Breaking News Today – Monday 2 June 2025

Business & Tech News

Gabon to Halt Manganese Exports:

The West African country that is part of the CEMAC regional group will be looking to halt the export of raw manganese by 2029. Gabon is the world’s second-largest manganese producer by volume globally, having achieved manganese production of 4.6 million metric tons in 2024, second only to South Africa (7,6 million metric tons). The plan is part of a national strategy to boost local industry and reduce dependency on unprocessed resource exports.

The government announced that it will be seeking to transform its economy by building capacity to process and beneficiate the raw mineral to produce greater downstream value for the country, as well as providing job growth opportunities. Manganese, alongside oil and timber, is one of Gabon’s top revenue sources. The country is currently the world’s second-largest producer of the mineral. Gabon’s administration has given the manganese industry three years to invest in local transformation facilities with a public-private investment fund that is set to be created, which will provide capital to support the transition

Nigerian Credit Rating Upgraded:

Global rating agency Moody’s has announced that it has upgraded Nigeria’s credit rating to B3 from Caa1. This follows significant improvements in the country’s external and fiscal positions. The agency noted that inflationary risks in Nigeria, driven by recent policy shifts, have diminished, while current inflation rate and domestic borrowing costs are showing early signs of easing, improving confidence in the stability of these policy changes. At the same time, Moody’s revised Nigeria’s outlook from positive to stable, as it expects progress on the external and fiscal fronts to continue, albeit at a slower pace if oil prices decline. Standard & Poor’s credit rating for Nigeria stands at B-, with a stable outlook.

Tariff Wars and Territorial Wars Push Gold Higher:

Gold prices rose by more than 1,5% to above $3,340 per ounce this morning as investors sought the safe-haven asset amid a new tariff threat from US President Donald Trump and an escalation of the Russia-Ukraine war. Trump said on Friday he will double existing tariffs on steel and aluminium imports from 25% to 50%, effective June 4. The announcement comes amid an ongoing legal battle over the legality of some of Trump’s tariff policies, which an appeals court has allowed to continue after the Court of International Trade ordered the administration to halt the taxes.

Adding to market unease, Trump accused China of violating a tariff truce reached in early May, a claim Beijing countered with its own accusations of US wrongdoing. Meanwhile, a Ukrainian drone attack has destroyed over 40 Russian planes within Russian territory, while Moscow pounded Ukraine with missiles and drones, just one day before the two sides meet for a new round of direct talks in Istanbul.

Oil Futures Surge:

Brent crude oil futures rose more than 2% to above $64 per barrel on Monday, following OPEC+’s decision to increase output in July, in line with market expectations. The group agreed over the weekend to add 411,000 barrels of additional production supply. This is the third straight month of increases of the same amount, reinforcing a major strategic shift that has driven crude oil prices lower. This move is understood to be a tactic implemented by OPEC, as a measure to discipline countries, such as Iraq and Kazakhstan, that have been overproducing,  while allowing oil producers like Saudi Arabia and Russia to win back market shares. Geopolitical risks also continue to provide bullish support to oil prices.

Business, Tech & Market News Shorts:

• Space Forge, a U.K. startup headquartered in Cardiff, Wales, has raised around $30 million, in a Series A raise to develop the production of wafer materials in space, where unique conditions unlock new possibilities. 
• A Morgan Stanley report indicates that they expect the US Dollar Index will fall about 9% to hit 91 by around this time next year. JPMorgan Chase & Co. strategists led by Meera Chandan told investors last week they remain bearish on the US currency, instead recommending bets on the yen, euro, and Australian dollar.
• The UK Nationwide House Price Index rose by 3.5% year-on-year in May 2025, following a 3.4% increase in April and above market expectations of a 2.9% rise. On a monthly basis, prices grew by 0.5%, rebounding from a 0.6% decline in April and exceeding forecasts of a 0.1% gain. 

Markets by Numbers

Currencies:

Currency markets indicate the US Dollar is currently trading lower against the Euro at 1.14042 and against the Pound at 1.35306. The Yen is currently at 143.20 to the dollar, with the rand currently trading lower at R17.91 to the US dollar.

Commodities:

• Gold futures prices are trending upwards this morning and are currently at $3341.76 per ounce.
• Copper prices have jumped by more than 3.6% this morning and are currently at $4.8437.
• Silver futures prices are trading upwards this morning and are currently at $33.184
• Platinum futures are trading downwards this morning, and are currently trading at $1044, while Palladium prices are currently at $962
• Brent crude oil prices are currently at $64.35, with WTI trading at $62.57.
• Cocoa futures are currently at $9757 per ton.
• Coffee futures prices are currently at $342

Crypto Currencies:

• Bitcoin prices are currently trading at $105208
• Ether prices are currently at $2497
• $Trumpcoin is trading at $11.23

(All prices quoted at approximately 08H50 – Central African Time)

Other Breaking News in Africa Today

Egypt Desert City Planned:

The Egyptian government unveiled plans for a vast new urban development west of Cairo yesterday. The modern city will have a man-made channel, diverted from the River Nile, which will be a central feature and wind through what was once arid desert. The new city is to be named Jirian – which means “Flow” in Arabic, is part of Egypt’s Nile Delta scheme, a massive agricultural initiative aiming to reclaim about 10,117 sq km of desert area lying west of the original Nile Delta. The ambitious agricultural project, which started in 2021, seeks to boost production of strategic crops such as wheat and corn while reducing the North African country’s food import bill and reducing reliance on imports while boosting local jobs.