We don’t need much to distract us from the real problems, and it’s not a bad thing. This time it’s Mark Zuckerberg serving up the weekend table talk, meta new name for Facebook and he’s feeling the sting of the brutal internet. Social media rival Twitter was first on the bandwagon, but for the masses Meta meant maul Mark. Bloomberg mused that at least it’s not Tronc. The name also opened a debate around a new acronym for the top five tech companies, with what-if permutations of Tesla replacing Netflix: From FAANG to MANGA to MANTA to MAGAT, but oh MAAAN, what if Google starts going by parent name Alphabet? The big question is, is FAANG still even a thing? With hot stocks Meta, Apple, Google, Microsoft and Amazon now in play, analysts and journos could soon fittingly refer to them as MAGMA.
Since the stream announcing the name change ended, the company had changed its office’s iconic sign and more details have emerged about the company’s rebranding. The Verge reporter Alex Heath interviewed Zuckerberg to talk about the motivation behind the name change.
Meanwhile, in the markets the rand spent most of yesterday around the R15.15 level as emerging market currencies struggled against the dollar, eventually closing at R15.12. This morning, it’s back at the R15.15-level, with TreasuryONE seeing the R15.20/.25 technical level as key to further rand weakness in the short term.
Bitcoin, which has risen some 40% this month to reach a record of almost $67,000 following the debut of the first Bitcoin-linked exchange-traded fund in the US, started the day slightly down at $61,575 after losing about $3,000 in a flash yesterday to later recoup all the losses. Rival Ether, the second-largest cryptocurrency, soared to fresh highs above $4,400 this morning on bullish sentiment surrounding an upgrade to the Ethereum network and Bitcoin’s recent record rally.
And if you’re a fan wanting to make money off Squid Games without the deadly consequences, there’s a crypto for that – one that soared 2300% in just the first few days of trading.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Outgoing PIC board fires suspended chief financial officer after two years – Daily Maverick
Ramaphosa on load shedding: ‘We’re not the only country with problems’ – BusinessTech
Mantashe announces 25 preferred bidders for new renewable energy projects in SA – Fin24
Global Business
World spends $423 billion a year to subsidize fossil fuels, UN research says – CNBC
Most popular weed store in Canada – European Business Review
Deliveroo to launch global expansion of fast grocery service – Bloomberg
Tech
Apple lost $6 billion to chip shortage and manufacturing delays in Q4, Tim Cook says – The Verge
Datatec sees robust growth, declares special dividend – TechCrunch
Tesla owners can now remotely stream live footage from their car’s cameras – The Verge
Markets
Asian markets down as Apple, Amazon results dent optimism – AFP
Dollar wallows near one-month low as strong euro, stock rally weigh – Reuters
Why hedge-fund bulls and bears are crowding into the same tech stocks – Bloomberg
Opinion/In-depth
The CumEx Files (Part Three): Investec’s multibillion-euro backing for legendary ‘tax evader’ – Daily Maverick
South Africa’s local elections: new entrants likely to be the big winners – The Conversation
William Gumede | Untreated mental illnesses impact on SA’s economy, social and family stability – News24
Video
Nigerian startups digitize food supply chain – Reuters
How big brands convert plastic waste into fuel –Reuters
‘Santa Claus rally’ may have started early – strategist – Reuters
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