Business & Tech News
Alibaba Launches Qwen 3 AI
Chinese tech giant Alibaba Group, launched its new AI model Qwen 3 today in a move that highlights increasing competition in the Chinese Tech sector. Qwen3 is an upgraded version of its flagship artificial intelligence model that introduces new hybrid reasoning capabilities. Alibaba’s newest release, reportedly merges conventional AI functions with advanced dynamic reasoning, creating what the company calls a more adaptable and efficient platform for app and software developers. Previously, Alibaba had rushed out its Qwen 2.5-Max model in late January, just days after DeepSeek’s announcement, claiming superior performance. The company claims that Qwen 3 matches and in some cases outperforms the best models available from Google and OpenAI. The models are available for download under an “open” license from AI dev platforms Hugging Face and GitHub.
All Eyes on AI
Helsinki-based IXI, an AI-driven eyewear tech start-up, has announced today that it has raised a total of $36.5 million from a list of investors that include the Amazon Alexa fund, to work towards its first commercial product. The Company has developed liquid crystal and eye-tracking tech that enables the building of low-power glasses that will invisibly and automatically adjust to account for a wearer’s far-sightedness. London-based VC firm Plural is leading the latest tranche of Series A funding, with participation from Tesi, byFounders, Heartcore, Eurazeo, FOV Ventures, Tiny Supercomputer, and existing investors. “Eyewear is the last great frontier,” said Niko Eiden (CEO), who co-founded the company with chief algorithm officer Ville Miettinen. It is also potentially a lucrative frontier: IXI cites estimates that put the current market for eyewear at over $200 billion and projected to grow at a rate of over 8%.
Cocoa Gains Momentum:
Cocoa futures traded around $9,300 per tonne today, up almost 3% and up over 16% in the last month. Futures in Cocao are closing in on an over two-month high of $9,404 hit on April 25, as supply concerns in West Africa, particularly in top producer Ivory Coast, persisted. Although some regions have received rain and forecasts suggest improvement, the prolonged dry spell has already affected the mid-crop harvest in Ivory Coast, which began this month. As of April 22, Ivory Coast had exported 1.48 million metric tons since the beginning of October 2024, an 11.3% year-on-year increase, though still far below the 35% surge recorded in December. Meanwhile, dealers noted that the market remains buoyed by unexpectedly strong demand from Europe, the US, and Asia, despite the price increases seen in recent years.
Business, Tech & Market News Shorts:
- IBM announced it will invest $150 billion in the U.S, including on facilities for quantum computer production, over the next five years. They are the latest American technology company to back the Trump administration’s push for local manufacturing. The company’s announcement on Monday follows similar pledges by tech giants such as Apple and Nvidia, who have both committed to investing around $500 billion in the US over the next four years.
- Coffee futures maintained their upward momentum this morning, with prices above $4.22 per pound, driven by concerns over Brazil’s 2025/26 coffee crop. Forecasts indicate a potential decline of 3% to 6.4% from the previous cycle.
- The first 27 satellites for Amazon’s Kuiper broadband internet constellation were launched into space from Florida yesterday, the new long-delayed deployment of an internet-from-space network that is supposed to become a rival network to SpaceX’s Starlink.The satellites are the first of 3,236 that Amazon plans to send into low-Earth orbit for Project Kuiper, a $10 billion effort unveiled in 2019.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar has gained against most main global currencies. It is currently up against the Euro, at 1.14000, and trading slightly stronger against the Pound, at 1.34076. The Yen is currently trading at 142.48 to the dollar. The rand has stabilized and is trading at R18.55 to the US dollar.
Commodities:
- Gold futures prices have dropped around -0,6% today and are currently trading at $3317 per ounce.
- Copper prices are trending lower today and currently at 4.8454.
- Silver futures prices are trading downwards this morning and are at 33.074 currently.
- Platinum futures have gained upward momentum today, and at $987 currently, while Palladium prices are trending lower and at $938.50 currently.
- Brent Crude Oil prices have dropped by over 1,5% today and are at $64.84, with WTI also trading downwards at $61.08.
- Cocoa futures have gained upward momentum today, and are at $9300 per ton.
- Coffee futures prices are trending upwards and are at $422 currently.
Crypto Currencies:
- Bitcoin prices are pretty flat today and are currently trading at $94866
- Ether prices are trading upwards today and at $1822 currently.
- $Trumpcoin has modulated today and is currently trading at $14.07
(All prices quoted at approximately 09H40 – Central African Time)
Other Breaking News in Africa Today
Gabon Extends Bond Maturation Dates:
Gabon, which saw its World Bank loan disbursements suspended this past January, due to payment arrears on its debt, is facing a liquidity crisis, which has left the administration increasingly reliant upon regional capital raising markets to meet its debt servicing needs. The country’s Finance Ministry has now sought the backing of the local financial institutions to extend the maturities of regional market debt and get access to new financing.
The public accounts ministry said the plan will extend average maturities on 592 billion CFA francs ($1 billion) worth of treasury bills from 2.3 years to six years through what it said would be “voluntary exchanges with banks”. It will also convert 473 billion CFA francs of short-term government loans into government securities and unlock access to 338 billion CFA francs in new financing. Around 10 financial institutions are believed to have supported this initiative to extend the maturities of regional market debt and access fresh financing, the Central African oil producer’s public accounts ministry said on Monday.
Angola Hurt by Oil Price Declines:
The ongoing declines in crude oil prices have resulted in an increasing likelihood that Angola will need an International Monetary Fund loan. This was revealed by Angolan Finance Minister, Vera Daves de Sousa, who has said the government is running stress tests to measure the current impact on the Angolan finances. Angola, the second largest crude oil exporter in Sub-Saharan Africa, had based its current 2025 budget on an oil price average for the year of $70 per barrel. However but Brent oil futures have recently traded as low as under $60, the lowest level in four years, after the U.S. administration announced sweeping global tariffs on April 2. In the last month, Brent crude futures have declined by 12,83%, and the current year-on-year price comparison is down by 24% compared to what the price was a year ago.
