Business & Tech News
Gold Prices Keep Climbing:
Gold surged past the $3,120 mark on Tuesday, setting a new all-time high, driven by strong safe-haven demand amid concerns over the U.S. administrations widening trade war. Reports indicated that US President Donald Trump is considering higher trade tariffs on a wider range of countries when he unveils his plans for reciprocal duties on April 2. Trump on Sunday warned of imposing 25-50% secondary tariffs on Russian oil if Moscow blocks his efforts to end the Ukraine war, while he also threatened Iran with additional tariffs and bombing if Tehran fails to reach a nuclear agreement. Gold is likely to see greater safe-haven buying for now as tensions as geopolitical conflicts and trade wars continue and could see further gains for the yellow metal this week.
X Sold To xAI
Social media site X, owned by Elon Musk, has been sold to his own xAI artificial intelligence company xAI, in an all stock sale worth $33 billion. Both companies are privately held, which means they are not required to disclose their finances publically, however the deal essentially wipes out the debt of purchasing X (fromerly Twitter) and according to Musk the move will “unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.” He said the deal values xAI at $80 billion and X at $33 billion.
Musk, bought the social media platform for $44 billion in 2022, and renamed it X. The deal also provides an emense data set of data from X for the training of xAI’s Large language model AI platform Grok to be trained on and could be a key to developing its performance and capabilities. “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent. This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach,” Musk wrote on X. “The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge.”
South African Rand Slumps and Then Recovers:
The South African rand depreciated in early trade dropping almost 1% to around 18.42 per USD, hitting its lowest level since early March, despite a weaker dollar. Concerns over the potential impact of the South African Government’s ongoing war of words with the Trump administration, and potential loss of the US AGOA trade deal has seen the currency weaken. In addition an ongoing internal conflict within the ruling coalition government’s two major players over the proposed budget that includes a proposed 1% VAT hike over two years, has been weighing on the currency. Recent reports from Friday, indicate that the ANC rejected the Democratic Alliance’s request for a deal on shared economic policy management and there were ongoing negotiations taking place between the parties throughout the weekend. It has sunsequently strengthened to around R18.30
Japan Stocks Slide Today
The Japanese Nikkei 225 Index fell by almost 4% this morning, falling below 36,000 to its lowest level in six months. The drop was precipitated by weakness on Wall Street and the anticipation of new US tariffs set to take effect this week. The broader Topix Index also slumped 3.5% to 2,660, marking its lowest point in nearly three weeks. President Donald Trump is set to impose 25% tariffs on imported cars, a major blow to Japan’s key auto export sector, while also outlining plans for reciprocal trade duties. Domestically, investors digested mixed economic data, with industrial production exceeding expectations in February, however data indicates that retail sales fell short of forecasts, with declines in all sectors. Notable drop in major stocks were; Disco Corp (-6.5%), Fujikura (-7.3%), Advantest (-6.2%), Toyota Motor (-3.1%), and Kawasaki Heavy Industries (-4.7%).
Markets by Numbers
Currencies:
Currency markets are indicating the major currencies remain fairly level, with the US Dollar trading slightly softer and currently at 1.08304 against the Euro, and at 1.29553 against the Pound. The Yen is trading slightly up against the Dollar, and at 149.03 to the dollar currently. The rand remains range bound between R18-20 to R18.25 against the Dollar and is trading at R18.26 to the dollar currently.
Commodities:
- Gold futures prices are currently trading upwards, and have hit a new record high price, and currently at $3122, up over 1% today
- Copper prices have gained fresh momentum this morning, and at 5.1068 currently.
- Silver prices are trading upwards today, and at 34.401 currently.
- Platinum is flat and at $989 currently, while Palladium prices are currently trading higher today and at $974 currently.
- Brent Crude Oil prices are trending lower at $72.70 currently, with WTI also trading lower, and at $69.28 currently.
- Cocoa futures have lifted above the $8000 level this morning, with prices currently at $8047.80 per ton.
- Coffee futures prices have continued to trade fairly flat today, and at $379 currently.
Crypto Currencies:
- Bitcoin prices have dropped over the weekend and are down over 4% for the month and is currently trading at $82086.
- Ether prices have dropped below the $2000 mark, and currently trading at $1805, losing over 18% this month.
- $Trumpcoin has dropped marginally today. The coin is currently trading at $10.14 currently
(All prices quoted at approximately 08H20 – Central African Time)
Other News in Africa Today
Congo & China Talk Co-operation
Chinese Foreign Minister Wang Yi met with Foreign Minister of the Republic of Congo Jean-Claude Gakosso over the weekend, with the two leaders pledging promote the development of China-Africa cooperation. Wang, who is a senior member of the China Central Committee, said the bilateral relationship between China and the Republic of Congo had become a model for China-Africa solidarity and cooperation. Noting that the Forum on China-Africa Cooperation (FOCAC) is the most important platform for China and Africa to unite and help each other to achieve common development, Wang said China was ready to work with the Republic of Congo to implement the outcomes of the Beijing Summit of the FOCAC last year. Wang also called on China and African countries to unite and cooperate more closely to safeguard the common interests of developing countries and promote world peace, stability and development in the face of the chaotic international situation.
Former African Ruler Pardoned:
The ruling military Junta in Guinea, has pardoned the former military leader Moussa Dadis Camara, who had been found guilty of the deaths of more than 150 people in 2009, when troops under his command on civilians at a political rally with several women also being raped by the troops. The controversial pardon comes less than a year into a 20-year sentence for crimes against humanity linked to one of the country’s worst massacres. The pardon decree, that was read out live on state TV, said the pardon had been granted for health reasons. Camara seized power after the death of the former long-serving President Lansana Conté died in 2008. Camara fled Guinea, following an assassination attempt not long after the massacre, but returned in 2022 to face justice, insisting he was innocent.
