Business & Tech News
OpenAI Restructure Hit by New Legal Challenge:
Open AI was dealt another blow as a group of former OpenAI employees filed a legal brief last Friday aimed at backing co-founder Elon Musk’s lawsuit that was launched last year, to keep the non-profit status of OpenAI, that was the basis of its initial purpose in place. The new legal suit is the latest development in the dispute over the future of the artificial intelligence firm. Corporate leaders, including the current management team say they want to give investors control, and want the company to change its status to a for-profit entity and get additional funding to build the business further.
This has drawn a great number of concerns from the initial investors that include Musk and others who say business interests must be subordinated to humanitarian goals. In their federal court filing on Friday, the former employees contended that stripping the nonprofit of its controlling role would “fundamentally violate” its mission, as it would lose oversight of the for-profit AI development entity.
China Exports Surged Ahead of Tariff Implementation:
China’s exports saw a surge of over 12.% in March compared with the same period in 2024, driven by companies rushing to beat increases in U.S. tariffs imposed by the U.S. administration. There was also a steep drop in Imports which fell by 4.3%,, an indication that manufacturing order books were shrinking. The Chinese customs administration said exports from the world’s second largest economy rose 5.8% in the first three months of the year from a year earlier while imports sank 7%. China is facing 145% tariffs on most exports to the United States as of the most recent revisions in Trump’s trade policies.
There were large increases in exports to China’s Southeast Asian neighbouring states, which saw exports from China jump nearly 17% in March from a year earlier. The possible implication is that there has been a large move of stock to be held in other countries in an effort to circumvent the US tariffs. Exports to Africa saw an increase of more than 11%.
Crypto Currencies Surging:
After a three-month bear market on crypto currencies, the declines are starting to see a positive movement across most crypto currencies, with the upward momentum seeing the likes of Solana and Ether gaining more than 2% in prices this morning. Crypto coin Algorand is leading the winners this morning, surging by over 5% while Bitcoin has seen a .083% growth in prices and trading around the 84410 mark currently.
Business News Shorts:
- Algeria’s National Airline has launched a new flight route to Nigeria’s capital Lagos, in a move expected to boost links between north and West Africa. Abuja becomes the 25th African destination served by Air Algeria.
- SpaceX’s Starlink satellite system has, as of yesterday been available in Somalia, according to a statement from owner Elon Musk on social media platform X on Sunday. A Somalia government official confirmed the company has been given a licence to operate in the country.
- The U.S. administration announced various exclusions from recently imposed tariffs on smartphones, computers and some other electronics, imported largely from China, providing a big break to tech firms like Apple that rely on imported products. In response, China said it was evaluating the impact of the exclusions. President Donald Trump yesterday said he would be announcing a tariff rate on imported semiconductors over the next week, adding that there would be flexibility with some companies in the sector.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar trading weaker against the major currencies and currently at 1.13908 against the Euro and trading lower against the Pound at 1.31324. The Yen is trading at 142.72 to the dollar currently. The rand has broken below the R19.00 rand to the dollar mark, to a two-week low against the dollar, showing a significant improvement due to a weaker dollar, and is trading at R18.97 to the US dollar currently.
Commodities:
- Gold futures prices dropped to below the $3200 mark last week but are gaining more traction today and currently at $3232.
- Copper prices are marginally down today and at 4.5132 currently.
- Silver futures prices are trading upwards and trading at 32.028 currently.
- Platinum is trading upwards today and at $944.60 currently, while Palladium prices have gained more than 1% this morning and at $899 currently.
- Brent Crude Oil prices are trending upwards and at $64.89 currently, with WTI also trading upwards at $61.61 currently.
- Cocoa futures are currently trading higher, and at $8481 per ton.
- Coffee futures prices are trending upwards and is at $360 currently.
Crypto Currencies:
- Bitcoin prices have gained over 0,83% this morning and currently trading at $84420
- Ether prices currently trading at $1621.60
- $Trumpcoin is currently trading over 3% lower this morning and at $8.32 currently
(All prices quoted at approximately 08H20 – Central African Time)
Other Breaking News in Africa Today
Gabon Elects New President:
In Gabon’s first democratic election since the military coup in 2023, Brice Oligui Nguema, the leader of Gabon’s transitional government and the military figure who led the 2023 coup, to oust long-time ruler Ali Bongo, has claimed a decisive victory in the country’s presidential election. Nguema won by a landslide 90.35% victory according to provisional results released by the Ministry of the Interior on Sunday. The closest competitor, Alain-Claude Bilie Bie Nze, garnered just 3.02% of the vote, while the remaining six candidates failed to break the 1% mark. The election, which saw a 70.4% voter turnout, marks a significant step in Gabon’s return to constitutional rule after the military-led transition.
Sudan’s Civilians Displaced Again as Fighting Increases:
Sudan’s rebel group, the Rapid Support Forces (RSF) seized control of a major camp for displaced people in North Darfur. The paramilitary group claimed the “victory” on Sunday that after a four-day assault. Reports from the government and aid groups have said the military action had left hundreds dead or wounded. The fighting has been concentrated in the area around the Zamzam refugee camp, which, along with the nearby Abu Shouk camp, hosts some 700,000 people displaced by Sudan’s war. The assault has destroyed shelters, markets, and healthcare facilities, aid groups said.
