Breaking News today –  Wednesday 9 October 2024

Business & Tech News

Cholera Vaccine Plant Development: Zambia signed a Memorandum of Understanding with China to develop the country’s first cholera vaccine manufacturing facility. The project, will be targeting an improved healthcare ability to fight against cholera, a disease that has severely impacted public health and productivity. Zambia experienced a large cholera outbreak earlier in 2024, which claimed over 400 lives and infected more than 10,000 people. Cholera remains a persistent threat in the country, particularly during the rainy season, despite being a curable disease. The initial phase of the plant, costing $37 million, will be developed via a partnership between Zambia’s Industrial Development Corporation and China’s Jijia International Medical Technology Corporation. The facility is expected to produce around three million doses annually. This could place Zambia as a key cholera vaccine producer for the central African region.

Google Targeted for a Shake-Up: The US Department of Justice (DoJ) says it is considering a court application that will requ

est a judge to break up search engine giant Google, in a move that could reshape how technology giants do business. The DoJ says the measures may include “structural requirements” to prevent Google from maintaining its internet search “monopoly”. In response, Google has warned that the proposed changes could have unintended consequences for US businesses and consumers. The DoJ’s announcement comes after a landmark court ruling in August that found Google had maintained its dominance of online search through illegal practices. The DoJ maintains that, remedies that would prevent Google from using products such as Chrome, Play, and Android to advantage Google search and Google search-related products, are necessary to stop the Tech giant’s monopolistic dominance in the market.

X Back in Brasil After Fine: Brazil’s Supreme Court has said it is lifting a ban on the social media platform X’ In his decision, Justice Alexandre de Moraes said that he authorised the “immediate return” of X’s activities in the country after it paid fines and blocked accounts accused of “spreading misinformation”. According to a statement, the site has paid fines totalling $5.1m and agreed to appoint a local representative, as required by Brazilian law. Moraes had blocked access to the platform, after it had refused to ban several profiles deemed by the government to be spreading misinformation about the 2022 Brazilian Presidential election.

Market News

Markets: Us Indices all closed up yesterday regaining most of the loss seen on Monday, with the NASDAQ up 1,55%, the S&P 500 0,97% up and the Dow Jones closing 0,3% up. In trade in Asian markets today, the Nikkei jumped 1,01% to close at 39332 and the Hang Seng is currently taking a beating with a -9,41 % free fall after the stimulus packages have lost steam and is at 20926 currently.

Currencies: The US Dollar is currently trading at 1.0973 against the Euro, at 1,309 against the Pound, and at 148.59 against the Yen. The rand has strengthened against the dollar and is currently trading at R17.57 to the US dollar.

Commodities:

• Gold prices are softer again this morning and currently trading at $2,623
• Platinum is softer and is currently trading at $957, with Palladium gaining some momentum today and iscurrently trading at $1028
• Brent crude prices have traded downward this morning and is currently trading at $77.90 with WTI also trading downwards at $74.22 currently.

Other News in Africa Today

Kenyan Vice President Impeached: A total of 281 Kenyan Members of Parliament voted to impeach Rigathi Gachagua, last night (8 Oct), with 44 MP’s voting against and One abstained. Rigathi Gachagua who had served as the country’s VP since the election of William Ruto in 2022, was a close ally of the president and helped get him elected. However, their relationship has become strained over the last year and Gachagua has been accused of supporting the anti-government protests in June this year that resulted in the deaths of many protestors. Gachugua who was also accused of being involved in corruption and other irregularities, has defended himself during a televised address and in Parliament.

Mozambique Presidential Election Underway: Voters in Mozambique are set to head to the polls today (9 Oct) in an election that is expected to see the governing party Frelimo maintain its half-century grip on power, despite a strong newcomer challenger in the mix this election. Almost 17 million voters are registered to vote in the Southern African nation of 31 million people, will be casting their ballot for the next president along with 250 members of parliament and provincial assemblies. President Filipe Nyusi, head of the ruling Frelimo party, is stepping down after his two terms as president and the party’s candidate, Daniel Chapo, is expected to replace him. Frelimo has governed Mozambique since independence from Portugal in 1975. There is a new independent candidate, Venancio Mondlane, who has captured the support of disenchanted youth and according to analysts, poses the biggest threat to Frelimo in years. He also poses a challenge to the official opposition party, Renamo, which was formerly a rebel movement.