Tech & Business News Highlights:
Citrus Exports from SA Down: The Citrus Growers Association of South Africa has cut its export volume estimate for 2024 due to adversely hot weather conditions affecting the citrus crops this season. The latest estimate is for 162.3 million, 15kg cartons to be packed and shipped this year compared with the 2023 record volume of 165.1 million cartons, and 10.68% lower than its original prediction of 181.7 million cartons. South African consumers have seen prices for oranges and naartjies (tangerines), increase dramatically as a result of the crop shortage. South Africa is ranked as the world’s second largest citrus exporter and is a key contributor to the overall GDP of the country and the decrease in projected volume will hurt the economic outlook for the year.
GT Bank Hack Attempt: Guaranty Trust Bank Plc, a Nigerian based Bank, has confirmed that there was an attempted hack aimed at compromising its website domain on Wednesday. Only a day after the bank had renewed its domain name, causing a temporary disruption to the banking website, which left customers unable to access online services. This led to widespread concern and media reports suggesting that the bank’s website had been cloned, potentially putting customer data at risk. In a statement yesterday, the bank stated that the incident was unsuccessful and that its website was not cloned.
Growth Opportunity for Standard Bank: Standard Bank, announced on Thursday that it is looking to increase its holding stake of Standard Bank de Angola SA. South Africa-based Standard Bank Group currently 51% of the bank and has the right to buy an additional 24% share-holding. The Angolan government plans to off-load 34% of Standard Bank de Angola SA through an initial public offering. This was according to a presidential decree, after the government seized a 49% stake that was previously owned by a former businessman who is now was imprisoned.
Markets:
Market News: US retail sales grew by 1.0% in July against expected growth of only 0.4%. US jobless claims were below market expectation and the positive data has eased fears of a recession in the US reducing risk sentiment. Asian shares were heading for a strong week gain this morning, with Japan’s benchmark Nikkei poised for its best week performance in more than four years as upbeat risk sentiment spilled over from Wall Street, while the Dollar and U.S. Treasury yields held steady. The Dollar firmed against all major currencies yesterday, closing at 1.0971 against the Euro, 1.2851 against the Pound, and 149.27 against the Yen. The Dollar is slightly softer in early trading this morning but not expected to have any big move downwards at this stage. The lower risk sentiment pushed Emerging Market currencies upwards with the Rand currently trading at 17,97, just below the crucial R18.00 level, and it remains to be seen if this can be maintained today.
Commodities: Gold is trading flat at $2,455 with gains limited due to reduced risk sentiment, however with the Middle East tensions are providing some support, with price gains unlikely for now. Platinum and Palladium are largely unchanged from yesterday’s closing prices and Brent Crude is trading at $80.80.
Other News:
South African Prosecutors Withdraw Libyan Charges: Charges of illegal immigration against 95 Libyan nationals who were arrested last month at what police said was an illegal military training camp in Mpumalanga province, were dropped, officials said on Thursday. Police alleged that the men — who entered the country on study visas — were receiving military training at the camp where firearms and ammunition and narcotics were recovered during a widely publicized police raid. The accused claimed they were receiving security training at the camp. There was insufficient evidence to prosecute the men, the country’s National Prosecuting Authority said. “The only charge that was brought to the NPA was that of the contravention of the immigration act against the 95 Libyan nationals,” said National Prosecuting Authority spokesperson Monica Nyuswa. The Libyans will now be deported back to Libya.
South African EFF Leader Quits to Join Zuma’s MK Party: The deputy leader of South African political party, the Economic Freedom Fighters(EFF) Floyd Shivambu, held a press conference on Thursday where he announced he was resigning his position at the EFF to join the party led by former president Jacob Zuma, uMkhonto we Sizwe (MK). Floyd Shivambu’s departure is seen as a massive blow to the EFF, and its leader Julius Malema. The EFF saw its share of the national election vote in May, fall to below 10%, with the newly formed MK party overtaking the EFF to become the third-largest party in parliament. Reports indicate that Shivambu may be appointed as MK’s new Secretary-General following the firing of its previous incumbent Arthur Zwane, last month. Both Shivambu and Malema as well as MK leader Jacob Zuma are all facing possible prosecution. Malema and Shivambu with regards the VBS bank scandal and Zuma regarding the corruption charges he has been trying to avoid for over a decade.
