Breaking News Today – Friday 8 August 2025

Business & Tech News 

Airbnb – AI Not the New Google Yet

Airbnb CEO Brian Chesky has commented on the Future of AI and the company’s AI strategy, cautioning investors that AI chatbots can’t yet be thought of as the “new Google.” That is, AI chatbots, while potentially driving new leads to the travel and services business, aren’t entirely a replacement for the referrals that the global dominant search engine brings, particularly to the travel industry. “I think we’re still kind of feeling out the space,” Chesky told investors at Airbnb’s Q2 earnings release.

“The thing I want to caution is I don’t think that AI agents — I don’t think we should think of chatbots like Google — I don’t think we should think of them as the ‘new Google’ yet.” Revenue for the quarter increased 13% year on year to $3.1 billion beating analysts expectations. Airbnb reported 134.4 million nights and seats booked, up 7% from a year ago and above the 133.35 million expected by StreetAccount.

Central Banks Continue Cutting Interest Rates

The Bank of England cut interest rates by 25 bps to 4%, the lowest since March 2023, in a rare two-round vote that underscored sharp divisions over how to tackle sticky inflation and a softening economy. Five of the nine MPC members backed a 25bps cut, while four voted for no change. While the Bank of Mexico also lowered its key rate by 25 bps to 7.75% in its August meeting, as annual inflation declined from 4.51% in mid-June to 3.51% in July and the domestic economy expanded at a slightly faster pace in Q2 than in Q1, though slack persists. The release indicated that the Board deemed appropriate a continued cycle of rate cuts, taking into account the degree of monetary restriction implemented

Open AI Launches Chat GPT-5

The newest AI model from OpenAI has launched. GPT-5, sets the new standard in Gen-AI models with its new flagship AI model. Released yesterday (7 August) GPT-5, is OpenAI’s first “unified” AI model and combines the reasoning abilities of its o-series, self checking AI model, with the high-speed responses of its GPT-series. The next-generation model signals a new era for ChatGPT — and its creator, OpenAI — pointing to OpenAI’s broader ambitions to develop AI systems that are essentially much more agent like than a simple AI chat bot. GPT-5 now enables ChatGPT to perform a wide variety of tasks on behalf of users, such as generating software applications, navigating a user’s calendar, or creating research briefs.

During a briefing with reporters, OpenAI CEO Sam Altman made the statement the GPT-5 was currently “the best model in the world,” and said it represented a “significant step” along the company’s pathway to developing AI that can outperform humans at most economically valuable work.  

Business, Tech & Market News Shorts: 

• Intel’s New CEO Lip-Bu Tan is under fire from the US president who said yesterday that the US Tech Giant’s head was conflicted with strong ties to Chinese companies, and that he should step down. this comes amidst heightened tensions between China and the U.S. particularly in the tech and chip sector.
• Instagram is rolling out Instagram Map, a new feature that lets users share their most recent active location with others and discover location-based content. The Meta-owned social network is also launching reposts, and making its “Friends” tab in Reels available globally. 
• Japan’s current account surplus decreased in June to JPY 1,348.2 billion, from JPY 1,763.5 billion in the same month last year, falling short of market expectations of a JPY 1,480 billion surplus and marking the lowest level hit since January. 
• Silver traded above $38 per ounce, in early trade today and is currently on track to see a weekly gain of around 3%, as expectations for US interest rate cuts and uncertainty from new tariffs drove demand for precious metals. 
• Chinese share prices have dipped today with the Shanghai Composite down 0.05% to 3,638, while the Shenzhen Component fell 0.1% to 11,145 on Friday, as mainland shares struggled for momentum with investors awaiting key inflation figures that would provide new market direction in China.
• Japanese stocks rose sharply today, with the Nikkei 225 benchmark index rising over 2% to hit 41874 points while the broader Topix Index rose above the 3,000 point for the first time. this was partly driven by a 13% surge in SoftBank’s share price after much better Q1 results were released.

Markets by Numbers 

Currencies: 

Currency markets today indicate the US Dollar is currently trading stronger against the Euro at 1.16241 and against the Pound at 1.34286 The Yen is currently trading at 147.35 to the dollar. The rand (ZAR)is currently at R17.73 to the US dollar.

Commodities:

• Gold futures prices are currently trading flat this morning, and currently at $3391.76.25 per ounce.  
• Copper prices are trading lower today, with prices currently at $4.3925
• Silver futures prices are up marginally today, and currently at $38.318
• Platinum futures are trading lower this morning, and are currently trading at $1345.50 While Palladium prices have slipped by more than -05% this morning and currently at $1150.50
• Brent crude oil prices are currently at $66.18, with WTI trading at $63.66 
• Cocoa futures are trading almost 2% higher today, and currently at $86.32 per ton. 
• Coffee futures have gained more than 1,5% this morning, and are currently at $297

Crypto Currencies:

• Bitcoin prices are currently down by -7% at $116594 but up around 2,8% for the week
• Ether prices are trending around -0.3% lower this morning and currently at $3903.40 but up over 11% this week.
• $Trumpcoin is currently surging over 3% higher today and trading around $9.15

(All prices quoted at approximately 07H45 Central African Time) 

Other Breaking News in Africa Today

Trump and Ramaphosa Talk at Last

President Cyril Ramaphosa of South Africa has had a telephone conversation with U.S. President Donald Trump yesterday, that according to the South African presidency, focused on bilateral trade concerns with the two countries having had severely strained relations since the start of 2025. Despite recent setbacks over high tariffs, both leaders have committed to continuing discussions through their trade teams. The call comes against the backdrop of a 30% U.S. tariff imposed on South African imports, which has triggered serious economic concerns at home. To mitigate the fallout, Pretoria has launched an “Export Support Desk” and is crafting a support package aimed especially at the automotive and agriculture sectors, which together may risk tens of thousands of jobs.