Breaking News today –  Thursday 14 November 2024

Business & Tech News

Headwinds for EV manufacturer: South Korean car maker Kia is expecting headwinds and tough market conditions in the near term, partly driven by economic conditions and also by international government policies. They are still, however, confident of hitting its target of selling 1.6 million electric vehicles annually by 2030, according to a statement by Kevin Ahn, president and CEO of Kia Asia Pacific. Speaking at an event in Taipei yesterday, Ahn said that “We’re not pushing volume to market. Especially this year, the market is changing very rapidly and there are so many uncertainties,” “But our long term target is for 2030, 1.6 million EVs,” he said.

Tech Group Forecast Positive: Global tech group Alphabet, saw its stock prices climb by 2.8% yesterday after beating analysts’ forecasts for profit in the latest quarter. The improvement came largely from strong performance of its Google business. It’s the latest of the highly influential group of stocks known as the “Magnificent Seven” to top high expectations for growth. There has been much market speculation regarding tech stocks being over evaluated with some analysts doubting the staggering growth forecasts around artificial-intelligence technology creating a new boom.

Cloud Mobile Device Breaking Boundaries: South African mobile operator Vodacom is planning to bring a new low-price mobile phone that utilises cloud services that will offer smartphone-style features to African markets. The South African unit of Vodacom, just recently launched a cloud-based smart feature phone, which is manufactured by South African mobile phone firm Mobicel, with Vodacom the exclusive reseller. This type of mobile device is ideal for an African market that is still largely unconnected and where there is still largely only 2G or 3G networks available and where expensive smart phones are beyond the reach of many.  Davide Tacchino, managing executive for terminals at Vodacom South Africa, said that the company was seeing interest from customers and distributors for these devices.

Market News

Markets: Indices in the US indices, were pretty flat yesterday with the NASDAQ down -0,16%, the S&P 500 was up marginally by 0,02% and the Dow Jones closing up by 0,11%. Asian markets this morning have been trending lower with the Nikkei down -0,22% and is at 38637 currently, while the Hang Seng is marginally down by -0,12% this morning and at 19823 currently.

Currencies: The US Dollar has strengthened further on inflation data released yesterday that met expectations, and is currently trading at 1.054 against the Euro, at 1,269 against the Pound, and at 156.09 against the Yen. The rand has taken a pounding alongside most emerging market currencies against a strengthening Dollar, and is currently trading at R18.29 to the US dollar.

Commodities:

• Gold has maintained its price above the 2600 mark and is currently trading at $2,605.75 per ounce
• Platinum and Palladium have both strengthened slightly from yesterday’s close, with Platinum prices currently trading at $951, with Palladium prices currently at $952.50 after taking a big drop off yesterday
• Brent crude is currently trading higher today and is at $72.08 with WTI also trading upwards at $68.28 currently.
• Cocoa prices have jumped almost 5% higher today after yesterday’s gains, and hit a new high over 6200, and is currently trading at 6252 pounds per ton.
• Coffee prices are trading upwards, almost 3% up on the day and is at $2.64 currently

(All prices quoted at 09H00 – Central African Time)

Other News in Africa Today

Football Head Scores Own Goal: South African Football Association (Safa) president Danny Jordaan, has been arrested and appeared in court yesterday (13 Nov) on charges of fraud and theft amounting to R1.3-million (ZAR). Warrants for arrest were issued for the arrest of two prominent South African Football Association executive officers, aged 73 and 55, together with a 46-year-old businessman, following an intensive investigation by the Serious Commercial Crime Investigation based in Johannesburg into allegations of R1.3-million fraud and theft. The serious crimes division raided the Safa headquarters in March 2024, seizing documents and other items in regard to the investigation. Jordan has had a chequered history at Safa with many allegations about mismanagement and also bribery surfacing during his three term tenure at the organisation. Recently, Jordaan, who has been Safa president since 2013, suggested that he might be wanting a fourth term of office, after being re-elected for a third time in 2022.The three have been released on bail and will have to return to court on 5 December.

Covid Dismissal Found Faulty: The Labour Court in Cape Town has made a benchmark ruling in a case of dismissal during the Covid pandemic and has ruled that a medical equipment supplier’s dismissal of an employee with 22-years of service, without severance pay, after she had refused to have a Covid-19 vaccination, in line with the company’s mandatory policy, was substantially unfair. Acting Judge Maria Mokhoaetsi reviewed and set aside a Commission for Conciliation, Mediation and Arbitration (CCMA) award and ordered that Baroque Medical (Pty) Ltd will have to pay the former employee compensation equal to 12 month’s remuneration calculated at the employee’s rate of remuneration on the date of her dismissal. The employee had been a mere 18 months away from her compulsory retirement at the time of her dismissal.

Somaliland Poll to Determine Separation: Somalia’s breakaway region of Somaliland has long been seeking independence and have gone to the voting pols yesterday to select their own president in a crucial election that had been delayed for two years. More than 1 million people were expected to cast votes at more than 2,000 polling stations. Vote counting is currently under way, however results are not anticipated until next week. At stake for Somalia is a  strategic coastal region position near the entryway to the Red Sea. Somaliland unilaterally declared independence in 1991. It has been more stable and peaceful than the remainder of the country since. The self-proclaimed independent republic has its own money, passports, and army. However, it is not recognised by any country in the world, thus restricting access to international finance and the ability of its six million people to travel abroad. The Somalian government, has been negotiating a deal with Ethiopia to grant them sea access that they hope to finalise shortly. Signed in January, the deal would grant Addis Ababa sea access. In return, landlocked Ethiopia would provide an “in-depth assessment” of recognition for Somaliland.