Business & Tech News
BYD Reports Positive Growth in EV Sales
The major Chinese competitor to Tesla in China, automotive manufacturer BYD, has released its annual financial report indicating an annual revenue for 2024 that eclipsed that of competitor Tesla Motors. The Shenzhen-based firm showed its revenue had grown by 29% to reach $107bn, driven primarily by increased sales of its hybrid vehicles. BYD’s revenue beat Tesla’s $97.7bn revenue reported for the same period. BYD has also this past weekend, launched a lower-priced vehicle, Its Qin L model that has a starting price in China of almost 50% less than that of its competitor, the Tesla’s Model 3, which has been the top selling electric vehicle in China for some time. BYD has also announced its new charging stations that it says can recharge EV’s fully within five minutes, upping the competition stakes in a major marketplace for EV’s
Tunisia Opens Up Solar Developments
Tunisia has granted licenses to four international firms to develop a combined 500 megawatts of solar voltaic capacity in the North African State. The cost of the projects combined is projected to be a total of $386.31 million, according to a statement released by the energy ministry said on Yesterday.
The companies involved in the project are French company, Qair International SAS, are to construct two plants with a total capacity of 300 MW, Voltalia, also a French company, has been contracted for a 100 MW solar farm build, and Norway’s Scatec and Japanese firm Aeolus, a unit of Toyota Tsusho , who will combine to build an additional 100 MW project. The projects are the first to be awarded under Tunisia’s international tender for renewable energy projects, that has a goal to create a total capacity of 1,700 MW in power generation by 2030.
Gold Bar Fights
Shares of Australia’s Gold Road Resources has climbed to an all-time high in today’s trading session, following the rejection of an offer from 50% shareholder Gold Fields yesterday to buyout the remaining shareholding in the Australian Mining operation at the Gruyere mine. Gold Fields had offered a 28% premium price to the Friday closing price in what would have been a $2.1 billion acquisition. Gold Road’s board however believed that the offer was a low ball undervalue price for the firm and according to a statement released seen as “highly opportunistic”.
The Boardroom war escalated with a counteroffer tabled by Gold Road for buying out Gold Field’s share in the partnership, that in turn was rejected. Gold Fields’ CEO Mike Fraser said Northern Star Resources’ imminent $3.3 billion acquisition of De Grey Mining , of which Gold Road is a major shareholder, acted as a catalyst for Gold Fields’ bid. With Gold prices seeing record high numbers it is not surprising that both in the boardrooms and in conflict areas such as Eastern DRC, battle lines are being drawn for greater control of the yellow metal
Samsung Co-CEO Passes Away
Samsung Electronics has reported that its co-CEO Han Jong-hee had died of a heart attack. This will result in the leadership mantle moving on to recently appointed Jun Young-hyun, who will need to navigate murky waters solo as the tech giant struggles to rebuild its underperforming chip business amidst difficult trading conditions. Han, 63, became chief executive officer of South Korea’s largest corporate entity in 2022, where he ran both its consumer electronics and mobile devices division.
The loss of its senior leader may also have an impact on Samsung’s efforts to improve the performance of its home appliance division at a time when it must deal with uncertainties involving tariffs and escalating trade wars, the analyst said. Han had chaired a shareholder meeting last week, where he told investors that 2025 would be a difficult year and Samsung would flexibly respond to U.S. tariffs with its global supply chain and manufacturing footprints. The company had been criticised by shareholders for failing to find its place in the global AI boom that had dampened stock prices resulting a poor overall performance on the bourses.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar has strengthened, and is currently at 1.08008 against the Euro, and at 1.29194 against the Pound. The Yen is trading weaker against the Dollar, and at 150.53 to the dollar currently. The rand has weakened further against the Dollar and is trading at R18.23 to the dollar currently.
Commodities:
- Gold futures prices are currently trading $3015 and have stabilised at this level after hitting new high records last week.
- Copper prices continue their bullish trend above the 5.000 level, and at 5.0911 currently.
- Silver prices have remain fairly flat, and at 33.131 currently.
- Platinum prices have dropped further today, and at $965.80 currently, while Palladium prices are currently trading slightly lower today and at $945.00 currently.
- Brent Crude Oil prices are upwards at $73.02 currently, with WTI also trading upwards, and at $69.11 currently.
- Cocoa futures continue upwards this morning, and with prices currently at $8063.80 per ton.
- Coffee futures prices have moved marginally upwards in trade this morning, and at $394.03 currently.
Crypto Currencies:
- Bitcoin is currently trading marginally lower today, and currently at $86748
- Ether prices have remained above the $2000 mark, and currently trading at $2052.40
- $Trumpcoin is trading flat today and currently trading at $11.78
(All prices quoted at approximately 08H40 – Central African Time)
Other News in Africa Today
Angola Ends Mediation Attempt
Yesterday the Angolan Presidency announced it had made the decision to end its mediation efforts in the ongoing conflict in the Democratic Republic of Congo (DRC), in an ongoing conflict with the Rwandan backed M23 Rebel group in eastern DRC. Angola cited a series of failed negotiations and external interference as the key reasons for the withdrawal. The official statement released stated that “Angola has always believed in the need for direct negotiations between the DRC Government and the M23, and has worked towards this goal and secured the consent of both parties for the first round to take place in Luanda on 18th March this year. However, this event was aborted at the last minute due to a combination of factors, including some external elements unrelated to the ongoing African process”.
Angola’s mediation efforts had faced numerous challenges, including the rejection of talks by the M23 rebels last week, who cited international sanctions as a barrier to engagement. The negotiations were further complicated by a sudden meeting between DRC President Félix Tshisekedi and Rwandan President Paul Kagame in Doha, Qatar.
