Business & Tech News
Nigerian Fuel Price Jump: Only a day after the Nigerian National Petroleum Corp. (NNPC), announced that it was finally delivering locally refined fuel to the nation, it announced an additional increase in fuel prices of 11%. The fuel prices are a key part of the Nigerian inflation crises as many business and households are forced to provide their own energy via generators and this in turn drives inflation in the Northern African state. Nigeria had previously raised prices in September with large scale shortages prior to the deliveries starting from the privately owned Dangote refinery in Lagos.
BMW Rosalynn Plant Workers on Strike: BMW SA’sPretoria manufacturing plant was affected by a union strike yesterday, with around 300 workers downing tools. They have claimed the strike was due to unfair dismissals at the plant but this has been refuted by BMW South Africa who have claimed that it had been sparked by a fraud investigation involving the BMW Employees Medical Aid Scheme, that was conducted by the company. They Said that anyone found guilty of fraud would face disciplinary action as per the company’s strict anti-fraud policy.
South African Home Affairs Updates systems: In the past week the SA Home Affairs Dept. has announced several initiatives that it hopes will boost tourism in the country. The visa Application processes will be receiving an overhaul that will see a new Trusted Tour Operator System (TTOS) implemented as of 2025 with the whole process of visa applications digitised and streamlined. This has been a major issue for tourists. Leon Schreiber, the minister of Home Affairs said that “In terms of the scheme itself, the goal here is basically to facilitate less red tape for tourists and specifically also to make it easier for large tour groups to come and visit South Africa.” “Tourist visa applications processed through TTOS will be handled by a dedicated team of adjudicators to “ensure swift and reliable processing”. The second announcement was that the entire home affairs applications process will be digitized removing the requirements to stand in long queues for passports, visa extensions and domestic documentation applications.
Kenya Debt Audit Progressing: According to Finance Minister John Mbadi, the auditor general of Kenya, has begun an audit process aimed at to examining the full extent of the country’s debt, and to determine the amounts owed to various creditors. told Reuters on Monday. Currently, estimates of Kenya’s debt stands at $81.71 billion but an audit of the borrowings was one of the key demands of citizens during the widespread anti-tax hike protests in June 2024, that forced the government to abandon a number of planned tax increase plans.
Market News
Markets: The US markets were treading water yesterday, waiting for the FED’s interest rate announcement tomorrow, with most analysts now projecting a 0,5% rate cut. The NASDAQ, was down by -0,47% while the S&P 500 was marginally up by 0,13% and the Dow Jones was 0,55% up at closing. In Asia this morning, Japan’s Nikkei closed just over a percent lower at 36203, while the Hang Seng in Hong Kong close 0,31% up at 17422.
Currencies: The US Dollar is currently trading at 1.1127 against the Euro, at 1,3206 against the Pound, and at 140,60 against the Yen. Emerging Market currencies are trading flat against the Dollar this morning, with the rand slightly stronger at R17.60 against the Dollar and is at its best exchange rate level against the Dollar in 18 months.
Commodities: Gold is trending upwards and is currently trading at $2,584, while Platinum looks to be challenging the $1000 an ounce level and is currently trading at $993 with Palladium currently trading at its best level since the end of 2023 at $1096. Brent crude is currently trading upwards at $73.12 with WTI trading above the $70 mark at $70,64 currently.
Other News in Africa Today
Deadly Building Collapse: Sierra Leone’s National Disaster Management Agency (NDMA), stated that a seven story building, in Freetown on Shell Road, had collapsed at around 11H00 on Monday, killing at least eight people and injuring dozens more. The NDMA said that six people had been rescued from the rubble but that more people were trapped in the rubble and that rescue operations were ongoing and they had managed to communicate with some survivors. Two girls and a boy – all aged under five – are among the victims.
UN Aid for Nigerian Flood Victims: $8 million dollars in aid has been released with immediate effect by the United Nations Office for the Coordination of Humanitarian Affairs. The aid will be utilised to support victims in the devastated flood area in Maiduguri, in Nigeria’s Borno state. The intense floods that occurred, have created a massive humanitarian crisis, with estimates of 200 000 people displaced and left homeless. During a visit to assess the devastation caused by the flooding and to assess additional assistance required, UN coordinator Mohammed Malick Fall, announced the UN’s decision to release the humanitarian aid.
