Business & Tech News
Mali Seizes Barrick Gold:
Mali’s military Junta government, has begun seizing gold stocks held by the Canadian mining company Barrick. There has been an ongoing dispute regarding revenue that the Mali government claims it is owed by the mining group. A letter from CEO Mark Bristow to the Malian Mining Minister, dated Monday, states that Barrick is “awaiting official confirmation of the proper receipt by the Malian Solidarity Bank,” a government entity. The seizure follows a warning letter to Barrick earlier this month from Mali’s senior investigating judge, Boubacar Moussa Diarra, saying three tons of gold would be seized. Reports indicate that a senior Barrick manager confirmed that three tons had been seized by the military government and placed in the capital, Bamako.
According to the senior manager, the gold was taken from a mine near Kayes in the western region of Mali and transported by plane and truck to the capital over the weekend. The seized gold is valued at around $180 million. Barrick Gold has subsequently decided to suspend its gold mining operations in Mali. Barrick shares on the Toronto stock exchange are currently down 1.94%.
TIK TOK Considers Sale to Musk:
After the recent hearing by the Supreme Court last Friday that seems likely to uphold a decision in the US confirming that TIK TOK must sell its US Social Media Platform, the Chinese company and officials are reportedly considering a possible sale of its US operation to Elon Musk, owner of X and Tesla and SpaceX as well as XAi.
TikTok had its day in the Supreme Court on Friday and the prevailing feeling, is the court appears likely to uphold the ban on the social media app. Unless the Supreme Court rules otherwise, TikTok US, will be forced to divest from its Chinese owner, ByteDance, by Jan. 19 or, essentially, be banned in the U.S. This follows the so-called “TikTok Bill” signed into legislation by President Biden last April, that has gone through several court appeals and finally landed in the Supreme Court last week. The Bill alleges that the social media platform poses a security risk and that data from the platform is shared with the Chinese government.
Angolan Inflation Rate hits 8-Month Low:
The annual inflation rate in Angola reduced for the fifth consecutive month to 27.50% in December 2024. This was down from the 28.41% measured in November. This marks the lowest inflation level seen in the Southern African State since March 2024. This was driven by the relative stabilization of the local kwanza Currency. On a monthly basis, consumer prices advanced by 1.70% in December, the most in six months, up from a 1.61% rise in the prior month. The biggest increases in prices were seen in healthcare products at a 2.42% growth, miscellaneous and services, up by 1.99%, hotels, cafes & restaurants up 1.98%, and clothing and footwear up by 1.91%.
Apple Inflating Consumer Cost – UK Court Case:
A UK legal tribunal held Yesterday in London, heard evidence regarding how Apple has allegedly abused its dominant position by charging app developers a substantial 30% commission through its App Store, costing British consumers up to $1.8 billion. The U.S. tech company is facing a mass lawsuit brought on behalf of about 20 million iPhone and iPad users in the UK, who have brought the case alleging they were overcharged for app purchases. Apple, has argued that the case is meritless, as according to them, it overlooks the benefits to consumers of the integrated approach of its iOS operating system, which prioritises security and privacy. The lawsuit set down at London’s Competition Appeal Tribunal is the first mass lawsuit against a tech giant to come to trial under Britain’s growing class action-style cases.
Market News
Currencies:
The US Dollar has strengthened more this morning after yesterday’s surge, and is currently trading at 1.024,86 against the Euro, at 1.22104 against the Pound, and slightly down at 157.606 against the Yen. The Rand traded at R19.10 against the stronger US currency, its lowest value in nine months but has clawed back some ground this morning and currently trading at R18.97 to the dollar.
Commodities:
- Gold prices have levelled in trade today, with the price currently at $2,677 per ounce. With Silver easing slightly while copper is trending upwards. Copper is currently at 4.311 and Silver at 29.63
- Platinum prices have dropped in price and is currently trading at $958, while Palladium prices are currently trading at $933.50
- Brent prices have hit a 3-month high yesterday but have modulated slightly this morning, and currently trading at $80.51 currently with WTI also trading downwards at $78.43 currently.
- Cocoa futures have gained some traction today with prices currently at $10 929.16 per ton.
- Coffee prices have gained in price again this morning, and at $3.25.56 per pound currently.
Crypto Currencies:
- Bitcoin has crept upwards this morning, and is currently trading at $94794.
- Ether prices are at $3167.48 currently.
(All prices quoted at approximately 08H15 – Central African Time)
Other News in Africa Today
Farmers Killed in Nigerian Attack
40 farmers have been killed by a jihadist rebel group in Nigeria’s north-eastern Borno state, according to a government official’s report yesterday. The assault is believed to have been carried out by extremists linked to Boko Haram and its splinter faction that have pledged allegiance to the Islamic State, according to the Borno state Governor Babagana Umara Zulum. Zulum has pleaded with residents to remain within designated “safe zones” that have been cleared of both militants and explosives by the military.
He also called for a thorough investigation into the incident by the armed forces. “I assure the people of Borno that this issue will be investigated comprehensively with appropriate action. I urge the armed forces to pursue and confront those responsible for this brutal act against our innocent citizens,” he stated. Boko Haram, Nigeria’s indigenous jihadist group, began its insurgency in 2009, opposing Western education and seeking to impose a radical interpretation of Islamic law.
Hundreds of Illegal Miners in South Africa Perish:
According to authorities, more than 100 illegal miners, involved in illegal mining opperations in a closed gold mine in South Africa, have died of suspected starvation and dehydration after being trapped deep underground for months while police tried to force them out, a group representing the miners said Monday. The community group believes that more than 500 more are still trapped underground. Sabelo Mnguni, a spokesman for the Mining Affected Communities United in Action Group, told media groups that a cellphone sent to the surface with some rescued miners last Friday had contained two videos indicating multiple bodies underground wrapped in plastic.
It cannot be determined how these men died but it is alleged that it was due to starvation. The mine is in North West province, where police first launched an operation last November to attempt to force the miners out. Mnguni said 18 bodies had been brought out since Friday.
