🔅Catastrophic floods, election petitions
and a new prime minister.
Markets Today
📈 Johannesburg Stock Exchange: 13,324.03 +41.74(+0.31%)
📉 Nigerian Stock Exchange: 49,985.06 -6.35(-0.01%)
📈 Nairobi Securities Exchange: 140.69 +2.68(+1.94%)
📉 S&P 500: 3,924.26 -42.59(-1.07%)
📈 Shanghai Composite: 3,243.45 +43.53(+1.36%)
Shoprite Holdings, the largest grocery chain in South Africa, announced a 10.3% increase in yearly earnings on Tuesday as consumers rushed to discount store chains for everything from groceries to household products in response to rising inflation.
Catastrophic floods in Chad
Environment
Chad's heaviest seasonal rainfall in over 30 years has left parts of the capital N'Djamena navigable only by boat and forced thousands to flee their flooded homes over the past month, according to aid groups and the state weather agency.
In N'Djamena's eighth district, families have piled into wooden boats to cross streets that have been awash with flood water since the end of July. Across West and Central Africa from N'djamena to Dakar in Senegal, above-normal rainfall in several countries over the past month has left vast areas submerged under water.
The government has set up an emergency crisis committee to help flood-affected people with food, blankets and health kits.
Around the Continent
Headlines
🇧🇫 A car in a convoy struck an improvised explosive device on Monday in northern Burkina Faso, killing at least 35 civilians and injuring 37 others. Between the northern towns of Djibo and Bourzanga, where Islamist militants have increased attacks on villages, police stations, and military outposts since 2015, the escorted supply convoy travelling to the capital, Ouagadougou, struck the IED.
🇰🇪 Following a legal dispute with competitor Raila Odinga, the Supreme Court validated William Ruto's victory in the presidential election on August 9 and he vowed to offer "a hand of brotherhood" to his opponents. In a speech delivered after the court ruling, Ruto declared, “We are not adversaries; we are Kenyans”. With memories of the terrible bloodshed that followed earlier election disputes in East Africa's most vibrant democracy still fresh in their minds, both Ruto and Odinga had sworn to obey the court's decision.
Around the World
Liz Truss is the UK’s new prime minister
On Tuesday, Liz Truss will be elected as Britain's new prime minister. She will immediately appoint a cabinet of supportive MPs as her administration starts a race against time to formulate solutions to the crisis caused by rising living costs. On Thursday, the incoming prime minister is anticipated to make plans for a freeze on energy prices as she struggles to manage a massive to-do list in the midst of the worst economic crisis in a decade.
Later this week, Truss will announce support for individuals and businesses. Allies are reportedly in discussions about a £100 billion package that may include energy bill freezes. According to sources, one option being discussed is to potentially freeze all family bills until the upcoming general election in 2024.