Business & Tech News
Nokia Nominates New CEO:
Justin Hotard, the executive vice president and general manager of Data Center & AI Group at Intel, is set to take over as the new CEO of Nokia, replacing Pekka Lundmark who will step down as CEO as of the end of March 2025.
Nokia, once the top mobile phone manufacturer, has been struggling with lower sales of 5G equipment, and have been seeking new opportunities to diversify their market scope and break into growing areas such as artificial intelligence. Nokia’s Chair Sari Baldauf commented that “He (Hotard) has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia’s future growth,” he stated. Lundmark, who became CEO in 2020, will remain on in an advisory role to Hotard until the end of the year, the company said.
Satellite-to-Cell Testing Expands:
T-Mobile announced yesterday, that it had started wide-scale testing of its satellite-to-cell service, powered by SpaceX’s Starlink. This forms part of the process that the wireless carrier aims to eliminate mobile dead zones and extend connectivity to specifically reach remote areas. The beta trial will be free till July 2025, after which the plan will be included in T-Mobile’s premium Go5G Next plan at no extra cost. The development marks a potential pivotal shift in mobile connectivity, that would mean a complete global telecommunications network that excludes terrestrial mobile networks with technology that will ensure seamless coverage anywhere on Earth. T-Mobile said 500,000 square miles of the U.S., which is unreachable by terrestrial cell towers, can now stay connected. The beta launch will offer text service via satellite, while voice and data features will be added later, the company announced the test during the Super Bowl game yesterday.
Gold Glitters to new High Again
Gold surged above $2,890 per ounce on Monday, hitting a fresh record high, driven by safe-haven demand after US President Donald Trump announced new global tariffs on all steel and aluminium imports, escalating trade war fears. The move adds to existing metal duties as part of his trade policy overhaul. Meanwhile, expectations of looser monetary policy from major central banks are also boosting non-yielding gold. Investors continued to anticipate two Fed rate cuts in 2024 despite strong labour data, aligning with FOMC projections. The Bank of England also cut rates last week with a more dovish stance than expected, while the RBI implemented its first rate cut since pandemic-related measures nearly five years ago. Central bank gold purchases further supported bullion, with the PBoC adding to its reserves for a third consecutive month in January, official data showed.
Monday Market Update:
There has been a flurry of activity in Asian Markets and earlt trade today with the Hang Seng and Shanghai Composite indices rising this morning, led by tech stocks with AI exposure. The upward movement has also been supported by the Chinese inflation report released yesterday showing lower than expected numbers that has helped ease deflationary concerns. US and European futures are showing a possible rebound from Friday’s weakness in equity markets market jitters around trade tariffs. The JSE All-Share Index has opened higher this morning, tracking other major indices.
The rand is holding steady around the R18.50 level, however there may be further volatility today following Trump’s signing of an executive order to cut financial assistance to South Africa on the grounds of “race-based discrimination”. The dollar and US Treasury Yields are trading level in early trade. Oil prices have started to rebound from oversold territory, with little in the way of news to support the move.
Markets by Numbers
Currencies:
The US Dollar is currently trading slightly stronger at 1.03171 Against the Euro, at 1.24002 against the Pound, and up against the Yen at 152.44 Yen to the dollar currently. The rand has remained range boud around the R1850 mark and is currently at R18.499 to the dollar.
Commodities:
- Gold prices are moving upwards and heading towards the $2900 level, the metal is trading at $2,894 currently and up over 1,2% today. Copper is also trading close to highs today, and currently up over 6% for the last week and trading at 4.5844 currently. Silver is trading fairly level with over 2% gain in prices this last week, and at 32.160 currently.
- Platinum prices are holding above the $1000 level today, and currently trading at $1011, while Palladium prices have remained below the $1000 mark and currently trading at $973
- Oil prices are trading upwards and currently at $75.03 currently with WTI also trading higher at $71.32 currently.
- Cocoa futures have further drop of over 10% with prices currently at $9773 per ton.
- Coffee prices are still moving upwards and have hit a new record high over $400 and currently trading at $412.15 currently. The price increase continues to be driven by an anticipated volume declines in coffee beans in this year’s Brazilian crop.
Crypto Currencies:
- Bitcoin has remained in a band just below the $100 000 mark, and is currently trading at $97784.
- Ether prices is week are moribund, with the crypto trading at $2643.60 currently while still over -19.48% down for the month so far.
- $Trumpcoin has taken a dive over the weekend and trading below $15 at one point but has recovered slightly to trade at $15.27 currently
(All prices quoted at approximately 10H30 – Central African Time)
Other News in Africa Today
Gauteng Government Covers-Up Corruption – Report
According to a report on News24, the Gauteng Provincial Government (in South Africa), has covered-up a forensic report that indicated that the Gauteng government misappropriated more than R600 million from a programme designed to assist the province’s vulnerable citizens. The report was produced by the law firm Bowmans where a large number of investigation documents produced Bowmans has laid bare financial misconduct, and possible fraud and corruption.
These were allegedly committed by government officials in the social development department. who are accused of granting relief funding to unqualified and unverified recipients. In a complete travesty of justice, instead of laying criminal charges, as directed by Bowmans, the provincial government kept the findings hidden from the public and the findings of misconduct and fraud were never recorded in its financial accounts. The loss and apparent misappropriation of funds has resulted in a “funding crisis” that has seen the province struggle to assist its most vulnerable residents.”
Namibian Iconic Leader Passes Away:
Sam Nujoma, the first president of democratic Namibia, has died at the age of 95 in the capital Windhoek, according to official reports from the president’s office. Nujoma was the leader and founder of Namibia’s liberation movement, the South West Africa People’s Organisation (SWAPO) and led the long fight for independence from South Africa in 1990 After independence, Nujoma became president in 1990 and led the country until 2005.Nujoma had been hospitalised over the past three weeks with an illness from which he “could not recover”, Namibian President Nangolo Mbumba said in a statement announcing the death with “utmost sorrow and sadness”.
