Business & Tech News
Open Ai Structure to Change: OpenAI is going through a series of company changes that could see a completely different entity emerge. While the world’s largest Ai company is pitching massive data centre developments, the size of entire cities, to the US government, they are also clearly taking a long hard look at their future company structure. There have been reports of internal discussions around changing the company from a non-profit entity to a public benefit company and are looking to raise $6.5 Billion in a move that will see CEO Sam Altman given a stake of 7% in the company. CTO Mira Murati, announced that she would be leaving the company, saying in a statement on X, that she was “stepping away because I want to create the time and space to do my own exploration.” In a separate statement, a company spokesperson said that OpenAI remains “focused on building AI that benefits everyone,”
Zimbabwe’s Zig Hits Turbulence: Only a few months after launching the new Zimbabwean, gold backed currency – the Zig, there are indications that this may become a rerun of a currency crises that has been seen before when the Zimbabwean Dollar collapsed. The currency has had a run of 21 straight days of devaluation against the US dollar and the SA Rand and is trading at 26 Zig to the US dollar – a discount of 50% to the fixed bank exchange rate. The difference is causing loss of faith in the currency as retailers and businesses are forced to use the fixed rate. The end result is spiraling inflation that the central bank is making moves to try and curb.
Libyan Central Bank Solution Established: Libyan oil exports have been constrained for weeks due to the instability at the Central Bank caused previous governor, Sadiq al-Kabir, and other senior bank officials, resign and flee the country fearing for their lives after threats were made. Delegates from divided Libya’s east and west have now agreed on procedures, criteria and timelines for appointing a new governor, deputy governor and board of directors for the country’s central bank, the United Nations Libya mission announced in a statement on Wednesday. The agreement is aimed at resolving the crisis over control of the central bank and to enable the resumption of oil production and export revenue that has been crippled by the non-functioning Central Bank.
Market News
Markets: Yesterday saw US markets close pretty flat with markets awaiting further data from the FED. The Nasdaq closing 0,14% up, the S&P500 closed -0,19% down and the Dow Jones -0,7% down. in Asia markets this morning, the Nikkei closed almost 3% up at 38925 while the Hang Seng has climbed 0,68% and is currently at 19129 in a rally continuing from yesterday’s big gains that have been boosted by China’s stimulus measures announced.
Currencies: The US Dollar is currently trading at 1.1151 against the Euro, at 1,335 against the Pound, and at 144,75 against the Yen. The rand has continued its form against the dollar and is currently trading at R17.15 and looks set to challenge the R17.00 level.
Commodities: Gold has found new momentum in early trade today and is currently trading at $2,660, while Platinum has charged above the $1000 level and is currently trading at $1006, in line with growth expectations. Palladium is currently trading upwards at $1062. Brent crude prices have lost ground this morning and is currently trading at $71.19 with WTI trading lower at $67.96 currently.
Other News in Africa Today
DR Congo Protests Imprisonment: Large groups of protestors gathered at the High Court in DR Congo yesterday, to demand the release of opposition political prisoners. Those imprisoned include three of the country’s most prominent opposition figures. The protestors accused Congo’s President Felix Tshisekedi, of trying to “muzzle the opponents” and “silence dissenting voices.” The parties called for the release of Jean-Marc Kabund, leader of the Alliance for Change party; Mike Mukebayi, a former member of the provincial parliament for Together for the Republic; and Seth Kikuni, a candidate in the presidential elections last year. Kabund and Mukebayi were arrested last year for “insulting the head of state” and “spreading false rumours.”
Kabund was sentenced to seven years in prison after he accused the president of corruption and embezzlement, while Mukebayi is currently in prison awaiting trial.
Tunisian Opposition Leader Jailed: In what seems to be an all too common trend in Africa, the Tunisian high court sentenced one of the presidential candidates, Ayachi Zammel to six months in prison on Wednesday on charges of falsifying documents. This is the second prison sentence against him in a week, and just days before the presidential election is set to begin. There have been increasing tensions ahead of the presidential election, with opposition and civil society groups’ stating that they are concerned that the irregular election activities are aimed at keeping President Kais Saied in power. Zammel was sentenced to 20 months in prison last week on charges of falsifying election endorsements.
