Business & Tech News
Nigerian Inflation Rate Hits 30 Year High:
The latest inflation numbers from Nigeria, indicate that the December inflation rate increased for the fourth consecutive month, rising to 34.80%, up from the 34.60% measured in November. This marks a 30-year inflation high for Nigeria. Festive season spending was the reason given by the Nigerian National Bureau of statistics. Food inflation was at 39.84% year-on-year in December, compared with 39.93% in November. Inflation spiked after the Nigerian president devalued its currency and slashed subsidies on fuel and energy in 2023, in a bid to revive economic growth and bolster public finances.
Inflation had begun to decrease but was halted due to several petrol price increases, implemented by government drove inflation upwards, resulting in the worst cost of living crisis the nation has seen in decades. The government predicts that the rate will fall to 15% this year, aided by fewer imports of petroleum products due to several local oil refineries coming online.
New Google Case Alleges Evidence deletion:
Google has once again raise the ire of legal authorities in the US with a case brought by 17 US states that alleges the tech company deleted millions of pages of key evidence deliberately, and that they trained its staff members to destroy evidence that might indicate culpability in anti-trust cases. Google has had several large anti-trust cases that were heard last year and has lost two of them. One for its advertising monopoly and another for its search platform. Judgements are still expected on these. This new case however is a damming one if found to be true with allegations that chats and messages or documents that contained specific evidence on intent and deception.
Allegedly 96% of CEO Sundar Pichai’s chats to staff and managers on Google Chat, were deleted and over four million chats from top executives had also been deleted. Google had previously given assurances to courts that it was maintaining evidence. Google had also insisted that staff utilise their chat platform to communicate across the business.
TikTok Shutdown Sunday:
TikTok is going ahead with preparations for a US shut down on Sunday – the deadline set by new legislation if they did not comply with finding a local US owner. The social media app is used by 170 million Americans on Sunday, however a federal ban, signed into law by US president Biden last year is set to take effect. The only possible alternative would be a last minute acquisition, that was rumoured to be on the table or a last-minute federal reprieve, which seems unlikely to happen.
The Washington Post reported that President-elect Donald Trump, whose term begins the day after the ban, might consider issuing an executive order to suspend enforcement of a shutdown for 60 to 90 days. Elon Musk was touted as a potential buyer of the platform by market speculators, however there has been no official coment from the owner os social media platform X on the issue.
Market News
Currencies:
The US Dollar has firmed against major currencies this morning, and is currently trading at 1.028,53 against the Euro, at 1.22159 against the Pound, and at 156.22 against the Yen. The Rand has continued to strengthen against a stronger dollar, and currently trading at R18.77 to the dollar.
Commodities:
- Gold prices are up in trade today, with the price currently at $2,692 per ounce. With Silver and copper also seeing gains. Copper is currently at 4.3771 and Silver at 30.713
- Platinum prices have strengthened and is currently trading at $934.10, while Palladium prices are currently trading at $950.50
- Oil prices have surged overnight and continue upwards in trade this morning, with Brent oil currently trading at $82.41 currently with WTI also trading downwards at $80.42 currently.
- Cocoa futures have modulated in trade today with prices currently at $10 894 per ton.
- Coffee prices have gained overnight, and at $3.30.46 per pound currently.
Crypto Currencies:
- Bitcoin has continued its upward trajectory overnight and seem to be challenging the $100 000 level again, and is currently trading at $99779.
- Ether prices are trending upwards, and at $3378.71 currently.
(All prices quoted at approximately 08H50 – Central African Time)
Other News in Africa Today
Political Abductions Under Fire in Kenya:
In a new low mark in African politics, Public Service Cabinet Secretary Justin A Kenyan, has alleged that the country’s national intelligence agency were those responsible for the abduction of his son last year. There has been much anger that has sparked protests, over concern and criticism against the rising cases of government abductions of its political critics. Muturi issued a statement, that it took a personal call from President William Ruto to get his son released by the National Intelligence Service (NIS). Muturi is the first member of the cabinet to publicly criticise the government’s handling of the spate of abductions in Kenya. Muturi’s son, Leslie, was abducted on 22 June last year. Some of the abducted that have been released, have reported that they had been tortured and beaten.
Illegal Miner Rescue Mission Completed:
Police authorities together with rescue workers have finally completed their rescue operation in Stilfontein in South Africa. There are no more illegal miners believed to be trapped underground, volunteers working with rescue teams have said.
Around 78 bodies of deceased illegal miners were retrieved, and over 200 survivors have been pulled out since the rescue operation started on Monday (13 Jan) after a court ordered the government to facilitate rescue operations at the mine. Police have indicated that they would check that there were no remaining people in the mine today. The stand-off began in November when the government ordered police to arrest any miner who surfaced, saying it was determined to end illegal mining in the country.
New Mozambican President Inaugurated:
Daniel Chapo, the leader of Mozambique’s Frelimo party, was sworn in as president on Yesterday at a ceremony that was marked by few attendees. Moths of violent protest action followed last years disputed Presidential elections. While the courts confirmed the win, opposition parties and international election observers claimed that there had been many irregularities in the results. A local civil society monitoring group says more than 300 people have been killed in clashes with security forces since the Oct. 9 vote, which the opposition says Frelimo won through vote-rigging. Frelimo have denied the claims. Chapo told a group of about 1,500 supporters from a stage in the capital Maputo that social and political stability would be his government’s top priority.
