Breaking News Today – Friday 4 July 2025

Business & Tech News 

Cluely Clearly in Demand

One of the US top Tech Start-ups, Cluely, has hit a massive $7 million in annual recurring revenue (ARR) since they launched their new predictive AI product last week. Cluely, one of Silicon Valley’s top innovator startups, offers products that use AI to analyse online conversations, deliver real-time notes, provide context, and suggest questions to ask. This information appears discreetly on the user’s screen, invisible to others. In the weeks leading up to the product reveal, Cluely founder Roy Lee had boasted that the company’s annual recurring revenue (ARR) exceeded $3 million and that the startup was already profitable.

Mega Hydro-Electric Project Completed

Africa’s Largest Hydro-electric dam project, he Grand Ethiopian Renaissance Dam, situated on the Nile river, in Ethiopia, has been completed. The mega-dam on the Blue Nile that has long been a source of tension with Egypt and Sudan began construction in 2011 with a $4bn budget, the dam is Africa’s biggest hydro-electric plant, and a major source of pride for Ethiopians. Ethiopia sees the dam as vital to meeting its energy needs but Egypt and Sudan see it as threatening their water supply from the Nile. In a statement announcing the completion of the project, Prime Minister Abiy Ahmed sought to reassure his neighbours. “To our neighbours downstream – Egypt and Sudan – our message is clear: the Renaissance Dam is not a threat, but a shared opportunity,” he said. It is expected to ultimately produce over 6,000 megawatts of electricity, double Ethiopia’s current output. 

Silver heads Precious Metal Gains

The futures prices on silver, held firm above $36.80 per ounce on Friday, approaching 13-year highs as renewed global trade tensions bolstered demand for safe-haven assets. Investors remained on edge after President Donald Trump announced plans to begin sending letters outlining new trade tariffs or potential deadline extensions as early as Friday, fueling uncertainty in global markets. Adding to market anxiety, the US House of Representatives passed Trump’s sweeping tax cuts and spending bill, which now heads to the White House for his signature. The legislation is expected to widen the federal budget deficit by over $3 trillion, raising long-term fiscal concerns. However, silver’s upside was capped by a stronger-than-expected US jobs report for June, which eased recession fears and reduced pressure on the Federal Reserve to cut interest rates in the near term.

Business, Tech & Market News Shorts:

• Copper futures slipped toward $5 per pound on Friday, extending losses for a second straight session as renewed demand concerns weighed on sentiment. Analysts pointed to waning interest from Chinese fabricators amid elevated prices, dampening the bullish momentum that drove copper to three-month highs earlier this week.
• China is set to introduce nationwide cash subsidies to boost childbirth amid a persistent population decline that poses long-term economic risks, Bloomberg News reported Friday. Under the proposed policy, families would receive CNY 3,600 annually for each child born on or after January 1, 2025, continuing until the child turns three.
• Brent crude oil futures fell to around to $68.5 per barrel on Friday, extending losses from the previous session as investors weighed the potential for OPEC+ to further increase oil output at a meeting later this week. The group is expected to bring back another 411,000 bpd in August

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently fairly flat against the Euro at 1.17788 and against the Pound at 1.36670. The Yen is currently at 144.42 to the dollar, with the rand currently at R17.50 to the US dollar. 

Commodities:

• Gold futures prices are trending upwards this morning, and are currently at $3342 per ounce.  

• Copper prices are trending almost -1% lower this morning, and are currently at $5.0482  

• Silver futures prices are trading marginally lower this morning, and are currently at $36.82 

• Platinum futures are trading slightly higher and are currently trading at $1375.50. Palladium prices are trending lower this morning and currently at $1143,

• Brent crude oil prices are trending lower and currently at $68.61, with WTI trading at $66.93. 

• Cocoa futures have fallen below $8000 this morning and currently at $7949 per ton. 

• Coffee futures currently at $288

Crypto Currencies:

• Bitcoin prices are currently at $108890

• Ether prices are currently at $2556

• $Trumpcoin is trading at $8.78

(All prices quoted at approximately 08H00- Central African Time) 

Other Breaking News in Africa Today 

David Mabuza Passes Away

One of South Africa’s former deputy presidents, David Mabuza (64), has past away yesterday. Mabuza served a single term as the deputy president of the country from 2018 to 2023 and was also the deputy president of the African National Congress, from 2017 to 2022. there has so far been no confirmation as to the cause of death, however local media reported that he had died in hospital. Mabuza was a key supporter for current President Cyril Ramaphosa when he stood for the ANC presidency against former president Jacob Zuma at the party’s elective conference in 2017, and for Ramaphosa to subsequently to become South Africa’s president. Mabuza served as Ramaphosa’s deputy and quietly left the political scene after he resigned in 2023, although still being active in party politics since.