Business & Tech News
Egyptian Survey Suggests Growth: According to the findings of a new economic poll, the Egyptian economy is likely to see growth of at least 4.0% by June 2025, as it begins to emerge from austerity measures linked to an International Monetary Fund (IMF) program. The poll, by Reuters, that was conducted this month, anticipates that GDP growth will gain momentum, reaching 4.7% in the 2025/26 fiscal year, with further increases in growth expected by 2026/27. The current fiscal year, 2023/24, has seen GDP drop to 2.4%, down from 3.8% in the previous year. The Egyptian currency has been under pressure with inflation also spiking. However there has been major economic boosts such as a recent agreement signed with the UAE’s sovereign fund ADQ, granting development rights for real estate along its Mediterranean coastline for $24 billion. This deal set the stage for an $8 billion financial reform package with the IMF that followed in March.
Index & Elon Gets a Tesla Boost: Elon Musk remains the world’s richest person, with wealth from Tesla, SpaceX, and other ventures adding to his net worth, that grew by around $30 billion on Thursday after Tesla’s stock surge. Tesla’s third-quarter earnings exceeded expectations, boosting the company’s market value by $153 billion. The American Index, the S&P500 saw its first gain in a week with Tesla shares bounding 22% after better than expected Q3 results were released yesterday. UPS also saw its shares hit a spike in price after it declared its first profit in two years.
Einhorn Bets HP Stock a Winner: Well-known American hedge fund investor, David Einhorn is apparently eyeing a tech stock that could be an under-the-radar artificial intelligence play. In an interview on Bloomberg TV Einhorn said his firm, Greenlight Capital isn’t necessarily interested in the parts of the market where investor enthusiasm is highest. Instead, his fund is betting on more affordable names that may be positioned to benefit from AI down the road. One of these names is computer hardware firm HP, Einhorn believes.”PCs are due for a regular replacement cycle, because a lot were bought after COVID in 2020, and 2021, and we could have a better than normal cycle if ‘AI PCs’ turn out to be a thing,” Einhorn said.
Apple Loses its Shine: Apple’s share prices fell this week with forecasts fro sale of it’s new iPhone 16 model looking grim, with a prominent supply chain analyst warning of low demand for its new iPhone 16 models. Apple shares dropped around 3% compared to the Nasdaq 100’s 2% decline in Wednesday afternoon trades. The stock was trading at $229.50 at 2:50 p.m. ET. The decline in Apple stock accelerated Wednesday morning after closely followed Apple analyst Ming-Chi Kuo of TF International Securities said that the company slashed its iPhone 16 orders by about 10 million units. The share price fell further on Thursday with a closing price of $255.30
Market News
Markets: Indices in the US saw the NASDAQ gain some lost ground yesterday and closed up by 0,83%, the S&P 500 also gained a little and was up by 0,21% and the Dow Jones closing -0.33% down. The Nikkei closed -0.6% down today at 37913, while the Hang Seng is down by -1,3% this morning at 20489 currently.
Currencies: The US Dollar has strengthened and is currently trading at 1.082 against the Euro, at 1,296 against the Pound, and at 151.91 against the Yen. The rand has strengthened slightly and is currently trading at R17.70 to the US dollar.
Commodities:
- Gold prices have traded up this morning and is currently trading at $2,737
- Platinum prices are currently flat at $1013, with Palladium trading upwards at $1137 currently
- Brent crude is currently trading at $74.72 with WTI trading at $70.50 currently.
- Cocoa prices are currently trading at 5388 pounds,
(All prices quoted at 09H00 CAT)
Other News in Africa Today
Frelimo Wins Disputed Election: In what was no surprise, Frelimo presidential candidate Daniel Chapo, will become the new president of Mozambique, with current two term president, Filipe Nyusi, completing his presidential terms. The final election results were announced yesterday by the Mozambique Electoral Commission, who announced that Chapo had won 70 per cent of the vote with his closest challenger, Venancio Mondlane, backed by the Podemos party, receiving only 20 per cent. There have been persistent claims of fraud and vote rigging from election observers and the opposition, leading to violent protests in several towns following the announcement of the results. European Union election observers have cast doubts over the integrity of the poll, saying it did not meet international election standards. Frelimo have been in power since Mozambican independence in 1975.
Democracy Concerns in DRC: President Felix Tshisekedi of the Democratic Republic of Congo, has received criticism regarding his plans to establish a commission to explore revisions to the country’s constitution, that will consider removing official presidential term limits, paving the way for his declared pursuit of a third term in office. This has raised concerns that the proposed constitutional reform and presidential term limits would risk pushing the mineral-rich nation, which has been embroiled in decades of conflict, into further political crisis and unrest.
Table Mountain Fire Leaves Passengers Stranded: The world iconic Table Mountain was yesterday the scene of Fire Trucks and stranded visitors who were stuck on the top of Table Mountain while the fire fighters dealt with a fire at the lower station. According to Wahida Parker, managing director of the Table Mountain Aerial Cableway Company (TMACC), the fire broke out in the parking area of the lower station building. ‘Our fire-suppression system immediately activated to bring the flames under control, while our emergency- response plan kicked into action”, Parker Stated. The City of Cape Town’s Fire Services arrived to assist. Our focus is to ensure the safety of all visitors and we thank them for their cooperation. Around 400 people were stranded on top of Table mountain with some deciding to climb down the Platteklip Gorge hiking trail. No injuries were reported and all passengers were safely returned to the exit after the fire had been extinguished. The Fire was caused by a cluster of lithium batteries, that had over-heated and caught fire, filling the immediate vicinity with thick smoke.