Business & Tech News
Corruption Index Shows a World Plunging Further into Corruption:
The 2024 Corruption Perceptions Index (CPI), released yesterday by Transparency International, ranks 180 countries and territories by their perceived levels of public sector corruption on a scale of zero (highly corrupt) to 100 (very clean). The data revealed that almost 85% or 6.8 billion people live in countries with CPI scores under 50. What is even more alarming, is that more than a quarter of the countries in the sample, (47 countries out of 180) received their lowest score ever on the index. These include Austria, Bangladesh, Brazil, Cuba, France, Germany Haiti, Hungary, Iran, Mexico, Russia, and South Sudan.
Venezuela hit an all-time-low of only 10 making it one of the worst countries on the index. South Africa with a rating of 41, has dropped three points since 2019. For the seventh year in a row, Denmark achieved the highest score on the index with a score of 90, and is closely followed by Finland at 88 and Singapore in third spot with a score of 84.
Nigerian Data Cost Spike Hurts Economy:
The mobile networks in Nigeria have increased data prices with steep increases implemented this week. Nigerians have expressed outrage at the extensive increases. MTN – Nigeria’s largest operator – trebled the cost of one of its most popular weekly offers while Airtel has also increased its tariffs. While a price jump was expected after the telecoms regulatory body had approved an increase three weeks ago, the extent of the increases has been severe according to reports. Mobile networks had applied to the regulator for increases to cover rising operational costs. The current cost-of-living crisis in Nigeria with high inflation rates and fuel costs has now been exacerbated by data cost increases both for individuals and many small businesses who rely on internet to trade and to conduct business.
Global EV Sales Update:
The Global electric and plug-in hybrid vehicle sales in January grew by 18% compared to January 2024. With Chinese growth lower than that in Europe and the United States for the first time since last February. Research firm Rho Motion released its monthly EV sales data earlier today indicating that sales in January rose to 1.3 million units with sales in China up by 11,8% with China having extended its auto trade-in subsidies into 2025 as part of an expanded consumer trade-in scheme in January, to avert a slowdown in EV sales while reviving economic growth. Europe reported sales of 0.25 million, up 21% from January 2024.
EV sales in France dropped by 52% due to the introduction of a weight tax on PHEVs, while Germany saw an increase of over 40% partly due to low figures in January 2024, when EV subsidies came to an abrupt end, Rho Motion said. In the United States and Canada, EV sales rose 22.1% to 0.13 million in January, while the rest of the world saw January sales increase by 50%. Compared to December 2024
global sales dropped by 35%, hurt particularly by a 43% drop in sales in China compared with December.
Markets by Numbers
Currencies:
The US Dollar has weakened slightly and is currently trading at 1.03585 against the Euro, at 1.24447 against the Pound, and slightly stronger against the Yen at 153.65 Yen to the dollar currently. The rand has lost its momentum this morning and is trading above the R18.50 level and is currently at R18.51 to the dollar.
Commodities:
- Gold prices dropped below the $2900 level, with the yellow metal trading at $2,891 currently. Copper is trading at 4.6011 currently. Silver has dropped slightly, and at 31.880 currently.
- Platinum prices are holding above the $1020 level today, and currently trading upwards at $1028.60, while Palladium prices have remained just below the $1000 mark and currently trading at $987
- Brent Oil prices are trading at $76.79 currently with WTI trading at $73.0566 currently.
- Cocoa futures have found upward momentum this morning, with prices currently at $10111 per ton.
- Coffee prices have seen a correction from the all-time high levels hit yesterday, and trading at $415.31 currently.
Crypto Currencies:
- Bitcoin has dropped overnight but seen a bit of growth this morning, and is currently trading at $95813.
- Ether prices have slumped again and are at $2600 currently.
- $Trumpcoin has dropped below $16.00 and currently trading at $15.26
(All prices quoted at approximately 09H30 – Central African Time)
Other News in Africa Today
Hunger Strike Protest in Uganda:
Kizza Besigye a Ugandan opposition politician has begun a hunger strike as his time spent in detention awaiting trial, nears three months. Besigye, 68, was charged by a military court in Uganda of illegal possession of weapons and attempting to purchase weapons abroad – accusations which he denies. On Tuesday, an aide from Besigye’s political movement, the People’s Front for Freedom (PFF), reportedly said that “We believe he is protesting because he should not still be in prison – he should be home. “Besigye’s trial was initially postponed until January – it is now unclear when the court case will begin.
DRC Conflict Flares Again:
Fighting erupted again yesterday in the eastern region of the Democratic Republic of Congo, barely three days after a call by African leaders for a ceasefire and a brief ceasefire that was announced. The M23 rebel fighters attacked Congolese army positions in South Kivu province at dawn, according to reports from local and security sources. The DRC government has declared the M23 rebel group as a terrorist organization, while the United Nations and the United States classify it as an armed rebel group. Congo has accused Rwanda of supporting the rebels, a charge that Rwanda denies.
The resurgence comes after east and southern African leaders called on their general staff to propose a plan for implementing an “unconditional” ceasefire by Thursday this week, in a conflict which has killed thousands and driven millions from their homes. The M23 has in recent months swiftly seized tracts of territory in mineral-rich east DRC including the key town of Goma.
