Business & Tech News
Generative AI – E-waste Concerns: Generative AI could result in up to 5 million metric tons of e-waste by 2030, according to a new study. Experts have warned that this is part of a growing concern around the massive E-waste being produced globally as defunct electronics are discarded and little used in recycling processes. E-waste includes electronic items such as air conditioners, televisions, and personal electronic devices such as cell phones and laptops when they are discarded. These devices often contain hazardous or toxic materials that can harm human health and have disastrous consequences for the environment if they’re not disposed of in an ethical and environmentally safe way. Valuable metals inside the devices that could be recycled, are also wasted and removed out of the supply chain. The short lifespan of advanced computer processors and storage equipment mean devices are replaced often to meet rising demand, resulting in a surge of discarded electronics. Depending on the adoption rate of generative AI, the technology is anticipated to add between 1.2 million to 5 million metric tons of e-waste in total by 2030, according to the study, published in Nature Computational Science.
North African Trade Shifts Towards Russia: Mali’s Foreign Minister Abdoulaye Diop, has indicated that the North Western African Nation, sees a future partnered with Russia as a “sincere” partnership” compared to what he terms the “neo-colonial” relationship of Western powers. According to Diop, Mali is exploring joint projects, in the energy, telecommunications, technology and mining sectors, as well as military co-operation with Russia. The two parties have agreed to step up the pace to ensure rapid results,” he said on the second and final day of the conference of African foreign ministers. During the summit, Burkina Faso’s Foreign Minister Karamoko Jean-Marie Traoré also said that Russia was a more suitable international partner for Burkina Faso, than the former colonial power, France.
Company Results News
Vodacom Revenues Plunge: South African telecoms company, Vodacom, reported a disastrous first half earnings, for the period April to September 2024, in its interim report released today (11 Nov). The Vodafone owned company saw a 19.4% drop in half-year earnings, that was impacted by significant start-up losses in Ethiopia and foreign currency depreciation. EBIDTA declined by 2,7% to R26,6 Billion. with the company announcing headline earnings per share (HEPS), had to fallen to 353 cents (ZAR) from 438 cents in H! 2023. The board declared an interim dividend per share of 285 cents.
Omnia Announces Solid Growth: JSE listed, Omnia Holdings in South Africa, released their half-year financial report for the period April to 30 September 2024, this morning (11 Nov). Their numbers indicates strong revenue growth that was driven predominantly by sustained and robust growth in the Mining segment and improved volumes in Agriculture RSA. Revenue increased by 5% to R10.9 billion due to a higher contribution from the Mining segment. The 17% increase in operating profit to R802 million was largely attributable to the Mining segment and Agriculture RSA, which also supported an improvement in operating margins from 6.5% to 7.3%. Headline earnings per share increased by 2% to 288 cents and earnings per share increased by 2% to 289 cents.
Market News
Markets: Indices in the US indices, all closed in positive territory on Friday with the NASDAQ gaining 0,07%, the S&P 500 up by 0,38% and the Dow Jones closing up by 0,59%. US markets will be closed today for the Veterans Day holiday. Asian markets this morning have been trending lower with the Nikkei down marginally at -0,05% and is at 39482 currently, while the Hang Seng has gained back most of its losses from yesterday and is up -1,07% this morning at 20728 currently.
Currencies: The US Dollar is currently trading at 1.072 against the Euro, at 1,291 against the Pound, and at 153.54 against the Yen. The rand has normalised back to the range of R17.50 – R17.65 to the dollar after its surge last week and is currently trading at R17.58 to the US dollar.
Commodities:
- Gold has remains subdued and is currently trading at $2,672 per ounce
- Platinum prices are currently trading lower at $983,50 currently, with Palladium prices continuing to lose momentum, dropping below the $1000 mark and is trading at $997.50
- Brent crude is currently trading lower today and is at $73.91 with WTI also trading lower at $70.33 currently.
- Cocoa prices have remained above the 5800 mark and trading at 5824 pounds currently
- Coffee prices have dropped this morning and is at $2.54 currently
(All prices quoted at 08H50 – Central African Time)
Other News in Africa Today
Mauritian Election Results Expected: Yesterday (10 Nov) saw the citizens of Mauritius head for the polls to determine the governing party for the next five years. The election is the 12th democratic national election since independence and has been marred by a scandal and threats of social media bans by the incumbent, Militant Socialist Movement government. Several senior politicians, Business Leaders and journalists had their conversations recorded via illegal wire-taps and leaked on a social media accounts. The scandal had put the party and government in a poor light, with the CEO of State owned, Mauritius Telecom arrested alongside several senior managers. This then prompted a controversial social media ban that the government implemented on 1 November, only days before the election. The negative response from the public to the ban, resulted in a reversal of the ban but has put a question mark on the support of the party going into yesterday’s election. Results are expected sometime today (11 Nov)
Burkina Faso Death Penalty Bill Proposed: According to Burkina Faso’s Justice Minister, Rodrigue Bayala, “the issue of death penalty, which is being discussed, will be implemented in the draft criminal code”. He said this in a statement on Friday (9 Nov) while commenting on the implementation of a new community service bill. The last death penalty execution in Burkina Faso was in 1988, when four leaders accused of an attempted coup d’état to depose president Blaise Compaoré – defence minister Jean-Baptiste Boukary Lingani, minister of economic promotion Henri Zongo, and two others were executed. Reintroducing capital punishment to the penal code would require the government to debate it, and to then make a formal proposal to the Transitional Legislative Assembly (ALT) for adoption. In May this year, Burkina Faso’s ruling junta announced it would extend its rule for another five years despite Head of State, Captain Ibrahim Traoré having pledged to restore a civilian government by 1 July.
DRC Awakening Anounced: Opposition political party and civil society leaders, in the Democratic Republic of Congo (DRC), announced an alliance to rally over the weekend, against constitutional changes they are meant to ensure President Felix Tshisekedi keeps power indefinitely. Named the ‘National Awakening’, the coalition will hold its first meeting in mid-December to pay tribute to the 2005 referendum which saw the adoption of the 2006 democratic constitution. The attempts by Tshisekedi’s ruling coalition to change the constitution are considered by the opposition as ‘high treason’ and several initiatives against the constitutional review project are being planned. DRC Constitutional law limits presidential term of office to two currently.
