Business & Tech News
Google Maps Gets AI Integration: Google on Thursday announced a new set of features incorporating its AI Gemini chatbot, into its suite of mapping applications. With the Global tech giant perceived to have lost its early gains in AI development to rivals like OpenAI, Google is now playing catch-up by incorporating research advances into existing apps and devices with large user bases, that will provide swathes of big data and LLM learning. Google Maps has surpassed 2 billion monthly active users, according to CEO Sundar Pichai said Tuesday during quarterly earnings where he stated that I Google’s investments in AI were “paying off” for its top line. Thursday’s announcement showcased a new category of search results that can better process open-ended search queries, such as “things to do with friends at night in Boston” or “fun fall activities in Seattle.” Past versions of the Google Maps app respond to such queries with more generic results that are not as accurate. In the past, it displayed a wide range of tourist attractions in Boston including some that are closed at night, whereas the updated app will show more tailored options like a list of speakeasies or live music venues.
UBISOFT Reports Soft Results: French video game publisher Ubisoft, owner of video franchises; Assasins Creed, Driver, Far Cry amongst others, reported that its half-year earnings had fallen, sending its shares tumbling. The gaming company said turnover was down by nearly 20%, while “net bookings”, its benchmark indicator, was down by nearly 22%. Ubisoft shares lost close to 4% on Wednesday, ending the day at 13.38 euros per share, above the all-time low of 9.01 euros the stock hit in September 2024, but way off its market high of 100 euros per share that it was trading at 10 years ago. In September, Ubisoft adjusted its revenue targets for the year after its “Star Wars Outlaws” game received a mediocre market response on release in August 2024. Ubisoft has increased the number of players over the last 12 months, however the company has often found it hard going in the gaming social media space with harsh criticism on social media, a phenomenon so popular it has received its own social media nick-name of “Ubi-bashing”.
Kenya Seeing Economic Improvements: The National Bureau of Statistics in Kenya, announced yesterday that the national inflation fell to 2.7% year-on-year in October, down from 3.6% in September. On a month-on-month basis, October inflation was 0.2%, the same as in September. The government inflation target range is between 2.5% and 7.5% in the medium-term. Kenya’s central bank cut its benchmark lending rate to 12.00% from 12.75% earlier this month, in a move aimed at stimulating credit to the private sector. This is the lowest that inflation has been for some time with average inflation for 2023 at 7.67%, a 0.01% increase from 2022, and the average inflation rate for 2022 at 7.66%. This alongside other financial reforms have resulted in approval from the executive board of the International Monetary Fund, who yesterday approved the seventh and eighth reviews of Kenya’s financial program. the IMF said it has approved access to a $606 million loan facility for the cash tight nation, that is hoped will help stimulate more international trade and investments.
Market News
Markets: Indices in the US took a hit yesterday, with Tech stocks in particular losing favour with investors with the NASDAQ closing -2,44% down, the S&P 500 dropped by -1,86% and the Dow Jones closing -0.9% down. The Nikkei is -2,4% down today at 38108, while the Hang Seng is down by -0,31% this morning at 20317 currently.
Currencies: The US Dollar has strengthened and is currently trading at 1.0871 against the Euro, at 1,288 against the Pound, and at 152.60 against the Yen. The rand has strengthened slightly this morning and is currently trading at R17.62 to the US dollar.
Commodities:
- Gold prices are currently trading at $2,753
- Platinum prices are currently trading lower at $989, with Palladium prices also dropping today trading down at $1110 currently
- Brent crude is currently trading upwards at $74.17 with WTI trading at $70.63 currently.
- Cocoa prices have seen further gains this morning and is currently trading at 5834 pounds,
(All prices quoted at 07H55 CAT)
Other News in Africa Today
Social Media Shut Down in Mozambique: Social media access in Mozambique has been shut down again yesterday, after a previous occurrence last week Friday. Tha ction by the government followed calls for nationwide strikes by opposition leaders over a contentious presidential election. NetBlocks, an organization that monitors internet disruptions globaly, confirmed that social media platforms, including Facebook, Instagram, and WhatsApp, were all restricted. Unrest has been building in Mozambique after the ruling Frelimo party, which has been in power for 49 years, won the October 9 election—a result that opposition parties and election observers claim was flawed. Daniel Chapo, of Frelimo was pronounced the winner of the presidential election on October 24, with nearly 71% of the vote. Venancio Mondlane, leader of the Podemos party, took second place with 20%. Mondlane, a former radio host and prominent opposition figure, has used social media to rally supporters. Despite social media restrictions, he has called for a nationwide strike from October 31 to November 7 to protest what he says are unjust election results. By Thursday, Mozambique’s capital, Maputo, appeared empty, with many residents apparently supporting the strike.
Kenya Appoints New Deputy President: The Kenyan high court yesterday, found that the government can go ahead and appoint a new deputy president, despite an ongoing court case that is challenging the impeachment of the previous deputy president. The High Court in Nairobi set aside an earlier court order to temporarily suspend the swearing-in of deputy president nominee Kithure Kindiki. Former Deputy President Rigathi Gachagua was impeached and removed from office by a vote of more than two-thirds of legislators on Oct. 17 Gachagua’s impeachment highlighted divisions within the ruling United Democratic Alliance.
Botswana Gets New Government: Preliminary election results indicate that Botswana’s governing party has suffered an crushing election defeat after nearly six decades in power. The ruling Botswana Democratic Party (BDP) has today, lost its grip on decades of power after ruling the Southern African country since its independence in 1966 After 80 years as a British protectorate. Results provided on Friday 1 November, indicate that opposition parties have won 31 of 61 seats in parliament, as confirmed by the electoral commission. The BDP had won only one seat as of early Friday morning. The Umbrella for Democratic Change party, led by Harvard University-trained human rights lawyer Duma Boko, won 19 seats and the Botswana Congress Party, headed by economist Dumelang Saleshando, took seven, according to the early tallies. Botswana Patriotic Front, established by followers of former President Ian Khama after his exit from the BDP, secured five seats.
