Business & Tech News
Tullow Oil Relief from Tax Assessment:
UK based oil company, Tullow Oil, has issued a statement confirming the outcome of arbitration by the International Chamber of Commerce (ICC). Their ruling, has confirmed that the Branch Profit Remittance Tax (BPRT) does not apply to its operations in the Deepwater Tano and West Cape Three Points oil fields positioned offshore from Ghana which include the Jubilee and TEN fields. The Tribunal determined that BPRT is not applicable to Tullow Ghana, as it falls outside of the tax regime provided for in the Petroleum Agreements with the West African State.
The ruling provides relief for Tullow, as the company will not have to pay the $320 million BPRT assessment and will not face future BPRT liabilities, the company said. Tullow Chief Executive Officer, Rahul Dhir, commented that “We are delighted with the outcome and decision of the Tribunal, which affirms our assessment and removes a material overhang from our business. BPRT is a tax on the profits that a foreign business makes in a country and then remits back to its parent company abroad.
Gold Momentum Maintained:
A year back, gold was trading just above the $2000 dollar an ounce level, for the first time since August of 2020 when it briefly breeched that level. This morning gold was trading above $2,660 per ounce, heading for a weekly gain of over 1,5%. Safe-haven demand and continued central bank purchases, continue to drive demand for the yellow metal. A recent survey by the World Gold Council suggested that major central banks are likely to purchase more gold over the next 12 months. On the economic front, data released on Thursday (2 Dec) indicated U.S. jobless claims falling to an eight-month low in the final week of 2024, providing further support with the US Fed likely to adopt a measured and cautious approach to rate cuts this year.
Apple to Pay for Giving Siri Data Away:
Apple has reached an out-of-court agreement where it has agreed to pay a $95 million cash settlement in a class action lawsuit. The case that was filed in the California federal court in Oakland, claimed that Apple’s voice-activated Siri assistant violated users’ right to privacy. Mobile device owners had maintained that Apple had routinely recorded private conversations after unintentionally activating Siri, and that Apple had then disclosed the content of these conversations to third parties such as advertisers who then used the data to target consumers with specific offers. A preliminary settlement was filed on Tuesday night in federal court, and will require approval by U.S. District Judge Jeffrey White to be finalised.
Copper Prices Subdued:
Copper futures remained below $4 per pound in early trade this morning, maintaining low levels close to their lowest price holding near their lowest levels since August 2024. The strengthening US dollar also continued to weigh on commodity prices with the dollar surging to a more than two-year high on Thursday, fuelled by expectations of US economic outperformance and fewer rate cuts from the Federal Reserve this year. A stronger dollar increases the cost of commodities priced in dollars for holders of other currencies. Additionally, weaker-than-expected manufacturing data from China has weakened the demand outlook from the world’s top copper consumer.
Market News
Currencies:
The US Dollar is currently trading flat at 1.027,84 against the Euro, at 1.240,30 against the Pound, and at 157.168 against the Yen. The Rand is currently trading a little stronger against the US Dollar, with the currency currently trading at R18.70.
Commodities:
- Gold has gained further traction overnight, with the price currently at $2,659 per ounce.
- Platinum prices have strengthened further above the $900 mark, and is currently trading at $914.40, while Palladium prices have remained below the $900 level and currently trading at $891.50
- Brent crude continues to trade upwards, and has gained almost 3% this week and currently trading at $75.97 currently with WTI also trading upwards at $73.12 currently and is up 3,6% for the week.
- Cocoa futures have continued above the $11000 mark, with prices currently at $11 215.58 per ton and is up 13,6% for the week.
- Coffee prices have gained overnight and is at $3.24.60 per pound currently.
Crypto Currencies
- Bitcoin has seen continued upward direction in prices, and is currently trading at $96527, up 2,51% this week
- Ether prices have dropped slightly this morning and is trading at $3449.49 currently, up 3,84% for the week
(All prices quoted at approximately 08H50 – Central African Time)
Other News in Africa Today
Unidentified Falling Space Object Found in Kenya:
A large metal object, in the form of a circular ring, has crashed to earth from space, outside the small rural Mukuku village in the Makueni County region of Kenya. The object reportedly weighs around 500-kilograms and is around 2,5 meters in diameter. The incident had created some concern from local residents that they were in danger. Authorities believe that it is likely to be a separation ring from a space rocket and at this stage, have not been able to identify the exact source. Local authorities have stated that it poses no immediate risk to the community and that no one was injured by the falling object.
Large Fire Destroys Major Market in Ghana:
The Kantamanto Market, in Ghana’s Capital Accra, was completely destroyed by a severe fire that swept through the major commercial hub yesterday, destroying hundreds of shops in its path. According to local emergency services, the fire started early in the morning, prompting the deployment of 13 fire crews to contain the situation. A spokesperson for the Ghana National Fire Service confirmed that investigations were underway to determine the cause of the incident. As of now, no injuries have been reported, and the cause of the fire remains unknown.
