Business & Tech News
Bank Replacing Humans with AI:
The potential of widespread job-losses has again been highlighted in Singapore where Singapore’s largest bank, DBS has announced that it expects to cut 4,000 jobs over the next three years, that will, in future be fulfilled by artificial intelligence (AI). The banking industry is not the first to take such decisions with the IT and Cyber Security industry having shed hundreds of thousands of positions globally over the past year or two. DBS announced that the reduction in workforce would come from natural attrition as temporary and contract roles complete their contractual periods, however this will still have an impact in the economy. According to a BBC report, the bank’s outgoing chief executive Piyush Gupta stated that the bank expects to create around 1,000 new AI-related jobs, and that permanent positions in the bank were not expected to be affected by the AI developments.
South African Competition Commission Sanctions Google and Meta:
In a landmark ruling in South Africa, the Competition Commission has determined that Google as well as other social media companies, including Meta, were guilty of anti-competitive behaviour, particularly with regards their domination of the media news space. Provisional findings were released yesterday along with an indication of the financial censure that may be applied. Google could be required to pay up to $27.29 million (300-500 million ZAR) a year for a period between three to five-years, in compensation to South African media outlets.
The finding follows a case brought by several media companies in South Africa that believed the social media companies were unfairly utilising content and under representing local media in their algorithms, that they generate traffic to their digital platforms and also dominated the search and advertising space without a share of revenue provided to the media outlets. There have been similar anti-trust cases in the US as well as in Australia that have reached similar findings. The Competition Commission will publish a final report later this year, with all parties concerned given until April 7 to submit evidence to support their case.
Nvidia Chip Demand Spikes:
Reports out of Singapore indicate that Chinese companies are increasing their AI processor chip orders dramatically, predominatly from global processing chip leader Nvidia. The increase in demand has been driven by widespread adoption of new Chinese AI platform DeepSeek, that provides a low-cost AI model. The initial reaction from markets when DeepSeek launched in January, was a rapid slide in Nvidia;s share price, however the latest announcements out of China, shows that major players in the Chinese digital space have decided to invest more in AI development and that this is creating further demand for processor chips. Alibaba ByteDance and TenCent, have all recently indicated that substantial additional capital has been allocated to their AI development programs. The current higher demand is also being driven by the potential for the US implementing chip supply bans to Chinese tech groups.
Markets by Numbers
Currencies:
The US Dollar is currently trending upwards at 1.04753 against the Euro, at 1.26373 against the Pound, and also stronger against the Yen at 149.63 Yen to the dollar currently. The rand has remained steady against a stronger dollar and is trading at R18.35 against the dollar currently.
Commodities:
- Gold prices have remained fairly flat in early trade today, and trading at $2,939 currently. Copper is trading at 4.4969 currently. Silver has also traded lower this morning, and at 32.339 currently.
- Platinum prices are trending lower today, and at $960 currently, while Palladium prices are also trading lower and currently trading at $929
- Brent Oil prices are trading higher at $75.14 currently with WTI also trading upwards at $71.10 currently.
- Cocoa futures have dropped drastically by over -17% this week, with prices currently at $8385 per ton.
- Coffee prices have remained below $400, and trading at $393.93 currently.
Crypto Currencies:
- Bitcoin has seen prices trade over -10% lower this week, and is currently trading at $91946.
- Ether prices have lost over -22% this week and at $2506 currently.
- $Trumpcoin has dropped again this morning and currently trading at $14.98
(All prices quoted at approximately 07H40 – Central African Time)
Other News in Africa Today
Terrorist Cells in Morocco Arrested:
Moroccan authorities this month arrested a dozen people they said were planning attacks on behalf of the Islamic State in the Sahel, a region south of the Sahara Desert, officials announced yesterday. The discovery of the terrorist cell and what authorities called an “imminent dangerous terrorist plot” reflect a growing trend of extremist groups in the region and their ambitions of over-throwing the existing regime. No details were released by the authorities who did not provide details of the suspects’ motives or their plot, beyond saying they planned to set off bombs remotely. They released photographs and videos showing officers raiding terrorist cells throughout the country.
European Import of Rwanda Minerals Could End:
The European Union’s top diplomat, Kaja Kallas, has called Congo’s territorial integrity “non-negotiable” and said EU defence consultations with Rwanda have been suspended, due to their ongoing support for the M23 Rebel forces insurgency into the Eastern Congo region, that has resulted in the deaths of over 7000 people in the past months. The Rwanda-backed M23 rebels have captured unprecedented amounts of territory in mineral-rich eastern Congo, Congo’s prime minister said Monday, as the European Union announced it would review an agreement with Rwanda on critical raw materials.
There has been an acceleration of the conflict in recent weeks, with the rebel forces taking the key city of Goma in January and Bukavu, another provincial capital, earlier this month. The conflict is predominantly being driven by armed groups vying for a foothold in Congo’s east, which contains rich mineral deposits and mostly untapped mineral wealth critical to the world’s technology developments in AI and green and battery technologies.
