Business & Tech News
Intel – Big Changes Likely Under new CEO:
Intel’s new CEO Lip-Bu Tan, who will start in his new role at Intel today, is set to get right to work to turn around the struggling tech group. The semiconductor giant’s new executive is considering sweeping changes for the company’s chip manufacturing and AI strategies, according to reports on media outlet Reuters, including big cuts in middle management staff and revamping the company’s approach to manufacturing chips. Tan reportedly told company employees that he would need to make “tough decisions” to get the company back on track. Tan was announced as Intel’s new CEO last week. He rejoins the company this week after departing from Intel’s board in August 2024 over clashes with Intel’s former CEO Pat Gelsinger.
Wiz Gets Attention from Alphabet:
Alphabet is apparently in advanced talks to acquire cloud cybersecurity startup Wiz, However it remains to be seen if they will be able to settle the previous differences they had last Ssummer when there were initial talks between the companies. The price being discussed for the acquisition is around $30 billion, as was reported by The Wall Street Journal. Google Cloud believes that Wiz’s cloud security products are fit for purpose for its customer base, with the added attraction of a $500 million annual recurring revenue (ARR) base, with a forecast of a $1 billion in ARR in 2025.
Wiz closed its last funding round of $1 billion at a valuation of $12 billion last May. Its valuation reportedly jumped to $16 billion in an employee tender offer late last year.
Suez Income at Risk for Egypt:
Egypt’s President Abdel Fattah al-Sisi annonced yesterday that the monthly losses of the Suez Canal revenues, had reached a staggering $800 million due to the situation of ongoing pirate attacks from Yemen’s Houthis, who have been attacking cargo vessels in the Red Sea. The Iran-backed Houthis have attacked vessels in the Red Sea area since November 2023 in support of Palestinians in Gaza during the war with Israel, disrupting global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar is weaker stronger today against the Euro, and currently at 1.09116 against the Euro, and is currently at 1.29777 against the Pound. The Yen is also sitting lower at 149.52 to the dollar currently. The rand has strengthened to a three-month high against the Dollar, and is trading at R18.09 to the dollar currently.
Commodities:
- Gold prices have surged by 3,26% this week to break above the $3000 level, hitting a new all-time-high record today of $3010 where it is currently trading.
- Copper is trading up over 4,4% for the week and trading upwards today at 4.9442 currently.
- Silver is up 3,15% for the week, and at 33.892 currently.
- Platinum prices continue trading upwards and is up over 5% this week, and at $1026 currently, while Palladium prices are currently trading at $961.00
- Brent Crude Oil prices trading upwards at $71.23 currently, with WTI also trading slightly up at $67.72 currently.
- Cocoa futures are trading downwards this morning, with prices currently at $7870 per ton.
- Coffee prices have gained over 2% this morning, and at $389 currently.
Crypto Currencies:
- Bitcoin is currently trading at $82964, down over -1% today.
- Ether prices remain below $2000 and currently trading at $1905
- $Trumpcoin is trading fairly flat today and currently trading at $11.32
(All prices quoted at approximately 07H20 – Central African Time)
Other News in Africa Today
IMF Discusses Kenyan Loan Arrangement:
Kenya and the International Monetary Fund (IMF) are set to discuss a new lending programme, after aggreement was reached that the previous lending program was to be abandoned. The loan facility facility, which is set to expire next month, is worth a total of $3.6 billion The Kenyan government is struggling to boost its economy after an exstensive borrowing spree led to a surge in debt-servicing costs the nation is unable to service. This lead to the widespread riots last year when the government announced additional taxes would be levied.
Kenya now needs to negotiate a new debt restructure and also requires additional funds to meet its obligations. “The IMF has received a formal request for a new program from the Kenyan authorities and will engage with them going forward,” Haimanot Teferra, the IMF’s mission chief, said in a statement issued at the end of a visit to Nairobi. The statement said the two sides had “reached an understanding that the ninth review under the current Extended Fund Facility and Extended Credit Facility programs will not proceed.”
Nigeria Inflation Eases Further:
While for most countries, an inflation rate of over 20% would be a complete nightmare, for Nigeria, seeing its annual headline inflation reduced to 23.18% in February, and the second consecutive month would be a welcome sign. The Nigerian statistics agency said on Monday, the inflation had curbed to just above 23%, a month after it rebased its Consumer Price Index to reflect changes in consumption patterns. The National Bureau of Statistics said the headline inflation rate had dropped from 31.7% a year earlier and was down 1.3% percentage points from January. Food inflation, a key driver of the headline rate, stood at 23.51% year on year in February compared with 26.08% the month before.
