Business & Tech News
Tencent Hunyuan launches official Deep-Thinking Model T1
The Partly South African Owned Chinese tech giant Tencent, has launched the official version of its T1 reasoning AI model T1. The new AI is a big step-up in competition in the frenetic and highly competitive AI market in China and globally. The upgraded T1 model offers faster response times and enhanced capabilities for processing extended text documents. The new model also outperforms its competitors in several key areas such as Knowledge, and reasoning, and is on par with Deepseek R1 with regards Math and coding. The AI outperforms GPT 4,5 in every measurement, placing the new AI model at the peak of AI development globally. Naspers, the major South African Media group owns a 25% stake in Tencent via its subsidiary Prosus.
Oil Prices Modulate on Potential Ukraine Peace Deal
Brent crude futures have seen a drop to around $72, down 60 cents US in the previous trading session while WTI crude oil futures dropped to around $68.1 per barrel this morning, as traders weighed prospects of increased supply from Russia amid efforts to end the Russia-Ukraine war. U.S. officials are scheduled to meet with their Russian counterparts later today after holding discussions on a peace deal with Ukrainian diplomats on Sunday. The initiative has created hopes of negotiating a Black Sea ceasefire and reducing violence in the ongoing conflict. Additionally, OPEC+ has announced it plans to gradually revive production in April, increasing output by 138,000 barrels per day.. Meanwhile, investors also continue to monitor the impact of recently announced U.S. sanctions on Iran, which could further influence oil market dynamics.
Roundup Damages Awarded in US Court Case:
In a US cancer court case last week, a court jury in Georgia has ordered Monsanto’s parent company, Bayer, to pay nearly $2.1 billion in damages to a man who has claimed the company’s Roundup weed killer caused his cancer. The verdict marks the latest in a long-running series of court battles Monsanto has faced over its Roundup herbicide. A weed killer that is still widely distributed and sold on the African continent. The agrochemical giant says it will appeal the verdict, reached in a Georgia courtroom late Friday, in efforts to overturn the decision.
The penalties awarded include $65 million in compensatory damages and $2 billion in punitive damages, marking one of the largest legal settlements reached in a Roundup-related case to date. Plaintiff John Barnes filed his lawsuit against Monsanto in 2021, seeking damages related to his non-Hodgkin’s lymphoma. Arnold & Itkin attorney Kyle Findley, the lead trial lawyer on the case, said the verdict will help put his client in a better position to get the treatment he needs going forward.
Gold Fields Gold Road Offer Rejected
In a news release this morning, mining company Goldfields has announced that their offer to purchase the remaining 50% share of Australian gold mine operation at the Gruyere mine had been rejected. This despite a 28% premium offer on Friday’s closing price. Goldfields bought 50% of the mining operation in 2016 from Australian group Gold Road, who have now offered to repurchase Goldfields 50% stake, an offer that Goldfields has also rejected. The conflict in the ownership of the 350 000 once a year, gold production operation is likely being driven by the ongoing high prices in gold. Gold Fields has responded to the situation, stating that it is disappointed that the Gold Road Board has not constructively engaged on key elements of their proposal, which they believe would have allowed both parties to confidentially progress towards an outcome that would deliver increased value to Gold Road shareholders.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar is currently at 1.08383 against the Euro, and currently at 1.29390 against the Pound. The Yen is trading weaker against the Dollar, and at 149.55 to the dollar currently. The rand has weakened slightly against the Dollar, and is trading at R18.18 to the dollar currently.
Commodities:
- Gold futures prices are currently trading $3023 after hitting new high records last week.
- Copper prices continue their upward trend as manufacturing numbers continue to improve in Asia, and at 5.1217 currently.
- Silver prices have remained fairly flat, and at 33.153 currently.
- Platinum prices have dropped below the $1000 mark, and at $978.70 currently, while Palladium prices are currently trading slightly higher at $954.50
- Brent Crude Oil prices are trading lower at $72.11 currently, with WTI is trading upwards, and at $68.28 currently.
- Cocoa futures continue trading lower this morning, and with prices currently at $7837 per ton.
- Coffee futures prices have moved marginally upwards in trade this morning, and at $389.94 currently.
Crypto Currencies:
- Bitcoin is currently trading upwards and over 1,2% this morning and currently at $87006, up over 4% for the week.
- Ether prices have remained above the $2000 mark, and currently trading upwards at $2065.55
- $Trumpcoin is trading upwards today and currently trading at $11.41, up over 3,3% for the day
(All prices quoted at approximately 08H40 – Central African Time)
Other News in Africa Today
Namibia’s Women Powered Presidential Team
Namibia’s new president was sworn in on Friday (21 March), with the 72-year-old politician coming to power during the national election last November, winning a 58% share of the vote. , and the new president has taken no time at all in starting to address the top issues faced by Namibia of high rates of unemployment, inequality and poverty. President Netumbo Nandi-Ndaitwah has also appointed a woman, Lucia Witbooi, as her Vice President, making Namibia the first country in Africa to have women as both President and Vice president. In setting out a clear objective of improving government and reducing wasteful expenditure.
Nandi-Naitwah has reduced her cabinet from 19 to 14 ministers and 7 deputies. Women also dominate the Miniterial positions with 8 of the appointed ministers being women. “If things go well then it will be seen as a good example,” Netumbo Nandi-Ndaitwah told reporters on the BBC,s Africa Daily podcast. “But if anything then happens, like it can happen in any administration under men, there are also those who would rather say: ‘Look at women!’”
South African Ambassador Appointment Confusion:
Since the expulsion of Ebrahim Rasool as the South African Ambassador to the USA, there has been a lot of debate around who should replace him in order to start rebuilding the relationship with South Africa’s second largest trading partner. A report in the Sunday Times yesterday, quoted a senior ANC leader as stating that the ANC will make the choice of appointee, “because it is not a GNU matter, it’s a government matter”. The statement illustrates the divisions within the Government of National Unity (GNU) and the lack of understanding that the GNU is in fact the current government.
Democratic Alliance (DA) Federal Chairperson Hellen Zille commented on X that “Almost a year since the ANC became a sub-40% party, it has not yet grasped that they (the ANC) can no longer claim to be the government”. That label now attaches to the GNU which acts within the parameters of the Statement of intent (GNU Agreement). There is an urgent need for the situation to be resolved and that there should be practical steps taken to start addressing the broken relationship with Washington.
