Business News Today
Perplexity Pushes its Position in AI Search with New Raise
The AI Search company Perplexity, that is positioning itself aggressively in the AI search and browser space, notably making a $34.5 billion bid to acquire Google’s Chrome browser to leverage its large user base for competitive advantage, has announced a new round of funding. Perplexity recently closed a $200 million funding round at a $20 billion valuation. This new raise follows a $100 million funding round in July 2025, which valued the company at $18 billion. The fresh $200 million capital injection reflects investor confidence amid Perplexity’s rapid growth in monthly active users and annual recurring revenue, now approaching around $200 million.
The company has accumulated a total of about $1.5 billion in funding over its history.Investors backing Perplexity include prominent entities such as Nvidia, Jeff Bezos, SoftBank, and Accel (which led a previous round). The funding is meant to sustain Perplexity’s ambitions to challenge dominant players like Google and OpenAI by integrating AI more deeply into web and browsing experiences.
SpaceX Acquires Global Wireless Spectrums
SpaceX announced that it had sealed a $17 billion deal to acquire wireless spectrum licenses from EchoStar, substantially boosting its Starlink satellite internet network capabilities. This move aims to expand global broadband coverage and improve connectivity, especially in underserved and remote regions. The spectrum acquisition strengthens SpaceX’s position in the satellite internet market, helping accelerate Starlink’s growth and bridging digital divides worldwide with high-speed, low-latency service. These global MSS licenses enable SpaceX to expand its Starlink Direct to Cell satellite network worldwide, providing 4G and 5G connectivity directly to unmodified cell phones on five continents and beyond.
S&P 500 and Nasdaq Hit Record Highs on Oracle’s AI Surge
The S&P 500 and Nasdaq soared to record highs yesterday to end the session at 6,532.04 points, closing with a record high for the second straight day. The surge was driven by Oracle’s 15% stock spike after securing $300 billion+ in AI cloud deals, including a deal with OpenAI. Larry Ellison briefly surpassed Elon Musk as the richest person at $200 billion. Tech optimism and Fed rate cut expectations helped to fuel the rally, though revised US job data may temper further growth forecasts. Investors will now await inflation figures ahead of the FOMC meeting, with tech-heavy indices leading global market sentiment.
Asian Markets Rally on US Records and Rate Cuts
Asian equities extended gains on September 11, 2025, after Wall Street’s record highs. Japan’s Nikkei rose 1.1%, Hong Kong’s Hang Seng gained 0.8%, and South Korea’s Kospi hit records, up 1.2%, led by tech and semiconductors. Optimism over US Fed rate cuts and domestic reforms fueled the surge, with 25% YTD gains for some indices. Mixed Chinese data tempered enthusiasm, highlighting export reliance. While South Korea’s Kospi surged 1.2% to over 2,800 today, nearing record levels, driven by tax cuts and labor reforms under President Yoon. Semiconductors and autos led, with 25% YTD gains outpacing other Asian stocks.
Breaking News Shorts:
- Fitch Ratings on Wednesday revised India’s GDP growth forecast for FY2025–26 to 6.9%, up from its earlier estimate of 6.5%, citing strong domestic demand and robust growth in the June quarter. India’s economy grew by 7.8% yoy in the April–June quarter, up from 7.4% in the previous quarter
- Salesforce announced it is replacing thousands of customer support jobs with artificial intelligence. The AI-driven automation will handle routine support tasks, streamline workflows, and enhance customer interactions.
- Fintech company Klarna, saw its IPO yesterday selling shares at $40, significantly above its announced range of $35 to $37, and came out of the gate with a $15 billion valuation. Share prices surged, opening at $52, though quickly modulating back down to around $46 by mid-day.
- Stablecoin issuer Figure Technology, along with some of its existing investors, raised $787.5 million in a U.S. initial public offering on Wednesday, becoming the latest crypto firm to tap public markets as digital assets gain mainstream acceptance.
Markets by Numbers
Currency markets today indicate the Euro is trading stronger against the US dollar at 1.16936 and the Pound is trading at 1.35211. to the US dollar. The Yen is currently trading at 147.45 to the dollar. The rand (ZAR) is currently at R17.49 to the US dollar.
Commodities:
- Gold futures prices are trending lower today, and are currently trading around $3630 per ounce.
- Copper prices are trading marginally lower this morning, with prices currently at $4.5349
- Silver futures prices are -0,45% lower today, and is currently trading at $40.977
- Platinum futures are trading almost -1% lower this morning, and are currently trading at $1385.30 While Palladium prices are trading -1% lower this morning and currently at $1185.00
- Brent crude oil prices are currently trending lower today, and currently at $67.27, with WTI trading at $63.46
- Cocoa futures have clawed back some losses this morning, and are currently at $7303.57 per ton.
- Coffee futures have surged by over1.6% today, and are currently at $399.35
Crypto Currencies:
- Bitcoin prices are currently trending higher today, and trading at $114327
- Ether prices have gained over 1.8% today and are currently at $4425.30
- $Trumpcoin is trending upwards today, and currently around $8.83
(All prices quoted at approximately 07H35 Central African Time)
Other Headline News in Africa Today
Chinese Nationals Convicted of Slavery in South Africa
A Johannesburg court has passed sentence on seven Chinese nationals yesterday with terms of 20 years in prison each for trafficking people from Malawi and forcing them to work at a factory in South Africa. The group was found guilty and convicted on Feb. 25 of trafficking 91 undocumented Malawian nationals from 2017 to 2019 to work at a cotton fabric factory in Village Deep, an industrial area in the south of Johannesburg. The Chinese nationals had been arrested in November 2019, when police raided the factory and found the Malawians confined under inhumane conditions with armed guards controlling their movements.
The factory had a high wall and razor fence. rosecutors had sought life sentences. They said the victims were forced to work 11-hour shifts, seven days a week, without proper training or safety equipment. Many had previously worked at Chinese-owned factories in Malawi and were recruited to go to South Africa under pretences, the prosecutors said.
