Business & Tech News
Nvidia Upping Gaming Capabilities:
Jensen Huang, CEO of US computer chip giant Nvidia has unveiled the firm’s next-generation of gaming chips, known as the RTX 50-series. The announcement was made during Huang’s keynote address at the CES, technology show in Las Vegas yesterday.
According to Huang, the generation of gaming chips will use Nvidia’s Blackwell artificial intelligence technology to create movie-quality images. The chips will purportedly range in price from $549 (£438) to $1,999, and are twice as fast as their predecessors. The new chips are anticipated to be available towards the end of January.
Gas Production in Senegal & Mauritania Commences:
In what is expected to be aboost to Senegal and neighbouring Mauritania’s economies, BP have announced that they have begun producing gas from the wells of the Grand Tortue Ahmeyim Gas field. The newly developed gas field straddles the maritime border between the two countries.After six years of planning, the project’s launch has been welcomed by Senegal’s Oil minister, who described it as ”historic”. The estimated output from the field is a significant 2.5 million tonnes of liquefied natural gas per year, with the total gas resources in the field estimated to be around 15 trillion cubic feet.
The produced gas will be used for export, as well as for domestic use in both Mauritania and Senegal. The project will produce gas from an ultra-deepwater subsea system and mid-water floating production, storage and offloading vessel, which will process the gas, removing heavier hydrocarbon components. The gas will then be transferred to the floating liquefied natural gas facility, a nearshore hub located on the Mauritania and Senegal maritime border.
US Chinese “Black-List” Expanded
The US Department of Defence’s list of Chinese military companies, which is formally known as the Section 1260H list, is updated annually and now includes 134 firms. The US has added several Chinese technology companies in January, including gaming and social media giant Tencent and battery maker CATL, to a list of businesses it says works with China’s military. South African Media Giant NASPERS, owns a significant share in Tencent of around 25% and is it’s largest single shareholder currently.
The list provides an indication to American companies and organisations about the risks of doing business with Chinese entities. Inclusion in the list does not mean an immediate ban, however it does pressurise the US Treasury Department to sanction the firms. Tencent and CATL have denied involvement with the Chinese military, while the Chinese government issued a statement saying the decision amounted to “unreasonable suppression of Chinese companies”.
Oil Prices Retreat:
Oil prices eased in early trade this morning, extending losses into a second consecutive session after last week saw a bullish run driving prices higher. There were some concerns about tighter Russian and Iranian supply amid widening Western Nation sanctions, that did halt the downward price trend. Brent futures edged down 8 cents, or 0.1%, to $76.22 a barrel by 0452 GMT, while U.S. West Texas Intermediate (WTI) crude fell by 0.19%, to $73.42. At one point Brent looked to be breaking below the $76.00 level before correcting slightly
Both benchmarks slid on Monday, after rising for five consecutive days in a row to reach their highest levels since October on Friday amid expectations of more fiscal stimulus to revitalise China’s faltering economy.
UFC CEO Joins Meta Board
In a clear switch of political sides in the US, Dana White, the CEO and President of UFC, has been added to the board of the Tech giant. White who is one of several corporate CEO backers of President-Elect Donald Trump, was an influential supporter of Trumps re-election as president. Meta added two other board members, John Elkann and Charlie Songhurst. Mark Zuckerberg, Founder and CEO of Meta, said, “Dana, John and Charlie will add a depth of expertise and perspective that will help us tackle the massive opportunities ahead with AI, wearables and the future of human connection.”
Market News
Currencies:
The US Dollar has lost momentum this morning and is currently trading at 1.040,04 against the Euro, at 1.254,25 against the Pound, and at 157.74 against the Yen. The Rand is currently trading stronger against a weaker US Dollar, with the currency currently trading at R18.57
Commodities:
- Gold has gathered steam this morning, with the price currently at $2,641 per ounce. Silver and copper prices have also seen gains this morning.
- Platinum prices are trending upwards and are above the $930 mark, and is currently trading at $937, while Palladium prices have also found some support and have pushed above the $900 level and currently trading at $901
- Brent is trending lower, and currently trading at $76.18 currently with WTI also trading lower at $73.33 currently.
- Cocoa futures have dropped overnight but have maintained its level above the $11000 mark, with prices currently at $11 193.87 per ton.
- Coffee prices are slightly lower today and at $3.18.77 per pound currently.
Crypto Currencies
- Bitcoin has broken above the key $100 000 level again, and is currently trading at $101843, up over 9% in the last week.
- Ether prices have also gained overnight, and is trading at $3675.75 currently.
(All prices quoted at approximately 09H20 – Central African Time)
Other News in Africa Today
French President Criticised by North African States
The address from President, Emmanuel Macron to French ambassadors at a conference yesterday, has drawn the ire of several African states. Macron said that he was awaiting Africa’s Sahel nations to thank Paris for its help in fighting Islamist militants in the region. The tone of the French president’s remarks was considered condescending and echoing colonial rhetoric. Some found this was particularly the case with his comment that Mail, Niger and Burkina Faso would not have sovereign states were it not for the French army.
Macron also rejected suggestions that France had been driven from the region, with several African states having recently asked France to withdraw its military forces from their countries. These comments have come under fire, with some pointing out that several African nations did, in fact, reject a French presence. French soldiers withdrew from Mali, Niger and Burkina Faso after a wave of military coups, and they have also begun to withdraw their military troops out of Senegal, Chad and Ivory Coast. In December, Chad put an end to its military agreement with Paris.
Abducted Kenyan Activists Found
Five young Kenyan men – including a popular cartoonist Kibet Bull, known for his silhouette cartoon memes critical of the president, announced their release on Monday afternoon. Bull, posted on X that he had been released. Kenya has seen a wave of targeted abductions since initial protests about additional taxes began in June 2024, with a state-funded rights group saying that over 80 people have been abducted in the last six months. Another person released yesterday (6 Jan), was 24-year-old Billy Mwangi, a student who according to local reports had been tortured. A local MP, Gitonga Mukunji, told journalists that Mr Mwangi “was whipped and beaten while in a dark room. He is traumatised.”
The abductions have target government critics and are widely believed to be the work of Kenyan security agents, with authorities denying any responsibility. Amnesty International Kenya welcomed the releases and urged “the State to free all abductees and hold those responsible accountable”.
