Business & Tech News
Libyan Oil and Central Bank Crises Worsens: Libyan Oil production has been affected by a conflict between political rivals over control of the country’s central bank. Libya’s National Oil Corp, said in a statement on Thursday that the average oil output stood at 591,024 barrels on Wednesday Aug. Estimates are that this is less than half the daily oil production volume. Several sea ports also closed as oil exports were prevented from leaving the country.
The crisis over control of the Central Bank of Libya, has also caused the Central bank’s governor, and several other senior staff, to flee the country in fear of their lives according to a report in the Times. The country, a major oil producer t is split between eastern and western supporting factions that have drawn backing from Turkey and Russia respectively. The Govenor claimed that Libya’s interim Prime Minister Abdulhamid al-Dbeibah, had attempted to replace him, and that this was illegal and contravened U.N. negotiated accords on control of the central bank.
Trans Africa Rail Link Development: The U.S. government, who recently announced it would fund the rebuilding of the Lobito Coridor rail link between Angola and Zambia, has now said it intends to extend the rail link further. Helaina Matza, the U.S. acting special coordinator for the Partnership for Global Infrastructure and Investment, says the US is set to expand the Lobito Corridor through the Democratic Republic of the Congo all the way through to the Indian Ocean via Tanzania. The railway corridor would then connect several central African countries to global markets in a way that would help grow regional trade and economic growth.
Starlink Launches in Namibia: Starlink has announced commencement of operations in Botswana, only three months after having received approval from the regulatory authority. The move is being hailed as a “game-changer.” and analysts believe that the introduction of the satellite internet service provider will improve internet access, particularly in rural areas. Tavonga Muchuchuti, president of the industry group Fintech Association Botswana, said in a statement that the introduction of Starlink will make the internet more widely accessible.
Zimbabwean Currency Crisis: While the official foreign currency exchange rate in Zimbabwe, has remained at $1 to ZiG14.5 from the fixed rate of $1 to ZiG13.5 at introduction of the new currency in April, on the more popular black market it is now trading at a 40% discounted rate of ZiG24 to $1.
Market analysts have stated that most of the depreciation has occurred in August with many indicating that Zimbabwe’s new currency could be heading down a now very familiar path. Inflation rates have been running high with 50% in May and 33% in June 2024. The currency destabilisation has been seen before with the total collapse of the Zimbabwean dollar after 2008, at the end of which a single U.S. dollar was worth over 2.6 trillion Zimbabwe dollars.
Market News
Markets: The Dollar stabilised yesterday with markets focused on thebetter than expected jobless claims number and is currently trading flat at 1.1108 against the Euro, but trading upwards at 1.317 against the Pound, and at 145.06 against the Yen. The Rand is holding below the $18.00 mark, indicating better resilience in the currency and is trading level at 17.75 currently. The Nikkei and the Hang Seng are both trading upwards today with a 0,5% and 0,74% gain respectively.
Commodities: Gold prices are static this morning and is currently trading at $2,518, with Platinum currently at $946 and palladium at $986 after closing at a month high of $990 yesterday. Brent crude prices yesterday closed just under the $80 price mark and is currently holding below at $76.12 but has traded above $80 at points this morning. WTI is currently trading at $76.25.
Other News Today
New WHO African Director Appointed: Tanzanian, Dr Faustine Ndugulile, a medical doctor specialising in microbiology, was this week, elected as the new World Health Organisation’s (WHO) Regional Director for Africa. The election of new officials took place at a regional session of the WHO Regional Committee for Africa in Brazzaville, Congo.His election was supported by votes from 25 African countries. A former deputy minister of Health in Tanzania, Dr Ndugulile will succeed Dr Matshidiso Rebecca Moeti of Botswana, whose two five-year terms end at the session.
Sex Toy Accused Aquitted: A Ugandan tourist, Tom Ssekamwa, who spent 24 days in a Zimbabwean jail for possessing a sex toy, is now awaiting deportation after he was acquitted of the charges. Ssekamwa, was arrested at a lodge in Masvingo, south of the capital Harare, together with a Czechoslovakian tourist, Lucas Slavik on August 2. The two were arrested during a government crackdown on opposition members before the start of the African regional summit, of heads of state in August. Human rights organizations criticized the abuse of government power at the time. The police arrested over 200 opposition and civil society activists that were held for allegedly plotting to disrupt the event. Mr Ssekamwa was acquitted this week of the charge of criminal nuisance as well as charges of violating the Censorship Act for being found with a rubber male organ in his bag.
