Business News Today
Angola Seeks Stake in DeBeers Diamonds
Angola’s Ministry of Mineral Resources, Petroleum and Gas indicated that the state diamond company Endiama has bid for a minority stake in Anglo American’s diamond unit De Beers. De Beers is one of the world’s leading diamond companies, with operations spanning across Botswana, Namibia, Angola, South Africa and Canada, has placed its diamond mining and processing business up for sale due to falling diamond prices globally. Botswana, which already owns 15% in De Beers, is also seeking to take a controlling stake in the company
Ant International Enters Global Cash Management with AI
Alibaba’s Ant International is disrupting traditional banking by launching AI-powered cash management services for global firms, utilising its vast transaction data to optimise liquidity and reduce costs. Targeting overlooked markets in emerging economies, the platform promises up to 20% efficiency gains through predictive analytics. As fintech competition intensifies, this move challenges incumbents like JPMorgan, amid regulatory hurdles in the EU. It underscores Asia’s fintech dominance, potentially reshaping cross-border finance for SMEs worldwide.
US Economy Strengthens
The US Bureau of Economic Analysis has sharply revised second-quarter 2025 GDP growth to 3.2%. The GDP data released late yesterday exceeds initial estimates of 2.8%, driven by robust consumer spending and export surges amid easing inflation. In addition Initial jobless claims in the US sank by 14,000 from the previous week to 218,000 on the third week of September, well below the market consensus that they would rebound to 235,000, to mark the lowest figure in two months. US outstanding unemployment claims moved downwards to 1,926,000 in the second week of the month, the lowest since late May. The results pushed back against recent concerns of an aggressive deterioration in the labor market due to pessimistic jobs reports
LinkedIn To Use Personal Data for AI Training
The Global Business information platform LinkedIn is planning to use names, job titles, education history, locations, skills, photos, and public posts from users to train its AI systems. Private messages will not be included; however, the sharing option is enabled by default. AP Deputy Chair Monique Verdier said the move poses significant risks. She warned that once personal data is used to train a model, it cannot be removed, and its future uses are unpredictable. LinkedIn, headquartered in Dublin, falls under the jurisdiction of the Data Protection Commission in Ireland, which will determine whether the plan can proceed. Users must opt out by 3 November if they do not wish to have their data used. They can disable the setting via the AP’s link or manually in LinkedIn under ‘settings & privacy’ → ‘data privacy’ → ‘data for improving generative AI’.
Breaking News Shorts:
- Lee Health has launched Florida’s and possibly the world’s first AI powered birth care centre: The Healthcare facility has introduced a remote foetal monitoring command hub aimed at improving maternal and newborn outcomes. The system tracks temperature, heart rate, blood pressure, and pulse for mothers and babies, with AI alerting staff when vital signs deviate from normal ranges.
- China’s Cyberspace Administration has placed negative social media posts in their cross-hairs: The Department has launched a two-month campaign aimed at curb social media posts that “excessively exaggerate negative and pessimistic sentiments”. The goal, according to authorities, is to “rectify negative emotions” and “create a more civilised and rational online environment”.
- Microsoft has removed access for some of its tech services to Israel’s Ministry of Defense: Apparently after an internal investigation, Microsoft has found the Israeli ministry appeared to be using its tech to store surveillance data on phone calls made by Palestinians. “We do not provide technology to facilitate mass surveillance of civilians,” Microsoft vice chair and president Brad Smith wrote in a blog post
- CoreWeave Expands OpenAI Contract to $6.5 Billion: Cloud computing firm CoreWeave has inked a massive $6.5 billion expansion of its deal with OpenAI, focusing on AI infrastructure scaling for advanced model training.
Markets by Numbers
Currency markets today indicate the US dollar strengthening with the Euro is trading against the US dollar at 1.16796 while the Pound is trading at 1.33536. to the US dollar. The Yen is currently trading at 149.765 to the dollar. The rand (ZAR) is currently at R17.43 to the US dollar.
Commodities:
- Gold futures prices are marginally higher today, and are currently trading around $3751.22 per ounce.
- Copper prices are trading upwards this morning, with prices currently at $4.7290
- Silver futures prices are trending downwards, and is currently trading around $45.003
- Platinum futures are trading over 1.8% higher today, and are currently trading at $1559.70, While Palladium prices are trading 0.4% higher this morning and currently at $1270.00
- Brent crude oil prices are currently trending upwards today, and currently at $69.64, with WTI trading at $65.25
- Cocoa futures are currently around -1.7% lower today, and trading around $6925.00 per ton.
- Coffee futures have softened today, and are currently at $371.24
Crypto Currencies:
- Bitcoin prices are currently trending upwards today, and currently trading at $109500
- Ether prices have surged by 1.8% today and are currently trading around the $3941.20 mark
- $Trumpcoin is trending lower today, and currently trading around $7.48
(All prices quoted at approximately 08H30 Central African Time)
Other Headline News in Africa Today
Madagascar Chaos as Protestors Riot in the Capital
Authorities in Madagascar on Thursday imposed a dusk-to-dawn curfew in the capital, after protests over frequent power outages and water shortages turned violent, according to a top security official.Police fired teargas to disperse the thousands of mostly youth protesters who were marching and carrying placards, in the capital city Antananarivo. During the protests earlier yesterday, a shopping mall in the city was looted and then burned, with two private homes of local lawmakers also were looted and vandalised, according to a report by Reuters. The protesters, who defied an earlier police ban on the demonstration, marched while chanting, “We need water, we need electricity.” After the protests were dispersed, they later spread into various neighbourhoods of the capital.
