Business & Tech News
Electrification Plans for Africa:
Africa holds the awkward distinction of being the continent with the highest number of people without access to electricity. The impact of this is a large number of people without the means of modern agriculture, limited access to communication, information and effective healthcare facilities. The number of people without electricity in Africa is 300 million according to the World Bank and an ambitious plan, dubbed “Mission 300” to connect homes to power by 2030 was launched by the World Bank and the African Development Bank (AfDB) in April last year. Yesterday saw several African nations committing to open up their electricity sectors to attract investors and electrify the homes of 300 million people currently lacking power in the next six years.
The plan aims to unlock at least $90 billion in capital from multilateral development banks, development agencies, finance institutions, private businesses and philanthropies. “We want to expand and rehabilitate our electricity grids using the least cost possible,” said Kevin Kariuki, vice president for infrastructure at the AfDB during an energy summit of African heads of state in Tanzania’s commercial capital. Nigeria, Senegal, Zambia and Tanzania were among a dozen countries that committed to reform their electricity utility companies, push renewable energy integration and raise national electricity connection targets.
AI Stocks Under Pressure from New Chinese Disruptor:
The Nikkei 225 Index dropped 1.4% in trade this morning in Japan. Chip-related stocks linked to the US AI value chain were the main reason for the decline, following concerns that new Chinese AI start-up DeepSeek, could challenge the dominance of US AI leaders. There was a large sell-off of shares from AI tech Giants such as Nvidia, sparked by the emergence of the low-cost Chinese artificial intelligence model that has entered the market, with investors questioning the ultra-high market valuations of the leading AI companies. Shares of Nvidia, dragged U.S. stocks lower, dropping a massive 17% on Monday and wiping $593 billion from the chipmaker’s market value.
This was a new record set for a one-day loss for any company. DeepSeek last week announced that the firm uses less data at a fraction of the cost of services available currently, garnering significant attention worldwide including from OpenAI CEO Sam Altman who called it an “impressive model”.
EV Global Sales Set to Grow Overall:
Global sales of electric vehicles and plug-in hybrid vehicles are expected to grow by at least 17% this year to a number exceeding 20 million cars. This will be driven in part by an extension of China’s existing vehicle trade-in subsidies. The market forecast by research firm Rho Motion, released today, shows that Europe, the world’s second-biggest EV market, will return to sales growth as CO2 emission targets come into effect this year and will also be aided by the launch of lower priced models. Sales will however be less than the level of sales in 2023, according to Rho Motion Head of Research, Iola Hughes.
Car makers will be looking to 2025 as a transformative year as Europe introduces new emission targets to encourage EV adoption and China extends subsidies, while the U.S. rolls back its electrification targets under the new administration of President Donald Trump. In 2024, EV sales grew by a record 40% to 11 million globally.
Market News
Currencies:
The US Dollar is currently slightly lower at 1.04346 against the Euro, at 1.24459 against the Pound, and at 155.78 Yen to the dollar currently. The rand is currently trading at R18.84 to the dollar.
Commodities:
- Gold prices have dropped slightly, with the price currently at $2,742 per ounce. Copper is down by -0,97% today and currently at 4.2348, while Silver is also trading -1,22% lower this morning at 30.105
- Platinum prices have dropped slightly this morning and is currently trading at $944, while Palladium prices have dropped further and currently at $958
- Oil prices continue lower in trade this morning, with Brent oil currently trading at $77.21 currently with WTI also trading downwards at $73.35 currently.
- Cocoa futures have dropped marginally in trade this morning with prices currently at $11 434 per ton.
- Coffee prices are trading upwards, and at $3.51 per pound currently.
Crypto Currencies:
- Bitcoin has traded upwards overnight to above the $100 000 mark, and is currently trading at $103053.
- Ether prices are currently trading Higher at $3212 currently.
- $Trumpcoin lost steam overnight and is currently trading slightly up from yesterday at $27.38
(All prices quoted at approximately 07H00 – Central African Time)
Other News in Africa Today
Nigerian Insurgent Attacks Continue:
Ongoing conflict in northern Nigeria has seen a new wave of attacks by Boko Haram and Islamic State militants who have targeted security forces and civilians in an insurgency that has killed and displaced tens of thousands of people.
On Friday, Islamist insurgents killed multiple Nigerian soldiers, including a commanding officer, in an attack on an army base in a remote Borno town. According to security sources, 22 soldiers have been killed and several wounded after insurgents deployed improvised explosive devices and suicide bombers to ward off attacks by the military, the army spokesperson Edward Buba said. The Nigerian military said late on Sunday that it had launched an assault 10 days ago against insurgents in the northeast and killed over 70 militants including three commanders. The Islamic State claimed responsibility on Monday for Friday’s attack, according to a post by the group on Telegram.
