Business & Tech News
Rolls-Royce Expands on Custom Build Demand:
The world’s leading Luxury carmaker, has announced plans to expand its Goodwood factory and global headquarters, with the purpose of meeting ever growing demand for customised models of its vehicle range. They are reported to be spending over $370 million in the plant expansion project that will be solely to accommodate additional top-end highly-customised versions of its cars for its elite customer base. While plans in the UK are to phase out petrol engine vehicles completely by 2030, Rolls-Royce declined to say whether the firm would stop selling cars with combustion engines to clients abroad. The Rolls-Royce models, currently sells from around $308,000 to about $420,000. However, the customised and personalised models can sell at double those prices and more depending on the build requirements. In 2019 the Eswatini King, caused a stir when he purchased 19 Rolls-Royce vehicles for himself, his mother and all of his wives
Namibian Oil Hopes Shelved:
Shell Oil, has announced that it will not be looking to further develop the offshore oil and gas wells, discovered in the Southern African region in 2022. The company said it would write down around $400 million in losses from the exploration phase costs. The gas deposits were it deemed commercially unviable for commercial extraction, in a blow to Namibia’s ambitions to become a crude oil producer. Shell drilled nine wells in the licence over the past three years, and recently, a Portuguese oil company Galp also made a major discovery in a different offshore licence. Shell CEO Wael Sawan, disclosed to analysts late last year, that Namibia’s acreage was “very challenging,” and that the lower permeability of the rock made extracting oil and gas harder.
Zambian Kwacha Crashes:
The Zambian currency, the kwacha, hit a record low exchange value to the US dollar yesterday, after several factors have influenced the currency recently. A severe drought, along with flagging copper prices, and a reduction in production volumes due to restrictions in electricity supply in 2024 caused by the low water volumes in the Zambezi river, reducing Zambia’s key Hydro power supply, has seen the Kwacha hit a series of record lows since the start of the year.
The drought has affected the wheat crop export volume projections, one of Zambias key export sectors while the major copper-producing nation has seen average prices of copper in 2024 below that seen in 2023, all having an impact on the local currency. This combined with a strengthening US Dollar have seen the currency value slip despite the country’s emergence from payment defaults in 2024. The kwacha is now roughly 3% below where it was before the nation’s debt restructuring deal and has fallen nearly 15% over the last six months.
Market News
Currencies:
The US Dollar has strengthened sharply overnight and is currently trading at 1.030,22 against the Euro, at 1.2299 against the Pound, and at 158.14 against the Yen. The Rand has taken a beating against the stronger US currency overnight, with the currency currently trading at R18.90 to the dollar
Commodities:
- Gold prices continue to strengthen in trade today, with the price currently at $2,665 per ounce. Silver and copper also seeing prices higher today.
- Platinum prices gained momentum over-night but currently flat today, and is currently trading at $967, while Palladium prices have held above the $900 level and currently trading at $906
- Brent is lower this morning, and currently trading at $76.30 currently with WTI also trading downwards at $73.43 currently.
- Cocoa futures have held above the $11000 mark, with prices currently at $11 177 per ton.
- Coffee prices are steady and at $3.20.58 per pound currently.
Crypto Currencies
- Bitcoin has dropped further in trade this morning, and is currently trading at $94071, down 1,09% today.
- Ether prices have also dropped slightly today, and is trading at $3312.30 currently.
(All prices quoted at approximately 09H15 – Central African Time)
Other News in Africa Today
US Declares Sudan Killings a Genocide:
The US government has declared that the rebel Rapid Support Forces (RSF) and its proxies are perpetrating what is effectively genocide in its ongoing conflict Sudan’s military. The conflict has resulted in the deaths of citizens in the tens of thousands, and caused a severe displacement and humanitarian crisis. The US has accused the RSF of systematic attacks targeting civilians, which has included ethnic-based killings, sexual violence, and preventing essential humanitarian aid from reaching those in need. Anthony Blinken, the American Secretary of State has announced that sanctions have been imposed on RSF leader Mohammad Hamdan Daglo Mousa, and seven RSF-owned companies in the United Arab Emirates (UAE), including a gold-smuggling firm. The UAE has denied arming the RSF despite evidence suggesting otherwise. The U.S. has committed to holding perpetrators of the violence accountable and apply pressure for the opposing groups to enter into meaningful ceasefire negotiations.
Congolese Citizens Protest Violent Conflict:
DRC citizens have had enough of the ongoing conflict in their region that has resulted in thousands of innocent lives lost and a massive human displacement crisis. Yesterday saw residents of Bukavu, the capital of South Kivu province, take to the streets in protest, orchestrated by the civil society organization Forces Vives. People are deeply concern about the violent attacks by the Russian backed M23 rebels who have been attacking towns and villages in the southern Kivu province. The recently proposed “Luanda Peace Negotiations” failed due to Rwanda’s refusal to participate in the process.
The Kigali government has long supported the rebels and there is a stalemate in negotiations to bring the conflict to an end. The region has a wealth of natural resources such as gold, which has become a major source of income to the rebel groups who on sell illegally mined gold via intermediaries to China and other countries. Some of these illegal mines are reportedly being operated by Chinese nationals. With ongoing conflicts in eastern DRC, this protest has become a symbol of the citizens of DRC to stand up against tyranny and the unlawful exploitation of their resources.
