Business & Tech News
Military Use of Ai Summit Concludes: The Responsible AI in the Military Domain or REAIM summit was hosted in Seoul, South Korea yesterday. Discussions concluded with a non-binding agreement set out, that humans and not artificial intelligence should make the key decisions on the use and deployment of nuclear weapons. The summit was attended by over 100 countries, including China, the USA and Ukraine. The goal was to create a “blueprint for action” to govern responsible use of artificial intelligence (AI) in the military. China was among sixty countries which did not support the legally non-binding document. details added in the document was the need to prevent AI from being used to proliferate weapons of mass destruction (WMD) by actors including terrorist groups.
Apple and Google Fined by EU Courts: In a strange coincidence, both Apple and Google saw long running court battles in the EU finalised yesterday with both of them now having to pay out substantial fines. The European Court of Justice (ECJ) ordered Google to pay a €2.4bn fine for market dominance abuse, in a case that has been ongoing for some time. While Apple has been ordered to pay Ireland €13bn in unpaid taxes by Europe’s top court, putting an end to an eight-year legal struggle. The EU court found that Ireland had provided Apple with an unfair and illegal tax advantage allowing them to pay less tax than was required in Irish tax regulations. Both companies expressed disappointment with the rulings.
South African Manufacturing Data Surprises: The latest Statistics SA manufacturing data indicates that manufacturing production for July was better than anticipated. July saw an increase of 1.7% in July 2024 compared to July 2023. This was significant after a contraction of -5.5% in June and more than double the consensus forecast of a 0.7% increase. The largest contributions to the improvement was Food and beverages with a 9.5% growth and the non-ferrous metal products and machinery sector with a 5.2% growth. The Automotive sector was still depressed with a -12.1% decrease. The seasonally adjusted manufacturing production was at a 2.1% increas in July 2024 compared to June 2024.
SpaceX Polaris Dawn Successfully Launched: Polaris Dawn has blasted off from the Kennedy Space Centre in Florida Yesterday with a crew of four private astronauts for the first-ever private spacewalk. A billionaire entrepreneur, a retired military fighter pilot and two SpaceX employees will be utilizing company’s new Space X spacesuits for the mission. A planned launch last month was postponed hours before lift-off over a small helium leak was detected in the ground equipment on SpaceX’s launchpad.
Market News
Markets: The US markets were flat yesterday with the NASDAQ, the S&P 500 fairly level and and the Dow Jones 0,45% up at closing. In Asia this morning, Japan’s Nikkei took a downward trend and closed p at 35619 or -1,49% down. The Hang Seng in Hong Kong closed slightly higher at 0,22% up at 17234.
Currencies: The US Dollar is currently trading flat at 1.104 against the Euro, at 1,309 against the Pound, and almost a percent down at 141.42 against the Yen. Emerging Market currencies are trading flat against the Dollar this morning, with the rand currently trading downward at R17.87 against the Dollar.
Commodities: Gold has remained above the $2500 level again and is gaining momentum and is trading at $2,525 currently, while Platinum and Palladium have also gained some momentum and are trading at $949 at $988 respectively. Brent crude prices continue to lose ground ad looks to be threatening to drop below the $70 key level is currently trading at $70.13 with WTI still trading below the $70 mark at $66.66 currently.
Other News in Africa Today
New Flood Disaster in Nigeria Destroys Zoo: Extensive floods in in Maiduguri, the capital city of Borno in the north-eastern Nigerian state of Borno, has devastated the local community leaving thousands homeless after a dam overflowed. The flooding followed torrential rain in the area. The Flood has also left local tourist attraction, the Sanda Kyarimi Park Zoo destroyed, with reports indicating that over 80% of the animals kept in the zoo have drowned. The wildlife included large animals such as buffalo and lions. Local authorities say that they fear for the community as crocodiles and deadly snakes were among the animals washed away into the local communities. In a statement on X, The United Nations refugee agency in Nigeria claimed it was the city’s worst flooding in 30 years and videos showing extensive devastation to the city were shared on social media.
South African Airways Pilot Pickle: According to a statement by the South Africa Civil Aviation Authority (SACAA) yesterday, several staff, including pilots, working for the airline have invalid licences and should be grounded. The issue is regarding illegal medical certificates that were issued by SAA’s chief medical officer, Dr Nonhlanhla Sishaba. SACAA has declined to renew Dr Sishaba’s licence to issue medical certificates after it was found that she had not complied with the regulators rules regarding airline flight crew tests. This in effect will mean that some staff at SAA are operating with illegal Licences. The SACAA is investigating irregularities surrounding Sishaba’s conduct and their probe has uncovered severe non-compliances, including the use of unauthorised personnel in conducting medical tests.
