Business & Tech News
Kenyan Data Center goes Solar: iColo, the Kenyan data centre infrastructure company, has announced a major expansion of its solar energy capacity. The group has commissioning over 650 kilowatts (kW) of new solar installations across its data centre campuses in Nairobi and Mombasa.
Nairobi and Mombasa Campuses where over 60 national and global networks converge, more than 450 kW of the new solar capacity has been deployed, with an additional 200 kW of solar power integrated into their Miritini campus in Mombasa.
Positive Outlook for Chinese Property Development: CEO Mike Henry CEO of BHP has been reported by CNBC saying that he expects China’s property sector to rebound in the upcoming year on the back of favourable government policies. The property segment in China, at one stage accounted for over 25% of their GDP, but has since slowed radically since early in 2022. However, with recent support policies introduced by the Chinese government, Henry believes that this is likely to see a turnaround in the segment in the year ahead. This is positive news for Africa’s large mineral, ore and steel producing industries
Market News
Markets: Asian markets are in positive territory this morning with the Hang Seng up over 1% and the Nikkei up almost 0,5%. The U.S. dollar remains volatile and has lost ground to the Euro and Pound this morning and is currently at 1.1161 to the Euro, 1.3186 to the Pound and slightly stronger at 144.56 to the Yen. The Rand remains range bound below the critical $18 mark and is currently at $17.73 to the Dollar.
Commodities: Gold and oil prices have seen gains this morning, with concerns regarding rising tensions in the Middle East driving markets. Gold, as a safe hedge commodity, in periods of geopolitical uncertainty is gaining momentum as investors flee higher risk investments. Gold is currently trading at $2513 while Brent Crude Is currently trading at $80.31 with WTI trading at $77.34. Palladium is also trading upwards and is currently at $967 with platinum slightly softer at $960.
Other News Today
Sudan Dam Burst Tragedy: Sudan has been experiencing extreme rainfall, resulting in floods that have now led to the collapse of the Arbat dam in the City of Port Sudan area. The resulting flood washed away farms and towns with entire houses being swept away. The floods have resulted in the death of at least 60 people and have left many who fled the brutal conflict that has overtaken Sudan’s capital of Khartoum devastated. The heavy rainfall has also reportedly damaged a main fibre-optic cable in Sudan, resulting in communications being cut off.
Nigerian Floods Devastate Northern Areas: The north-eastern areas of Nigeria have been devastated by flooding after prolonged heavy rains. According to Nigeria’s National Emergency Management Agency (NEMA), 49 people have died and thousands of people have been left homeless. A NEMA press spokesperson, said that over 41 000 people had been displaced and that scores had been injured. According to NEMA flooding had started earlier in August but due to ongoing heavy rains, had continued with rescue teams battling to get access to some areas. The Agency is now conducting assessments and are starting to bring in emergency supplies.
