Business & Tech News
Reddit Redacts Bot Research with Human Intervention:
Reddit has responded to an event last week where a research group deployed a massive Bot attack on its platform. Yesterday, Reddit CEO Steve Huffman shared a post that said Reddit would start working with “various third-party services” to verify a user’s humanity. This represents a major shift for the social media platform that has previously not required much personal information for users to create an account. “To keep Reddit human and to meet evolving regulatory requirements, we are going to need a little more information,” Huffman wrote. “Specifically, we will need to know whether you are a human, and in some locations, if you are an adult. But we never want to know your name or who you are.”
Zooks Autonomous Vehicle Expansion Plans Amidst Crash Report:
Amazon’s self-driving start-up Zoox is set to scale its production from 2026 with a planned new production facility to be opened in California. The company will accelerate its plans for a commercial rollout of its robotaxi fleet in the U.S., according to a report in the Financial Times today. Last month, Zoox issued a recall for about 270 vehicles equipped with a specific version of its automated driving system, following a crash in Las Vegas, according to the company and a filing with federal safety regulators. The recall was issued over concerns that the self-driving software could inaccurately predict the movement of another vehicle and increase the risk of a crash. The company said no injuries were reported, and minor damage occurred to both vehicles. This follows a previous recall in March where 258 vehicles were recalled due to concerns about their braking system.
China Stocks Rally in Early Trade:
The Shanghai Composite index rose by 0.7% to around 3,340 earlier today, with the Shenzhen Component climbing by 0.9% to 10,170 this morning. This extending gains from the previous session after China’s central bank announced plans to cut key interest rates in a move to support economic growth amid escalating trade tensions with the US. The People’s Bank of China said it will cut key lending rates by 10 basis points and lower the reserve requirement ratio by 50 basis points. Investor sentiment was further lifted by news that Vice Premier, He Lifeng, is set to meet US Treasury Secretary Scott Bessent in Switzerland later this week to discuss tariffs and trade, escalating hopes of a breakthrough in negotiations. Technology stocks led the rally, with strong performances from East Money (+5.4%), Hithink Royalflush (+6.5%), Hydsoft Technology (+7.5%), and Shanghai Stonehill (+5.8%).
Business, Tech & Market News Shorts:
- Spyware developer, the NSO Group, will be paying up an eye-watering $167 million in damages to WhatsApp for a 2019 hacking campaign against more than 1,400 users. A five-year legal battle was concluded yesterday with the jury ruling that NSO Group must pay the punitive damages plus an additional $444,719 in compensatory damages.
- OpenAI Set to buy Windsurf: The company that developed the artificial intelligence-assisted coding tool formerly known as Codeium, is touted to be bought by OpenAI for a deal reported to be around the US$3-billion mark. The acquisition would be Open AI’s largest acquisition to date. The deal has not yet closed, and OpenAI and Windsurf have so far not released any comment on the deal.
- Britain and India have finalised a historic trade deal that was announced yesterday. The countries have agreed on a free trade agreement that will slash tariffs on products that will include Scotch whisky and English gin, shipped to India, and Indian food and spices sent to the U.K. The deal comes more than three years after negotiations began but had stalled for some time.
- Asian currencies have weakened this morning after India launched a missile strike on areas in Pakistan that it considers to be holding “terrorist groups”.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar has remained fairly flat and is currently trading against the Euro at 1.13664, and against the Pound at 1.33551. The Yen is currently trading upwards at 142.95 to the dollar. The rand has strengthened further against a weaker US dollar and is trading at R18.21.
Commodities:
- Gold futures prices have dropped slightly this morning and are currently trading at $3388 per ounce.
- Copper prices are trending downwards and are currently at 4.6763.
- Silver futures prices have modulated this morning and are currently trading at 33.043
- Platinum futures are flat after three consecutive days of gains, and trading at $981 currently, while Palladium prices are at a month high and at $970 currently.
- Brent crude oil prices have gained over 1% this morning and are currently trading at $62.80, with WTI trading at $59.83.
- Cocoa futures have jumped by 0ver 3,3% this morning and are at $9157 per ton.
- Coffee futures prices are trending upwards and are at $404 currently.
Crypto Currencies:
- Bitcoin prices are trending higher today and are currently trading at $96480
- Ether prices are trading -0,8% down this morning and at $1828.05 currently.
- $Trumpcoin is currently trading at $10.94
(All prices quoted at approximately 08H20 – Central African Time)
Other Breaking News in Africa Today
Sudan Cuts Diplomatic Ties with the UAE:
Sudan has announced that it has severed diplomatic ties with the United Arab Emirates (UAE), with tensions over the ongoing civil war escalating. Sudan’s Defence Minister, Yassin Ibrahim, has accused the UAE of backing the rival Rapid Support Forces (RSF) through what he called a “proxy” role, following a series of attacks by the RSF on Port Sudan. The UAE has denied these allegations, which include claims of military, financial, and political support for the RSF. The conflict, now ongoing for more than a year, has resulted in thousands of deaths and displaced millions of civilians, building one of the worst humanitarian crises globally.
In response to Sudan’s accusations, Sudanese diplomatic missions in the UAE have been ordered to close while and the Sudanese ambassador is set to be recalled. Recent drone strikes on key infrastructure in Port Sudan, that have previously been seen as a safe haven, have escalated the diplomatic conflict, and the development does not bode well for any peace negotiations to take place.
