Business & Tech News
Markets Improve with Ukraine – Russia Peace Deal on the Table
The US sponsored talks with Ukraine in Iran, has resulted with the Ukraine saying it was open to a 30-day ceasefire in its war with Russia. This has resulted in the US lifting its suspension of aid to Kyiv. The ceasefire deal will still require agreement from Russia according to American and Ukrainian officials following talks yesterday (11 March) in Saudi Arabia. Secretary of State Marco Rubio, who led the U.S. delegation to the talks in Jeddah, said Washington would present the ceasefire offer to the Kremlin, which has thus far opposed anything short of a permanent end to the conflict without accepting any concessions. “We’re going to tell them this is what’s on the table. Ukraine is ready to stop shooting and start talking. And now it’ll be up to them to say yes or no,” Rubio told reporters after the meeting. “If they say no, then we’ll unfortunately know what the impediment is to peace here.” Markets in Asia opened with a positive surge following the news of a possible ceasefire. The Nikkei 225 Index edged up 0.1% to around 36,830, while the broader Topix Index gained 0.8% to 2,692 on Wednesday, as Japanese stocks rebounded from multi-month lows amid improving risk sentiment. The euro has also hit a five-month high this morning following the announcement of a possible ceasefire deal.
IMF Approves Loan Disbursement to Egypt:
Following the announcement of the lowest inflation rates in Egypt in years, the International Monetary Fund (IMF) has approved a $1.2 billion disbursement to Egypt yesterday (11 March). This follows the fourth review of Egypt’s economic reform program, and is part of an $8 billion bailout. Additionally, Cairo secured $1.3 billion under the Resilience and Sustainability Facility (RSF). The country has been struggling with soaring inflation, rising fuel and transport costs, and a weakening currency. Egypt reached an agreement last spring to more than double its IMF bailout, with price hikes on certain goods such as energy and fuel, seen as necessary to meet the fund’s conditions for further support.
Senior Goldman Sachs Director Resigns:
Scott Rubner, Managing Director in the derivatives sales and macro execution team at Goldman Sachs, has left the investment bank, He joined Goldman Sachs in 2015, after a long stint at Merrill Lynch. No comment has been issued by the company nor by Rubner yet.
Job Cuts in US Banking Giants:
Bank of America has cut 150 junior banker employees in its investment bank, according to a Reuters report this morning. The job cuts, an annual exercise, comes weeks after Bank of America let go of staff in its investment banking and global markets divisions globally as part of an annual performance review process according to the report. The cuts represent 1% of the total company workforce for those businesses and included managing directors, directors and vice presidents. This follows similar job reduction processes at other banking groups such as JPMorgan and Goldman Sachs. Deal volumes have seen a marked decrease and are below anticipated performance levels for the first half of the year.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar is trading lower against a stronger Euro and currently at 1.09038 against the Euro, and also lower at 1.29290 against the Pound. and at 147.99 Yen to the dollar currently. The rand has strengthened against the Dollar, and is trading at R18.27 to the dollar currently.
Commodities:
- Gold prices have surged above the $2900 level, and trading at $2919 currently.
- Copper is trading around 1% higher this morning, and at 4.7900 currently.
- Silver is edging higher again this morning, and at 32.854 currently.
- Platinum prices are moving upwards and at $986.10 currently, while Palladium prices are currently trading at $936.00
- Brent Crude Oil prices have remained below the $70 mark, and is trading at $69.82 currently, with WTI also trading slightly up at $66.49 currently.
- Cocoa futures are flat this morning, with prices currently at $806293 per ton.
- Coffee prices have remained below the $400 mark, but edging upwards, and at $397.26 currently.
Crypto Currencies:
- Bitcoin is currently trading at $81568.
- Ether prices are below $2000 and currently trading at $1871
- $Trumpcoin is currently trading at $10.65
(All prices quoted at approximately 08H10 – Central African Time)
Other News in Africa Today
Ugandan Forces deployed in Sudan or Not:
Uganda has deployed special forces in South Sudan’s capital Juba to “secure it”, according to a statement given by Uganda’s military chief yesterday (11 March). This was however denied by South Sudan’s information minister who made a statement that there were no Ugandan Troops in their country. Tensions have been escalating between South Sudan’s president, Salva Kiir and first Vice President Riek Machar, after President Kiir had two ministers and a military general detained, raising concerns that the region would revert back to civil war. The arrests in Juba and deadly clashes around the northern town of Nasir are widely seen as jeopardising a 2018 peace deal that ended a five-year civil war between forces loyal to Kiir and Machar in which close to 400,000 people died.
