Business & Tech News
Indian Court Case Against OpenAI Gets New Momentum:
Reuters have reported that the digital news units of Indian billionaires Gautam Adani and Mukesh Ambani, and other outlets like the Indian Express and the Hindustan Times, have mounted a legal challenge against OpenAI’s improper use of copyright content. This follows an original case brought by local news agency ANI, alleging copyright infringements by the global leading AI company. Now, additional parties such as NDTV and Network18 have filed a motion in a New Delhi court to enable them to join the original lawsuit against the ChatGPT. They believe that OpenAi has been scraping news from the news websites and that their news is being utilised by the AI to produce work for others. The 135-page case filing in the New Delhi court, argues OpenAI’s conduct constitutes “a clear and present danger to the valuable copyrights” of Digital News Publishers Association (DNPA) members and other outlets.
Oils Spills its High Prices as Trump Demands Decreases:
WTI crude oil futures fell toward $74 per barrel on Monday, and Brent crude oil futures fell to around $77.9 per barrel on Monday, after logging its first weekly drop this year, after logging its first weekly drop this year, as President Donald Trump ignited trade concerns and demanded OPEC+ to lower crude prices. Trump said he will impose tariffs and sanctions on Colombia after it denied entry to U.S. military deportation flights. In response, Colombia, a key U.S. trading partner and oil supplier, threatened to impose retaliatory tariffs on U.S. imports.
This, along with the ongoing threats of tariffs on major economies such as China, Canada, and Mexico, heightened concerns about global economic growth and energy demand. Adding further pressure to the oil market, Trump last week urged OPEC+ to reduce costs and boost production. He also warned of penalties on Russia if it didn’t make a deal to end the war in Ukraine. However, OPEC and its allies, including Russia, have yet to respond to Trump’s call, with OPEC+ delegates have instead pointed to a plan already to increase output starting in April.
The week Ahead in the Markets:
The week ahead is a busy one from the markets perspective with traders likely to be keeping a close eye on President Trump’s policy announcements, key central bank decisions, and corporate earnings from tech megacap corporations. The US Fed will be announcing its decision on interest rates and is expected to maintain the federal funds rate. Both the ECB and the BoC are expected to announce an additional 25bps cut in key borrowing rates. Central banks of Brazil and Sweden will also be announcing their respective monetary policy rate decisions.
There will be plenty new data releases this week with US GDP numbers plus GDP numbers for the Eurozone, Germany, France, Italy, and Spain due out. Preliminary inflation readings for Germany, France, and Spain will be released while Australia will also release its quarterly CPI data. Chinese trading markets will be closed from Tuesday for the Lunar New Year celebrations, but the Chinese PMI data is set to be released. Corporate financial data due this week includes some of the Tech Giants such as Apple, Meta, Microsoft, and Tesla, who will all be releasing their quarterly results.
Market News
Currencies:
The US Dollar is currently slightly up at 1.04640 against the Euro, at 1.24597 against the Pound, and at 156.07 Yen to the dollar currently. The rand is currently trading at R18.51 to the dollar.
Commodities:
- Gold prices have levelled above the 2750 mark, with the price currently at $2,752 per ounce. Copper is down by -0,97% today and currently at 4.288, while Silver is also trading -1,22% lower this morning at 30.224
- Platinum prices have dropped by -1,9% in trade this morning and is currently trading at $946, while Palladium prices have dropped below the $1000 mark and currently at $969.50
- Oil prices continue lower in trade this morning, with Brent oil currently trading at $77.83 currently with WTI also trading downwards at $74.02 currently.
- Cocoa futures have levelled with prices currently at $11 623 per ton.
- Coffee prices have also plateaued, and at $3.46 per pound.
Crypto Currencies:
- Bitcoin has fallen just below the $100 000 mark, and is currently trading at $99625.
- Ether prices are currently trading lower at $3105 currently.
- $Trumpcoin lost steam overnight and is currently trading lower at $26.78, down over -53% since yesterday
(All prices quoted at approximately 08H40 – Central African Time)
Other News in Africa Today
DRC City of Goma Falls to Rebel Fighter Groups:
On Sunday, the United Nations Security Council made a demand that the Rwandan backed M23 rebel forces, stop their offensive and advance towards the city of Goma, in the eastern region of the Democratic Republic of Congo, and that all external forces in the region immediately withdraw. However, this appears to have had no effect on the advance and footage shared on social media indicated masses of civilians fleeing the city and M23 rebel forces on the streets of Goma. The 15-member U.N. Security Council met earlier on Sunday to discuss the crisis and then quickly agreed on a lengthy statement. The council urged Rwanda and the DRC to return to talks to achieve peace and address issues related to the presence of Rwanda Defence Forces in the eastern Congo and Congolese support for the Democratic Forces for the Liberation of Rwanda (FDLR).
M23 has vowed to defend Tutsi interests, particularly against ethnic Hutu militias such as the FDLR, which was founded by Hutus who fled Rwanda after participating in the 1994 genocide of more than 800,000 Tutsis and moderate Hutus. However, the conflict seems more about the minerals and gold deposits in the region and who controls these. Previous attempts by the Angolan government to broker a peace accord between the parties have failed. Reports over the weekend indicate that nine South African Defence force members, who were part of a peacekeeping force in the area had been killed in the fighting.
Sudan Hospital Attack Shock:
According to reports out of Sudan, approximately 70 people are believed to have died in an attack on the only remaining opperational hospital in the city of El Fasher in Sudan. The announcement was made by the chief of the World Health Organization yesterday. The attack had been one of several attacks as the civil war escalated in the region over the weekend. The attack on the Saudi Teaching Maternal Hospital, has been blamed on the rebel Rapid Support Forces, came as the group was experiencing apparent battlefield losses to the Sudanese military and allied forces under the command of army chief Gen. Abdel-Fattah Burhan. Saudi Arabia’s Foreign Ministry denounced the attack as “a violation of international law.”
