Business & Tech News
Mali Mine Deal Confirmed:
Ambrosia Investment Holding, a UAE investment fund, has bought a 50 percent stake in the Sadiola mine in the African state of Mali from Canadian-listed mining group, Allied Gold. Ambrosia Investment Holding, a newly formed investment fund chaired by Ahmed Amer Al Amry, has agreed to a $500 million in Allied Gold, including $375 million for the stake in its mines in Mali and $110 million for a 12 percent stake in the listed parent company, the companies said in a statement.
Allied owns Mali’s Sadiola mine, which produces up to 230,000 ounces of gold per year. Once the mine is fully expanded, by 2028, the target production level will be in the region of 400,000 ounces per year, the companies confirmed in a statement. “We believe this collaboration is the first of its kind, with a Canadian company partnering with Emirati entrepreneurs and business persons investing in Mali,” said Peter Marrone, Allied’s CEO.
Nigerian GDP Expands for Fourth Consecutive Quarter:
The fourth quarter of 2024 saw Nigeria’s economy accelerate by its most robust growth in three years, primarily fueled by the services sector, according to data released yesterday. The gross domestic product (GDP) rose by 3.84% year-on-year, eclipsing the 3.46% growth recorded in Q3 in 2024 and well above the 3.19% and 2.98% increases in GDP, seen in Q2 and Q1respectively. The continued growth indicates a significant rebound in economic activity as the country moves into 2025.The National Bureau of Statistics reported that the services sector was the driving force behind this growth, expanding by 5.37% compared to the same period last year.
Overall, the full-year growth rate for 2024 reached 3.40%, a notable increase from the 2.74% recorded in 2023. While the growth is significant it does however fall short of the very ambitious 6% GDP growth target set by President Bola Tinubu when he took office. High Fuel and energy charges are still major challenges in the north African state, however recent improvements in local fuel refineries production are set to be a catalyst for further growth in 2025.
TikTok Rival Platform Considered by Meta
Instagram is reportedly exploring the possibility of launching a standalone app for Reels, its short-form video feature to rival the like of TikTok. According to a report by The Information, Instagram’s chief Adam Mosseri, had discussed the idea during a staff meeting this week, as per a source. Meta, the parent company of Instagram, appears to be looking to take advantage of the uncertain future of TikTok in the United States. Lawmakers have expressed concerns over TikTok’s connections to its China-based parent company ByteDance, with some advocating for a ban. A separate app for Reels could provide users with a similar video-scrolling experience if TikTok faces restrictions or a shutdown.
ByBit Hacker – North Korean Bad Actor:
The Federal Bureau of Investigation released a statement yesterday confirming that North Korea was responsible for the theft of approximately $1.5 billion in virtual assets from cryptocurrency exchange ByBit. The agency said it refers to the specific North Korean malicious cyber activity deployed in the hack as “TraderTraitor.” “TraderTraitor actors are developing rapidly and have proceeded to convert some of the stolen assets to bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains,” according to the public service announcement.
Markets by Numbers
Currencies:
The US Dollar is currently trending stronger, and at 1.04650 against the Euro, at 1.26545 against the Pound, and also flat against the Yen at 149.38 Yen to the dollar currently. The rand has weakened further against a stronger dollar and is trading at R18.45 against the dollar currently.
Commodities:
- Gold prices have seen a further drop in price today to below the $2900 mark, and trading at $2,891 currently. Copper is trading lower today, and at 4.5145 currently. Silver has continued to traded lower this morning, and at 31.681 currently.
- Platinum prices are trending flat this morning, and at $964.50 currently, while Palladium prices are trading lower, dropping 8% this week and currently trading at $918.50
- Brent Oil prices are lower at $72.76 currently with WTI also trading lower at $68.84 currently.
- Cocoa futures have found some traction this morning and have jumped by over 8%, with prices currently at $9059 per ton.
- Coffee prices have dropped by over 4% this week, and trading lower at $379.24 currently.
Crypto Currencies:
- Bitcoin has seen prices trade over -12% lower this week, but there has been over 2% gain in price this morning, indicating a correction in prices, and is currently trading at $85821, after hitting a low of 83857 yesterday.
- Ether prices have lost over -23% this month and at $2334 currently.
- $Trumpcoin has dropped again this morning, and currently trading at $12.82
(All prices quoted at approximately 08H30 – Central African Time)
Other News in Africa Today
Military Plane Crash Disaster in Sudan:
Reports out of Sudan’s state media, indicate that around 46 people have been killed and 10 others injured after a Sudanese military plane malfunctioned and crashed into a residential neighbourhood in Omdurman, the twin city of the capital Khartoum. The aircraft, an Antonev, crashed soon after take-off from the Sudanese military’s Wadi Seidna air base on Tuesday evening, killing military officers and civilians. The exact cause of the crash has not been determined yet, however, military sources have been quoted as saying that it was likely to have been a technical malfunction. The crash came a day after the paramilitary Rapid Support Forces (RSF) – which is at war with the army – said it had downed a fighter jet in South Darfur.
Egypt to Raise Public Sector Minimum Wages:
Reuters reports that Egypt will increase the minimum wage for public sector workers to 7,000 Egyptian pounds ($138.50) per month from July, aligning it with the private sector’s minimum wage established in early February, Finance Minister Ahmed Kouchouk announced during a press conference on Wednesday. The wage increase forms part of a broader social protection initiative, which will cost between 80 and 85 billion Egyptian pounds ($1.6-$1.7 billion) and is slated to commence with the new fiscal year beginning in July. Additionally, a temporary relief package valued at 35-40 billion Egyptian pounds ($692-791 million) will be implemented from March through June.
This package includes increased funding for the country’s ration card system, targeting support for 10 million of the most vulnerable families in March and April. Despite previous increases in the minimum wage, its real value has declined over time due to the excessively high inflation rates that exist in the country.
