Tech & Business News Highlights:
Google School Time Launched: Google has introduced a new tool to help parents manage their children’s screen time and focus during school hours. School Time allows parents to set specific apps, call allowances, and screen limits on their child’s device. Additionally, Google has enhanced parental controls on YouTube, offering more granular options for teens. These new features aim to create a healthier digital environment for children while providing parents with greater control.
New Capital Projects in SA Announced: According to Nedbank’s Capital Expenditure Project Listing, there is more than R750 billion in new capital projects on the cards for 2024 / 2025, more than three times the R193.2 billion recorded in 2023. Private sector projects accounted for only 26% of the total, with the majority of projects coming from planned Government infrastructure developments that would include a new Airport. The largest planned private sector development is the new Bankenveld District City in Johannesburg, with a planned capital spend of R18 billion.
Uganda Secures Investment Deal: Rowad Capital Commercial, a global engineering and construction company, have announced plans to inject $225 million into Uganda Telecommunication Corp (Utel), the state-run telecom company, and will acquire a majority stake. Based in Dubai, RCC will secure a 60% share in UTel once the deal is finalized. UTel had been facing significant financial difficulties and was subsequently placed under business rescue.
Markets:
Market News: The Dollar lost ground yesterday after a softer US PPI number raised speculation of bigger interest rate cuts by the Fed. Today’s CPI numbers could show some increased volatility in markets. Current estimates are that CPI has risen by 0.2% MoM versus last month’s -0.1% drop, while the YoY number is forecast to be unchanged at 3.0%. The Dollar is trading over 0.5% weaker against the Euro at 1.0996 and over 0.7% against the Pound at 1.2860. Emerging Market currencies, with the exception of the Mexican Peso, also trade firmer on the back of the softer Dollar. The Rand firmed steadily throughout the day yesterday and closed at R18.10, but further gains could be limited for now.
Commodities: Gold is trading slightly below yesterday’s higher levels but still holding above the $2,450 mark ahead of today’s key US inflation data. Platinum is down around 0.5% this morning, while Palladium is marginally stronger. The softer Dollar and signs of lower US inventories lifted Brent crude to $81.25 this morning, but further gains are unlikely with current demand concerns.
Other News:
Tanzanian Opposition Leaders Released: leaders from Tanzania’s primary opposition party, CHADEMA, along with hundreds of their supporters, were released on Tuesday following mass arrests that occurred during the course of Sunday and Monday. Amnesty International, condemned the arrests stating that the arrests were intended to intimidate the opposition in the run-up to the local government elections scheduled for later this year and the national election set for 2025.
South African Unemployment Spikes: According to a Stats SA’s latest, Quarterly Labour Force Survey, released yesterday, there was a decrease of 92 000 of employed people, down to 16,7 million in Q2:2024, while there was an increase of 158 000 in the number of unemployed to 8,4 million compared to Q1:2024. This brings the overall unemployment level to a frightening 33,5% and one of the highest unemployment rates Globally and the highest in Africa. Analysts had expected a decrease.
