Business & Tech News
Data Centre Development Partnership: In a joint announcement yesterday, Microsoft and BlackRock said that they plan to create a $30 billion fund, that is anticipated to grow to $100 billion, that will be utilised to invest in artificial intelligence infrastructure to build data centres and energy projects. The computing power required for Large Language Ai models Is substantial, utilising several thousand processing chips in an array and requires significant energy supply to run the data centres required for this purpose and this is driving demand for this development worldwide. The investment fund will be known as the Global AI Infrastructure Investment Partnership. MGX, the Abu Dhabi-backed investment company, together with Nvidia are also partners in the venture
Instagram to Restrict Teen Account Access: Instagram’s parent company Meta announced that it is rolling out enhanced privacy and parental controls for all Instagram accounts of users under 18 in a significant overhaul aimed at addressing growing concerns around the negative effects of social media. There have been instances of child grooming and other criminal practices on the platform. All designated Instagram accounts will automatically be converted to “Teen Accounts”, which will be private accounts by default, the company said on Tuesday. These accounts will then only be able to be messaged and tagged by accounts they follow or are already connected to, with the sensitive content settings automatically set on the most restrictive available.
Google Facing Another Fine: Today Google will be facing another Court ruling when the European court will rule on Google’s appeal of a 1.65-billion fine. Regulators worldwide are continuing a full onslaught against the Social media giant with many finding that they believe that the Monopolistic company has conducted business practices that have closed down opposition companies or has manipulated the markets in various was to maintain its monopoly. In a US anti-trust case currently underway, evidence has been presented that they deliberately bought out and closed several businesses that were in competition to its dominance in digital advertising. Last week saw the EU’s highest court in Luxembourg uphold a fine worth 2.42 billion euros against Google, for abusing its dominant position by favouring its own comparison shopping service.
Blindness Altering Device gets Green Light: The recently unveiled Neuralink developed device called “The Blindsight” has received FDA approval in a major step that will see people’s vision restored via an implanted link. Elon Musk, in a message on X yesterday, announced that Neuralink, his brain-chip startup company, has received approval from the US Food and Drug Administration for a recently unveiled, experimental implant device, called The Blindsight which will “enable even those who have lost both eyes and their optic nerve to see. “The Blindsight device will enable even those who have lost both eyes and their optic nerve to see, provided the visual cortex is still intact, said Musk. It will even enable those who have been blind from birth to see for the first time. “To set expectations correctly, the vision will be at first be low resolution, like Atari graphics, but eventually it has the potential be better than natural vision and enable you to see in infrared, ultraviolet or even radar wavelengths, like Geordi La Forge.” He commented.
Market News
Markets: The US markets were completely flat yesterday, with analysts waiting for the FED’s interest rate announcement today, now fairly certain to be a -0,5% rate cut. The NASDAQ, was up by 0,05% while the S&P 500 was marginally up by 0,03% and the Dow Jones was -0,04% down at closing. In Asia this morning, Japan’s Nikkei closed just under half a percent higher at 36380, while the Hang Seng in Hong Kong is currently up 1 ,37% up at 17660.
Currencies: The US Dollar is currently trading at 1.1117 against the Euro, at 1,3178 against the Pound, and at 141,55 against the Yen. Emerging Market currencies are trading flat against the Dollar this morning, with the rand slightly stronger at R17.57 against the Dollar at a new best exchange rate level against the Dollar in 18 months.
Commodities: Gold is trending softer and is currently trading at $2,568, while Platinum is currently trading at $984 with Palladium currently trading bullishly at $1120. Brent crude is currently trading at $73.16 with WTI again trading below the $70 mark at $69,46 currently.
Other News in Africa Today
Paarl Train Crash: A total of 25 passengers were injured in a train derailment at Dal Josafat station in Paarl (Just outside Cape Town, South Africa) last Night. The train was travelling from Cape Town to Wellington station when it was derailed and careered across both tracks just outside the station. Injured passengers, some critically, were transferred to several hospitals in the area for medical care. The route has since been suspended by state owned Metro Rail and commuters are advised to make alternative arrangements as the rail service will not be in operation today. Authorities are still investigating the cause of the incident.
Ethiopian Militia Attacks: According to reports nine people were killed and more than 30 others were injured in renewed conflict clashes between government forces and the FANO militias, in Debark and Dabat towns of the North Gondar zone in Ethiopia’s Amhara region The fighting had erupted late on Monday and continued into Tuesday. Witnesses and medical workers reported the fatalities and dozens of injuries. The general manager of Debark Hospital, Ale Amlak, told Voice of America, that they have treated at least 30 combatants and civilians, including children that were injured in the clashes since Monday.
Ghana Protests Flare Up: Country wide protests were held yesterday and were organised by Ghana’s main opposition political party , the National Democratic Congress (NDC) The nationwide protests were to protest against alleged voter roll irregularities, and protestors demanded an independent forensic audit to ensure free and fair elections in the up-coming presidential elections in December. The election will see ex-president John Dramani Mahama of the NDC running against current Vice President Mahamudu Bawumia of the ruling New Patriotic Party. The NDC alledge that
The Ghanaian electoral commission, had illegally transferred voters to different voting stations without their knowledge, compromising the integrity of the voter’s role.
