Business & Tech News
Google’s Willow Quantum Processor Chip a Game Changer:
Google has unveiled a new chip called Willow that will, if claims prove true, be a complete game-changer in quantum computing. According to Google it takes only five minutes to solve a problem that would currently take the world’s fastest super computers ten septillion years – to complete. The chip is the latest development in a field known as quantum computing – which is attempting to use the principles of particle physics to create a new type of mind-bogglingly powerful computer. Google says its new quantum chip, incorporates key breakthroughs and paves the way to a useful, large-scale quantum computer. Some experts have expressed that it is, for now, a largely experimental device, with the reality of a true quantum computer powerful enough to solve a wide range of real-world problems is still years off.
Nvidia Share Price Drops on Chinese Investigation News:
Nvidia Share Prices fell 2,6% on Monday after China said it is investigating the U.S. microchip company over suspected violations of Chinese anti-monopoly laws. In a news release, Chinese regulators said they would be focusing on Nvidia’s $6.9 billion acquisition of network and data transmission company Mellanox in 2019. Nvidia’s shares have surged this year along with the company’s revenue and profit due to AI demand. According to data firm FactSet, about 16% of Nvidia’s revenue comes from China, second only to its U.S. generated revenue.
Kenyan Businessman Sanctioned by UK & US Governments:
Kamlesh Pattni, a Kenyan National of British origin, has had sanctions imposed on him by the UK and US governments over his alleged involvement in the illicit gold trade. Pattni, a businessman previously implicated in illicit trade, and four others including his wife and brother-in-law, will have their assets frozen, according to a statement released by the UK Foreign and Commonwealth and Development Office. He had been implicated in one of Kenya’s biggest corruption scandals, Goldenberg, which is believed to have cost the country at least $600m. He has since faced allegations of involvement in the illicit gold trade in Zimbabwe, which he has previously denied.
Gold Rises Again
Gold climbed above $2,660 per ounce on Tuesday (9DEC), rising for the second consecutive session. This has been supported by China’s policy shift and geopolitical risks growing in the Middle East. China’s ruling Politburo on Monday announced plans to loosen monetary policy for the first time in 14-years in efforts to stimulate the economy, boosting market sentiment across commodities. In addition, China’s central bank added gold to its reserves for the first time in seven months, strengthening demand. Geopolitical tensions in the Middle East, particularly the fall of the Syrian government, also added further support as investors sought safe-haven assets.
Market News
Markets: Indices in the US, all closed in the red yesterday with the NASDAQ closing down by -0,84%, the S&P 500 was down by -0,61% and the Dow Jones closing down by -0,54%.
Asian markets this morning have been trending upwards for the second day, with the Nikkei currently up by 0,52% and is at 39364 currently, while the Hang Seng is up by 2,76% and is at 20414 currently.
Currencies: The US Dollar is currently trading at 1.056 against the Euro, at 1,275 against the Pound, and at 151.15 against the Yen. The Rand has gained against the Dollar with the currency currently trading at R18.029 to the US dollar and may well challenge the R18.00 level this week.
Commodities:
- Gold is trading stronger this morning and is currently at $2,669.84 per ounce
- Platinum prices currently trading at $936.50 and with Palladium prices improving today and at $977.50 currently
- Brent crude is currently trading at $71.78 with WTI trading at $68.96 currently.
- Cocoa prices continue its bull run and is up 3,03% in early trade this morning and is trading over the 8300 mark at 8376 British pounds per ton currently
- Coffee prices have gained over 2% in early trade today, and is currently trading at $3.12
Crypto Currencies
- Bitcoin has dropped by over 3% this morning and is currently trading at $97,331.4544
- Ether is down by -7,33% today and trading at $3722.2483 currently
(All prices quoted at approximately 07H30 – Central African Time)
Other News in Africa Today
Ghana Elects First Woman Vice President:
Ghana has broken down the gender barrier in politics by electing Professor Naana Jane Opoku-Agyemang as the nation’s first female Vice President-elect. As the running partner to President-elect John Dramani Mahama, her historic win under the National Democratic Congress (NDC) banner in the 2024 elections has been widely celebrated as a ground-breaking achievement for gender representation in Ghanaian politics. The 73-year-old, Prof. Opoku-Agyemang has consistently broken barriers and was a distinguished academic, she earned her Bachelor’s and Diploma in Education from the University of Cape Coast. She later pursued her Master’s and Ph.D. in English Literature at York University in Canada. In 2008, she became the first woman to lead a public university in Ghana, serving as Vice-Chancellor of the University of Cape Coast.
South African Domestic Flights Delayed by Fuel System Errors:
Many travellers waited in long queues at various airports around South Africa yesterday (9 Dec) due to connecting flights being delayed out of OR Tambo Airport in Johannesburg. The Airports Company South Africa (Acsa) had earlier warned travellers that airlines were unable to refuel aircraft as normal at the airport. This had a knock-on effect, with passengers at other major airports across the country unable to catch their flights. Airlines issued apologies for the delays with Airlink saying they were doing their utmost to clear the backlog of flights caused by the system error out of their control. The refuelling system had been temporarily repaired while some flights were cancelled. No official statement about the fuel system errors has been released by Acsa as yet, however flights are back to normal as of this morning according to reports.
