Breaking News Today – Friday 6 June 2025

Business & Tech News 

Musk Trump Spat Hurts Tesla Shares

Shares in the world’s largest electric car company Tesla, dropped -14% yesterday, cutting its market value by close to $150bn in a stunning display of loss in investor confidence overnight. Analysts ascribed the losses as an indication of the impact of a very public dispute between previous allies Musk and US president Donald Trump. Markets are anticipating high risks to Musk’s companies, including SpaceX, that holds large government contracts. Trump yesterday threatened to terminate government contracts with Musk responding on social platform X- “Go ahead, make my day”. Musk also commented that SpaceX would begin decommissioning it’s Dragon Space Capsule, without which NASA would have no ability to continue its space science programs or reach the international space station, other than to depend on Russia.

Circle Internet Group’s IPO a Massive Success

The Initial Public Offering of Circle, the U.S.-based issuer of stable coin, made its debut on the New York Stock Exchange on yesterday day with its value jumping beyond expectations, driven by big interest from crypto enthusiasts and investors. The company’s underwriters priced the offering at $31 per share Wednesday, up from an expected range of $27 to $28. The number of shares being sold was also raised to 34 million from 32 million. Circle is listed on the NYSE under the symbol “CRCL.”

Japan’s Coincidence Index Falls

Japan’s index of coincident economic indicators, which tracks factory output, employment, and retail sales, fell to 115.5 in April 2025 from a downwardly revised 115.8, preliminary estimates showed. This marked the lowest level since last November, as persistently high costs continued to weigh on private consumption and the burden of steep US tariffs intensified. Japan’s trade performance was mixed during the month: imports declined, while exports grew at the slowest pace in seven months, dampened by the impact of new US tariffs. On the monetary side, the Bank of Japan unanimously held its key short-term interest rate at 0.5% during its March meeting—the highest level since 2008. The board signaled continue raising its policy interest rate and adjusting monetary accommodation if its economic and price outlook materializes.

Business, Tech & Market News Shorts: 

• The lunar landing attempt today by Japanese private space exploration company iSpace has been declared a failure, with a los of communication during the landing attempt on the northern area of the moon. This is the third failed attempt at a lunar landing this year.
• The World Bank says it is lifting a ban on loans to Uganda that it had put in place two years ago when the country passed a new law banning LGBTQ. The World Bank says it is confident that new “mitigation measures” will allow it to roll out funding in such a way that does not harm or discriminate against LGBTQ people.
• Cross-Border specialist payments company 80eight has announced it will be cancelling SWIFT fees on forex transactions for the next three months, eliminating one of the biggest costs in cross-border payments. 80eight says it will absorb SWIFT fees on up to three months of eligible client transactions 
• South African entertainment group Multichoice has issued a trading update indicating a severe drop in earnings is anticipated in their latest financial numbers to be released to show a drop in profit of between -47% to -51% and a drop in Headline earning per share of -157%.
• The Johannesburg Stock `Exchange the JSE, was hit a new high of 96,000 points yesterday, marking a 14% growth in 2025, and is sett close in on the 100000 (ZAR) mark, boosted by a stable rand and lower interest rates as well as several new listings.

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently trading against the Euro at 1.14321 and against the Pound at 1.35476. The Yen is currently at 143.97 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 $3361 per ounce.  

• Copper prices are also trending upwards this morning and are currently at $4.9077.  

• Silver futures prices have jumped by over 1,5% this morning and are currently at $36.200 

• Platinum futures are trading upwards by over 2% this morning, and are currently trading at $1163.20, while Palladium prices are currently at $1013.50 

• Brent crude oil prices are currently at $65.02, with WTI trading at $62.92

• Cocoa futures are trading upwards this morning and are currently at $10135 per ton. 

• Coffee futures prices are down almost –1% today, and are currently at $358.07

Crypto Currencies:

• Bitcoin prices are currently trading over 1,8% higher today and currently at $103447 

• Ether prices are up 2% currently at $2466 

• $Trumpcoin is trading at $9.75

(All prices quoted at approximately 08H20 – Central African Time) 

Other Breaking News in Africa Today 

Zambian President Edgar Lungu Passes Away

Today Zambia will be mourning the death of their former President Edgar Lungu, who passed away yesterday at the age of 68. According to local media, Lungu collapsed while exercising at home in Lusaka and was pronounced dead on arrival at the Maina Soko military hospital. The government has confirmed the news and declared a period of national mourning. Lungu served as Zambia’s sixth president from 2015 to 2021. During his tenure as President major infrastructure projects were undertaken but also rising debt and economic challenges. He lost re-election to Hakainde Hichilema in 2021 and had kept a low profile until recently, when he re-entered political life as an opposition figure.Yesterday saw tributes been shared in Zambia and also from the wider African continent. President Hichilema described Lungu’s death as a tragic loss for the nation.

Chad – No More Visa’s For USA

Following a wide scale travel ban from various countries in Africa, announced by the US administration, The African nation of Chad says it has suspended all visas to US citizens as a matter of “reciprocity”, after the US had indicated that Chad is one of a dozen countries whose nationals are banned from travelling to the US. In a post on social media platform Facebook yesterday Chad’s president Mahamat Idriss Deby ITNO STATED THAT “Chad has neither planes to offer nor billions of dollars to give, but Chad has its dignity and pride”. Seven of the twelve countries banned from travel to the US are African States and will be in effect as of next Monday