Business & Tech News
Ramaposa and Musk Meet: South African President, Cyril Ramaposa, met with Global entrepreneur and billionaire Elon Musk on Monday as part of his trip to the UN where he will address the general assembly. Ramaphosa also addressed the SA-US Business Forum at the New York Stock Exchange, where he was motivating among the business leaders to secure R2-trillion in investment for SA.
“The far-reaching structural reforms we have implemented over the past six years have opened up the country to increased levels of investment that continues to grow ‘, he said. Ramaphosa also mentioned the country’s ongoing efforts to get removed from the Financial Action Task Force’s watch list commonly referred to as the Greylist. Musk owned Starlink satellite service is not available in SA despite being available in neighbouring countries such as Namibia, due to SA’s local based ownership requirements for any business operating in the country.
Africa Development Bank At UN79: Dr. Akinwunmi A. Adesina’s will lead the African Development Bank Group delegation at the current sitting of the UN General Assembly this week. The UN meetings take place against a backdrop of growing concern about the ability to meet critical targets outlined in the Sustainable Development Goals (SDGs) agenda, that includes e seventeen “goals” collectively described as “a shared blueprint for peace and prosperity for people and the planet. Over the last decade, the African Development Bank has ramped up efforts and investments aimed to accelerate the attainment of the SDGs, in synergy with its own High-5s agenda of Light Up and Power Africa; Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. By focusing on these High 5s, the African Development Bank has said, Africa stands the chance of accomplishing 90 percent of its Sustainable Development Goals for Africa. Adesina will be driving to strengthen partnerships and generate more support and commitment from key stakeholders for the continent’s development priorities.
Zambian Mine Deaths: First Quantum Minerals, has temporarily suspended operations in the area of a fatal accident at its Kansanshi copper mine in Zambia. According to a company statement, the company said it has launched an internal investigation into the accident in which one of its employees died following an incident involving a tracked dozer and a light vehicle. “The site of the accident was immediately secured and operations in the area of the accident have been temporarily suspended and will resume once it is determined that it can be done so in a safe manner,” the Toronto-based miner said in a statement. The Kansanshi mine, which produced 134,827 tonnes of copper and 68,970 ounces of gold last year, has faced safety challenges in the past.
Russian Satellites for Africa: The Alliance of Sahel States Mali, Niger, and Burkina Faso entered into a deal with Russia which will see them acquire the usage of Russian telecoms and surveillance satellites. Part of the program is a military program, aimed at defeating Islamist insurgencies Who have attacked areas across the three states.Ministers from the three countries met officials from Russia’s aerospace agency Roscosmos in Mali’s capital, Bamako, this week to discuss the agreement. The technology will boost border surveillance and national security in all three countries, according to Mali’s Finance Minister, Alousséni Sanou. The satellites would also be utilised to assist with natural disaster management and assist with areas such as flooding, droughts, fires and other emergencies.
Market News
Markets: Yesterday saw US markets all close in green territory, with the Nasdaq closing 0,47% up, the S&P500 0,25% up and the Dow Jones 0,17% up. in Asia markets this morning, the Nikkei closed
-0,19% down at 37870 while the Hang Seng has jumped 4,13% and is currently at 19000 in a rally boosted by China announcing stimulus measures for their economy this morning.
Currencies: The US Dollar is currently trading at 1.119 against the Euro, at 1,339 against the Pound, and at 143,81 against the Yen. The rand has continued its stronger form against the dollar and is currently trading at R17.27
Commodities: Gold is retaining its position above the $2600 mark is currently trading at $2,654, while Platinum is currently trading at $979 with Palladium currently trading at $1044. Brent crude prices have gained more momentum with prospects of growth in China this morning and is currently trading at $74.89 with WTI trading at $71.18 currently.
Other News in Africa Today
Pension Fund Fraud: Last week, the South African organised crime investigation unit, the Hawks served summons to two former Northern Cape government employees in connection with pension fraud. According to the investigators, $4,2 million in workers’ pension fund monies were never paid over to the funds’ administrators – the municipal workers retirement fund and LA Retirement Fund. The former acting municipal manager and the current unit manager at the municipality, and the former municipal manager, have been charged with fraud/theft, contravention of Municipal Finance Management Act and Pension Funds Act. Spokesperson for the Hawks in the province, Lt-Col Tebogo Thebe, said the municipality failed to pay contributions between 2018 and 2023. According to Thebe, the two funds are the ones that reported the municipality’s non-payment.
