Business & Tech News
Hyundai Announces Major US Investment
South Korean Auto manufacturer Hyundai has announced a $21bn investment in the USA, only days before new Tariffs imposed by the Trump administration are set to be imposed on various trading countries. Hyundai’s expansion plan includes a new $5.8bn steel plant in the southern state of Louisiana. The Auto Maker also announced that it will expand its American vehicle production capacity and invest billions of dollars in new technology including autonomous driving and artificial intelligence related auto-tech. “This investment is a clear demonstration that tariffs very strongly work,” US President Donald Trump said during the event at the White House on Monday.
Copper Catches Upward Momentum
Copper futures jumped above $5.20 per pound on Wednesday, reaching a new all-time high price amid reports that The US Trump administration is considering imposing copper import tariffs within weeks. The news significantly shortens the expected timeline after Trump’s initial directives suggested copper tariffs would take effect later this year. The development triggered a surge in US copper import demand, with recent shipments totalling 500,000 tons—far exceeding the normal 70,000-ton monthly average. The market traders spiked demand in an attempt to secure supply ahead of the tariffs being imposed. As a response, US companies are exploring alternative sources for copper, particularly from South America, to mitigate the impact of tariffs. Adding to the bullish momentum, Glencore temporarily suspended copper shipments from its Altonorte smelter in Chile due to an issue affecting the plant’s furnace.
AI Case Concludes – No Copyright Infringement Harm Proved
Lawyers of artificial intelligence company Anthropic, who’s Chat-bot Claude, specialises in lyric and writing creations, that convinced a California federal judge on Tuesday to reject a preliminary bid to block it from using lyrics owned by Universal Music Group and other music publishers to train its AI-powered chatbot. U.S. District Judge Eumi Lee said that the publishers’ request was too broad and that they failed to show Anthropic’s conduct caused them “irreparable harm.” The publishers released a statement after the finding of the court, that they “remain very confident in our case against Anthropic more broadly.” An Anthropic spokesperson said the company was pleased that the court did not grant the publishers’ “disruptive and amorphous request.”
Music publishers UMG, Concord and ABKCO sued Anthropic in 2023, claiming that the company had infringed the copyright held of their artists with a wide range of lyrics from more than 500 songs by musicians including Beyoncé, the Rolling Stones and the Beach Boys. This is only an early round of litigation and will likely be referred to a higher court for further consideration.
Starlink Expands in Vietnam
The Vietnam government announced this morning that they have opened up the opportunity to allow SpaceX to launch its Starlink satellite internet service on a trial basis in the country. They have also confirmed that there will be no restriction regarding the foreign ownership of the service. In the statement released, the government said that the trial period will be granted until the end of 2030. Starlink currently operates in over 120 countries and has expanded across all continents. There was no clarification given if SpaceX had already applied for a licence to launch its service in Vietnam, however with this announcement it would seem likely. The statement indicated that Starlink would be permitted to provide fixed and mobile service plans throughout Vietnam, including services on flights.
The government’s declaration however sets a limit on the number of subscribers at 600,000 for the trial period.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar has strengthened further today, and is currently at 1.07855 against the Euro, and at 1.29336 against the Pound. The Yen is trading flat against the Dollar, and at 150.47 to the dollar currently. The rand has weakened further against the Dollar and is trading at R18.26 to the dollar currently.
Commodities:
- Gold futures prices are currently trading upwards once more and currently at $3024.
- Copper prices continue their bullish trend above the 5.000 level, and hitting new all-time-high records, and at 5.2582 currently.
- Silver prices remain fairly flat, and at 33.660 currently.
- Platinum is trading at $967.50 currently, while Palladium prices are currently trading slightly lower today and at $941.00 currently.
- Brent Crude Oil prices are trending upwards at $73.27 currently, with WTI also trading upwards, and at $69.24 currently.
- Cocoa futures remain above the $8000 level this morning, and with prices currently at $8024.62 per ton.
- Coffee futures prices have moved upwards in trade this morning, and at $398.41 currently.
Crypto Currencies:
- Bitcoin is currently trading marginally higher today, and currently at $87575
- Ether prices have remained above the $2000 mark, and currently trading at $2061.12
- $Trumpcoin is trading slightly down and currently trading at $11.45
(All prices quoted at approximately 08H10 – Central African Time)
Other News in Africa Today
Deadly Airstrike Shakes Sudan
According to reports from civil society aid groups, around 54 people were killed in a military airstrike that targeted a local market in Sudan’s western region. The attack on the village of Tora on Monday, caused an extensive fire in the town. The Sudanese military have however denied targeting civilians, calling the allegations “incorrect.” However, rights groups have condemned the strike, calling it a “war crime” due to its impact on densely populated areas. More than half of the victims were women, and at least 23 others were injured. The ongoing conflict, which began in April 2023, has left over 28,000 dead, with millions displaced.
The situation in Darfur remains dire as both sides continue to escalate violence. The attack comes while South Sudan is on the brink of renewed civil war. According to the top U.N. official in the country. Nicolas Haysom the situation was “dire” after the government’s sudden postponement of peace efforts. He emphasized that international efforts can only succeed if President Salva Kiir and Vice President Riek Machar are willing to put their people’s interests first.
Congo Peace Attempt Increases Team To Tackle Negotiations
The East African Community (EAC) and the Southern African Development Community (SADC) have announced and expanded the team of mediators for the Congo conflict following a virtual meeting on Monday. The two African regional blocks, have now doubled down on their efforts to seek a peace agreement between the Democratic Republic of Congo (DRC) and the M23 rebels who have invaded the mineral rich Eastern sector of the DRC.
This has been elevated by the addition of former heads of state to steer the mediation teams. Former Kenyan president Uhuru Kenyatta and ex-Nigerian president Olusegun Obasanjo remain on the team, while former Ethiopian president Sahle-Work Zewde replaces another ex-Ethiopian leader, Hailemariam Desalegn. Former South African president Kgalema Motlanthe and ex-Central African Republic president Catherine Samba-Panza were added to the negotiation team, enlarging the group to five from three to improve “gender, regional and language inclusivity”, according to a communique issued after the summit. The moves come after Angola, through its presidency, stepped aside from the negotiations on Monday, citing other engagements on its mandate as the head of the African Union.
