Breaking News today –  Wednesday 10 October 2024

Business & Tech News

Tesla’s “RoboTaxi” to Launch Today: Tesla is set to to unveil the electric Auto maker’s long-awaited robotaxi prototype, named Cybercab, at the Warner Bros Studios in Burbank, California on Thursday. Elon Musk, CEO of Tesla claims that the new automated auto tech vehicles will save lives or earn their future owners income, via charges on rides or even daily rentals or even overnight stays. The Auto maker has been under pressure due to several delays in the launch date and will need to deflate doubts about the electric vehicle maker’s ability to execute on this ambitious project. Mr Musk explained away the latest delay by saying it was down to some last minute changes that he had requested from the design team.

Ethiopia Floats Telcom on Bourse: In the first open stock listing on the new Ethiopian Stock Exchange, State Owned Ethio Telecom will become the first company to list a 10% stake in the company next week, according to Brook Taye, the CEO of Ethiopia Investment Holdings, Ethio Telecoms owner. The creation of an exchange and the planned privatisation of various state-owned enterprises is part of Ethiopia’s Prime Minister Abiy Ahmed’s plan that will see several initiatives in an attempt to open up the country to greater private investment. While there are some listed companies in Ethiopia, share trades have so far, only been conducted via over the counter exchange. Floating 10% of Ethio Telecom also marks the first step towards the government divesting a further 45% stake in the telecoms provider to investors.

Egyptian Inflation a Concern: The urban consumer price inflation in Egypt, climbed for a second month in September, rising to 26.4% from 26.2% in August, indicated by data released by the Egyptian statistics agency Yesterday. Month-on-month, prices rose by 2.1%, following the same 2.1% increase in August. Food prices rose by 2.6% higher than the 1.8% seen in August. September food prices were 27.7% higher than that seen in September 2023. Analysts had expected a drop in inflation and the latest numbers are a concern. Egypt has tightened its monetary after accepting an $8 billion International Monetary Fund financial support package which also required the government to increase certain domestic prices and devalue its currency.

Market News

Markets: Us Indices all closed up for the second consecutive day of trade, with the NASDAQ up 0,8%, the S&P 500 0,71% up and the Dow Jones closing 1,03% up. In trade in Asian markets today, the Nikkei saw a quarter of a percent growth, to close at 39380 and the Hang Seng is currently down -1,38 % and is at 20367 currently.

Currencies: The US Dollar is currently trading at 1.0937 against the Euro, at 1,307 against the Pound, and at 149.08 against the Yen. The rand has remained range bound between R17.50 – R17.67 against the dollar, and is currently trading at R17.62 to the US dollar.

Commodities:

• Gold prices are slightly softer again this morning and currently trading at $2,610
• Platinum  is currently trading at $962, with Palladium gaining more momentum today and is currently trading at $1055
• Brent crude prices have traded downward for the second day and is currently trading at $76.95 with WTI also trading downwards at $73,60 currently.
• Cocoa prices are showing corrections and have jumped by over 4% in intra-day trade and is currently at 5360 pounds

Other News in Africa Today

Rwandan Political You Tuber Jailed: Rashid Hakuzimana , a Rwandan YouTuber has been sentenced to seven years in prison for breaching the country’s laws on genocide denial. Hakuzimana, a prominent critic of the Rwandan government known for his outspoken YouTube commentaries, had told the court during his trial that he was being persecuted for his political views and that he had been summoned to trial in a manner inconsistent with the law, without prior notification as required by legal procedures for court hearings. Hakuzimana, was arrested in 2021, denied all the charges, which also included inciting ethnic division and spreading false information for claiming that anyone who dares to run for the presidency against President Paul Kagame in elections is jailed. He was also accused of saying that the FARG fund only supports Tutsi children from a single ethnic group, neglecting children whose parents were exiled or convicted. Rwandan law, makes it a criminal offense to deny or attempt to justify the genocide, in which around 800,000 people were killed in 1994.

Pastor Ray Passes Away at 75: Widespread tributes for Ray McCauley were shared on Social media yesterday following the passing of the well-known founder of the Rhema Bible Church in South Africa. “Pastor Ray has gone to be with the Lord peacefully at his home, surrounded by his family and loved ones,” McCauley’s son said in a statement.

The Rhema Bible Church has more than 45,000 members and is considered one of the most influential churches in South Africa. McCauley was also deeply involved in the Inter-faith organisation, the National Interfaith Leaders Council a body meant to advise on delivery of social services in South Africa. Before he became a spiritual leader, Mr McCauley was a bodybuilder and owned gyms. He took part in the Mr Universe competition in 1974 and placing Third in the competition.

Nobel Prize for Protein Research: British computer scientist Professor Demis Hassabis has been awarded the Nobel Prize for Chemistry for his “revolutionary” work on proteins, the building blocks of life, alongside Professor John Jumper, who worked with Prof Hassabis on the breakthrough. Prof Hassabis, was a co-founder of the artificial intelligence company that evolved into Google DeepMind. The scientists used artificial intelligence to predict the structures of almost all known proteins and created a tool called AlphaFold2. The understanding of these structures is a critical step in knowing how to target the protein and alter its behaviour. The Nobel committee called AlphaFold2 a “complete revolution”, and the tool is now being utilised in understanding over 200 million proteins worldwide.