation is using AI in a lot of ways,” he says referring to work done in the foundation’s 7th edition of the Goalkeepers Report, which he co-authored with Melinda French Gates, his ex-wife.



He cites an AI enabled portable ultrasound that empowers nurses and midwives to monitor high-risk pregnancies in low-resource settings to ensure that risks are diagnosed and addressed early.



In developing countries where hospitals are perennially battling shortages of doctors, Gates said AI can potentially accelerate science and help discover more vaccines as well as speed up new drug discoveries.&nbsp; According to Fox News, a new AI-generated COVID drug has entered the first phase for clinical trials, showing that AI is taking center stage in medicine.



&nbsp;“Over time, we see AI actually providing medical advancement. We are having a shortage of doctors and to make doctors more efficient, we give you an AI agent to help with medical advice. We also use AI to speed up the discovery of new drugs and vaccines,” he told CNBC Africa’s Godfrey Mutizwa.&nbsp; “Obviously, we are still missing the HIV, TB and Malaria vaccines so everything that accelerates science is very helpful.”



&nbsp;Across the globe, regulatory concerns are growing particularly relating to AI’s potential harm. In China, the world’s second largest economy, the government has taken the lead and outlined domestic regulations. But Gates suggests regulation is not yet.



“Well so far the AI hasn’t caused any huge problems and I think it&#8217;s great that there is this whole discussion,” he says. “Most of the discussion is about future versions that would be even more powerful than what would be rolled out in the next 3 to 4 years.”&nbsp;



Later Wednesday, U.S. Senate Majority leader Chuck Schumer is convening a cross party gathering with technology industry leaders including Gates, Tesla founder Elon Musk, Google CEO Sundar Pichai and Meta CEO Mark Zuckerberg to discuss regulating AI.

GettyImages-1258640786-1

Bill Gates Says he is `Excited’ by AI in Health and Education

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="563" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Chinas-central-bank-vows-to-support-demand-price-rebound-820x563.jpg" alt="" class="wp-image-427446" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Chinas-central-bank-vows-to-support-demand-price-rebound-820x563.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Chinas-central-bank-vows-to-support-demand-price-rebound-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Chinas-central-bank-vows-to-support-demand-price-rebound-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Chinas-central-bank-vows-to-support-demand-price-rebound-768x527.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Chinas-central-bank-vows-to-support-demand-price-rebound-1536x1054.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/Chinas-central-bank-vows-to-support-demand-price-rebound-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Headquarters of the People&#8217;s Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee</figcaption></figure>



BEIJING, Sept 13 (Reuters) &#8211; China&#8217;s central bank will boost demand and support a modest rebound in prices, the Financial News, a publication run by the People&#8217;s Bank of China (PBOC) said on Wednesday, citing a unnamed senior central bank official.



The PBOC will ramp up its coordination with fiscal and industrial policies and strengthen the guidance of expectations, while closely monitoring the effects of financial policies, the official was quoted as saying.



The central bank &#8220;will create an appropriate monetary and financial environment to promote effective demand in the real economy, support a moderate recovery in prices and enhance economic vitality,&#8221; the official said.



China&#8217;s firm credit growth was also in line with the recovery, as borrowing costs in the real economy fell, the official was quoted as saying.



New bank loans beat expectations by nearly quadrupling in August from July&#8217;s level, as the central bank sought to shore up economic growth amid soft demand at home and abroad.



China has in recent weeks rolled out a series of measures, including interest rate cuts and property easing steps, to support the economy, which has struggled after the post-pandemic recovery faltered.



China&#8217;s consumer prices returned to positive growth in August as deflationary pressures eased amid signs of stabilisation in the economy.



Officials in Beijing have long said there is no basis for any long-term deflation.



&#8220;Reduction in existing mortgage rates will effectively reduce the interest burden on residents,&#8221; the official was quoted as saying.



Five of China&#8217;s major state banks said last week they will start to lower interest rates on existing mortgages for first-home loans, part of measures to aid the ailing property sector.



Early mortgage repayments have been reduced, which would help boost consumer confidence, said the official. (Reporting by Beijing Newsroom, Kevin Yao and Liangping Gao; Editing by Tom Hogue and Sam Holmes)

Headquarters of the PBOC, the central bank, is pictured in Beijing

China’s central bank vows to support demand, price rebound

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BKTZZ6PC3VJHHMHWRPAKI7PIME-820x546.jpg" alt="" class="wp-image-427443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BKTZZ6PC3VJHHMHWRPAKI7PIME-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BKTZZ6PC3VJHHMHWRPAKI7PIME-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BKTZZ6PC3VJHHMHWRPAKI7PIME-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BKTZZ6PC3VJHHMHWRPAKI7PIME-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BKTZZ6PC3VJHHMHWRPAKI7PIME.jpg 919w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk through debris after a powerful storm and heavy rainfall hit Libya, in Derna, Libya, September 12, 2023 in this still image from video obtained from social media. ALI M. BOMHADI/via REUTERS</figcaption></figure>



NEAR DERNA, Libya, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;A desperate search for thousands of people missing after catastrophic flooding in the Libyan city of Derna entered its third day on Wednesday, with thousands already confirmed dead and the toll expected to rise.



The flood was caused by a powerful storm that burst dams nearby, unleashing a torrent of water that has devastated a quarter or more of the Mediterranean city, washing away buildings along with their residents.



Officials in eastern Libya say the death toll so far stands at more than 5,000. A hospital director in the city told Reuters on Monday 1,700 bodies had been counted at his hospital, and that 500 more had been buried in another part of the city.



Some 10,000 people are estimated to be missing. Many are believed to have been swept out to sea.



Reuters journalists who visited Derna on Tuesday saw many bodies laid out on the ground in hospital corridors and people seeking to identify missing relatives as more dead were brought in.



One Derna resident, Mustafa Salem, told Reuters he had so far lost 30 members of his family.



Aid convoys and trucks carrying bulldozers were headed towards the city on Wednesday.



The flood unleashed enormous destruction, flipping and mangling cars and leaving Derna&#8217;s streets covered in rubble, mud and debris.



Satellite photographs of the city from before and after the disaster show that what had been a relatively narrow waterway through the city centre was now several times wider, with all the buildings that had run along it gone.



Extensive damage, with buildings missing, is also clearly visible in other parts of the city where flood waters broke out from the waterway.



Rescue operations are complicated by Libya being politically fractured.



The internationally recognised Government of National Unity (GNU) is based in Tripoli, in the west. Derna is in an eastern area where a parallel administration operates, and where control is wielded by commander Khalifa Haftar&#8217;s Libyan National Army.



Libya&#8217;s Prime Minister Abdulhamid al-Dbeibah, head of the Tripoli-based government, said on Tuesday the floods were an unprecedented catastrophe. Libya&#8217;s Presidential Council head Mohammed al-Menfi has called for national unity.



The U.N. Office for the Coordination of Humanitarian Affairs said emergency response teams had been mobilised to help on the ground. Governments including Qatar and Turkey have rushed aid to Libya.



(Writing by Tom Perry and Angus McDowall; Editing by John Stonestreet and Peter Graff)

Aftermath of a powerful storm and heavy rainfall in Derna

Huge death toll from Libyan storm expected to climb

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-820x461.jpg" alt="" class="wp-image-400703" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3.jpg 2000w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An OPEC branded flag sits on a table ahead of the 169th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, June 2, 2016. Saudi Arabia is ready to consider a surprise deal with fellow OPEC members, attempting to mend divisions that had grown so wide many dubbed the group as good as dead. Photographer: Akos Stiller/Bloomberg via Getty Images</figcaption></figure>



LONDON, Sept 12 (Reuters) &#8211; OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation.



World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023, the Organization of the Petroleum Exporting Countries said in a monthly report. Both forecasts were unchanged from last month.



A lifting of pandemic lockdowns in China has helped oil demand rise in 2023. OPEC has maintained a relatively upbeat view on 2024, seeing stronger demand growth than other forecasters such as the International Energy Agency.



&#8220;The ongoing global economic growth is forecast to drive oil demand, especially given the recovery in tourism, air travel and steady driving mobility,&#8221; OPEC said in the report. &#8220;Pre-COVID-19 levels of total global oil demand will be surpassed in 2023.&#8221;



Oil demand collapsed in 2020, prompting some predictions of an early peak in world oil use. OPEC has been consistently saying it would recover and said in the report demand would average 102.1 million bpd in 2023, above the pre-pandemic rate during 2019.



OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market. Global benchmark Brent crude breached $90 a barrel last week for the first time in 2023 after Saudi Arabia and Russia extended voluntary cuts until the end of the year.



Brent crude prices rose as high as $91.82 a barrel after the report was released, hitting a fresh 2023 high.



The IEA, which currently has a much lower view than OPEC of 2024 demand growth, issues its latest outlook on Wednesday.



ECONOMY RESILIENT



OPEC held its forecast for world economic growth this year at 2.7% and kept next year&#8217;s figure at 2.6% citing a resilient first half and a steady global growth trend that had continued into the third quarter.



&#8220;Emerging Asia, particularly India, Brazil and Russia, could further surprise to the upside,&#8221; OPEC said.



&#8220;Moreover, if the U.S. continues to keep its current momentum, growth could turn out to be higher than expected.&#8221;



The OPEC report also showed OPEC oil production rose in August driven by a recovery in Iran&#8217;s production despite U.S. sanctions remaining in place on Tehran and Saudi Arabia&#8217;s voluntary cuts, as well as an increase in Nigeria.



OPEC output rose by 113,000 bpd in August to 27.45 million bpd, the report said. A Reuters survey earlier found production had increased last month largely because of Iran.



Iran is exempt from OPEC and OPEC+ production cuts because of the sanctions and Nigeria has faced internal challenges that have limited output. (Reporting by Alex Lawler; editing by Jason Neely and David Evans)

The 169th Organization Of Petroleum Exporting Countries (OPEC) Conference

OPEC sticks to oil demand growth view citing resilient economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="492" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t-820x492.jpg" alt="" class="wp-image-401148" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t-820x492.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t-768x461.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bill and Melinda GatesFrederic Stevens | Getty Images</figcaption></figure>



The Bill and Melinda Gates Foundation says new technology and learnings are being turned into new tools and interventions that could substantially lift survival rates for mothers and babies in developing countries.



The report highlights seven new innovations that could save two million mothers and babies’ lives by 2030. They include a dollar package that can reduce post birth bleeding – the biggest maternal deaths cause – a new probiotic supplement, multiple micronutrient supplements and a new one time infusion of iron for women.



“That’s 2 million families spared an unimaginable heartbreak – and 2 million more people who can shape and enrich our world,” the foundation says in its 7th Goalkeepers Report, co-authored by Bill and Melinda French Gates. “We need policy changes, political will, more investment into women’s health, and health care workers – including midwives.”



Globally, a mother dies every two minutes from complications due to childbirth, according to research by the foundation. The picture is worst in sub-Saharan Africa, where it is estimated that 390 women will die in childbirth for every 100,000 live births by 2030, more than five times the 2030 Sustainable Development Goals target.



The World Bank says while sub-Saharan Africa’s health systems appear to have avoided a catastrophic impact from the coronavirus, and in fact benefitted from a strengthening of its public health systems, improving them remains critical in the short-, medium- and long-term.



<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-800x800.jpg" alt="" class="wp-image-427390" style="width:731px" width="731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01.jpg 1080w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Two SDG target that are off track graphic. Source: Bill &amp; Melinda Gates Foundation. https://www.gatesfoundation.org/goalkeepers/report/2023-report/#Intro</figcaption></figure>



The Gates Foundation says this is especially important given how far the world is from fulfilling the Millennium Development Goals, half the way from the 2030 targets.



“The ambition was to end all preventable child deaths by 2030, and to cut the maternal mortality rate to less than 70 out of every 100,000 births. We are far off-track on both goals— but that didn’t have to be the case,” it says. “We need to listen to what women want and ensure women have a say in their own healthcare. And ultimately, we need to commit together that we no longer accept preventable deaths of mothers and babies around the world.”



And the lack of progress isn’t restricted to developing countries alone, the report found. Even in high income countries like the United States, black and indigenous women are dying at three times the rate of white women.



That needs to change,” writes Melinda French Gates. “We have seen over and over again that when countries actually prioritize and invest in women’s health, they unleash a powerful engine for progress that can reduce poverty, advance gender equality, and build resilient economies.”



The other interventions include the provision of:



· Antenatal corticosteroids, which are given to women who will give birth prematurely toaccelerate fetal lung growth



· Azithromycin, which reduces maternal infections during pregnancy and prevents



infections from spiraling into sepsis and,



· An AI enabled portable ultrasound that empowers nurses and midwives to monitor high-risk pregnancies in low-resource settings to ensure that risks are diagnosed and addressed early



The foundation is calling for more research into ways of saving lives and also in empowering women in their motherhood journeys.



“The world has come so far, so quickly in our understanding of how to save the most fragile lives,” said Mark Suzman, CEO of the Gates Foundation. “The world can and must do more to achieve a healthier, more prosperous, and equal world.”



<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-800x800.jpg" alt="" class="wp-image-427392" style="width:731px" width="731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02.jpg 1080w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Opportunity to save millions of lives graphic. Source: Bill &amp; Melinda Gates Foundation. </figcaption></figure>

bill-and-melinda-gates-t

Bill and Melinda Gates Says new Technology to boost maternal survival rates dramatically

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-820x547.jpeg" alt="" class="wp-image-425963" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership.jpeg 1905w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese President Xi Jinping waves after his speech as the new Politburo Standing Committee members meet the media following the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 23, 2022. REUTERS/Tingshu Wang/File Photo</figcaption></figure>



BENGALURU, Sept 12 (Reuters) &#8211; China&#8217;s economy will grow less than previously thought this year and next as a struggling property market dogs what was once the world&#8217;s growth engine, according to a Reuters poll of economists who said the risks were skewed to further downgrades.



The world&#8217;s second-largest economy has been struggling after a brief post-COVID recovery, dragged by huge debt due to decades of infrastructure investment and a property downturn, posing risks not only to itself but also to the global economy.



With 70% of household wealth tied up in the ailing property market, coupled with rising youth unemployment, weak consumption demand and the reluctance by depressed private firms to invest, policymakers have been fighting an uphill job in reviving growth.



&#8220;The primary culprit is the property sector. This source of growth has now evaporated and won&#8217;t be coming back,&#8221; said Julian Evans-Pritchard, head of China economics at Capital Economics in Singapore.



&#8220;We have long been more bearish than most…but even we have been surprised by the speed at which growth has declined. The deceleration probably still has further to run.&#8221;



The Sept. 4-11 Reuters poll of 76 analysts, based in and outside mainland China, predicted the economy would grow 5.0% this year, lower than 5.5% forecast in a July survey. Forecasts ranged between 4.5% and 5.5%.



While nearly all economists lowered their growth outlook for this year and next compared with the previous survey, the magnitude of those cuts was still marginal, leaving room for more downgrades.



Some economists cautioned the government&#8217;s growth target of around 5% for this year could be missed as the drip-feed of policy stimulus from Beijing would not be enough to stabilise the economy.



While recent data showed signs of improvement in the economy, some economists said more policy support was needed for the ailing property sector. The sector accounts for roughly a quarter of China&#8217;s economy.



Growth was forecast to slow to 4.5% next year and 4.3% in 2025. After expanding 6.3% last quarter, the economy was expected to grow just 4.2% this quarter, followed by 4.9% in the next, and down to just 3.9% in the first quarter of 2024.



&#8220;This slowdown could be just the tip of the iceberg,&#8221; said Bingnan Ye, senior economist at China Merchants Bank International in Hong Kong, who added the downside risk was &#8220;household consumption may improve more slowly than many expect.&#8221;



&#8220;Along with a slowdown in the property sector and exports, we still have U.S.-China trade tensions, and the recent diversification of supply chains beyond China will add to the downside pressure.&#8221;



A strong majority of economists who answered an additional question said the risks to their 2023 and 2024 GDP growth forecasts were skewed to the downside.



Economists also cut their consumer price inflation forecast to 0.6% for this year and 1.9% for next year, down from the previously expected 1.1% and 2.1% in the July survey.



Despite low inflation, the People&#8217;s Bank of China was expected to keep its key interest rates on hold this year.



Asked whether there would be an aggressive economic stimulus package from authorities, over three-quarters of economists, 17 of 21, said no.



&#8220;Local governments, which are responsible for (about) 85% of expenditures, are heavily indebted. This constrains the ability…to provide meaningful stimulus without further undermining their already fragile finances,&#8221; said Teeuwe Mevissen, senior macro strategist at Rabobank in the Netherlands.



(For other stories from the Reuters global economic poll: )



(Reporting by Vivek Mishra; Additional reporting by Devayani Sathyan; Analysis by Anant Chandak; Polling by Veronica Khongwir in Bengaluru and Jing Wang in Shanghai; Editing by Kevin Yao, Ross Finley and Sam Holmes)

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