Business & Tech News
Dangote Refinery Updates its Production Forecast:
Africa’s Largest oil refinery, the Dangote Oil Refinery in Nigeria, is expected to hit its full production level of 650 000 barrels-per-day within the next 30 days. Located in Lagos, the refinery was built by Nigerian billionaire Aliko Dangote and aims to transform the country’s energy landscape. Since commencing operations in January 2023, the refinery has produced diesel, and naphtha, and the production of Jet fuel, while petrol production kicked-off in September 2024. A consistent supply of crude locally has however been a challenge for the refinery. Once it reaches full capacity, Dangote’s refinery is believed to be positioned to compete with European refiners and potentially export fuel products across Africa and beyond.
Tech Leader’s Taunts and Twists:
In a fascinating look into the top Tech leadership today was revealed after a consortium of investors led by Elon Musk had offered $97.4bn to buy-out OpenAI, the maker of ChatGPT. The offer was presented by Musk’s attorney, Marc Toberoff, who confirmed that they had submitted an official bid for “all assets” of the tech company to its board on Monday.
The offer is a new turn in a longstanding battle between Musk, the owner of X, Starlink, Tesla and The Boring Company and current adviser to US President Donald Trump, and Open AI chief executive Sam Altman over the future of the start-up at the centre of the AI boom. Musk has maintained that Altman had betrayed the initial start-up investors by changing the company to a for-profit entity. In an interesting response to the bid, Altman posted a message taunting Musk on his own social media platform X: “no thank you but we will buy twitter for $9.74 billion if you want.”
Tesla Megapack Megafactory Begins Production:
Tesla’s has announced the commencement of production in their new Megafactory in Shanghai, after only 8 months since construction began. The production facility, dedicated to manufacturing its energy-storage batteries, known as Megapacks, launched production this morning (11 Feb), marking a significant expansion of the company’s presence in China. With an initial annual production capacity of 10,000 units, or roughly 40 gigawatt-hours of energy storage, this Megafactory is set to significantly contribute to Tesla’s global energy storage goals.
The company anticipates a year-on-year increase of 50 percent in energy storage deployments in 2025. The factory covers an area of approximately 200,000 square meters, and represents a total investment of about $202 million (U.S. dollars). “We’ve witnessed the incredible speed of Shanghai and Tesla once again. I’m excited to have this factory kick off an exciting year for Tesla,” said Mike Snyder, vice president of Tesla, at the launch ceremony on Tuesday, expressing confidence that the new factory will become a cornerstone of Tesla’s global production network.
Markets by Numbers
Currencies:
The US Dollar has strengthened and is currently trading slightly stronger at 1.0304 against the Euro, at 1.23602 against the Pound, and slightly lower against the Yen at 151.94 Yen to the dollar currently. The rand has strengthened further below the R18.50 level and is currently at R18.43 to the dollar.
Commodities:
- Gold prices surged above the $2900 level, with the yellow metal trading at $2,922 currently, up over 2,9% for the week. Copper is also trading close to highs today, and currently up over 7,5% for the last week and trading at 4.6701 currently. Silver has dropped slightly, and at 31.981 currently.
- Platinum prices are holding above the $1000 level today, and currently trading upwards at $1023, while Palladium prices have remained just below the $1000 mark and currently trading at $997
- Oil prices are trading upwards and currently at $76.27 currently with WTI also trading higher at $72.66 currently.
- Cocoa futures have further drop of over 11% this week, with prices currently at $9645 per ton.
- Coffee prices are boiling upwards, hitting another new record high over $420 and currently trading at $431.91 currently. The price increase continues to be driven by an anticipated volume declines in coffee beans in this year’s Brazilian crop with a prediction of a three-year low in crop volumes in the 2024/2025 crop.
Crypto Currencies:
- Bitcoin is creeping back towards the $100 000 mark, and is currently trading at $98253.
- Ether prices have also started to rally with the crypto trading 1,77% up today at $2709 currently while still over -16% down for the month so far.
- $Trumpcoin has begun to claw back losses from the last two weeks, to trade at $16.00 currently
(All prices quoted at approximately 08H00 – Central African Time)
Other News in Africa Today
UN Withdraws Aid from Northern Yemen:
Yesterday saw the UN announce that they are ceasing of all humanitarian aid to the war-torn country. The announcement follows the detention of eight additional U.N. staff members by Houthi Rebel forces, which hampers the response to one of the most severe humanitarian crises globally. In its statement, the U.N. described the decision to suspend all operations and programs in northern Saada province as “extraordinary,” citing a lack of “necessary security conditions and guarantees.” In recent months, the Houthis have detained numerous U.N. personnel, along with individuals linked to aid organizations, civil society, and the previously operational U.S. Embassy in Sanaa, Yemen’s capital.
The U.N. is hoping that the suspension of operations will provide both the Houthis and the UN time to “facilitate the release of arbitrarily detained U.N. staff and ensure that essential conditions are established for delivering critical humanitarian aid” in areas controlled by the rebels. The latest group of detained U.N. staff includes six individuals working in Saada, located on Yemen’s northern border with Saudi Arabia, which affects the U.N.’s operational capacity,
Legal Challenge to Expropriation Act:
The newly ratified Expropriation act in South Africa, has become the focus of international players who are concerned about the abuse of human rights in the Southern African state. A legal challenge against a controversial new land seizure law at the centre of a row with US President Donald Trump has been filed in the high court by the Democratic Alliance (DA), who are also currently members of the South Africa’s Government of National Unity (GNU), a coalition government formed after the ANC failed to reach a majority in parliament after last year’s general elections.
The Expropriation Act allows for private land to be seized by the government without compensation based on a basis of “public Interest”, a clause that leaves the door for abuse wide open. US President Trump has frozen foreign aid to the country as a result, alleging that land is being confiscated already. The DA, has stated that Expropriation Act is unconstitutional, arguing that no democratic government should be given powers to seize property without compensation
