CNBC Africa

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[TOP STORY] Kenya’s Finance Minister, John Mbadi, announced that the government will seek public input on new legislation to boost revenue, following the withdrawal of a contentious financing bill after deadly protests. Despite heavy debt repayments, Mbadi ruled out debt restructuring but signaled potential tax cuts in the medium term, including reductions in VAT and corporate income taxes, to address public resistance to new tax hikes. #CNBCAfrica #DSTV410 #ClosingBell #CBEA

[TOP STORY] The Mining Engineers Society of Kenya has called on the government to fast-track the licensing of mining activities as Base Titanium, Kenya's largest mining company, prepares to close due to resource depletion. #CNBCAfrica #DSTV410 #ClosingBell #CBEA

[TOP STORY] Kenya’s Treasury Cabinet Secretary John Mbadi has unveiled significant tax reductions as part of the government's medium-term budget strategy. Key measures include lowering VAT from 16% to 14%, cutting corporate tax from 30% to 25%, and adjusting PAYE to boost disposable income and stimulate economic growth. #CNBCAfrica #DSTV410 #ClosingBell #CBEA

[TOP STORY] Nigeria's Department of State Services has arrested the President of the Nigeria Labour Congress Joe Ajaero, at Nnamdi Azikiwe International Airport while en route to the United Kingdom for an official assignment to attend the Trade Union Congress conference in London. Speaking on the arrest, the Nigerian Labour Congress says the arrest is an assault on Nigerian workers. Meanwhile, the Socio-Economic Rights and Accountability Project reported via a post on X that the DSS has also taken control of SERAP’s Abuja office, demanding access to the organization’s directors. #CNBCAfrica #DSTV410 #ClosingBell #CBWA

[TOP STORY] Nigeria has signed a $1 billion Memorandum of Understanding with China Civil Engineering Construction Corporation and Sinomach-He for an iron ore-to-steel project in Kogi State. The agreement, signed during President Tinubu's recent visit to China, aims to promote local value addition in Nigeria's solid minerals sector. #CNBCAfrica #DSTV410 #ClosingBell #CBWA

[TOP STORY] The U.S. Federal Reserve can afford to make a jumbo 50 basis points rate cut next week without spooking markets, an analyst has suggested, as opinion on the central bank’s forthcoming meeting remains hotly divided. Read more: https://shorturl.at/t0eU8

[TOP STORY] Sun International SUIJ.J reported a 9.1% rise in first-half earnings on Monday, as record growth in the South African casino and hotel group’s betting business helped drive its income. Read more: https://shorturl.at/TxDzn

[TOP STORY] Oil futures surged by approximately one percent today as a potential hurricane approaching the U.S. Gulf Coast spurred a rebound in oil prices, recovering from significant losses last week. Brent crude is up 67 cents to $71.73 per barrel, while West Texas Intermediate crude futures were up 68 cents to $68.35 per barrel. #CNBCAfrica #DSTV410 #PowerLunch #PLWA

[TOP STORY] Nigeria's oil regulator has granted UTM Offshore Limited the first license to operate a floating liquefied natural gas plant, aiming to capture flared gas from ExxonMobil's oil field in the Niger Delta. The 2.8-million-ton- per annum floating LNG vessel owned by UTM will extract flared gas from ExxonMobil's Oil Mining Lease 104 offshore in southern Nigeria. According to UTM Offshore CEO Julius Rone, engineering work on the project is expected to be completed by 2028, with production set to begin in the first quarter of 2029. #CNBCAfrica #DSTV410 #PowerLunch #PLWA