Business & Tech News
Automotive Chip Disruptor Announced:
A partnership between BOS Semiconductors and a Canadian start-up tech company and Tenstorrent, announced a newly developed AI chip designed for applications in Automotive autonomous driving control units and in-vehicle entertainment technology. The tech installed within vehicles has become increasingly complex with almost every aspect of vehicle operation control utilising computational capacity. The advances in Auto-Tech is now requiring advanced processing units to control safety, and advances such as distance controlling NiDAR units is creating demand for specialised processor units in vehicles.
The chips are the industry’s first “automotive chiplet AI accelerator”, announced Park Jae-hong, founder of BOS “Semiconductors. Chiplets – small chips combined into a large system like LEGO blocks, will enable auto manufacturers to customise the system to meet their needs and reduce costs by updating specific functionalities”, he said. Park said BOS Semiconductors is in talks with unidentified German automakers to supply the products, called “Eagle-N”, which will debut at the Consumer Electronics Show in January and go into production in late 2026.
UN Chief Backs Lesotho Development:
United Nations Secretary-General António Guterres addressed the Lesotho Parliament yesterday, and in his address, urged wealthy nations to honour their commitments to help the world’s poor countries deal with ongoing climate change. Guteres also expressed his hope that Africa would soon have permanent seats on the U.N. Security Council. The UN Head is on a three-day visit to Southern Africa and was in South Africa on Wednesday. His two-day trip to neighboring Lesotho, will also see him visit the Katse Dam, an integral part of the country’s plans to harness its water reserves.
African Update:
CURENCIES: The Ghanaian and Ugandan currencies are expected to continue strengthening against the dollar in the next week to Thursday, while South Africa’s Rand Nigeria’s Naira and Zambia’s Kwacha are expected to remain steady, traders said.
IVORY COAST COCOA: Ivory Coast’s cocoa grind rose 16.1% year-on-year in November to 60,694 metric tons, data from exporter association GEPEX showed on Thursday.
INDICES: The Johannesburg Stock Exchange closed up 1,66% yesterday with mining group Exxaro up 0,68% ans retail group Spar gaining 0,67% on the day.
Market News
Markets: Indices in the US, all closed in negative territory yesterday with the NASDAQ closing down by –0,68%, the S&P 500 was down -0,54% and the Dow Jones closing down by -0,53%.
Asian markets this morning have seen Nikkei close down by -0,95% and is at 39470 currently, while the Hang Seng is up by 1,23% and is at 20397.28 currently.
Currencies: The US Dollar is currently trading stronger and is at 1.046 against the Euro, at 1,266 against the Pound, and at 152,29 against the Yen. The Rand is trading fairly even, with the currency currently trading at R17.70 to the US dollar.
Commodities:
- Gold has dropped below the technical 2700 level, with the price currently at $2,688.42 per ounce
- Platinum prices are trending down this morning and currently trading at $934.80 and with Palladium prices gaining some of its losses this week and at $968.50 currently
- Brent crude is currently trading flat and at $73.48 with WTI trading at $70.09 currently.
- Cocoa prices have gained over 2% in price this morning and is selling at $10,539 per ton currently
- Coffee prices closed at $3.23 yesterday and are gaining momentum again this morning, and at $3.47 per pound currently.
Crypto Currencies:
- Bitcoin has moved below the $100,000 mark losing 0,43% this morning, and is currently trading at $99,645
- Ether is up by 0,18% today and trading at $3,879.82 currently
(All prices quoted at approximately 09H00 – Central African Time)
Other News in Africa Today
Zimbabwe to Abolish the Death Penalty:
The Zimbabwean Senate has approved new legislation that will see the death penalty removed from its legislative branch, a crucial step towards completely eliminating a law that has not been applied in nearly 20 years in the Southern African Nation. Yesterday the Zimbabwean Parliament confirmed that senators passed the bill on Wednesday evening. The death penalty will be abolished once President Mnangagwa signs it, which is anticipated shortly.
President Mnangagwa, has previously voiced his opposition to capital punishment, sharing his own experience of being sentenced to death during the independence war, a sentence later commuted to ten years. He has also used his power to grant amnesties that convert death sentences to life imprisonment. There are currently more than 60 prisoners awaiting execution in Zimbabwe.
Somaliland Seeks International Recognition
The breakaway region of Somaliland, in Somalia, inaugurated its new president yesterday (12 Dec) following last month’s election, as part of its quest for international recognition. Somaliland declared independence from Somalia over 30 years ago, however it remains unrecognized by the African Union, the United Nations, or any other nation as a sovereign state at this point. The Inauguration occurred just a day after Somalia and Ethiopia reached an agreement in Turkey to engage in “technical talks” regarding a dispute arising from a deal between Somaliland and Ethiopia.
As the sixth president of Somaliland, Abdirahman Abdullahi, set the intent for gaining global recognition during his inaugural speech saying that “My new government’s first job is to renew its relations with the rest of the world in order for us to be able to create a new Somaliland that will help the security of the entire region, including the Red Sea.” Abdullahi, 69, from the opposition Waddani Party, won over 50% of the votes in the presidential election held on November 13, The electoral commission verified the results, emphasizing significant voter turnout and the peaceful nature of the election as evidence of Somaliland’s democratic strength.
