Business & Tech News
TikTok Back up in US After Trump Extension Promise:
Chinese owned social media TikTok, had faced a ban in the US after out-going president Biden had signed a bill that the company must find a US purchaser or shut-down its US operation. Yesterday saw the service initially shut down all US accounts with the entire platform going dark in the US. Hours later they started restoring service to users after President Donald Trump, said that he would sign an executive order today to provide an extension to the deadline. It is however not clear if the app’s Chinese owner is prepared to sell the US operation by securing a US backer in time to avoid a permanent shutdown.
Tik Tok CEO, Shou Zi, personally thanked Trump for his intervention in keeping the social media platform from having to shut down permanently in the US and being willing to assist in finding a solution. The incoming President said that he will “not let TikTok stay dark,” promising to sign an executive order granting another 90 days for TikTok to find a US backer. Trump proposed a joint venture under which American owners would purchase 50% of the company. TikTok restored service after that post, with Trump getting thanked on social media, by TikTok users for his intervention.
Incoming US First Couple Launch New Crypto Coins:
US President-elect Donald Trump has launched his own cryptocurrency on Saturday, followed by a new crypto currency launched by his Wife Melania only a day later. Incoming US President’s release of the meme coin, $Trump, comes as he prepares to be sworn into office today as 47th president of the US. The venture was co-ordinated by CIC Digital LLC – an affiliate of the Trump Organization. The new coin quickly found traction and by Saturday afternoon, was sitting a market capitalisation of nearly $5.5bn, according to CoinMarketCap.com. CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is unclear how much money Trump might make from the venture.
Not to be outdone, Incoming first lady Melania Trump followed the launch with her own cryptocurrency yesterday. The First-lady posted a message on X “The Official Melania Meme is live! You can buy $MELANIA now,” she posted on Sunday. Both coins have risen in value since launch, and seems to have been well timed with the inauguration today providing a clever marketing platform for the coin launches. The website for the “Official Melania Meme” says it is a crypto asset created and tracked on the Solana blockchain.
US and China Start Defrosting Relations
In what appears to be a warming of relations between the US and China, China’s Vice President Han Zheng met with incoming vice President JD Vance and with Tesla CEO Elon Musk, in separate meetings in Washington. This ahead of President Trumps Inauguration, that Chinese President Xi Jinping seconded Han to attend in an unprecedented move. Han reportedly told Musk he “welcomed Tesla and other U.S. companies and encouraged them to seize the opportunities and share in the benefits of China’s development, and contribute to the growth of China-U.S. economic and trade relations,” the report said. Musk said that Tesla is willing to deepen investment and cooperation in China and play an active role in promoting U.S.-China economic and trade exchanges,” the agency added
Instagram launches Edits:
Instagram head Adam Mousseri announced the arrival of Edits, a brand new app to make short-form videos on your mobile phone. According to Mousseri, it is not simply a video editing tool, but a full suite of video creation tools for creators making short form videos for social media. There will be a dedicated tab for creative ideals and trending videos as well as another tab for keeping track of your ideas and rough draughts as well as an insights tab that will provide insights into improving videos for social media. The app will be available for pre-order in the IOS store for now with an android version coming soon, and according to Mousseri will only be available from February 2025.
Market News
Currencies:
The US Dollar is currently trading at 1.03072 against the Euro, at 1.22028 against the Pound, and at 156.07 against the Yen. The Rand has continued to strengthen against the dollar, and currently trading at R18.69 to the dollar.
Commodities:
- Gold prices have held above the $2700 mark, with the price currently at $2,708 per ounce. Copper has lost upward momentum and is trading lower currently at 4.3086, while Silver is trading slightly lower this morning Silver at 30.323
- Platinum prices have gained some traction again and is currently trading at $948.30, while Palladium prices are currently trading at $945.50
- Oil prices modulated lower in trade this morning, with Brent oil currently trading at $80.39 currently with WTI also trading downwards at $77.64 currently.
- Cocoa futures have moved upwards to start the week, with prices currently at $11 170 per ton.
- Coffee prices have also moved upwards, and at $3.27 per pound currently.
Crypto Currencies:
- Bitcoin has continued its upward trajectory beyond the $100 000 level, and is currently trading at $103702.
- Ether prices are currently at $3370.61 currently, up almost 10% in value for the week.
- $Trumpcoin launches Saturday at $36 and has traded as high as $75.5 on Saturday before seeing a drop, but has regained momentum and is currently trading at $60.02
(All prices quoted at approximately 08H40 – Central African Time)
Other News in Africa Today
Nigerian Fuel Tanker Explosion Kills Dozens:
More than 70 people are believed to have died in a massive fuel tanker explosion, in north-central Nigeria. The explosion happened after a gasoline tanker had crashed and overturned in the early hours of Saturday morning, the country’s emergency response agency said. The victims of the blast were mostlylocal residents who had rushed to collect the fuel that was spilled when the tanker overturned. A generator was started to transfer the fuel into another truck, at which point the explosion occurred, according to an eyewitness Abdulazeez.
The Federal Road Safety Corps says most of the victims were burnt beyond recognition. With the absence of an efficient railway system to transport cargo, fatal truck accidents are common along most of the major roads in Nigeria. With the petrol price increases that have inflated the cost of fuel by over 400% since May 2023, when President Bola Tinubu scrapped a decades old fuel subsidy, many are prepared to their lives to recover fuel during tanker truck accidents.
Nigeria Become Ninth BRICS Menber:
Nigeria has been admitted as a “partner country” of the BRICS group of countries, according to the group’s current chair – Brazil. BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialized nations. Last year, the bloc included Iran, Egypt, Ethiopia and the United Arab Emirates. Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. “With the world’s sixth-largest population — and Africa’s largest — as well as being one of the continent’s major economies, Nigeria shares convergent interests with other members of BRICS,” Brazil’s government said in a statement Friday.
