Nigeria Protests Erupt: People poured onto the streets across Nigeria on Thursday protesting the most severe cost-of-living crisis and widespread corruption in Nigeria. Nigerian Police and Security forces reportedly fired tear gas and live bullets to disperse protesters that gathered a few kilometres from the Presidential Villa as well as in Kano, Bauchi and Borno states in the North-eastern area of Nigeria. Reports indicate that at least three people were killed and four people were injured. There were also reports of looting and many businesses were closed. A curfew has also been implemented in Kano State in an effort to quell protests. The Police were granted a court granted a court order, late on Wednesday restricting protest action to a stadium, however protests hit the streets in most of the cities in the country. Despite being an oil rich nation, Nigeria has been beset with endemic corruption and has some of the poorest people in Africa with one of the highest paid governments. Protestors are demanding the reinstatement of subsidies for fuel and electricity that had been scrapped as part of the government’s plans for reforms to grow the economy. The Fuel price and food inflation has seen prices double over the past year and this is impacting an already struggling community.
Zimbabwean Government Arrests Activists: HARARE, Zimbabwe: Police have arrested 18 political activists and also removed some off an aircraft on Wednesday, according to The Zimbabwe Lawyers for Human Rights group. This action by the Zimbabwean government follows previous warnings that it would crush any opposition protests ahead of a meeting of the Southern African heads of state in the country this month. Among those detained is Namatai Kwekweza, a 25-year-old pro-democracy campaigner and the inaugural winner of the Kofi Annan Next-Gen Democracy Prize in 2023.
Glencore’s Ex Divisional Head Charged: Alex Beard, Glencore’s former head of oil has been charged with bribery offences relating to their operations in Africa, Britain’s Serious Fraud Office (SFO) said on Thursday. He is one of five ex-Glencore employees charged with conspiracy by the SFO, relating to bribes allegedly paid. He is the most high-profile commodity trader to have been charged in Britain for alleged corruption. He was charged with two conspiracies for making corrupt payments to government officials and officials of state-owned oil companies in Nigeria between 2010 and 2014 and in Cameroon between 2007 and 2014.
Olympic Highlights:
- Women’s Swimming: South African (SA) Gold medallist and Olympic record holder, Tatjana Smith, won her fourth Olympic medal and her second medal in Paris in the 200m Breaststroke Qualifiers last night. Her time was only 0.36 of a second behind winner Katie Douglas of the USA. With 3 Gold and one Silver Olympic medal, Smith is now the SA Record holder for the most medals achieved by any South African in Olympic Sports. Smith announced her retirement from professional swimming after receiving her Silver medal.
- Men’s Swimming: South African Pieter Coetze, did not win a medal in the men’s 100m backstroke finals yesterday last night, but did set a new African Record of 1:55.60
- Golf- Men’s Individual Stroke Play: Erik van Rooyen of South Africa, finished the first round yesterday, four shots off the pace at -4 under par in Joint 6th position. He will need to have a good round today to stay in contention in the 4-day event with leader Hideki Matsuyama at -8 under.
Market News: Key US economic data destroys potential growth forecast while risk-appetite falls
The ISM manufacturing PMI in the USA fell to 46.8 compared with an expected 48.6, while unemployment claims climbed to 249k, above the anticipated 236k level. Wall Street saw major sell-offs yesterday, with the Dow and S&P index down by over 1.0% and the Nasdaq losing 2.3%. Global equity markets and the US futures are all in negative territory this morning. Today’s US unemployment and nonfarm payroll numbers will provide further clues to the current labour market state. Concerns have been voiced that the Fed is falling behind the global rates curve with their decision not to cut rates in their July Meeting.
The DXY index is up at 104.30 with the Euro trading around 1.0800 and the Pound at 1.2733. The Yen remains on the front foot, trading at 149.28, but Emerging Market currencies are once again under pressure this morning. The Rand, which had firmed to near R18.10 yesterday, has weakened back to R18.28 levels this morning.
Commodities: Gold is trading firmer at $2,461 this morning on the back of weak economic growth fears. Platinum and Palladium are both firmer as well, but base metals prices have all opened in the red. Brent crude remains fairly range-bound at the $80.00 level.