Business & Tech News
Oil Prices Surge to Three-Month High
Brent crude oil futures rose above $77 per barrel this morning, extending over-night gains and hitting three-month highs. This was partly driven by data showing declining US crude inventories, with API data indicating a 4.022 million-barrel reduction in holding last week, far exceeding projected numbers of 0.25 million-barrels This marks the fourth consecutive weekly in oil reserve declines, the longest run of declines in three years. Oil prices also gained support from tighter global supplies due to Western nation’s sanctions on Russia and Iran, driving greater demand for Middle Eastern oil. This was reflected in the increase in oil prices from Saudi Arabia, the first increase in three months. Additionally, China’s Shandong Port Group banned US-sanctioned oil vessels, further straining supply, while colder weather in the US and Europe has increased demand for heating oil.
BRICS Welcomes New Member:
Indonesia has been admitted as a full member of the BRICS bloc of developing economies, the group’s presiding country Brazil announced Monday. The BRICS alliance group, was initially created by Brazil, Russia, India and China in 2009, with South Africa added as a member in 2010. In 2024, the alliance expanded to embrace Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia was invited to join but has not accepted the invitation to do so yet. Turkey, Azerbaijan and Malaysia have all formally applied to become members. Prior to Indonesia’s membership approval, BRICS accounted for almost 45% of the world’s population and 35% of global economic power as per their combined GDP, measured using purchasing power parity.
The announcement of the additional member came from the BRICS chair, that released a statement on Monday announcing that Indonesia has become a full member of BRICS. The spokesperson said Indonesia, as a major developing country and an important force in the Global South, highly recognizes the BRICS spirit and has taken an active part in “BRICS Plus” cooperation.
META Morphing:
Social Media Giant META has closed its fact-checking division with CEO Mark Zuckerberg, admitting that the people employed there had a political bias and led to too much censorship of free speach. This comes amidst what seems to be a political and social re-alignment having appointed conservative, Dana White, the UFC president as a board member this week. There have also been discussions between Zuckerberg and President-Elect Donald Trump. This is all happening in the context of META facing a multiple front of court cases. The US Anti-Trust case is seeking to force META to sell off Instagram and WhatsApp due to the purchases becoming a monopolistic structure.
A second trial brought by more than 30 US states accuses Meta of fuelling a teen mental health crisis by making Instagram and Facebook addictive. The States have internal emails from whistle-blower accounts, and hidden studies which they claim prove that Meta knew the harms but looked the other way. The third case was brought by a group of shareholders, who are suing Meta over the Cambridge Analytica scandal, claiming it hid facts and misled them on privacy policies. Meta has fought hard to keep this case out of the courts, but it has failed and lost all its appeals, so now it will go to trial.
OpenAI CEO Accused of Rape:
According to reports, OpenAI’s CEO, Sam Altman, has been accused by his sister, has filed a lawsuit alleging that he regularly sexually abused her between 1997 and 2006. Ann Altman filed the lawsuit, on 6 January this year in a US District Court in the Eastern District of Missouri. The indictment alleges that the abuse started when she was three and Mr Altman was 12. Altman and other family members, including his mother have denied the allegations, saying “all of these claims are utterly untrue.” In the filing, alleges that the sexual abuse, took place over multiple years, and included rape. The lawsuit added the last instance of the alleged abuse took place when Mr Altman was an adult but she was still a minor. The lawsuit requested a jury trial and damages in excess of $75,000 (£60,100).
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 gained more tractionthis morning, and is up over 2% today, with the price currently at $2,652 per ounce. Silver is up 1,93% for the week with and copper prices also up by over 4% this week and currently at 4.1631
- Platinum prices gained momentum over-night but currently flat today, and is currently trading at $962, while Palladium prices have continued to gain traction and above the $900 level and currently trading at $910
- Brent is trending upwards to hit a 3-month high, and currently trading at $77.36 currently with WTI also trading upwards at $74.68 currently.
- Cocoa futures have gained more support above the $11000 mark, with prices currently at $11 223.96 per ton.
- Coffee prices are up 0,8%today and at $3.20.08 per pound currently.
Crypto Currencies
- Bitcoin has dropped below the key $100 000 level again, and is currently trading at $95498, down 1,5%.
- Ether prices have also dropped by almost 2% today, and is trading at $3321.47 currently.
(All prices quoted at approximately 09H20 – Central African Time)
Other News in Africa Today
Algeria and Mali in Dispute Over Conflict Resolution:
There have been increasing Tensions between Algeria and Mali, amidst allegations of interference by Algiers in Mali’s internal affairs. The conflict was sparked by comments from Algeria’s Foreign Minister, Ahmed Attaf, who had voiced his concern over Mali’s plans to reclassify certain northern separatist groups, including signatories of the 2015 Algiers Agreement, as terrorist organizations. Attaf emphasized that these groups should remain key interlocutors in peace negotiations and insisted that “a military solution is not the answer.”Mali, however, perceives these statements as an intrusion on its sovereignty, straining what is a complex relationship as things stand. The two nations have conflicting perspectives on the way to address the ongoing conflict in northern Mali, with Algeria advocating dialogue and Mali increasingly favouring military action.
Ivory Coast – Fertiliser Explosion Fears:
Authorities in the Port of the Ivory Coast have simply dismissed safety fears about a moored boat loaded with 20,000 tonnes of ammonium nitrate. This is the same fertiliser mix that had caused the catastrophic explosion, at the Port of Beirut in the capital city of Lebanon causing at least 218 deaths, 7,000 injuries, and US$15 billion in property damage, as well as leaving an estimated 300,000 people homeless. Ammonium nitrate is commonly used as an agricultural fertiliser, but is also an explosive compound often used in the creation of vehicle bombs. Its presence in the waters off the busy city of Abidjan – home to more than six million people – has caused alarm among residents. Part of this same cargo, began its journey in Russia, and ended up being dumped off the coast of England last year after it became contaminated by fuel oil following a rough sea voyage.
