Business & Tech News
Berkshire Hathaway, Dumps Apple Stock: Warren Buffett’s Berkshire Hathaway, has continued to dump Apple Stock and is now sitting on more than $325 billion in cash after continuing to unload billions of dollars’ worth of Apple and Bank of America shares this year. Berkshire said it had sold off around 100 million more Apple shares, as declared in its third quarter statement, after halving its massive investment in the iPhone maker last quarter. The remaining 300 million Apple shares, held by Berkshire, was valued at just under $70 billion at the end of September and still remains the largest single investment the company owns. However, it has been vastly reduced from the $174.3 billion it had held at the end of their last financial year.
Chinese Astronauts Back on Earth: Three Chinese astronauts returned to Earth earlier today (4 Nov) after a six-month stay on China’s Tiangong space station. A parachute decent of their space capsule, esured a soft night-time landing, at 1:24 a.m local time, in a remote landing area in China’s Inner Mongolia region. The Tiangong space station, which was completed two years ago, is part of China’s efforts to be a global leader in space exploration. The space station astronauts returned after welcoming a replacement crew on-board the station last week for the next six-month mission. The new crew are set to conduct experiments, carry out spacewalks and install equipment to protect the station from space debris.
IMF to Review Egyptian Loan Program: The International Monetary Fund (IMF) will start the process of review of Egypt’s loan programme on Tuesday, according to a statement made yesterday by Egyptian Prime Minister Mostafa Madbouly, at a press conference with IMF managing director Kristalina Georgieva. The review, could unlock more than $1.2 billion in IMF funding and will be the fourth under Egypt’s latest 46-month IMF loan programme that was approved in 2022. Georgieva noted that the IMF’s discussions with Egypt next week will also be looking at potential ways of supporting the Egyptian objectives in the area of greening the economy.
Market News
Markets: Indices in the US indices closed in positive territory on Friday with the NASDAQ closing 0,72% up, the S&P 500 gained 0,41% and the Dow Jones closing 0,69% up. The Nikkei is -2,63% down today at 38053, while the Hang Seng is gaining momentum with better than expected manufacturing data released and is up by by 0,93% this morning at 20506 currently.
Currencies: The US Dollar is currently trading at 1.0896 against the Euro, at 1,299 against the Pound, and at 151.92 against the Yen. The rand remains range bound between 17,50 and 17,65 and is currently trading at R17.53 to the US dollar.
Commodities:
- Gold prices are currently trading at $2,738
- Platinum prices are currently trading upwards and at $1000 currently, with Palladium prices also gaining in trade today and currently at $1113
- Brent crude is currently trading slightly upwards at $74.35 with WTI trading at $70.76 currently.
- Cocoa prices have seen further gains this morning and is currently trading at 5855 pounds,
(All prices quoted at 08H50 CAT)
Other News in Africa Today
Nigerian Children May Face Death Penalty: Nigerian civil society has expressed grave concerns regarding 29 children who are among the 76 accused who face the death sentence for allegedly taking part in protests against the cost-of-living crisis in August this year. The minors, aged between 14 and 17, were part of a group of people charged in court on Friday, and have been in detention since their arrests in August. Charges against them include treason, destruction of property, public disturbance and inciting a military coup. Nigerians took to the streets in a protest against economic reforms, including the ending of fuel subsidies and the devaluation of the local currency. There have been extreme economic conditions faced by the population in Nigeria with high levels of inflation driving food costs beyond the reach of many. Lawyers for the children said they were granted bail and the case will come to trial in January. Horrendous footage of their court appearance, showed the children in a terrible state and some fainting due to malnutrition. Amnesty International also condemned the minors’ “horrifying detentions for participating in protests against hunger and corruption”, calling it “one of the deadliest attempts to suppress freedom of assembly” so far.
Deadly Lightning Strike in Uganda: A lighting strike in the area of a refugee camp, the Palabek Refugee Settlement in the north-west of Uganda, resulted in the tragic death of 13 children and one adult, according to the local police. According to a statement, the victims were attending a church service on Saturday evening when the lightning struck. Another 34 people were injured. The Palabek Refugee Settlement is home to approximately 80,000 refugees and asylum seekers, according to the UN’s refugee agency. Many who have fled the violence occurring in neighbouring South Sudan.
Illegal Mining Operation Arrests: A Police operation in the North West Province of South Africa has resulted in hundreds of illegal miners being forced to exit the mine and be taken into custody. The operation called “Vala Umgodi” was set up to close down deliveries of food to the illegal mining operation, and has resulted in 565 illegal miners exiting out of an abandoned mine shaft in the town of Orkney, that have been arrested and taken into police custody.
Individuals have been emerging from the mine since Saturday as they ran out of food, with more doing so on Sunday. It is believed that hundreds more remain in the shaft. Police devised this action due to the extremely unsafe conditions and high possibility of deaths had they entered the mine to force the miners out. Many of those arrested are reported to be from Mozambique and Lesotho.
