Breaking News Today – Friday 11 July 2025

Business & Tech News 

Nigerian Super Highway gets Funding

Nigerian national infrastructure and logistics sector is posed to get a welcome upgrade, after the West African Nation concluded a substantial $747 million loan for the development of the new 700km Calabar Highway. Once completed, it will link the capital Abuja to a key coastal port city Calabar. Funding was raised from a syndicate led by Deutsche Bank AG, and includes the African Export-Import Bank, the Abu Dhabi Exports Office, the ECOWAS Bank for Investment and Development as well as Zenith Bank. According to a statement issued by the Finance Ministry, the government plans to establish a toll for the road to “ensure the project’s operational and financial sustainability,” the ministry said. 

The total cost of the project is estimated to be $10 Billion to complete with this initial amount funding the first phase of development. Calabar’s industrial strength lies in its Free Trade Zone and its focus on export-oriented industries like pharmaceuticals, food processing, and light manufacturing. It also has a deep seaport which is an advantage for export activities.

Gold Rises on Renewed Market Volatility

Gold futures have risen for the third consecutive trading session, and closing in on the $3340 level this morning. This has been supported by renewed safe-haven demand with fresh trade tariff concerns and ongoing geopolitical tensions. US President Donald Trump has announced a 35% tariff on Canadian imports starting August 1 and has also indicated he intends to implement 15–20% blanket tariffs on most other trade partners. This followed earlier threats against Brazil and proposed duties on copper, semiconductors, and pharmaceuticals. Meanwhile, Trump’s call for a 300 bps cut in the Fed funds rate raised speculation about a conservative new Federal reserve head nominee next year to take over the position from outgoing Fed Chair Jeromy Powell, raising concerns over longer-term inflation expectations.

Microsoft Appoints new MEA President

Microsoft has announced the promotion of Naim Yazbeck to President for Microsoft Middle East and Africa (MEA), effective July 1, 2025. Yazbeck joined Microsoft in 2009, and has held multiple leadership roles, most recently serving as General Manager, UAE where he played a role in advancing the country’s digital ambitions and reinforcing its position as a global innovation hub. According to Microsoft, Yazbeck will oversee Microsoft’s operations across the Middle East and Africa region, with plans to drive strategic initiatives, expand cutting-edge cloud infrastructure, and scale AI skilling across communities. Amr Kamel, who most recently served as General Manager – Global Partner Solutions for Microsoft Central & Eastern Europe, Middle East & Africa, will succeed Yazbeck as General Manager, UAE

Senegal’s Inflation continues to Rise

While most countries would be content with an inflation rate of under 1%, Senegal’s annual inflation rate rose for the fifth consecutive month, rising to 0.8% in June 2025, up from 0.3% in the previous month. this marking the highest inflation level since January. The increase was driven by a rebound in prices for food products and non-alcoholic beverages (0.6% vs -0.3% in May), which saw the first increase in four months. Prices also accelerated for housing and utilities (1.0% vs 0.5%) and transport (1.6% vs 0.3%). Additionally, inflation recovered in the leisure, sport, and culture category (1.1% vs -0.4%). On a monthly basis, consumer prices increased by 0.9% in June, the highest monthly gain in five months, following a 0.3% rise in May.

Business, Tech & Market News Shorts: 

• xAI, has launched its latest LLM Ai model Grok4, set to be the Tech group’s competitor product to ChatGPT at a subscription price tag of $300-per-month. The AI is supposed to be focussed on truth and can analyze images and respond to questions as well as find coding faults with ease. In recent months, Grok has also become fully integrated into Musk’s social network, X.
• Amazon Web Services (AWS) is set to launch an AI agent marketplace next week with Anthropic as one of its partners, according to a report on TechCrunch. The agent marketplace will allow startups to directly offer their AI agents to AWS customers and will also allow enterprise customers to browse, install, and look for AI agents based on their requirements from a single location.
• Bitcoin has broken through the $118000 level this morning and is up by over 1.8% this morning The Crypto Major, has spiked by over 9% this week and is up by over 26% this year and up by over 104% since last July. Other Crypto coins are seeing positive gains in what appears to be a crypto Bull run.
• Chinese Auto makers Chery and BYD are reportedly in hot water after an auto industry audit found that they had improperly claimed a combined $53 million in government subsidies for eco-friendly vehicles sold in the five years to 2020. the two companies held the bulk of the irregularities according to a ministerial report. They may need to repay this amount with potential further repercussions.
• Nissan Motor Corp, has raised $4.52 billion in unsecured bonds, according to a Reuters report, that is to be used to refinance existing debt. This comes after earlier reports that the Auto manufacturer had asked suppliers to allow it to delay payments to free up short-term funds.
  

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is stronger against the Euro at 1.16786 and against the Pound at 1.35504. The Yen is currently at 146.87 to the dollar, with the rand currently at R17.76 to the US dollar. 

Commodities:

• Gold futures prices are trending upward this morning, and are currently at $3333 per ounce.  

• Copper prices are trending lower and down over -1,2% this morning, prices are currently at $5.5154 

• Silver futures prices are trading 0,8% higher this morning, and are currently at $37.339 

• Platinum futures are trading upwards this morning, and are currently trading at $1399.60 and are looking to break above the $1400 level. Palladium prices are trading slightly softer this morning and currently at $1199.50

• Brent crude oil prices are currently at $68.85, with WTI trading at $66.82. 

• Cocoa futures have modulated after rising to above the $9000 mark yesterday. prices have shed over 3% this morning, and currently at $8842 per ton. 

• Coffee futures have found some traction again and currently at $289.50

Crypto Currencies:

• Bitcoin prices are surging this morning and up by over 2% hitting a new high and currently at $118015

• Ether prices are currently up more than 1,9% at $3011

• $Trumpcoin has jumped by over 10% this morning and currently trading at $10.14

(All prices quoted at approximately 08H10 Central African Time) 

Other Breaking News in Africa Today 

Mali now an Authoritarian State:

In a new blow to Mali’s fallen democracy, General Assimi Goita, the The head of Mali’s junta administration, has granted himself an additional five-year presidential mandate, that will be renewable “as many times as necessary” and without election, in a bill signed into law on Thursday.  The bill implemented the recommendations of the “national dialogue consultations” organised by the military regime in April and boycotted by political parties. The legislation has now been approved by the military-appointed legislative body last week.

The law, which Goita approved on Tuesday, allows him to lead the West African nation until at least 2030, despite the military government’s initial pledge to return to civilian rule in March 2024.  In a backwards shift away from democratic principals, Goita had also dissolved all political parties in May this year, which was followed by a surge in kidnappings of pro-democracy activists in the capital, Bamako, and just days after a demonstration by several hundred activists.