Breaking News today –  Monday 25 November 2024

Business & Tech News

COP29 – $300 Billion Climate Deal Denounced:

Delegates of developing countries reacted in anger to a proposed agreement on a $300 Billion a year for developing nations adaption to climate change. The proposed deal was tabled by COP29 President, Mukhtar Babayev, who according to reports, gavelled the deal into acceptance before allowing any comments from any nation. When they were allowed to speak, India and Nigeria, amongst others, slated the deal as being not near to enough to achieve equitable results for all nations. Africa will bear the brunt of having to adopt much higher priced energy and technology than they currently use while only producing 4% of global CO2 emissions. Liddy Nacpil of Singapore commented after that “It is more than a joke, it is deeply Insulting, and we would rather fight for another year than accept a really bad deal” The general consensus from developing nations was that developed countries are forcing developing nations to adapt without accounting for the need for economic growth. India negotiator Chandni Raina during the session said: “this document is nothing more than an optical illusion, this in our opinion will not address the enormity of the challenge we all face’.

US Treasury Secretary Announced: 

As President-elect Donald Trump looks to complete his senior political appointees, he has selected hedge fund manager, and the founder of Key Square Group, a global macro investment firm, Scott Bessent as his Treasury Secretary. This comes after announcing Howard Lutnick, as his pick for Commerce secretary. Bessent, will be looking to prioritize delivering on election tax cut pledges, and in an interview with the Wall Street Journal, Bessent said that tax cut measures would include making Trump’s first term tax cuts permanent, as well as eliminating taxes on tips, social-security benefits and overtime pay. Bessent said he would also focus on enacting tariffs, cutting spending and maintaining the status of the dollar as the world’s reserve currency. This comes as a challenge to the potential introduction of a new BRICS currency that has been floated and is supported by Russia and China and several of the major nations within the BRICS alliance.

Copper Bounces Back After Losses:

Major African copper producers such as the DRC and Zambia will be breathing a collective sigh of relief today as copper futures climbed toward $4.10 per pound in trade this morning (25 Nov), ending a two-day loss trend. This followed a slight weakening of the US dollar. A softer dollar makes dollar-denominated commodities, such as copper, more affordable for buyers holding other currencies, boosting demand. On the supply side, global copper inventories continued to decline amid stronger consumption. However, ongoing global economic uncertainties are likely to see copper prices remaining volatile in the near term with Chinese manufacturing numbers still depressed.

Coffee and Cocoa Boost for African Economies:

Coffee bean prices have rocketed by 70% over the past 12-month period, while cocoa bean prices have gained 44,77% in the last month, and while still not at the highs seen at the beginning of 2024, the price is still the highest achieved since July 2024.  This is great news for African states who produce around 60% of the global cocoa bean production and around 12% of global coffee bean production.

Market News

Markets: Indices in the US indices, were all up slightly at close on Friday with the NASDAQ closing up by 0,17%, the S&P 500 was up by 0,35 and the Dow Jones closing up by 0,97%.

Asian markets this morning have been trending upwards with the Nikkei up by 1,35% and is at 38802 currently, while the Hang Seng is down by almost 2% (-1,89 currently) this morning and at 19229 currently.

Currencies: The US Dollar is currently trading at 1.049 against the Euro, at 1,260 against the Pound, and at 154.40 against the Yen. The has remained caught in a tight value range just above R18.00 and is currently trading at R18.11 to the US dollar.

Commodities:

• Gold is trading fairly flat this morning and is currently at $2,669 per ounce
• Platinum prices currently trading downwards at $954 and with Palladium prices currently also losing gains from last week and are at $1002 currently
• Brent crude is currently trading slightly higher today and is at $74.64 with WTI also trading lower at $70.68 currently.
• Cocoa prices are steaming ahead today and have jumped by over 5% after weeks of gaining momentum and is currently trading at 7744 pounds per ton.
• Coffee prices are trading upwards today, jumping over 2,5% this morning and is at $3.06 currently

(All prices quoted at 08H40 – Central African Time)

Other News in Africa Today

Zimbabwe Hosts Debt Review Meeting:

Zimbabwe’s President, Emmerson Mnangagwa, is hosting a summit of its creditors and finance executives on Today, (25 Nov) in an effort to find a path to restructure and clear its debt arrears and restructure over $12. billion in foreign debt. The ambitious goal will be to eventually tap into international capital markets for the first time in more than two decades. The gross domestic debt amounts to 81% of gross domestic product, and clearing it will be an enourmous challenge for a country that has been through several financial crises in recent decades from repeated bouts of hyperinflation to multiple unsuccessful attempts to launch new currency regimes. Arrangements for paying off arrears, will be an essential first step in rehabilitation of the country’s economy.

More Illegal Miners Emerge

More illegal miners have emerged from the closed Stillfontein Mine in the North-West province in South Africa yesterday, according to reports from the South African Police. Around 14 miners had emerged from the mine from another shaft and had been arrested. According to police reports, the 14 people were all Mozambique citizens and included a 14-year old boy.

Breyten Breytenbach Passes Away:

South African, anti-apartheid writer and poet Breyten Breytenbach, has died in Paris, his family announced on Sunday. Breytenbach was 85. The celebrated wordsmith, was a leading voice in literature in Afrikaans and a fierce critic of apartheid that was imposed against the country’s Black majority between 1948 and 1990. He had moved to Paris in the 60’s and had embarked on a clandestine trip to his home country in 1975 where he was arrested on allegations that he assisted Nelson Mandela’s then-outlawed African National Congress group in its sabotage campaign against the white-minority government. He was convicted of treason and served seven years in prison. French president Francois Mitterrand helped secure his release in 1982, after which he moved to France and became a French citizen. Breytenbach is best known for his book “Confessions of an Albino Terrorist,” his account of his imprisonment and the events leading to it. His work addressed themes of exile, identity and justice. Breytenbach was awarded the Chevalier de la Legion d’Honneur et Commandeur des Arts et Lettres in recognition of his work

He is survived by his wife, Yolande, daughter Daphnée and two grandsons.