Business & Tech News
Harmony Hit By Two Mining Tragedies in a Day
Harmony Gold Mining Company Limited has released a statement regarding the tragic double incidents yesterday that resulted in loss of life. The two unrelated incidents happened yesterday morning, at the Doornkop Mine, in Soweto and at the Joel Mine in the Free State. Two employees lost their lives following a mining incident on Tuesday morning at a development end at Doornkop Mine, in Soweto, Gauteng, where blasting operations have been temporarily suspended. In a separate incident, three employees succumbed to their injuries following a severe underground rock fall incident at the Joel Mine, near Theunissen in the Free State Province. The causes of these two unrelated incidents are currently under investigation, both internally and by the regulator. The relevant authorities have been kept fully apprised of the incidents.
Investigations into the causes of these incidents will be led by the Department of Mineral Resources and Energy, supported by labour representatives and mine management at each operation. “We are devastated by the news of these tragic incidents. The safety and wellbeing of our employees is our first priority, and the loss of lives of our colleagues is deeply saddening. We extend our heartfelt condolences to their families, colleagues and friends and will provide our full support to the families of the deceased during this challenging time.”says Beyers Nel, chief executive officer of Harmony.
Google Gains in Advertising Revenue – but Cloud Revenues Disappoints Investors:
Google’s holding company, Alphabet Inc., has released its fourth quarter results for 2024. The numbers indicate that the Tech giant’s digital ad sales continued to grow over the last quarter, but that wasn’t this was insufficient to diminish investors’ concerns about whether its big investment in artificial intelligence will produce the returns that were initially envisioned. Alphabet earned $26.5 billion, predominantly from its monopoly on search engine advertising, equalling $2.15 per share, during last year’s final quarter, a 28% increase from the same period in 2023. year. Revenue rose by 12% from the previous year to $96.5 billion.
The earnings were higher than the expected analyst forecasts of $2.13 per share. On the downside, revenue growth in the Google Cloud division that is closely linked to the current extensive AI developments, was not as robust as had been anticipated. Alphabet also announced that it will spend $75 billion on its AI developments this year, around 29% higher than Wall Street expected, and investors indicated disappointment at the missed cloud revenue target and showing impatience over profitability. Shares of Alphabet fell 9% in extended trading.
Precious Metal Prices Pushing New Price Levels
While Gold is currently leading the focus regarding the price charge in precious metals, other metals are seeing even better gains than gold has seen this year. Gold has now hit consecutive day highs over the last three trading sessions, With the gold price just reaching a new high of $2860 per ounce at the time of writing this report. The yellow metal has seen a gain of 8,83% so far this year with a 3,47% gain in price in the current week alone.
Silver prices have however seen a bigger year-to-date gain of 11,75% with a remarkable 4,55% gain this week alone. Copper is another precious metal with upward price pressure, having gained 9,26% in price this year so far and is up by 2,22% this week.
Nissan Honda Merger Cancelled:
In a sudden about-turn, Japanese Automaker Nissan has called off merger talks with rival Honda, according to a report in the Nikkei newspaper this morning. The two Auto manufacturers had been in intensive merger discussions for months and while an official announcement was delayed, there were indications that the merger would definitely proceed. The merger would have resulted in the new entity being the global no.3 automaker. French Automaker Renault, who owns a minority share in Nissan had also indicated that it would support the merger, and the cancellation raises concerns of Nissans future and if it would survive its current crises of lower sales, and diminishing profits, that have already resulted in job cuts in its US plants.
Shares in Nissan slid more than 4% before trade was suspended by the Tokyo Stock Exchange following the release of the report. Shares of Honda, which were still trading, were up more than 8% in a sign of apparent investor relief about the deal being scrapped.
Market News
Currencies:
The US Dollar is currently trading at 1.03889 against the Euro, at 1.24833 against the Pound, and at 153.22 Yen to the dollar currently. The rand is currently trading slightly for the second consecutive day, and is currently at R18.66 to the dollar.
Commodities:
- Gold prices have hit new record levels, with the price currently at $2,860. Copper is trading upwards again today and currently trading at 4.3635, while Silver is also trading 0,8% higher this morning, and at 32.319 currently.
- Platinum prices moved to just above $1000 earlier today, but is currently trading at around the $1000 mark, while Palladium prices have dipped just below the $1000 level, and currently at $998
- Oil prices are trading slightly lower than yesterday and currently at $76.04 currently with WTI also trading lower than yesterday’s close at $72.63 currently.
- Cocoa futures have been trading lower this morning with prices currently at $10 043 per ton.
- Coffee prices are slightly softer this morning, and at $383.68 currently.
Crypto Currencies:
- Bitcoin regained some stability after the last week’s roller-coaster ride, and is currently trading at $97828.
- Ether prices continue to make gains from the losses incurred earlier this week, with the crypto trading at $2740.70 currently while still over -12% down for the week.
- $Trumpcoin has finally started to show some upwards momentum after dropping below $17 and is currently trading at aound 0,7% up for the day at $17.71
(All prices quoted at approximately 08H50 – Central African Time)
Other News in Africa Today
Anglican Apology Too Late for Victims:
In an alarming story of lack of civil duty, the Anglican Church of Southern Africa (Acsa) has released a public apology for failing to protect the public from the risk posed by a known child abuser from the UK who moved to South African in 2001. John Smyth, was a UK barrister, who used the Anglican Church as cover to abuse over 100 children and youths who he befriended at church youth camps that he organised. Smyth, who died in South Africa in 2018 at the age of 77, abused youth in the UK and Zimbabwe in the 1970s and 1980s. He met many of them at Christian camps that he organised.
The Archbishop of Canterbury, Justin Welby, resigned last year following the publication of an independent review into the matter. The enquiry found that Mr Welby and other church leaders “could and should” have formally reported Smyth in 2013 to police in the UK and authorities in South Africa.
DRC Conflict – Ugandan Troops Deployed:
While the Rebel troops that invaded the eastern region of the DRC, including the city of Goma, have declared a unilateral ceasefire, there are ongoing concerns that the Rwandan backed rebel groups are planning further attacks. In response, Uganda has deployed more than 1,000 extra troops into east Congo this week close to the area where the DRC government troops are engaging in fighting the M23 led rebel alliance group. The UN has a peace keeping force in the region consisting of troops from multiple countries including Uganda and South Africa. UN diplomatic sources have said that there are heightening fears of a regional escalation into a full civil war. The conflict is complicated with Rwandan-backed M23 who are led by a previous DRC government official, and with the area in a mineral-rich part of Democratic Republic of Congo that are one of the main causes.
The area has seen ongoing conflicts since 1996 that has seen millions killed from conflicts, hunger and disease. The extra Ugandan deployment north of Goma would raise the UN force numbers that are officially backing Congo President Felix Tshisekedi’s army against the rebel forces – to about 4,000-5,000, according to U.N. numbers. Uganda has been helping Congo fight the Islamist Allied Defence Forces since 2021, and the new deployment of between 1,000-2,000 troops was under that auspice in a push called Operation Shujaa, the sources said.