Breaking News Today – Friday 16 January 2026

Business News Today 

Detroit Motor Show Highlights Shifting Trend Away from EV’s

At the iconic International Auto Show this week, saw a visual shift away from EV’s after the US changed its subsidy policy. One of the two tracks used for test driving new vehicles and showcasing new models, used to be set aside exclusively for electric vehicles as U.S. automakers sought to quickly build out the cars of the future. This has changed in 202 with both strips are open to hybrids and gas-powered vehicles as Detroit continues a pivot away from EVs. AFP reports that Todd Szott, chairman of this year’s event commented “The show will always reflect what’s happening in the industry at the consumer level,” “Obviously things have changed in the EV landscape.”

U.S. sales of pure EV vehicles grew just 1% last year, according to data released by Benchmark Mineral Intelligence this week. Compare that to China, which saw 17% growth in plug-in hybrid and electric vehicles last year, and Europe, which saw a 33% increase.

AI Video Start-Up Hits $1.3 Million Valuation

Higgsfeild, the ai video generation startup has raised an additional $80 million, through an extension to its previous Series A round that closed in September, bringing its total Series A raise to $130 million. The company says it has now hit a $1.3 billion valuation. Higgsfield is revolutionising product video generation and offers a tool that allows consumers, creators, and social media teams to create and edit AI-generated videos. The company was founded by Alex Mashrabov, former head of Generative AI at Snap. Five months after Higgsfield launched its tool, it claimed 11 million users and said it was a platform of choice for content creators. Nine months in, it has now reached over 15 million users and is on a $200 million annual revenue run rate, with that figure doubling from a $100 million trajectory in about two months, it says.

There is an emerging category of direct-to-consumer advertisers moving their entire creative pipeline to a GenAI-first operating model. They run automation pipelines such as URL-to-Ad, turning a product page into multiple campaign-ready, on-brand video variants in minutes. Reportedly, several customers that are using Higgsfield’s beta marketing automation product are already spending over $200,000 per year.

Economic Fundamentals Improve For South Africa

South Africa’s 10-year government bond yield fell below 8.30% yesterday, near its lowest level since January 2020, reflecting sustained investor optimism in the country’s economic fundamentals. South African assets performed strongly in 2025, driven by improving fiscal performance, lower inflation, central bank repo rate cuts, a firmer rand, and increased infrastructure investment. Political stability also contributes, with the continued functioning of the coalition government (GNU) viewed positively despite internal tensions and uncertainty ahead of municipal elections.

On the data front, headline inflation eased to 3.5% in November from 3.6% in October, below market forecasts and closer to the SARB’s new 3% inflation target. Short-term inflation expectations also fell to record lows in Q4, raising the prospect of further rate cuts by the South African Reserve Bank this year. Growth is expected to remain modest in 2026, around 1.3%–1.4%, but still an improvement on the 2024–2025 period. The rand (ZAR) has gained 2.5% against the Dollar in the last month.

Breaking News Shorts:  

• Walmart announced the departure of current CEO Kathryn McLay, who will step down as CEO of its Walmart International unit on January 31 but will remain with the company through the first quarter to help ensure a smooth transition. Mclay had been CEO of the international business since 2023.
• AI group Anthropic has appointed former Microsoft executive Irina Ghose as its managing director for India, the company announced today.Ghose served as managing director for Microsoft’s India business, a role she held for two years before leaving the company in December 2025
• The US dollar index held steady around 99.3 today, set for a third consecutive weekly gain as strong US economic data tempered expectations for additional Federal Reserve interest rate cuts. Weekly jobless claims came in well below forecasts, signaling a resilient labor market, while some manufacturing surveys also exceeded expectations.
• China’s 10-year government bond yield fell to around 1.83%, marking its lowest level since late December, as the People’s Bank of China maintained a dovish policy stance. Deputy Governor Zou Lan indicated that the central bank sees “some space” to cut both the reserve requirement ratio and policy rates this year. 
• Platinum, gold and copper all edged lower in early trade today after hitting new highs this week. Platinum was down by -2.8% (up over 1.8% in the last week), copper is down by -1.38% and Gold is down marginally but set for a weekly gain of 1.9%.

Markets by Numbers 

Currency markets indicate the US dollar stronger today, with the Euro trading against the US dollar at 1.16100 while the Pound is trading at 1.33878 to the US dollar. The Yen is currently trading at 158.25 to the dollar. The rand (ZAR) has strengthened further today and currently trading at around R16.33 to the dollar.

Commodities:  

• Gold futures have dropped after hitting new highs yesterday on profit taking, and are currently down around -0.3% this morning, and currently trading at around $4601.07 per ounce.  
• Copper prices are trending -1.3% lower today, with prices currently around $59.075 per pound
• Silver futures have regained lost ground, and currently trading around $90.704 per ounce.
• Platinum futures are down by over -2.8% this morning, and currently trading at $2339.60, While Palladium prices have slid by over -4.2% this morning, and currently trading around $1795.00 per ounce.
• Brent crude oil prices are trending lower today, and currently at $63.55 with WTI trading lower at $59.03
• Cocoa futures are trending -2.4% lower today, and are down over -18% this week over positive crop estimates and currently trading around $4966.00 per ton. 
• Coffee futures are currently 0.7% higher today, and trading at around $3.5880 per pound

Crypto Currencies: 

• Bitcoin prices are trending fairly flat this morning, and trading at around $95474 per coin currently 
• Ether prices are trending level, and are currently trading around $3303.53
• $Trumpcoin are trending lower today, and currently trading around $5.352

(All prices quoted at approximately 07H40 Central African Time) 

Africa News Briefs:

• Uganda’s election polls closed around 6pm last night following a chaotic day of voting that took place within an internet blackout and reported long delays caused by technical breakdowns as President Yoweri Museveni (81) seeks to extend his 40 years in power. Museveni, who seized power as the head of a rebel army in 1986, is widely expected to win a seventh term in office thanks to his total control of the state and security apparatus. Official results are to be released within 48 hours of polls closing.
• An American financial company has filed a lawsuit in the United States against the Democratic Republic of Congo and several senior officials, including the Minister of Finance and the Reserve Bank Governor, alleging attempted bribery, according to a document seen by AFP on Wednesday. Idaho based PayServices says it was invited in late 2023 to create a joint venture to “revitalize the DRC’s public bank and digitise and modernise the entire national economy . “The company said it had accepted the contract and invested more than $72 million in technology and services, under stipulation that the Congolese state will pay $20 million “within two weeks” . The officials later aledgedly approached the company demanding bribes.