Business & Tech News
Nvidia Launches Micro Super Computer:
NVIDIA has introduced the Jetson Orin Nano Super Developer Kit, a compact generative AI supercomputer that fits in the palm of your hand. The device is designed to be accessible to a broad audience, with the ability to run complex AI models like Llama 3.1 8B with low power usage. The device offers up to a 1.7x increase in generative AI inference performance compared to its predecessor, reaching 67 INT8 TOPS. Memory bandwidth has been boosted by 50%, now at 102GB/s, enabling more efficient data handling. Priced at $249, it’s more accessible than the previous model, which was $499. The kit is designed to handle popular generative AI models and transformer-based computer vision tasks.
Tanzanian Economy Shows Robust Growth:
Tanzania’s Finance Minister, Mwigulu Nchemba, announced that the national economy was anticipated to grow by around 6% in 2025, up from an estimated 5.4% growth in 2024. This was outlined in a letter from the Finance Minister and the Central Bank Governor in a letter to the International Monetary Fund. Some of the potential risks outlined in the communication, to the performance in the near term, would include intensification of regional conflicts, increased commodity price volatility, a global economic slowdown and natural disasters related to climate change, Finance Minister Mwigulu Nchemba and Central Bank Governor Emmanuel Tutuba said in the Nov.29 letter, made public by the fund late on Wednesday.
Copper Continues Decline:
Copper futures fell toward $4 per pound in early trade this morning ((19 Dec), continuing a recent slide in price as the dollar and Treasury yields surged following the US Federal Reserve’s widely anticipated quarter-point rate cut earlier this week. The US Fed has signalled fewer rate reductions in 2025 than previously anticipated, projecting only two cuts next year, down from the four it initially forecast in September. Ongoing economic uncertainty and the lack of detailed policy plans from China, the world’s top copper consumer, also weighed on copper and other industrial metals. Despite these challenges, markets remain hopeful for additional rate cuts and further reductions in China’s bank reserve requirement ratios next year.
Bitcoin Prices Retain Buoyancy Despite Fed Announcement:
Bitcoin fell briefly below the key $100,000 mark in early trade this morning (19 Dec) dropping from recent all-time high of $106040 following signals from the US Federal Reserve of fewer interest rate cuts in 2025. The Fed delivered a widely anticipated quarter-point rate cut on Wednesday but revised its outlook, forecasting only two more rate reductions next year, down significantly from the four cuts projected in September.
The initial decline in Bitcoin prices was further compounded by comments from Fed Chair Jerome Powell during his post-meeting press conference. When asked about former President Trump’s proposal for a potential Bitcoin reserve, Powell clarified that the central bank is not allowed to hold digital currencies under current regulations. He emphasized that any change would need to be approved by Congress, as the Fed is not seeking to alter the law in this regard. Bitcoin is trading at $101038 at the time of this report.
Market News
Markets:
Indices in the US, all closed in negative territory for the third consecutive session yesterday with the NASDAQ closing down by –3,26%, the S&P 500 was down -2,95% and the Dow Jones closing down by -2,58%. Asian markets this morning have seen Nikkei close down by -0,69% and is at 38813 currently, while the Hang Seng is up by 0,62% and is at 19864 currently.
Currencies:
The US Dollar is currently trading fairly even this morning and is at 1.050 against the Euro, at 1,270 against the Pound, and at 153,44 against the Yen. The Rand value dropped yesterday, with the currency currently trading at R18,08 to the US dollar.
Commodities:
- Gold has rebounded above the $2600 mark after dropping to $2588 last night after the FED announcement of fewer rate cuts in 2025 expected, with the price currently at $2,612.68 per ounce
- Platinum prices have dropped again this morning due to concerns around China’s economy, and is currently trading at $925.70 and with Palladium prices down 12% for the month and at $898.00 currently
- Brent crude is currently trading downwards and at $73.07 with WTI trading lower at $69.67 currently.
- Cocoa has seen further gains this morning and is now up over 19% in price this last week and up over 51% for December, and is currently selling at $12,645.66 per ton.
- Coffee prices are currently up 5,44% this week and at $3.34 per pound currently.
Crypto Currencies
- Bitcoin dropped below $100,000 last night briefly but has regained some momentum and is currently trading at $101,158
- Ether also saw prices drop overnight and is trading at $3680.03 currently
(All prices quoted at approximately 09H00 – Central African Time)
Other News in Africa Today
Sudan Aid Package to be Announced at UN Today:
U.S. Secretary of State Antony Blinken is to announce additional funding for humanitarian assistance to Sudan and efforts to support civil society in the country, where a conflict has killed tens of thousands of people and driven millions from their homes. Blinken is scheduled to address the United Nations (UN) today (19 Dec). Ned Price, the Deputy U.S. Representative to the UN addressed a press conference yesterday where he confirmed that Blinken would be making a number of announcements when he chairs the UN Security Council meeting on Sudan, which will focus on humanitarian assistance and protection of civilians. The announcements will include additional funding for humanitarian assistance, and efforts to support civil society and, ultimately, the transition back to democracy, Price said. “Sudan, unfortunately, has risked becoming a forgotten conflict,” Price said.
African Women Duped into Russian war Labour:
Various investigative reports have shed light on a Russian labour recruitment program that is allegedly luring young African women to work at a drone manufacturing unit in an industrial park in provincial Russia with false promises and has coerced them into contributing to the Kremlin’s war effort in Ukraine. Reported victims of the program, which attracts recruits largely via online job advertisements, includes nationals from Uganda, Rwanda, Kenya, South Sudan, Sierra Leone, and Nigeria. Media reports from The Associated Press, The Wall Street Journal, The Washington Post and others have exposed the operation, named “Alabuga Start”, and VOA has reported that it has found that African countries have largely failed to intervene or give any official response to the situation at this point.
David Albright, founder of the Institute for Science and International Security commented that “the young women are forced to handle toxic materials, which he says is forbidden in Russian labour law. But African and other governments have also been willing to send their citizens off to Alabuga Start” he said.
