Business & Tech News
Durban Port Efficiency Upgrades:
In a new development aimed at improving container handling at South Africa’s major import goods port, in the Durban Container Terminals (DCT) area, that has seen the acquisition of a variety of new container moving equipment that includes 20 straddle carriers and nine rubber-tyred gantries. The equipment will be used to improve efficiencies in moving containers and truck loading at the busiest Pier 1 and Pier 2 loading areas where over 60% of container volumes are processed. The Port has long been criticised for the slow pace of cargo management that has seen shipping companies choosing to move their port destination to alternative ports. The Durban Port is also set to be up-graded with an additional four ship-to-shore cranes, and forty haulers plus 67 container trailers that are due for delivery between April and December this year.
Bitcoin Heading to Four-Month Low
Prices of Bitcoin continued its slide to below the $80 000 level in trade this morning amid a massive sell-off that has seen the crypto loosing almost 25% from its recent all-time-high of over $107 000 achieved in December 2024. Bitcoin lost 22.63 percent in the last four months but has grown by 30.72 percent in the past year. Looking ahead, analysts are still forecasting the Bitcoin US Dollar to be priced at 97095 by the end of this quarter and at 84644 in one year, according to Trading Economics global macro model projections and analysts’ expectations.
Amazon Launches New Quantum Chip:
In the third announcement of a quantum chip development within a few months, Amazon has unveiled its new break-through chip development – Ocelot, a prototype chip built on “cat qubit” The goal of its latest chip development is to create an error-free quantum processor unit. The development provided the potential for working model quantum computers to be developed within the span of a decade from now, far sooner than previously anticipated that had been projected to be a 20 to 30-year time-span. Amazon, that currently offers cloud computing services as part of its tech range of services would see them offering quantum computing as part of its product offering. The race for quantum processing computers is been led by the likes of Microsoft with the announcement of its Majorana 1 quantum processor and Google’s Willow quantum chip.
Ayo Technology Group Shares Suspended on JSE:
The Johannesburg Stock Exchange (JSE), has announced that it had suspended Ayo Technology Solutions from trading, due to Ayo failing to comply with JSE listing requirements by not publishing its annual report for the year ended August 31 2024 within the legislated timeframe. Ayo, that includes media group Independent Newspapers, has seen its share price plunge by 90.99% over the past three years Ayo is controlled by controversial and often abrasive businessman Iqbal Survé.
The group still has a massive debt outstanding to the government pension fund, that advanced Survé funds to purchase the Independent group. The company announced on the JSE news service Sens, that the delay wasn’t the company’s fault. “This matter is beyond the direct control of Ayo’s management, and Ayo takes it seriously to ensure the financial integrity of the results,” it said. “Ayo expects, therefore, to release the audited annual financial statements on or before February 28.”
Markets by Numbers
Currencies:
The US Dollar is again trending stronger, and at 1.03853 against the Euro, at 1.25758 against the Pound, and also up against the Yen at 149.93 Yen to the dollar currently. The rand has weakened further against a stronger dollar and is trading at R18.46 against the dollar currently.
Commodities:
- Gold prices have seen a further drop in price today and are down over 2,8% for the week, and trading at $2,864 currently. Copper is trading fairly flat at 4.5158 currently. Silver has continued to traded lower this morning, and at 31.216 currently.
- Platinum prices are trending lower this morning, and at $944.20 currently, while Palladium prices are trading lower below the $900 mark and currently trading at $896.50
- Brent Oil prices are slightly up at $73.05 currently with WTI also trading higher at $69.89 currently.
- Cocoa futures have once again dropped below the $9000 mark this morning, with prices currently at $8836 per ton.
- Coffee prices have dropped by over 4,4% this week, and trading lower today at $377.81 currently.
Crypto Currencies:
- Bitcoin has seen a bloodbath on prices this week and is down over -17,4% this week, with the coin currently trading below $88 000 at $79015.
- Ether prices have lost over -32% this month and at $2100 currently.
- $Trumpcoin has dropped marginally this morning, and currently trading at $12.79
(All prices quoted at approximately 08H30 – Central African Time)
Other News in Africa Today
G20 Meeting – Consensus Agreement Fails:
The South African hosted G20 meeting ended yesterday without consensus being reached, after top officials from several countries skipped it and participating delegates remained divided on crucial issues such as climate finance.
The two-day G20 meeting of finance ministers and central bankers in Cape Town, failed to agree on a joint statement of intent. communique. However, a “chair’s summary” was issued by South Africa that stated; participants “reiterated the commitment to resisting protectionism.” South Africa had hoped to make the G20 a platform for putting pressure on rich countries to do more to tackle climate change, to give more towards poorer countries’ transitions to green energy and to reform a financial system that favours investment banks at the expense of poor sovereign debtors. The US declined to attend the event due to concerns about recent policies and actions taken by the South African government, and the failure of the meeting to reach any consensus is a concern that Pretoria has lost it’s standing within the G20 nations.
Explosions Kill Many at Rally in East Congo:
Reports indicate there were several explosions that killed 11 people and wounded 65 at a rally held by M23 rebels in the eastern Congo city of Bukavu on Thursday, the leader of the rebel alliance said, blaming President Felix Tshisekedi for the violence. The Rebels had recently seized the city in a series of military attacks that resulted in high casualties and trhe withdrawal of DRC troops from the area. Congo’s presidency, which has accused neighbouring Rwanda of backing the insurgents, said on X there had been “several” deaths and blamed “a foreign army illegally present on Congolese soil”. Neither side offered evidence for their claims.
The incident risked further escalating the war in the mineral-rich east of Democratic Republic of Congo, which has already drawn in several neighbouring countries. Corneille Nangaa, leader of a rebel alliance that includes M23, said at a press conference that grenades used were the same type as employed by Burundi’s army in Congo.
