Breaking News today –  Tuesday 19 November 2024

Business & Tech News

Resolute Resolution for Release: Australian mining company, Resolute Mining, who had its senior managers detained 10-days ago, by the Junta run government, has said it will pay Mali’s military government $160m (£126m) to settle an apparent tax dispute. Reports stated that Terry Holohan, CEO of resolute had been travelling in the capital city Bamako for what was to be a routine business negotiation regarding their mining licence for the largest gold producing mine in Mali run by Resolute. Holohan and his colleagues were then arrested and detained by the authorities. In a statement on Sunday, Resolute said that it would pay $80m immediately from existing cash reserves, and the rest would be paid over several months. It is not Known when Holohan is to be released yet.

Xiaomi Sales Surge: Xiaomi Corp, China’s EV automaker, has given markets a production forecast update yesterday (18 Nov) and is on track to deliver 130,000 electric vehicles this year, raising its forecast for the third time as the automaker upstart posted a 30.5% jump in third-quarter revenue. CEO Lei Jun said on a social media post that Xiaomi, was raising its goal from a previous target to deliver 120,000 of its first EV, the SU7 sedan, as demand for the vehicle has grown. This is way above their initial goal of 76,000 units this year that it set when it launched the SU7 early in 2024. Electric Vehicle sales in China are growing rapidly with plug-in and hybrid sales in China growing to account for over half of overall sales in the world’s largest auto market and maker.

Alphabet to Loose Chrome: Reports circulating have suggested that the U.S. Department of Justice is to request a US Supreme court judge, to force Alphabet’s Google to sell off its Chrome internet browser, this was reported by Bloomberg News on Monday, citing people familiar with the plans. The DOJ will also ask the judge, who ruled in August that Google illegally monopolized the search market, to require measures related to artificial intelligence and its Android smartphone operating system, the report said. The search Giant has already been found to be a monopolistic entity that has effectively prevented any competitors from entering the search engine market and all that remains is for a resolution on how this is to be resolved.

Market News

Markets: Indices in the US indices, were relatively flat at close on Monday with the NASDAQ up 0,71%, the S&P 500 was up by 0,39% and the Dow Jones closing down by -0,13%. Asian markets this morning have been trending higher with the Nikkei up by 1,56% and is at 38433 currently, while the Hang Seng is marginally up by 0,77% this morning and at 19576 currently.

Currencies: The US Dollar is currently trading at 1.058 against the Euro, at 1,267 against the Pound, and at 154.47 against the Yen. The rand has strengthened again this morning against a strong Dollar, and is currently trading at R18.00 to the US dollar.

Commodities:

• Gold has recovered to above the 2600 mark and is currently trading at $2,610.90 per ounce
• Platinum and Palladium have both strengthened and have surged by over 2% and 6% respectively in trade this morning with Platinum prices currently trading at $967 with Palladium prices currently at $1009.50
• Brent crude is currently trading higher today and is at $73.14 with WTI also trading lower at $69.03 currently.
• Cocoa prices has maintained it price above 7100, and is currently trading at 7160 pounds per ton.
• Coffee prices are trading lower, on the day and is at $2.80 currently

(All prices quoted at 08H00 – Central African Time)

Other News in Africa Today

UN Cease-Fire Vote Veto: The United Nation (UN) yesterday, voted for a cease-fire in war-torn Sudan to enable delivery of humanitarian and medical supplies into the conflict devastated region where up to 24,000 people have died already. The resolution vote, called for by the UK and supported by China, was however vetoed by Russia. Millions have already been displaced by the conflict in what is considered the largest humanitarian crises where there is now desperate need for relief supplies. The resolution vote was chaired by the UK foreign Minister, David Lammy, who, after the failed resolution stated that: “This Russian veto is a disgrace. … While Britain works with our African partners, Russia vetoes their will.” The Sudan conflict started in April 2023, when tensions between its military and paramilitary leaders broke out into violent conflict that began in the capital, Khartoum, and spread rapidly into other regions, including western Darfur. The U.N. security council has warned that Sudan has been driven to the point of famine and risks the deaths of millions should the conflict continue.

Uganda Jails TikToker for Presidential Parody Post: A Ugandan court has jailed 21-year-old Emmanuel Nabugodi, a Ugandan TikToker after creating a video that was claimed to insult President Yoweri Museveni. Nabugodi appeared for sentencing on Monday (18 Nov) after pleading guilty last week to four charges, including hate speech and spreading malicious information about the president and was sentenced to 32 months in jail. He is the third social media victim of the countries stringent laws that forbid the criticism of the government or president. The TikTok account run by Nabugodi, was well known for parody and comedy content and had a following of 20,000 people. He recently made and posted a film of a mock trial of the head of state in which it called for Museveni’s public flogging.

Gabon Gains New Constitution: In a poll to determine the acceptance of a newly formed constitution, voters in Gabon have overwhelmingly approved with over 91% of voters giving it their approval according to authorities. The vote took place after a military coup had overthrown the previous government more than a year ago, and seized power in the oil-rich Central African nation. Gabon’s Interior Minister, Hermann Immongault, said that turnout was an estimated 53.5%. The final results will be announced by the Constitutional Court, the interior minister said. The draft constitution, which proposed sweeping changes that could prevent dynastic rule and transfer of power, required more than 50% of the votes cast to be adopted.