Bloomberg

2024-03-20 17:31:06 Gold standard: Zimbabwe, the poster child of hyperinflation, is allowing a free fall in its currency that it’s no longer keen to defend and is instead working on a new exchange rate potentially backed by gold. https://bloom.bg/4akxAs3

Industry slump ends: Ghana's economy expanded at the fastest pace in a year as the industry sector ended four quarters of decline. https://bloom.bg/3TsBzMw

Rates signal: South Africa’s inflation rate climbed to a four-month high, likely cementing the central bank’s resolve to keep borrowing costs on hold when it meets next week. https://bloom.bg/3VrNOvs

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz Open / Comment

2024-03-20 09:22:40 Sam Bankman-Fried said US prosecutors’ proposal to put him in prison for as long as 50 years "distorts reality" and paints him as a "depraved super-villain."

Prosecutors have argued that a sentence ranging from 40 to 50 years is necessary for the FTX co-founder’s "historic" crime involving more than 1 million victims and losses of more than $10 billion in the collapse of his crypto empire. Read more here: https://bloom.bg/3x1Reeh

: Stephanie Keith/Bloomberg Open / Comment

2024-03-20 09:20:04 The US is considering blacklisting a number of Chinese chip firms linked to Huawei after it notched a significant tech breakthrough last year.

Most of the Chinese entities that could be affected were previously identified as chipmaking facilities acquired or being built by Huawei, in a presentation by the Washington-based trade group Semiconductor Industry Association.

Such a move would mark another escalation in a US campaign to ringfence and curtail Beijing’s AI and semiconductor ambitions. It would also ratchet up the pressure on a Chinese national champion that’s made advances despite existing sanctions. Read more here: https://bloom.bg/4cqoFr8

: Qilai Shen/Bloomberg Open / Comment

2024-03-19 15:41:32 Nigeria rates: Nigerian central bank Governor Olayemi Cardoso last month voted for an even larger interest rate increase than what was announced, confirming him as one of the most hawkish members of its monetary policy committee. https://bloom.bg/4aiVfct

Anti-LGBTQ law: Uganda’s harsh law outlawing homosexuality is undermining foreign direct investment and tourism inflows, hurting attempts by authorities to meet objectives under an International Monetary Fund program, the lender warns. https://bloom.bg/3INzmGg

Africa's metals: US Deputy Treasury Secretary Wally Adeyemo used a five-day trip to South Africa to advertise America's ambitions to secure metals in Africa for the global energy transition. https://bloom.bg/3Tqox29

Sign up for our twice-weekly newsletter on where sub-Saharan Africa stands now — and where it’s headed at https://bloom.bg/3OsOf3y. Next Africa publishes every Tuesday and Friday. Open / Comment

2024-03-19 12:20:49 Nvidia just announced its newest AI processor chip, but companies in India are still waiting to get their hands on its predecessor known as Hopper.

One unknown startup has managed to secure an order of about 20,000 of the sought-after chips.

Bloomberg's Saritha Rai spoke to the CEO about his vision for India's AI future: https://bloom.bg/3VoUgmF Open / Comment

2024-03-19 08:09:30 The safety of intermittent fasting, a popular strategy to lose weight by limiting food intake to certain times, was called into question by a surprise finding from research presented at a medical meeting.

Limiting mealtimes to a period of just eight hours a day was linked to a 91% increase in risk of death from heart disease in the study.

The American Heart Association published only an abstract, leaving scientists speculating about details of the study protocol. The study was reviewed by other experts prior to its release, according to the AHA. Read more: https://bloom.bg/4cj9zn4

: Moment RF/Getty Images Open / Comment

2024-03-19 06:50:12 BREAKING: Japan exits the world’s last negative-rate regime, ending the most aggressive monetary easing in modern history.

Follow our free live blog https://bloom.bg/4ckY922 Open / Comment

2024-03-18 17:00:48 US Treasury bullish: Cooperation between the government and business is boosting South Africa’s prospects, despite the myriad challenges the economy faces, US Deputy Treasury Secretary Wally Adeyemo said. https://bloom.bg/3IEWpD8

Hot cocoa: Cocoa futures have doubled in less than three months as their landmark surge intensifies, boosting costs for consumers and sending chocolate makers scouring for supply. https://bloom.bg/3IEXo6i

Tough times ahead: The worst may not be over for Ghana’s cedi, Africa’s third-worst performing currency this year. https://bloom.bg/3TGX9ye

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz Open / Comment

2024-03-18 08:42:40 Apple is in talks to build Google’s Gemini artificial intelligence engine into the iPhone, sources say, setting the stage for a blockbuster agreement that would shake up the AI industry.

The two companies are in active negotiations to let Apple license Gemini, Google’s set of generative AI models, to power some new features coming to the iPhone software this year, sources said.

Apple also recently held discussions with OpenAI and has considered using its model, the sources added. More on what this could mean for the two companies: https://bloom.bg/4chtHWG

: SeongJoon Cho/Bloomberg Open / Comment

2024-03-18 08:30:39 Bloomberg breaks down the multi-phase national elections that kick off on April 19, in which Prime Minister Narendra Modi is seeking a third term. https://bloom.bg/49SCtsw Open / Comment