Tech & Business News Highlights:
Senegal Satellite Success: Senegal has marked an historic milestone with the successful launch of its first satellite from California on Friday evening.It has become one of just 12 African nations with their own space surveillance and telecommunications satellites in space. a historic milestone with the successful launch of its first satellite, GAINDESAT-1A, the satellite was launched at 6:46 p.m. GMT on Friday from US Vandenberg Air Force base in California, according to a statement made by President Faye on social media platform X Friday evening. GAINDESAT-1A was built by Senegalese engineers in collaboration with France’s Montpellier University Space Centre. The nanosatellite was launched into orbit, together with 115 others, from the Vandenberg base in California using SpaceX’s Falcon 9 rocket. It will be used to collect data for various state agencies including those dealing with water resources, civil aviation, and meteorology.
Libya’s Central Bank Closed: Libya’s Tripoli-based central bank said on Sunday it would shut down all operations and not resume work until a senior bank official kidnapped earlier in the day was released. The central bank is the only internationally recognised depository for Libyan oil revenues, a vital economic income for a country torn for years between two rival governments in Tripoli and Benghazi. The bank said an unknown party was behind the abduction on Sunday of Musaab Muslam, head of its information technology department. According to the bank, other bank officials had also been threatened and had therefore decided it would suspend operations until “these practices are stopped and the concerned authorities intervene”.
MTN Group Declares First Half Loss: Africa’s telecoms Giant, reported a half-year loss on Monday, weighed down heavily by devaluation of the Nigerian naira and operational challenges experienced in Sudan. The telecoms operator, with 288 million customers across 18 markets in Africa, reported a headline loss of 256 cents per share in the six-month period ended June 30, compared with restated headline earnings from H1 2023 of 260 cents a share.
X Exits Brazil: Media platform X said on Saturday it would close its operations in Brazil “effective immediately” due to what it called “censorship orders” by Brazilian judge Alexandre de Moraes. X, owned by billionaire Elon Musk, claims Moraes secretly threatened one of the company’s legal representatives in the South American country with arrest if it did not comply with legal orders to take down some content from its platform.
Markets:
Market News: The Dollar has started the new week on a softer note ahead of Wednesday’s FOMC minutes, which are expected to show a conservative Fed outlook. Markets are pricing in at least a 25bps cut in September with the slight possibility of a 50bps cut, while three additional rate cuts this year are expected. The DXY index is down at 102.20, with the Euro trading at 1.1042, the Pound at 1.2956, and the Yen at 145.94. Risk sentiment has improved as recession fears in the US ease. The Rand continues to lead Emerging Market currencies and has maintained its break below the R18.00 level and is currently trading at R17.83.
Commodities – Gold Hits new High: Gold touched a new record high of $2,509.65 earlier this morning on the back of the expected deeper US rate cuts, and the Dollar softening and ongoing global uncertainty. Platinum is trading flat with Palladium loosing over 1.0% in early trade this morning. Brent crude remains below the critical $80.00 level and has lost almost 2%, currently trading at $79.49 while WTI is trading 2,3% down at $76.37 this morning.
Other News:
Medical Students Abducted in Nigeria: Security agencies in co-ordination with local police are working to secure the release of 20 medical students who were kidnapped in Benue State in the eastern part of the country on last week. The medical students were apparently on route to an annual convention in the city of Enugu when they were abducted in Benue State on Thursday evening, police and university sources said on Saturday. Reports indicate that that there has been a ransom demand in return for their release.
Southern African Development Community Discusses Crop Failure: Heads of state and government from the 16-nation Southern African Development Community Met in Harare, on Saturday for a scheduled summit meeting. The region faces multiple challenges, including an ongoing drought and protracted fighting in the eastern Democratic Republic of Congo. SADC estimates that about 68 million people in Southern Africa are suffering the effects of a drought which has wiped out crops across the region. The summit took place while there have been concerns raised by human rights aorganisations about host country, Zimbabwe’s crackdown on human rights, including the arrests of opposition members and activists.
Sport Highlights:
African UFC Champion: South African UFC middleweight champion Dricus du Plessis submitted former champion, Nigeria’s Israel Adesanya in the fourth round to retain his title at UFC 305 in Perth, Australia. Back-to-back right hooks knocked down a retreating Adesanya, with Du Plessis taking him back and sinking in the rear naked choke. Adesanya tapped, stopping the bout 3 minutes and 38 seconds into the five-minute round on Sunday.
South African Springboks Thrash Australian Wallabies: The Springboks won back-to back games against the Australians with a 30-12 thrashing on Saturday, winning the Mandela Cup. The four times World Champion Rugby squad sits in a good position at the top of the Rugby Championship table with 10 points and New Zealand in second with only 5 points. The Springboks will meet New Zealand’s “All Blacks” in Johannesburg on 31 August in what could be the top clash of the Championship.
