Business & Tech News
Nigerian Court Drops Binance Executive’s Charges: In a complete about turn, Nigeria’s anti-corruption agency has dropped a money-laundering case against US citizen, Tigran Gambaryan, a top Binance cryptocurrency executive. The authorities will be releasing him to allow him to get medical treatment abroad. Gambaryan, was arrested in February 2024 alongside Nadeem Anjarwalla, who was Binance’s Africa regional manager. The two were running their financial compliance division at the time and were suspected of aiding the fall of the Nigerian currency via the fixing exchange rates and currency speculation. The charges against Binance, including tax evasion offences that it denies. Mr Gambaryan’s family had been calling for his release over his chronic health issues with services at the prison he was held at unable to assist his back problem. The family had previously expressed concern there may be permanent damage due to the non-treatment of his condition of a herniated disc in his spine.
Putin Ponders BRICS Trade Platforms: With 36 nations represented at the current BRICS summit in Russia, President Vladimir Putin has highlighted the economic opportunities within the member countries. He has proposed two new BRICS trading platforms: A joint grain exchange and a BRICS investment platform. “We suggest the creation of a new BRICS investment platform, which would serve as a robust mechanism for bolstering our national economies and providing financial support to nations in the global South and East,” he said. He also emphasized the need for a “balanced approach” to climate issues, ensuring that the climate agenda does not impede market competition. Turkey, Azerbaijan, and Malaysia have officially submitted applications for membership, with other countries have showing interest in joining as well. Putin stated that several BRICS nations rank among the top producers of grain, legumes, and oilseeds globally. He suggested establishing a BRICS grain exchange to help create fair and reliable price indicators for these products and raw materials, emphasizing its importance in maintaining Russia has actively advocated for the establishment of a new payment system to provide an alternative to the SWIFT banking network, enabling Moscow to circumvent Western sanctions and engage in trade with its partners.
Tesla Posts Top Q3 numbers: Net income for the electronic tech giant rose by an impressive 17.3% compared with Q3 2023. The result was a result of stronger electric vehicle sales, that has changed the financial year outlook for the company after sales had dipped in the first two quarters of the year. An enthusiastic Elon Musk predicted growth of 20% to 30% in sales next year. In its financial notice for the quarter, released yesterday, Tesla has predicted a slight growth in vehicle deliveries for the current year that will be higher than the 1.8 million global sales achieved in 2023. Tesla declared a $2.17 billion profit for the period, July through September, compared with the $1.85 billion profit it posted in Q3 of 2023. Revenue in the quarter rose 7.8% to $25.18 billion, with Tesla announcing an adjusted 72 cents per share dividend, beating analyst expectations of 59 cents.
Market News
Markets: Indices in the US all closed in the red yesterday with the NASDAQ down by 0,96%, the S&P 500 -0,92% down and the Dow Jones closing -1.55% down. The Nikkei closed 0.09% up today at 38140, while the Hang Seng is up by 1,27% this morning at 20760 currently.
Currencies: The US Dollar has strengthened and is currently trading at 1.079 against the Euro, at 1,203 against the Pound, and at 152.25 against the Yen. The rand has weakened overnight with the stronger dollar impacting it alongside most EM currencies today, and is currently trading at R17.77 to the US dollar.
Commodities:
- Gold prices have stabilised in trade today and is currently trading at $2,728
- Platinum prices are currently flat at $1029, with Palladium trading upwards at $1110 currently
- Brent crude is currently trading level at $75.65 with WTI trading slightly upwards at $71.54 currently.
- Cocoa prices have dropped by -1% today, and is currently trading at 5388 pounds,
(All prices quoted at 08H05 CAT)
Other News in Africa Today
Nigerian Cabinet Changes Announced: According to a government spokesperson, the Nigerian cabinet has been reconstituted with President Bola Tinubu appointing seven new ministers, while firing five existing ministers and reappointing 10 others to new ministry portfolios. The ministers of finance, defence, national planning and two junior energy ministers all retained their positions in the 45-member cabinet. The new cabinet, announced yesterday, included the renaming of the Ministry of Niger Delta Development to the Ministry of Regional Development, the winding up of the Ministry of Sports, and the merger of the ministries of tourism and arts and culture.
Chaos in Ghana’s Parliament: The Speaker of Ghana’s parliament has suspended parliamentary proceedings indefinitely following several days of political chaos. The discovery last week that four Members of Parliament, had switched political parties and would run for different parties in the 7 December general election, created a situation where the speaker, Alban Bagbin then declared that their seats were vacant, arguing that the constitution does not allow MPs to defect. That decision – which is now being challenged in court – would result in the opposition National Democratic Congress (NDC) becoming the majority party in a narrowly split government.
South African Diamond Fraudster Arrests: The South African serious crime investigation unit, the Hawks, have made a total of nine arrests in a large operation spanning two provinces over two days. Included in the arrests were the infamous diamond dealer Louis Liebenberg and his wife, who were arrested at the Benoni Country Club on Tuesday. The Liebenberg couple, had lured “investors” on the promise of major profits in diamond sales via social media posts, that had never materialised. Since 2019, the scam has defrauded investors of more than R4 billion ($225 million). Further arrests are expected and the suspects are due to appear in court today (24 Oct), on charges of money laundering, theft, and racketeering.