Business & Tech News
Safaricom Growth Surprises: Kenyan telecoms operator Safaricom announced today (7 Nov), that its earnings before interest and taxes (EBITA) grew by a significant 31.9% year-on-year to $479.38 million, for the first half of the year to the end of September. The company, also posted a 14.0% increase in group service revenue to $1.4 billion, while its net income climbed 21.7% to $284,8 million over the same period. Peter Ndegwa, Safaricom’s group’s CEO, attributed the superb results, to robust performance across all business sectors in Kenya and Ethiopia. Ndegwa commented that the company remains confident in the long-term commercial success of their Ethiopian business, and are pleased by its commercial acceleration.
Cocoa Bumper Crop Expected: After a poor crop volume last year, forecasts for Ghana’s cocoa production are bullish and expected to rebound in the current 2024/25 crop season. The forecasts have been based on favourable weather conditions, which according to local farmers, have increased healthier pods with substantial bigger volumes. Ghana now anticipates cocoa production output to recover to 650,000 tons in the 2024/25 season. Official forecasts from the International Cocoa Organization (ICCO), however state that their forecast is lower at around 500,000 tons.
Namibian Oil Find Gassed: Recent major oil-field discoveries off Namibia’s south coast region that were anticipated to bring substantial economic development to the Southern African State, have been hit with a major challenge. The initial oil exploration has revealed that the oil contains high level of C02 gas that is fairly common with oil. However the Namibian legislation around oil does not allow for gas burn-off processes and will now require a more expensive treatment process to be utilised. The additional cost required for this may well make the production unaffordable and bring an end to the oil production ambitions in the country.
Market News
Markets: Indices in the US indices all closed up again yesterday, after a Trump and Republican clean sweep victory, with the NASDAQ gaining 2,74%, the S&P 500 up by 2,53% and the Dow Jones closing 3,57% up. There has been a spin-off effect in the Asian markets this morning with the Nikkei is flat this morning after gains yesterday today and is at 39381 currently, down 0,25% on yesterday’s close, while the Hang Seng has been volatile losing most of its gains from yesterday and is down by -2,23% this morning at 20538 currently.
Currencies: The US Dollar is currently trading mostly unchanged from gains seen yesterday at 1.074 against the Euro, at 1,292 against the Pound, and at 153.72 against the Yen. The rand has recovered against the dollar and is currently trading at R17.58 to the US dollar.
Commodities:
- Gold prices are trending down with a risk-off sentiment and currently trading at $2,664 per ounce
- Platinum prices are currently trading lower at $984 currently, with Palladium prices continuing to lose momentum and currently at $1037
- Brent crude is currently trading upwards today and is at $75,03 with WTI trading at $71.71 currently.
- Cocoa prices have dropped by -2,64% mark and trading at 5650 pounds currently
(All prices quoted at 09H35 – Central African Time)
Other News in Africa Today
South Africa Shuts Mozambican Border: The main border crossing, the Lebombo crossing, between South Africa and Mozambique has been closed, after reports of vehicles being set alight on the Mozambican side. According to authorities in South Africa, several Mozambican officials have requested political refuge in South Africa, citing safety concerns. There were reports of widespread protests after the recent presidential elections were held and the results called into question after many irregularities were reported by independent observers. Opposition leaders have fled the country with one claiming an assassination attempt on his life. The Frelimo Government in Mozambique has restricted internet access in an attempt to stifle information and clamp down on protests. Human Rights Watch have called for the restrictions to cease and in a statement yesterday commented that, “Internet restrictions and shutdowns violate multiple rights including access to information, freedom of speech, and peaceful protest, and people’s ability to earn a living through online business.
Presidents Congratulate Trump: many Senior African Presidents have congratulated Donald Trump on his re-election to office. President Ramaposa of South Africa said in a statement on X that “I look forward to continuing the close and mutually beneficial partnership between our two nations across all domains of our cooperation”. Nigeria’s Bola Tinubu also expressed his willingness to work with the newly named president, proposing that the two nations ‘’can foster economic cooperation, promote peace, and address global challenges together’’. Zimbabwe’s President, Emmerson Mnangagwa, also offered his congratulations to Trump, saying ‘’Zimbabwe stands ready to work with you and the American people to build a better, more prosperous and more peaceful world.” Leaders from Guinea Bissau, The Democratic Republic of Congo, Ethiopia and Somalia also offered their congratulations to Trump.
