Breaking News Today – Monday 1 April 2025

Business & Tech News

Hooters Goes Bust:

Restaurant chain, Hooters America, has gone bust and has subsequently filed for bankruptcy in Texas, as it looks to restructure the group in order to save the company and pay off debts. The group now plans to sell- off all its company-owned restaurant outlets to a group backed by its two of Hooters founders. The firm currently directly owns and operates 151 restaurants, with another 154 restaurants owned and operated by franchisees, that are mainly in the US.

The company said its restaurants, which serve classic American bar food, will stay open during the business rescue process and are expected to operate “in a business-as-usual manner”. Hooters has struggled in recent years as it faces rising costs and wages, as well as maintaining its revenue in a market that is experiencing lower spending patterns on eating out. Hooters has five franchise run restaurants in South African that include, Emperors Palace, Fourways and Ruimsig in Johannesburg as well as two in Durban in Florida road and Umhlanga.

Budget Deal Breakdown Will Hurt South Africa:

The possible breakdown of the coalition government in South Africa moved to a cliff edge this morning as the budget that needs to be put to a vote in parliament by no later than tomorrow, seems set to fail. Africa’s Democratic Alliance (DA) has said that it will oppose the national budget for as long as the ANC does not prioritise growth and spending reforms within the government of National Unity (GNUI) according to a statement given by DA party leader John Steenhuisen on X today. “Last night, the ANC refused to finalise an agreement on growth and spending reforms, imperilling the GNU.

“The DA will oppose the budget unless and until a written agreement is reached,” Steenhuisen said in a post on X. Negotiations between the parties have been ongoing for weeks now and still no consensus has been reached. The South African rand has lost over 2% in the last two weeks and is trading around the R18.39 level this morning after hitting R18.42 to the dollar earlier today.

Kenyan Inflation up in March:

Kenya’s annual inflation rate rose to a six-month high of 3.6% in March 2025, from 3.5% in the previous month. Still, inflation remained below the 5% midpoint of the central bank’s target range for the ninth consecutive month. On a monthly basis, consumer prices were up by 0.4% in February, slightly accelerating from a 0.3% rise in January.

Gold’s Climb Continues:

Gold rose to a fresh record high and at one point hit as high as $3,147 per ounce in trading this morning, as investors moved to the safe-haven asset ahead of President Donald Trump’s tariff roll-out that has heightened fears of a global trade war. Trump said that reciprocal tariffs, set to take effect on 2 April and will apply to all nations, beyond just a smaller group of 10 to 15 specified countries. Additional automobile tariffs will follow on Thursday. A combination of other factors, including rate cuts bets, central bank purchases, and demand for ETFs, has also contributed to bullion’s record-breaking rally. In the previous session, the precious metal recorded its best quarter since September 1986. Meanwhile, investors are closely monitoring key labour market data due out this week including today’s US job openings report, and Friday’s non-farm payrolls, for more clues on the Federal Reserve’s rate-cut path

Markets by Numbers

Currencies:

Currency markets are indicating the major currencies remain fairly level, with the US Dollar trading slightly upwards  and currently at 1.0804 against the Euro, and at 1.29102 against the Pound.  The Yen is trading slightly down against the Dollar, and at 149.80 to the dollar currently. The rand has lost ground today after budget turmoil and is trading at R18.39 to the dollar currently.

Commodities:

• Gold futures prices are currently trading upwards, and have hit a new record high price, and currently at $3128, up over 3,6% in the last week.
• Copper prices have levelled out this morning, and at 5.0837 currently.
• Silver prices are trading lower today, and at 33.881 currently.
• Platinum Has crept over the $1000 mark this morning flat and at $1001 currently, while Palladium prices are currently trading higher today and at $983 currently.
• Brent Crude Oil prices are trending higher today and at $74.71 currently, with WTI also trading upwards, and at $71.41 currently.
• Cocoa futures have dropped below the $8000 level this morning, with prices currently at $7971 per ton.
• Coffee futures prices have continued to trade fairly flat today, and at $378 currently.

Crypto Currencies:

• Bitcoin prices have gained over 1% this morning, and is currently trading at $83548.
• Ether prices have remained below the $2000 mark, and currently trading up over 1,7% today at $1855, losing over 18% this month.
• $Trumpcoin has remained just above the $10 level, and the coin is currently trading at $10.14 currently

(All prices quoted at approximately 09H30 – Central African Time)

Other News in Africa Today

Zimbabwe Protests Derailed

Yesterday saw extensive police and security presence across most major cities across Zimbabwe that saw most businesses closed and few people ventured out to join planned protests aimed against President Mnangagwa. Schools in Harare and Bulawayo were closed. The protest was called by theIndependence war veterans, against a plan by the ruling Zanu-PF party to extend the presidents term of office to 2030. Mnangagwa came to power in 2017 after a military coup that ousted former president, Robert Mugabe who had been in power since Zimbabwe’s independence in 1980.

In January, the ZANU-PF party announced that said it wanted Mnangagwa, who is serving his second term as president, to stay in office for another two years until 2030 despite the constitutional limit of two- five-year terms.  The veterans, led by Blessed Geza, previously supported Mnangagwa but have turned against him, accusing him of corruption and wanting to cling to power, and are seeking to install retired general and vice-president Constantine Chiwenga, as the next president. In a video shared on social media, security forces were seeing using teargas to disperse a small group of protesters in Harare chanting “We reject 2030”. The president has repeatedly denied he intends prolonging his presidency, but many remain unconvinced he will step down.