Business & Tech News
Canadian Neuralink Trial Approved:
The break-through “Brain-Chip” developed by Elon Musk’s Neuralink, announced yesterday (20 Nov) that it had received approval to launch its first clinical trial in Canada. The Neuralink device was developed to provide paralysed individuals the ability to use digital devices and to communicate simply by thinking. The Bio-tech start-up said the Canadian study will be focussed on assessing the safety and potential functionality of its implant which enables people with quadriplegia, or paralysis of all four limbs, to control external devices with their thoughts. Canada’s University Health Network hospital released a statement that the trials and implant procedures will be conducted at its Toronto facility. There have already been two Neuralink implants In the United States, and the company says the device is working well in the second trial patient, who has been using it to play video games and learn how to design 3D objects.
Mr Price Produces Profit Gains:
South Africa Retail company Mr Price, released their first half earnings report, indicating a 7.1% rise in earnings. due to improved sales in the second quarter. The sports, clothing and home goods retailer, declared an interim dividend of 303.6 cents per share, up 7.1%. Total revenue rose by 5.2% to 17.6 billion rand ($971 million), with group retail sales growth of 5.1% at 16.9 billion rand. For the 26-week period ended 28 September 2024.
Mr Price Group increased their total revenue by 5.2% to R17.6bn. The group gained 60bps of market share, as its retail sales growth of 5.1% outperformed the comparable market’s sales growth of 2.2%. Diluted headline earnings per share grew 6.5% to 468.0 cents. The group pointed out that while there had been positive effects in the market, such as no power outages and increased political stability and the appreciation of the Rand, the earnings performance during the half-year period is reflective of the continued constraint on consumer affordability levels.
Bitcoin Bounces to New High:
In early trade in Asian markets this morning (21 Nov), Bitcoin hit a new high for the second time this week and breeched the $96,000 level and seems to be heading for the $100,000 mark. Investor confidence indicates the belief that a friendlier U.S. regulatory approach to cryptocurrencies will be prevalent under President-elect Donald Trump’s administration that will open up a strong growth cycle in crypto currencies. Bitcoin prices have jumped by over 3% this morning reaching a high of $97,240, per bitcoin (as at 08H35 CAT). Bitcoin’s price has grown by 159% in 2024 and is up around 41% in the weeks since Trump was voted in as the U.S. president-elect.
Market News
Markets: Indices in the US indices, were flat at close on Tuesday with markets awaiting further data on potential FED rate cuts with the NASDAQ closing down marginally by -0,08%, the S&P 500 was flat with no movement on the day and the Dow Jones closing up by 0,32%.
Asian markets this morning have been trending relatively flat with the Nikkei lower by -0,90% and is at 38005 currently, while the Hang Seng is up by 0,21% this morning and at 19705 currently.
Currencies: The US Dollar is currently trading at 1.054 against the Euro, at 1,265 against the Pound, and at 155.11 against the Yen. The rand has lost some ground gained yesterday, and is currently trading at R18.12 to the US dollar.
Commodities:
- Gold is trading upwards and is currently trading at $2,659 per ounce
- Platinum prices currently trading at $966 and with Palladium prices currently at $1034.50
- Brent crude is currently trading slightly lower today and is at $73.03 with WTI also trading lower at $68.99 currently.
- Cocoa prices have plateaued this morning after a massive surge in price this week but are still above the 7200 mark, and is currently trading at 7219 pounds per ton.
- Coffee prices are trading upwards today, jumping over 3% this morning and is at $2.97 currently
(All prices quoted at 08H45 – Central African Time)
Other News in Africa Today
Mali’s Prime Minister Fired:
The Prime Minister of Mali, Choguel Maiga, was officially given notice via a decree from the ruling military junta that was announced on Wednesday (Nov. 20). The decree was read on national television by the secretary-general of the presidency, that was signed off by the president of the transition Gel Assimi Goïta. Maiga was appointed by the Military leadership as Prime Minister in 2021 after a second military coup in a single year period. He had criticised the ruling junta, and had said that he was being side-lined in key decision making processes. A section of the Malian military known as the Collective of Military Defence (CDM) has accused the Prime Minister of “treason” and “denunciation” following his criticism of the ruling generals.
SADC to Extend DRC Troop Deployment:
The Southern African Development Community (SADC), approved the extension of its troop deployment in Democratic Republic of Congo (DRC), by an additional year, where it is assisting in maintaining defence against and fighting against rebel groups. SADC, had deployed the mission in the DRC that is a major producer of precious metals and minerals such as cobalt and copper, in December 2023 with a one-year mandate.
They released a communique announcing the extension after regional leaders met in Zimbabwe’s capital Harare expressed concern at the security and humanitarian situation in Congo and reiterated the bloc’s support for the government. However there has been widespread criticism of the deployment in South Africa, where the recent government budget allocated an additional 7-billion (ZAR) towards the troop deployment, while the local economy is facing constraints and the government is increasing international debt levels. The South African National Defence Force has also been implicated in several incidents of misconduct by its force members deployed to the Congo.
