Business & Tech News
Nissan Layoffs Announced: Nissan Motors, has announced plans for massive layoffs of thousands of workers as it faces severe dropoff in sales, mostly in China and the USA, resulting in a need to cut its global production. The plan entails reducing its workforce by 9,000 jobs globally in a cost saving effort that will also see its global production reduced by a 20%. The company’s profit forecasts for 2024 have also been revised downwards by 70%, in the second revision of profit forecast for the year. Nissan’s chief executive Makoto Uchida stated that “Nissan will restructure its business to become leaner and more resilient.” Senior executive pay packages are also being cut in an effort to stabilize the global automotive giant, as it battles to deal with competition from China’s burgeoning automotive industry. Nissan will also be reducing its shareholding in Mitsubishi Motors. No indication has been given yet where the jobs are to be cut, however they have three major manufacturing plants in Africa in Egypt, Nigeria and South Africa.
Nvidia – World’s Most Valued Company Ever: Shares of Nvidia jumped to a record high yesterday (7 Nov), resulting in the computer chip maker becoming the first company in history to surpass a stock market value of $3.6 trillion, boosted by a general stock market rally sparked by Donald Trump’s return to the White House. The Silicon Valley chip manufacturer’s stock has climbed an incredible 12% in November already and has tripled in value so far in 2024
Nvidia’s stock market value ended the day off at $3.65 trillion, beating Apple’s record closing market capitalization of $3.57 trillion reached on Oct. 21. Apple’s stock rose 2.1% on Thursday, leaving it with a market value of $3.44 trillion. The S&P 500 technology index surged over 4% in the past two sessions since Trump’s election victory.
Market News
Markets: Indices in the US indices saw the NASDAQ gaining 1,54% at close, the S&P 500 up by 0,74% and the Dow Jones closing slightly down with a 0,59% drop. Asian markets this morning have seen the Nikkei gain 0,3% and is at 39500 currently, while the Hang Seng has gained back most of its losses from yesterday and is up 2,02% this morning at 20953 currently.
Currencies: The US Dollar is currently trading at 1.078 against the Euro, at 1,297 against the Pound, and at 152.72 against the Yen. The rand has gained significantly against the dollar and is currently trading at R17.35 to the US dollar.
Commodities:
- Gold has remained subdued and is currently trading at $2,686 per ounce
- Platinum prices are currently trading lower at $987,70 currently, with Palladium prices continuing to lose momentum and over 1% down in trade this morning at $1007.37
- Brent crude is currently trading upwards today and is at $75,23 with WTI trading at $71.95 currently.
- Cocoa prices have jumped significantly in trade today by 6,29% and trading at 5833 pounds currently
- Coffee prices have also jumped by 3,75% this morning and is at $2.59 currently
- Zinc and Aluminium have both jumped by over 3% with Nickel gaining over 4% in early trade today
(All prices quoted at 09H05 – Central African Time)
Other News in Africa Today
Mozambique Burns as Riots Persist: Yesterday (Thurs 7 Nov) saw angry protestors defy a ban by the government, taking to the streets in their thousands, according to reports. The protests stem from a disputed outcome of the presidential election. The Mozambique Bar Association issued a warning that there were “conditions for a bloodbath”. The protest was met by a strong police show of force with polices deployed across the capital Maputo. The capital city was almost deserted except for the protestors who set piles of debris alight. Retail Stores, businesses, banks, schools and universities were all shut. Police fired tear gas to disperse the protestors and also deployed dog squads and armoured vehicles on the streets. The Authorities have restricted internet access across the country in an apparent effort to prevent the organisation of peaceful protests and public criticism of the government. The South African Lebombo border crossing has been closed again due to the ongoing violence.
UK Targets African Mercenaries: Yesterday, Thurs 7 Nov, the Foreign, Commonwealth and Development Office in the UK, announced 56 new designations against individuals and entities in Africa, which it said are part of Russia’s military industrial complex, in a move aimed to “further restrict the supply of vital military equipment” that Russian President Vladimir Putin requires in Ukraine. There are dozens of new sanctions targeted against Russia, via targeting African mercenary groups backed by Moscow and people involved in the Ukraine war. Entities based in China, Turkey and Central Asia were also targeted for allegedly supplying equipment and parts such as machine tools, microelectronics and components for drones, that are believed to be channelled to Russia via mercenary groups.
Botswana’s Presidential Plans Around Illegal Zimbabweans: In a pragmatic move, Botswana’s newly elected president, Dumo Boko, has indicated that he wants to see undocumented Zimbabweans to be legalised by processing them for temporary work and residence permits. He commented that, “They do jobs that would otherwise not get done”. Boko is due to be inaugurated on Today. Botswana has the world’s second-largest community of Zimbabweans, after South Africa, who have fled the devastated country, marred by economic disaster and severe drought. The decision, not likely to be popular amongst citizens, but Boko, has said that it is part of his government’s plans to revive the economy. He believes that it is better to include the Zimbabweans within the economy that forever having to go to the expense of capturing and deporting illegals.
