Breaking News today –  Tuesday 26 November 2024

Business & Tech News

Japanese Rocket Explosion:

A test of the Japanese made Epsilon S rocket, earlier today, ended in a significant explosion as the engine for the small Japanese rocket reportedly burst into flames during a combustion test. The fire, was followed by an explosion and plumes of white smoke. This was not the first explosion encountered with the rocket, as there was an explosion last year by the same Epsilon S engine during a test, according to reports by Japan’s Kyodo news agency. News reports indicate that there were no injuries, and the Japan Aerospace Exploration Agency, is investigating the incident. The Epsilon S rocket, was developed to improve Japan’s position in the growing satellite launch market that is currently dominated by SpaceX and the Chinese Space Agency.

Walmart Shuts DEI Down:

The global retailer Giant, Walmart, is shutting down its diversity, equity and inclusion policies, according to a statement issued yesterday (25 Nov). Walmart joins a list of major US corporations that have done the same after fallout from a finding by the U.S. Supreme Court in June 2023, ending affirmative action in college admissions. The changes in policy, confirmed by Walmart, include: Not renewing a five-year commitment for an equity racial centre set up in 2020 after the death of George Floyd, and pulling out of a prominent gay rights business index. Walmart also won’t be giving priority treatment to Women suppliers. Corporate America is having to deal with pressure from lawmakers who are pushing for equal rights, according to the US constitution.

Google Monopoly Case Closes:

Alphabet owned Google, which is currently facing a possible breakup of the company over its monopoly of the search engine tech sector, is in a battle on another front, with the U.S. Department of Justice (DOJ), alleging monopolistic conduct, in its online advertising. The DOJ and Google gave closing arguments Yesterday (Nov 25), in a trial alleging Google’s advertising technology constitutes an illegal monopoly. U.S. District Judge Leonie Brinkema, will decide the case and is expected to issue a ruling by the end of the year. Should Brinkema find Google has engaged in illegal, monopolistic conduct, she will then set out dates for further hearings that will explore what remedies should be imposed. The DOJ believes Google should be forced to sell off parts of its ad tech business, which generates tens of billions of dollars annually for Holding company Alphabet.

Market News

Markets: Indices in the US indices, were all up slightly at close yesterday with the NASDAQ closing up by 0,14%, the S&P 500 was up by 0,3 and the Dow Jones closing up by 0,99%.

Asian markets this morning have been trending lower with the Nikkei down by -1,54% and is at 38181 currently, while the Hang Seng is down -0,41% currently and is at 19150 currently.

Currencies: The US Dollar is currently trading at 1.048 against the Euro, at 1,255 against the Pound, and at 153.63 against the Yen. The has remained caught in a tight value range just above R18.00 and is currently trading at R18.10 to the US dollar.

Commodities:

• Gold is trading lower this morning and is currently at $2,686 per ounce
• Platinum prices currently trading downwards at $956 and with Palladium prices currently also losing gains from last week and are at $1005 currently
• Brent crude is currently trading slightly higher today and is at $74.99 with WTI also trading lower at $71.00 currently.
• Cocoa prices have modulated after big gains yesterday and have dropped by -1,82% and currently trading at 7662 Brittish pounds per ton.
• Coffee prices are trading upwards again today, and is at $3.10 currently

(All prices quoted at 07H55 – Central African Time)

Other News in Africa Today

Kenyan anti-femicide Protest:

A protest against violence against women in Nairobi saw Police in Nairobi using tear gas to disperse what was a peaceful march Yesterday. The march was arranged to commemorate the International Day for the Elimination of Violence against Women. Protesters later spoke out against the reaction by security forces and highlighted what they say is a lack of government action. According to Kenyan police crime statistics, there have been 97 cases of femicide in various parts of the country in the last three months alone. Last week, Kenyan President William Ruto spoke out against an alarming rise in femicide cases and urged for the collective to improve efforts to protect women from gender-based violence. The United Nations yesterday (25 Nov) stated that 85,000 women and girls were killed intentionally in 2023, of which 60% were killed by their partner or a close relative. Africa had the highest number of femicide cases, with an estimated 21,700 victims out of the 51,100 killings globally.

Namibian Elections Tomorrow:

Wednesday will see an historic election with current Vice-President, Netumbo Nandi-Ndaitwah, 72, standing as the Presidential candidate for her party Swapo, which has led the country since independence in 1990. She would be only the second Female president in Africa Currently if they are victorious, however the SWAPO party faces big headwinds in the election. SWAPO saw a large drop in its support in the last general election, and It goes into Wednesday’s vote with unemployment sitting at a three decade high of 19%. There have been concerns over government finances, questions about corruption. The main opposition party is the Independent Patriots for Change party led by popular Panduleni Itula, 67. The Lawyer and once dentist, while an independent and a political novice, achieved a significant 29.4% of the presidential vote as an ‘independent candidate’ in 2019 outperforming experienced political opposition leaders by a long way.