Business & Tech News
Tunisian Economic Struggles Continue: The Tunisian economy continues to face major challenges. The GDP growth rate has been a low 1% in the second quarter of 2024, while the unemployment rate currently is around 16%. Despite some signs of improvement, such as the inflation rate reducing to 6.7%, the majority of Tunisians are still feeling the effects of a sluggish economy. According to reports, the country faces deep structural problems. Public debt has been increasing exponentially, reaching 71% of GDP. Basic services such as water and electricity are often inadequate and food shortages are common. The economic crisis has a direct impact on the daily lives of Tunisians, With Supermarket shelves are often empty and power outages a daily reality.
Boeing Flies Labour Cuts: Boeing, the international Aircraft manufacturing giant, has experience one of its worst economic periods in decades, will axe its workforce by a tenth – cutting as many as 17,000 jobs. This will also result in production delays as the aeroplane manufacturer deals with multiple structural issues across its business. Chief executive Kelly Ortberg said in an email to staff that “executives, managers, and employees'” jobs are all at risk. The business also warned of losses in its weapons and military equipment manufacturing arm, and advised that the delivery date of its 777X plane was being revised. The news comes as the business grapples with labour strikes, the failure of their space return vehicle at the international space station as well as increasing concerns from regulators over the quality and safety of its planes.
SpaceX Achieves Historic Flight and Landing: Yesterday saw another remarkable accomplishment by Elon Musk’s SpaceX when the heaviest flying object ever launched (the SpaceX Starship’s booster rocket – weighing around 250 tons) was safely returned to earth and landed on the SpaceX developed “Machazilla Tower arms”. The achievement leapfrogs potential for deep-space exploration and takes rocket reusability to the next level.
Market News
Markets: Us Indices all closed in positive territory on Friday, with the NASDAQ up by 0,97%, the S&P 500 0,16% up and the Dow Jones closing 0,61% up.
Currencies: The US Dollar is currently trading at 1.093 against the Euro, at 1,307 against the Pound, and at 149.27 against the Yen. The rand has remained steady against the dollar, and is currently trading at R17.43 to the US dollar.
Commodities:
- Gold prices are slightly up in early trade today and currently trading at $2,663
- Platinum is currently trading upwards at $982, with Palladium slightly softer and is currently trading at $1060
- Brent crude prices have traded softer this morning and is currently trading at $77.81 with WTI also trading downwards at $74.35 currently.
- Cocoa prices continue their momentum today after big gains last week and is currently trading at 5651 pounds
Other News in Africa Today
Tito Mboweni, South Africa’s first Minister of Labour after the end of Apartheid has passed away.
Local media reported Saturday night (Oct.12) that the 65-year-old politician and Father, had died “in a hospital in Johannesburg surrounded by his loved ones.” According to reports, a statement by the family of Mboweni. Indicated that he had “passed after a short illness.” The anti-Apartheid activist was the first Minister of Labour, in the new democratic South Africa, from 1994 to 1999 in the founding Cabinet of President Nelson Mandela. Mboweni later served in distinction, as Governor of the South African Reserve Bank from 1999 for a period of 10-years. He later was appointed as the Minister of Finance during the first cabinet appointed by current President, Cyril Ramaphosa.
South African Airspace Infringement Suspected: A Sudanese delegation, that arrived in Pretoria, South Africa for a private event was, according to reports, allowed to land at the Waterkloof Air Force Base near Pretoria last week without the necessary security clearance. This is not the first foreign private aircraft landing scandal the country has seen, after the Waterkloof saga that occurred in 2013 when former president Zuma’s close friends, the Gupta family was allowed to land a private jet at the Airforce base and avoid all national security protocols to attend a family wedding.
Ugandan President Sued for Nepotism: A Ugandan Lawyer, Gawaya Tegulle has apparently sued President Yoweri Museveni for appointing his family members to his Government. The President’s, Janet Museveni is the current Minister of Education and Sports, while his son, General Kainerugaba Muhoozi is the Chief of Defence Forces. He is a 4-star General. The other son of President Tegulle, Salim Saleh, is the Presidential Adviser on Defence and Security, and was previously the former Minister of State for Microfinance.
Cameroon Media Ban: The Cameroon government has banned all media coverage discussing the health of the 91-year-old President Paul Biya, who has not made any public appearances since early September 2024. This has sparked conversations and debate regarding the aging president’s health, and if he is still in a fit state to be ruling the country. The Minister of Interior, Paul Atanga Nji announced the ban, stating in a letter dated October 9, that “debate in the media” on the president’s health was “strictly prohibited”, and ordered that “monitoring cells” be established and charged with tracking online content.