Business & Tech News
Amazon Bid to Buy TikTok :
In an interesting development in the US TikTok ban saga, Amazon has reportedly put in a bid to purchase TikTok, in a last minute pitch with the US ban on the platform set to go into effect on Saturday. The Amazon offer was apparently made in a letter to Vice President JD Vance and Commerce Secretary Howard Lutnick , according to a report in the New York Times. The TikTok ban had been upheld by the US Supreme Court, in line with recommendations on national security issues, was given a temporary suspension by President Donald Trump on Inauguration day on the basis that it should seek an American buyer for the platform.
Under the law, TikTok’s Chinese-owned parent company ByteDance is required to sell the platform to an approved buyer or take it offline in the United States. Trump has suggested he could further extend the pause on the ban, but he has also said he expects a deal to be concluded by the current deadline on Saturday.
Tariff Dialogue Required – IMF:
International Monetary Fund (IMF) Chief, Kristalina Georgieva, has stated that President Donald Trump’s new tariffs pose a “significant risk” to the global economy amid sluggish growth currently in most regions of the globe. She urged the U.S. and its trading partners to ease tensions, emphasizing the need to avoid actions that could further harm the world economy. “We are still assessing the macroeconomic implications,” Georgieva stated, but noted that the tariffs clearly threaten global stability. She called for constructive dialogue to reduce uncertainty. The IMF will release its full assessment during its April 21-26 meetings in Washington, D.C., where global financial leaders will discuss economic risks and policy responses.
Cocoa Crop Doubt Spikes Futures:
Cocoa futures continued to climb to trade above $9,200 per tonne, their highest level in five weeks. The price spike was initiated from the mid-crop data in the key producing region of West Africa, and in particular Ivory Coast. While crop estimates were initially showing a possible bumper crop this year, late-arriving rains in the region are now likely to see a limited crop growth, with recent cocoa farmer surveys from the Ivory Coast and Ghana being disappointing. Officials in the Ivory Coast have said the country is about to experience its worst mid-crop output in the last 10 years
after exceptionally heavy rains this year, the country’s cocoa warehouses are almost empty with producers expecting a harvest of between 3 to 4 times smaller than last year. In the Ivory Coast’s south, July was especially wet. Cocoa requires a careful balance between sun and rain, requiring a little of both but not too much. The extreme rainfall in July destroyed the flowers on many cocoa plants and, thus, the harvest. In anticipation of the poor crop, the country suspended cocoa exports in July, pushing prices of the prized bean to record highs.
South African Growth Projection Under Question
While South African Finance Minister Enoch Godongwana, remains bullish about the South African economy achieving a 1,9% growth in the current year, analysts are not supporting this view, and in particular the possibility of hitting this has been further dampened by the US tariffs. The local economy barely saw any growth in 2024, with a marginal 0,6% growth and with the Q3 numbers in 2024, showing a contraction in the economy. This followed a 0,7% growth in 2023. In a media briefing yesterday, economist for Bank of America (BofA), Tatonga Rusike said that BofA had revised its growth forecast for South Africa downward from 1.6% to 1.4%, primarily due to the slow pace of domestic reforms and instability in the GNU, and rising global uncertainty amid a looming trade war.
Business consulting firm PWC has earlier this month indicated that its forecast for GDP for the current year is only at 1% growth, citing ongoing power and water supply issues as major constraints for growth
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar trading lower and currently at 1.10647 against the Euro, and at 1.30711 against the Pound. The Yen is trading lower against the Dollar, and at 146.09 to the dollar currently. The rand has lost more ground today and is trading lower at R18.86 to the dollar currently.
Commodities:
- Gold futures prices are currently trading lower after large gains yesterday and currently at $3102.
- Copper prices have dropped again this morning by -1,2%, and at 4.7472 currently.
- Silver prices are trading more than -1,5% lower today, and at 31.428 currently.
- Platinum is trading over -5% lower for the week and at $933 currently, while Palladium prices are currently trading 5,8% lower for the week and at $912 currently.
- Brent Crude Oil prices are trending -1,3% lower today and at $69.18 currently, with WTI also trading downwards, and at $65.99 currently.
- Cocoa futures have jumped by over 15% this week, on news of lower crop forecasts, with prices currently at $9259 per ton.
- Coffee futures prices are trending downwards, and at $386.33 currently.
Crypto Currencies:
- Bitcoin prices have fallen overnight and is currently trading at $83026.
- Ether prices have remained below the $2000 mark, and down over -5% for the week and currently trading up today at $1800
- $Trumpcoin has seen a 1,5% gain this morning, and the coin is currently trading at $9.45 currently
(All prices quoted at approximately 08H50 – Central African Time)
Other News in Africa Today
Sudan Shelling Attack Shock
At least 89 people are reported to have been killed in a grouping of villages in the Sudanese city of Omdurman. The attack was carried out by the paramilitary Rapid Support Forces (RSF) according to reports from a Sudanese human rights organization. There were large numbers of additional people injured in the attack that saw the paramilitary group carrying out random artillery shelling and direct gunfire on civilians. The Emergency Lawyer’s Association has accused the RSF of violating “human rights and international law,” the statement added that its forces engaged in widespread looting of homes and shops, arrested several young men from the villages “and forced them at gunpoint to transport the looted goods.” Many have fled to the Jabal Awlia area, in hopes of finding safety in a region that already has one of the largest human displacement crises in the world.
Ex Defence Minister Disclosure Judgment Today:
The High Court in Pretoria is expected to deliver judgment in the former National Assembly speaker, Nosiviwe Mapisa-Nqakula’s bid for further disclosures in her corruption case. Mapisa-Nqakula is facing 12 counts of corruption and a money laundering charge, that were brought against her for allegedly receiving kickbacks worth R4 million from a defence contractor during her time serving as the South African Minister of Defence. During her last court appearance, the court heard Mapisa-Nqakula’s application for the disclosure of additional sections of the police docket, which the state has classified as confidential.
