Business & Tech News
Kenyan Airport Plans Halted: Plans to outsource the management of Kenya’s main international airport, Jomo Kenyatta International Airport, East Africa’s largest aviation hub, to Indian company the Adani Group, have been halted. An order by the Kenyan High Court has been issued to temporarily halt plans to transfer the management of the airport. The order prevents a government proposed 30-year lease to operate the International Airport from taking effect for now. The Kenyan Aviation Union has opposed the deal over fears that it will lead to job losses and start the employment of non-Kenyan workers at the airport.
Egypt’s CPI Up Against Forecasts: The annual urban consumer price inflation (CPI) rate in Egypt increased unexpectedly to 26.2% in August from 25.7% in July, according to data released This morning. Month-on-month, prices saw a by 2.1% increase, up from only 0.4% increase in July. Food prices were up by 1.8% in August after easing by 0.3% in July and were 29.0% higher than in August 2023. Some of the items impacting the CPI increase in August were; Increases in fuel prices of up to 15% and a substantial increase in electricity prices of up to 31%.
Grey Listing Concerns Raised in SA: The South African Government’s Financial Intelligence Centre has stated that businesses need to comply with improved requirements of reporting on financial transactions or, they should expect to receive harsh sanctions. In a discussion at the 11th Annual Tax Indaba yesterday, Ismail Momoniat, the Deputy Director-General of the National Treasury, stated that the FAFT “grey listing”, of South Africa reflects broader systemic issues beyond the financial sector. South Africa was placed on the FATF watch list in February of 2023, due to ongoing concerns raised by the monitoring body regarding inadequate measures against money laundering, terrorist group financing.
Market News
Markets: The US markets gained a little momentum after the losses experience last week, with the NASDAQ, the S&P 500 and the Dow Jones, all closing over 1% higher yesterday. In Asia this morning, Japan’s Nikkei took its cue from US markets and was up at 36335 or 0,3%. The Hang Seng in Hong Kong however closed at -1,4% down at 17196.
Currencies: The US Dollar firmed yesterday and a little this morning is currently trading at 1.104 against the Euro, at 1,310 against the Pound, and at 143.52 against the Yen. Emerging Market currencies are trading flat against the Dollar this morning, with the rand currently trading at R17.83 against the Dollar.
Commodities: Gold has breached the $2500 level again and is at $2,504 currently, while Platinum has also gained some momentum and is trading at $945 currently and Palladium also trading upwards at $962. Brent crude prices remains depressed and is trading at $71.44 with WTI trading below the $70 mark at $68.31 currently.
Other News Today
Sudan Crises a Disaster: Tedros Adhanom Ghebreyesus, DG of the World Health Organization, provided details of the humanitarian crises exploding in Sudan. He provided a tally of at least 20 000 people dead due to the current military conflict at a news conference in Port Sudan yesterday. He said the death toll could be much higher. The conflict has been ongoing for over 5 months with full-scale warfare between a rebel paramilitary group, the Rapid Forces and the Sudanese Armed Forces. The conflict has created the world’s largest displacement crisis with more than 13 million people, who have been forced to flee their homes since the conflict began. “Sudan is suffering through a perfect storm of crisis,” Tedros said as he wrapped up his two-day visit to Sudan. “The scale of the emergency is shocking, as is the insufficient action being taken to curtail the conflict.”
Massive Drug Seizure: In what is one of the largest drug enforcement raids, police in Guinea-Bissau have seized tons of cocaine found on an airplane that arrived at Bissau’s Osvaldo Vieira International Airport from Venezuela on Saturday. The Gulfstream IV aircraft, was according to reports, carrying 78 bales of cocaine, amounting to 2.63 tons. The raid codenamed “Operation Landing” on Saturday afternoon, was carried out in cooperation with the U.S. Drug Enforcement Administration, police said in a statement. The aircraft’s crew of five, including the pilot, were arrested.
