Business & Tech News
DeepSeek Banned in South Korea
South Korea has issued a ban on any new DeepSeek downloads with concerns of personal data safety expressed by the authorities. The recently launched Chinese AI chatbot model DeepSeek was launched recently, however there have been various concerns about its collection and use of personal data. The South Korean government agency said the AI model would become available again to South Korean users when “improvements and remedies” are made to ensure it complies with the country’s personal data protection laws. DeepSeek had seen millions of new users downloading the AI app in the weeks after its launch climbing to the top of app store download lists with over a million new users weekly. DeepSeeks rapid rise in usage has also attracted scrutiny from tech authorities in countries around the world which have imposed restrictions on the app over privacy and national security concerns.
Meta Plan for Mega Sub-Sea Data Cable
In a remarkable plan to advance global connectivity, Meta said in a blog post that “We’re announcing our most ambitious subsea cable endeavour yet: Project Waterworth. Once complete, the project will reach five major continents and span over 50,000 km (longer than the Earth’s circumference), making it the world’s longest subsea cable project using the highest-capacity technology available” it stated. The Waterworth cable once complete will connect the US, India, South Africa, Brazil and Australia. The multi-billion dollar, multi-year investment aims to strengthen the scale and reliability of the world’s digital connectivity network by opening three new oceanic corridors with massive high-speed connectivity that will be needed to drive AI innovation around the world.
Meta, which owns Facebook, Instagram and WhatsApp, has sought to extend its presence in technology beyond social media, including in artificial intelligence (AI) and the infrastructure that supports it. Other innovations included in the project are; an advanced engineering design to maintain cable resilience, which will enable the building of the longest 24 fiber pair cable project in the world, and enhance overall speed of deployment. Deployment of the first-of-its-kind routing, maximizing the cable laid in deep water at depths up to 7,000 meters plus the utilisation of enhanced burial techniques in high-risk fault areas, such as shallow waters near the coast, to avoid damage from ship anchors and other hazards.
Drone Strike in Russia Pushes Oil higher:
WTI crude oil futures rose to around $71.5 per barrel earlier today, providing further price gains in the previous trading session. This was a market response to a Ukrainian drones strike that hit a major pumping station of an oil pipeline in southern Russia, disrupting crude oil flows from Kazakhstan. This has resulted in reduced shipments from Kazakhstan to world markets via Western energy companies including Chevron and Exxon Mobil. Traders are also awaiting developments in the Russia-Ukraine peace talks, as U.S. and Russian officials are set to hold discussions in Saudi Arabia later today, without the participation of Ukraine. Meanwhile, reports indicated that OPEC+ producers are not considering delaying a series of monthly oil supply increases scheduled to begin in April.
Markets by Numbers
Currencies:
The US Dollar has gained traction and is currently trading at 1.04665 against the Euro, at 1.26152 against the Pound, and also slightly weaker against the Yen at 151.889 Yen to the dollar currently. The rand has lost ground to the stronger dollar this morning and is trading at R18.47 against the dollar currently.
Commodities:
- Gold prices have lifted above the R2900 technical level in trade today by more than 2% but have recovered somewhat and trading at $2,911 currently. Copper is also trading downwards and at 4.5946 currently. Silver has followed downward this morning, and at 32.356 currently.
- Platinum prices are trending softer and at $998 currently, while Palladium prices are currently trading at $993
- Brent Oil prices are trading Higher at $75.29 currently with WTI also trading upwards at $71.37 currently.
- Cocoa futures have levelled this morning, with prices currently at $10199 per ton.
- Coffee prices have leveled this morning, after hitting consecutive all-time-high prices last week, and trading at $420.04 currently.
Crypto Currencies:
- Bitcoin has seen prices dip this morning, and is currently trading at $95463.
- Ether prices are at $2670 currently.
- $Trumpcoin saw an 8,8% drop in price today and currently trading at $17.34
(All prices quoted at approximately 09H50 – Central African Time)
Other News in Africa Today
Mauritian Ex-Prime Minister Facing Money Laundering Charges:
Pravind Jugnauth the former Prime Minister of Mauritius, is facing charges of money laundering after being detained by police after a series of raids that included Jugnuath’s home. He was arrested on the weekend but was released on bail yesterday on strict conditions. Jugnauth was detained with three other associates after the Mauritian anti-corruption agency, seized suitcases of cash and luxury watches in 10 different locations. the Financial Crimes Commission released a statement that around $2.4m in local and foreign currencies – including US dollars, euros and UAE dirhams, plus seven luxury watches, including five high-end Cartier timepieces, were also seized during the raids.
Jugnauth was defeated in the national elections held in 2024 with Navin Ramgoolan succeeding him as Prime minister. Ramgoolan had promised to deal with corruption as part of his election campaign and this is the first high profile investigation fulfilling that promise. Jugnauth was detained overnight before appearing in court late on Sunday, where he was granted bail. The other accused include prominent business people and a deputy major who are still being held in custody.
South Africa – US Silent on Aid Freeze:
Ronald Lamola, the South African foreign minister revealed yesterday that the United States had not responded to Pretoria’s appeals for further discussions regarding President Donald Trump’s executive order cutting off aid to the country, that was issued due to several key freedom concerns around property rights and laws restricting minority groups in the country. The US cut U.S. financial assistance to the country earlier in February citing disapproval of its land reform policy and the genocide case against Israel that the ANC government brought at the International Court of Justice. “Despite all our attempts, through our mission in Washington to formally engage and communicate… we are awaiting feedback and a response. We’re hopeful that they will find a moment to … have the discussion with us,” Lamola told Reuters in an interview.
