Business & Tech News
Open AI Court Case to go on Trial:
A U.S. District Court Judge, Yvonne Gonzalez Rogers has said that she will agree to expedite a trial on the issue of Open AI converting from a non-profit entity, to be set-down for later this year. This was announced after she had declined Elon Musk’s application for a preliminary injunction finding, saying that it had not met the requirement for this to be granted. Marc Toberoff, a lawyer for Musk, said they were pleased that the judge “offered an expedited trial on the core claims driving this case, which in its words present ‘urgent’ issues in the public’s interest.” “We look forward to a jury confirming that (OpenAI CEO Sam) Altman accepted Musk’s charitable contributions knowing full well they had to be used for the public’s benefit rather than his own enrichment,” Toberoff said in a statement.
OpenAI has been trying to transition from a non-profit into a for-profit entity, which it says it needs to do to secure the capital required to develop the best artificial intelligence models.
Eutelsat Sees Massive Share Spike:
Eutelsat Communications SA, a French holding company providing fixed satellite services, saw its share price spike by over 77% in yesterday’s trading period. The share price traded at 3.57 (euro) this Tuesday March 4th, increasing 1.55 or 77.08 percent since the previous trading session. Looking back, over the last four weeks, Eutelsat Communications gained 114.29 percent. The Companies shareprice had been flagging for months with the company seeing slow growth and burning large amounts of cash.
The share price had dropped by over 75% since last year July but has seen a sudden about-turn as from the end of February after it announced it would be looking to replace Star Link’s service in Ukraine, that may be suspended. Over the last 12 months, its price has dropped overall by 2.14 percent. Eutelsat operates a fleet of satellites covering Europe, the Middle East, North and sub-Saharan Africa, as well as parts of Asia and the Americas.
Mozambique PMI Index Indicates Positive Growth:
The Standard Bank Mozambique Production Manufacturers index (PMI) rose to 50.9 in February 2025, up from 47.5 in January, indicating a robust turn-around and improved growth in production output within the private sector after four consecutive months of contracting output data. Output and new orders expanded as post-election unrest ceased and political stability returned to the Southern African State after a time of turmoil and riots. This has seen business conditions returning to pre-election levels and improving business conditions. Customer confidence has returned to the markets driving higher demand for goods, with positive increases in employment and purchasing activity. Input buying rose to its highest level since August 2024.
Supply chain disruptions have however continued to be a challenge but has shown signs of improvements according to reports. On the negative side, input costs have surged, leading to the sharpest rise in prices in nearly two and a half years and impacting selling prices, that have also increased and inflationary pressures may result.
Copper Gains More Ground:
Copper futures rose above $4.60 per pound in trade today (5 March), recovering losses from earlier in the week. The metal has gained over 16,5% in price year-to-date and looks set to continue upwards as concerns persisted that US President Donald Trump could still impose tariffs on the metal. Trump had previously launched a probe into the possibility of new tariffs on copper imports, aiming to boost domestic production of this critical metal, essential for major industries like energy and technological goods, as well as automotive products. The introduction of tariffs could strain US copper supplies, as the country relies on just two major smelters and imports nearly half of its copper requirements. Additional US tariffs on aluminium and steel are set to take effect next week, adding further pressure on global metal markets.
Markets by Numbers
Currencies:
Currency markets are indicating a softer dollar, with the US Dollar at 1.06301 against the Euro currently, and at 1.27899 against the Pound, and is marginally up against the Yen at 149.65 Yen to the dollar currently. The rand has strengthened against a weaker Dollar, and is trading at R18.48 against the dollar currently.
Commodities:
- Gold prices have seen safe haven investments return due to turmoil in global markets currently, with prices moving above the $2900 mark again, and trading at $2,918 currently.
- Copper is trading up over 2,7% this morning so far, and at 4.6512 currently.
- Silver has traded over 0,5% higher this morning, and at 32.101 currently.
- Platinum prices are at $968.50 currently, while Palladium prices are up over 1% today, and currently trading at $952.50
- Brent Crude Oil prices have hit a four-month low, and is trading at $70.84 currently, with WTI also trading lower at $67.71 currently.
- Cocoa futures have seen a 4,5% price correction this morning after hitting a four-month low yesterday due to crop supply improvement data with prices currently at $8254per ton.
- Coffee prices have remained buoyant, and trading upwards today at $402 currently.
Crypto Currencies:
- Bitcoin has gained fresh upward pressure with the coin currently trading higher at $87 476.
- Ether prices have also moved upwards in trade today, and at $2181.90 currently.
- $Trumpcoin has dropped further this morning, and currently trading at $12.18
(All prices quoted at approximately 08H40 – Central African Time)
Other News in Africa Today
Tunisian “Lawfare” – Opposition Group Goes on Trial:
A grouped trial of opposition leaders, journalists and lawyers, who have been critical of Tunisian president, Kaïs Saïed , has begun this week in what has been clearly flagged by civil rights groups as a mockery and an attempt to silence any opposition. Saied, himself a former law professor, has made several changes to the Tunisian constitution that have granted him wide ranging powers. There has been a clear travesty of justice in this case, with defence lawyers claiming at the start of the trial that they had not been granted access to the full case files for their clients. The defendants, if found guilty could be facing the death penalty as the charges set against them include plotting against the state security and being a member of a terrorist organisation, according to the defence lawyers.
Included in the group on trial are ex-presidential chief of staff Nadia Akacha, the former leader of the Ennahda opposition party Abdelhamid Jelassi and Jaouhar Ben Mbarek, who was a high-profile critic of the president’s 2021 power grab. According to a report by the BBC, one of the defence lawyers, Abdelaziz Essid told judges in court “You can put an end to this madness and absurdity.”
Germany Suspends Aid to Rwanda:
Germany yesterday announced the suspension of new financial aid to Rwanda, due to their support of the M23 Rebel group that have devastated the eastern parts of neighbouring Congo. The announcement was made by the German development ministry. The announcement also indicated that development programs and participation in Rwandan events would be placed on hold. Germany said Rwanda was informed of the decision in advance in a conversation in which the position of Germany, as a member of the European Union was aligned with their position and what the expectations of Rwanda, in terms of the withdrawal of its troops and an end to support for M23 group were explained.
