Business & Tech News
Coin Collection Treasure to go on Auction:
A large private coin collection that was buried by its collector prior to the second world war, will soon be placed on auction and is set to become the most expensive coin collection ever brought to auction in its entirety. The so-called “Traveller collection” has an insured value more than $100million, and the coins are planned to be auctioned over the next three years. The first of the auctions by Zurich-based Numismatica Ars Classica is set to take place on 20 May this year and will be held at the Hotel Baur au Lac in Zurich. The collection comprises of more than 15,000 coins, that were personally collected from as many as 100 countries across the world in the 1930’s, just after the 1929 Wall Street Crash, range from modern coins to those from ancient times.
Arturo Russo, director of Numismatica Ars Classica, commented on the collection’s rarity saying: “The vast range and superb quality of the coins offered, the sheer number of great rarities and the fascinating story of the collection’s formation will make these sales a landmark in the history of numismatics.” The collector died during the Nazi invasion of Europe after he had buried the collection for safe-guarding it against the pending World War.
Gold Reserve Purchases Providing Upward Pressure on Prices:
Gold have peaked to a fresh record high price of over $3080 per ounce this morning mostly driven by risk aversion buying, amid escalating trade tensions ahead of additional US tariffs coming into effect next week. President Donald Trump recently announced 25% tariffs on foreign-made cars and auto parts, prompting retaliation threats from the European Union and Canada and fuelling fears of a broader trade war and global economic fallout. Gold also rose on strong central bank purchases as well as increased ETF demand. Traders and the investor market will also be keeping tabs on the upcoming US PCE data for insights into the Federal Reserve’s monetary policy, after the central bank held rates steady last week but has confirmed it was still looking at two rate cuts by year-end. Gold Bullion is on track for its fourth consecutive weekly gain and its largest monthly rise since March 2024.
Major Gaming Investment by TenCent in Ubisoft
Assassins Creed video game maker Ubisoft, has announce a new joint partnership with China’s Tencent , who will look to invest $1.25 billion in the new subsidiary. The entity would be valued at about 4 billion euros, and will bring together the Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six brands into the partnership, according to an official release by the group. The company is anticipated to be established by the end of 2025. The new subsidiary would include the teams developing the Tom Clancy’s Rainbow Six, Assassin’s Creed and Far Cry franchises based in the Canadian cities of Montréal, Quebec, Sherbrooke and Saguenay, and in Barcelona and Sofia, as well as the back-catalog and any new games currently under development or to be developed.
“With the creation of a dedicated subsidiary that will spearhead development for three of our largest franchises and the onboarding of Tencent as a minority investor, we are crystalizing the value of our assets, strengthening our balance sheet, and creating the best conditions for these franchises’ long-term growth and success”, Ubisoft CEO Yves Guillemot said in a statement.
Copper Prices Retreat
Copper futures dipped below $5.10 per pound on Friday, retreating further from record highs reached earlier this week as traders locked in profits while awaiting updates on potential US tariffs. The metal surged to an all-time high following reports of proposed US tariffs on copper imports to be implemented within weeks, significantly accelerating the original timeline. This development triggered a surge in US copper imports, with recent shipments totalling 500,000 tons—far exceeding the usual 70,000-ton monthly average—as traders rushed to secure supply ahead of the tariffs. The increased US demand has also tightened supply in key markets, particularly in Asia. Additionally, US companies are exploring alternative sources, particularly from South America, to mitigate the impact of the expected tariffs.
Markets by Numbers
Currencies:
Currency markets are indicating the major currencies remain fairly level, with the US Dollar trading flat after gains this month and currently at 1.07874 against the Euro, and at 1.29435 against the Pound. The Yen is trading flat against the Dollar, and at 150.66 to the dollar currently. The rand remains range bound between R18-20 to R18.25 against the Dollar and is trading at R18.23 to the dollar currently.
Commodities:
- Gold futures prices are currently trading upwards, and have hit a new record high price, and currently at $3083.
- Copper prices have dropped after new high record prices this week, and at 5.0823 currently.
- Silver prices are trading upwards today, and at 34.465 currently, up over 4% for the week.
- Platinum is trading upwards and at $990 currently, while Palladium prices are currently trading higher today and at $973 currently.
- Brent Crude Oil prices are trending upwards at $73.91 currently, with WTI also trading upwards, and at $69.79 currently.
- Cocoa futures have remained below the $8000 level this morning, with prices currently at $7941 per ton.
- Coffee futures prices have continued downward today, and at $378.87 currently.
Crypto Currencies:
- Bitcoin is currently trading at $85757, falling over 1,5% today but up over 2% for the week.
- Ether prices have dropped below the $2000 mark, and currently trading at $1912, losing over 4% this morning
- $Trumpcoin has dropped by over 8% today. The coin is currently trading at $10.57 currently
(All prices quoted at approximately 08H50 – Central African Time)
Other News in Africa Today
Egyptian Submarine Sinks killing Six Tourists
According to a report from rescue operators, a tourist submarine operated by the Sindbad Submarine company in Egypt, sunk yesterday, killing six people. Other passengers were also injured and had to be hospitalised. The tourist submarine carrying 45 passengers, was around 1000 meters from shore, when it sank, and emergency crews were dispatched to rescue the passengers. The incident took place just off the shoreline withing a tourist area along the Red Sea resort of Hurghada. There were 45 passengers on board, all of them Russian and some of them minors, Russian consular officials in Hurghada confirmed. The rescued passengers were taken to hospitals and are reported to be in a stable condition, according to the Russian consulate. No official announcement has been provided by Egyptian authorities regarding the cause of the sinking of the vessel.
South Sudan Vice President Arrested
Riek Machar, the leader of South Sudan’s main opposition party has been arrested, according to reports from party leadership. There has been mounting tensions between the political groups that form the government of national unity that was formed after a peace agreement was reached in 2018. This action comes while the U.N. has been calling on all parties to uphold the 2018 agreement that ended the country’s civil war in which over 400 000 people died. This past week,
the U.N. had warned that South Sudan was teetering on the edge of a renewed civil war after military clashes occurred in the northern areas between an armed group allied to Machar and government forces. Machar was “in confinement by the government” and his life was “at risk,” opposition spokesperson Pal Mai Deng said in a video address to the media on Wednesday night.
