Breaking News Today –  Thursday 15 May 2025

Business & Tech News

AI Infrastructure Investment Spike:

CoreWeave, the Nvidia-backed tech company, will be looking to spend between $20 -$23 billion on new AI infrastructure and data center capacity, the company said on Wednesday. They are targeting the growing demand for high-end data processing capacity from clients, including Microsoft. The big spending plan, however, took a hit on its shares, which saw a 5% drop despite its profits showing growth of 11%, with improved revenue in its first results as a public company after listing on the Nasdaq in March. The company’s projected capital expenditure of $3 -$3,5 billion in Q2 is more than the anticipated revenue expectation of between $1.06 – $1.1 billion, causing a short-term deficit that worried investors.

Uranian Mining Company  Sues Niger Government:

Orano, a French uranium mining company, has sued the government of Niger after the disappearance of its director and the raiding of its local offices. The military Junta authorities in the West African country, have been on a program to tighten their grip on foreign companies and civil society. “Orano deplores this intervention, for which no legal basis nor reason has been offered,” Orano said in a statement released late on Tuesday, accusing authorities of an arbitrary arrest, illegal detention and “unjust confiscation of the property of Nigerien companies, subsidiaries of Orano and the State of Niger itself.” The company’s director was reportedly detained earlier this month. The company says the raids in Niamey, the capital, seized staff’s electronic devices and mobile phones.

Luminar CEO Resigns After Ethics Enquiry:

Austin Russell, Luminar CEO, has been released from his position by the Luminar board. The international automotive LiDar Tech group, announced yesterday that it had replaced billionaire and founder Russell, and appointed Paul Ricci, the former CEO of Nuance, as its new CEO. A press release issued by the company states that Russell resigned as president and CEO and as the chairperson of the board, effective immediately. The board said in the press release that the resignation had followed a code of business conduct and ethics inquiry for the audit committee of Luminar’s board. Russell will remain on the board and be “available to the incoming Chief Executive Officer on transition and technology matters,” according to the release. However, it’s not clear if Russell was forced out or if he resigned willingly. The board did not provide any additional details of the findings of the ethics inquiry.

Business, Tech & Market News Shorts:

• Sony announced yesterday that it expects operating profit to rise 0.3% to 1.28 trillion yen ($8.7 billion) in the financial year ending in March, after factoring in a 100 billion yen hit by the U.S. trade tariffs. Sony’s shares erased their losses and closed up 3.7% after the results were announced. The company said it would buy back up to 100 million shares to the value of around 250 billion yen.
• Cisco Systems confirmed yesterday that finance chief Scott Herren is set to retire in July. The company also revised its annual results forecast upwards, indicating strong demand for cloud services requiring their data networking equipment. Mark Patterson, the current chief strategy officer, will replace Herren as the CFO in July.
• Foxconn, a key chip producer for Apple, has been given approval by India’s cabinet to construct a new $435 million semiconductor plant in a joint venture with India’s HCL Group. The development is set to reduce Apple’s reliance on the production of Apple components in China.

Markets by Numbers

Currencies:

Currency markets indicate the US Dollar is marginally softer this morning and is currently trading against the Euro at 1.11875, and against the Pound at 1.32680. The Yen is currently trading lower at 146.05 to the dollar, with the rand softer against the US dollar and currently trading at R18.28.

Commodities:

• Gold futures prices have dropped by over 1,5% today, and are currently trading at $3136 per ounce.
• Copper prices have dropped by over 1% this morning and are currently at $4.5551.
• Silver futures prices are trending -1,4% lower this morning and are currently trading at $31.739
• Platinum futures are trading lower today and at $976.90, while Palladium prices are also trending downwards today and at $940 currently.
• Brent crude oil prices are currently trading -2,4% lower today, and are currently at $64.42, with WTI also trending lower, and trading at $61.55.
• Cocoa futures are trending upwards and have jumped by more than 8% this week and are at $9890 per ton.
• Coffee futures prices are trending lower this morning and are at $373 currently.

Crypto Currencies:

• Bitcoin prices are currently trading lower at $102521
• Ether prices also dropped today by more than -1% and are currently at $2579.30
• $Trumpcoin is trading -4,4% lower today, and is currently trading at $13.01

(All prices quoted at approximately 07H45 – Central African Time)

Other Breaking News in Africa Today

Libyan Military Clashes Leave Residents Fearing for Their Lives:

The worst fighting seen in Libya’s capital, Tripoli, for years, took a lull yesterday after a ceasefire had been announced by the government. There has been no indication from the authorities on how many people have been killed or injured. The Fighting began after the killing of a major militia leader on Monday, and intensified again on Tuesday morning, with major battles rocking districts across the entire city. Tripoli residents trapped in their homes by the fighting voiced horror at the sudden eruption of violence, which had followed weeks of growing tensions among armed factions.

Ex President Gets Bigger Sentence on Appeal:

The appeals court in Mauritania handed down a 15-year prison sentence and a $3 million fine to the former President Mohamed Ould Abdel Aziz yesterday after he had appealed a five-year sentence. Aziz helped lead two coups before serving two terms as president of the northwest African country and becoming a counterterrorism partner to Western nations. He was sentenced in 2023 after being found guilty of money laundering and self-enrichment. According to investigators, he accumulated over $70 million in assets while in power. He has been in custody since the verdict. The trial marked a rare instance in which an African leader was tried for corruption. Aziz’s lawyers have framed the trial as score-settling between him and current President Mohamed Ould Cheikh Ghazouani.