Tech & Business News Highlights:
Google Meet adds Note takin Ai: In an effort to give it’s Workspace subscription more value, Google Meet is rolling out an AI-powered note-taking feature that automatically captures key points during video calls. It’s an interesting move that could let participants focus more on the conversation itself.
Botswana Signs Major Solar Contract: Under the Botswana government’s revised Integrated Resource Program the country anticipates that it will ramp up its renewable energy generation to 50% of demand by 2036. A group of Chinese companies led by China Harbour Engineering Co, has won a contract to build a 100MW solar plant in Botswana, the country’s second utility-scale renewables facility. The contract was signed off by President Mokgweetsi Masisi in Jwaneng, a mining town, West of the capital, Gaborone
Sasol Names new CFO: Sasol, the oil and chemical company, has named Walt Bruns its new Chief Financial Officer, replacing Hanre Rossouw, who is set to retire. Bruns will assume his new position from 1 September 2024. Bruns is currently the CFO of Sasol Southern Africa, which includes Energy and Chemicals. Bruns has been with the group for 15 years and has held several senior management positions, including over three years as CFO of Sasol’s global chemical business.
Markets:
Market News: Both currency and equity markets are trading within narrow ranges as the markets await today’s US PPI and tomorrow’s CPI numbers. PPI is expected to have moderated slightly while CPI is expected to be unchanged at 3.0% YoY. The Dollar is softer against the Euro and Pound but firmer against the Yen. Equity markets are generally showing small gains, with US futures all in green territory. The Nikkei is currently bucking the trend, growing by over 3.0% this morning after Japan’s PPI number came in as expected and BOJ officials less hawkish on interest rates. The Rand did breach the R18.20 mark yesterday but retreated and ended the day firmer at R18.24.
Commodities: Nervous markets ahead of the US inflation data has seen Gold drop from yesterday’s highs as traders take profit. Gold closed at $2,472 last night but has eased back to $2,460 this morning. Gold should, however, remain in positive ground with the rate cut expectations in the US as well as the geopolitical tensions in the Middle East. Platinum and palladium both opened flat, while base metals were trading softer this morning. Brent crude closed 3.4% firmer at $82.30 yesterday on the back of possible supply disruptions if the Iran/Israel crisis continues. The price did, however, slip back to $81.65 this morning after OPEC+ lowered its 2024 demand forecast.
Other News:
Tanzanian Opposition Leaders Arrested: The leaders of Tanzania’s main opposition party, Chadema were arrested by government forces on Monday, on charges of inciting violence. Chadema chairman Freeman Mbowe and the leader of the party’s youth wing John Pambalu were arrested by police at an airport in the south-western city of Mbeya, where they planned to mark International Youth Day.
Chadema’s Vice-Chairman Tundu Lissu was arrested on Sunday alongside the party’s Secretary-General. Police accused Chadema’s youth wing of seeking to promote unrest and violence. The party said over 400 people were in detention.
Kenyan Aviation Workers to Strike: Kenya’s Workers Aviation Union has indicated that it will go on strike from next Monday over governments plans to lease Jomo Kenyatta International Airport to a private operator. The industrial action is likely to cause disruption to Airlines operating Kenyan routes as the airport is a key African travel hub. KAWU, which represents airport workers, said the proposed deal announced last month with India’s Adani Airport Holdings would result in job losses. It has called on the government to scrap the deal which is sees as the “unlawful intended sale” of the airport.
