CNBC Africa

[TOP STORY] #BREAKING: Kenyan President William Ruto on Friday re-appointed several members of the cabinet he sacked last week to a new government that he said would respond to the grievances of young protesters. Read more: https://shorturl.at/ObVg4

[TOP STORY] Uganda is set to enter the regional electricity market by November next year, but faces challenges due to inadequate infrastructure. Despite this, the country's surplus power and 97% renewable energy sources position it favourably for regional trade. Efforts are underway to develop necessary infrastructure and interconnect with neighbouring countries, enabling Uganda to capitalize on its renewable energy potential and emerge as a key player in the regional energy market. #CNBCAfrica #DSTV410 #ClosingBell #CBEA

[TOP STORY] The Democratic Republic of Congo's (DRC) entry into the East African Community (EAC) has led to a surprising decline in Congolese investments in Kenya, with a 30% drop in foreign liabilities owed to DRC in 2022. Conversely, Kenyan investors have increased their assets in DRC, nearly tripling their portfolio. Kenyan banks have also invested in DRC's banking sector. Despite this, Kenya remains a net debtor to DRC. However, the trend suggests a shift in regional investment and economic integration, with Kenya maintaining a net creditor status with other EAC member states except DRC. #CNBCAfrica #DSTV410 #ClosingBell #CBEA

[TOP STORY] A global cyber outage has caused disruptions in airlines, media, and telecoms, resulting in flight delays, cancellations, and service outages. However, the cause is unknown but suspected to be a coordinated cyberattack. Efforts are underway to resolve the issue, with some companies already back online. #CNBCAfrica #DSTV410 #ClosingBell #CBEA

[TOP STORY] The United States wants to see key reforms before rejoining debt resolution talks between Zimbabwe and multilateral lenders from which Washington withdrew following the African country’s disputed 2023 election. Read more: https://shorturl.at/3sXdy

[TOP STORY] Kenya’s president William Ruto will address the east African nation at 1300 GMT on Friday, his spokesperson said on X. Read more: https://shorturl.at/ObVg4

[TOP STORY] Oil prices continue to fall heading for a second consecutive weekly decline. Concerns about demand outweigh the impact of decreasing U.S. crude inventories and the potential for a September interest rate cut by the Federal Reserve. Brent Crude is down 6 cents to 85 dollars and 04 cents. While the U.S. benchmark, WTI Crude, is down 17 cents trading around 82 dollars and 65 cents a barrel. #CNBCAfrica #DSTV410 #PowerLunch #PLWA

[TOP STORY] Nigeria produced a total of 236.229 million barrels of crude oil in the first half of 2024. That’s according to data obtained from the Nigerian Upstream Petroleum Regulatory Commission. In the same period in 2023, the country’s total oil output from January to June was 219.5 million barrels which is about 16.73 million lower than what was recorded in 2024. #CNBCAfrica #DSTV410 #PowerLunch #PLWA

[TOP STORY] Ghana's domestic downstream petroleum industry value hit over 71 billion Ghana Cedis, contributing approximately 8.4 percent to the country's Gross Domestic Product in 2023. That’s according to the CEO of the National Petroleum Authority, Mustapha Abdul Hamid. The sector, which includes over 3,000 service providers and high local participation, handles more than 4 million metric tonnes of petroleum products annually. Last year, petroleum product consumption rose by 6.4 percent to 4.49 million metric tonnes, rebounding from a 9 percent decrease in 2022. #CNBCAfrica #DSTV410 #PowerLunch #PLWA

[TOP STORY] Planes have been grounded and TV broadcasters have gone offline as businesses worldwide grapple with an ongoing major IT outage. Read more: https://shorturl.at/pa3sD