Breaking News Today – Monday 7 July 2025

Business & Tech News 

BRICS Block Hit With Additional Tariff

BRICS aligned countries are facing additional trade tariff’s according to a social media posting by U.S. President Donald Trump on Sunday. Trump said that any country aligning with the “anti-American policies” of the BRICS bloc will face an additional 10% tariff. “There will be no exceptions to this policy. Thank you for your attention to this matter!” The post on Truth Social, did not provide any clarity on what specific “anti-American policies” he was referring to. However with the BRICS group meeting in Brazil over the weekend, there was more talk around a possible new BRIC’s currency which has previously raised severe criticism from the US administration. BRICS includes Brazil, Russia and China as well as India, South Africa, Egypt, Iran, Indonesia and the UAE.

Gold drops to One-Week Low

Gold prices have dropped by close to -1% this morning, to just above the $3,300 per ounce level, hitting a one week low. The drop follows lower demand safe-haven investments, primarily driven by announcemnts from the US administration indicated that they had made good progress on various trade tariff deals and announced an extended tariff reprieve for some countries. The US is reportedly close to finalizing multiple trade agreements and will notify other nations of higher tariff rates by July 9, with the new rates set to take effect on August 1. This grants most affected countries a three-week window to continue discussions. This has calmed markets with the likelihood of further rate cuts by the US federal reserve being priced into markets.

China to Import African Soybean

China, the world’s largest consumer of soybean’s, has approved the import of soybean meal from Ethiopia, according to a Chinese customs statement. this is part of Beijing’s efforts to secure a wider supply of protein sources, due to the ongoing trade war between the US and China. Effective from July, Ethiopian soymeal that meets China’s phytosanitary standards and is free of pests will be allowed into the country, the statement said. According to Rosa Wang, an analyst at agro-consultancy JCI.”This is part of a broader strategy to diversify supply sources and reduce reliance on imported soybeans. The volume is not expected to be large,” Wang said. Ethiopia is also a member of the BRICS group of counties and the move signals a growing trade pattern between the nations that held a regional meeting in Brasil over the weekend.

Business, Tech & Market News Shorts:

• Microsoft has announced the closure of its regional branch in Pakistan after having an on-ground presence in the country for 25 years. According to reports this comes as they are altering their operational structure in the region, with existing clients in Pakistan now being serviced from other regions.
• Credit providers in South Africa, including major banks will need to review their charges on accounts for people struggling with debt The recent case won by debt counsellor Chantelle Scott against the National Credit Regulator (NCR), Basa, and the major lending banks, has been given a declaratory order that a person’s application to go under debt review does not mean the original credit agreement has been replaced and that additional fees and interest can be charged.
• Vietnam’s GDP grew by 7.96% y-o-y in Q2 2025, accelerating from a 6.93% rise in Q1 and marking the highest growth since Q3 2022, according to flash estimates. The latest result reflected solid progress toward Vietnam’s full year growth target of 8%.
• South African Finance Minister, Enoch Godongwana, has refuted a recent call for a wealth tax and an apartheid-era redress tax to be imposed in the country, noting that South Africa already taxes the rich heavily. He warned that any move to increase these taxes or to introduce the ones being called for would cost the economy billions driving those with investment interests out of the country. 
• The Shanghai Composite index in China dropped by -0.15% to below 3,470, while the Shenzhen Component fell -0.6% to 10,450 this morning, as mainland stocks gave back some of last week’s gains amid ongoing uncertainty. Investor sentiment was dented after US President Donald Trump confirmed that sweeping reciprocal tariffs will take effect on August 1. 
  
  

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently trading slightly stronger against the Euro at 1.17708 and against the Pound at 1.36216. The Yen is currently at 144.95 to the dollar, with the rand currently at R17.70 to the US dollar. 

Commodities:

• Gold futures prices are trending lower this morning, and are currently at $3314 per ounce.  

• Copper prices are trending almost -1% lower this morning, and are currently at $4.9743  

• Silver futures prices are also trading lower this morning, and are currently at $36.8636 

• Platinum futures are trading over -2,5% lower this morning, and are currently trading at $1354.90. Palladium prices are also trading over -2% lower this morning and currently at $1124,

• Brent crude oil prices are trending lower and currently at $68.04, with WTI trading at $66.30. 

• Cocoa futures have fallen by -2,5% this morning and currently at $7949 per ton. 

• Coffee futures currently at $288.80

Crypto Currencies:

• Bitcoin prices are currently at $109067

• Ether prices are currently at $2566

• $Trumpcoin is trading at $8.67

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

Other Breaking News in Africa Today 

SA Police Commissioner Exposes Police Corruption

A Provincial police head, Lieutenant General Nhlanhla Mkhwanazi, of the KwaZulu-Natal police branch in South Africa (SA) has revealed deep corruption and political inteferace in multiple investigations of politically connected individuals. The commissioner held a press briefing yesterday, where he claimed that the disbandment of the Political Killings Task Team was orchestrated to shield politically connected members of a criminal syndicate from prosecution, with the assistance of Police Minister Senzo Mchunu. Mkhwanazi stated that, “I can confirm before South Africans today that the investigation which these members were involved with in Gauteng has unmasked the syndicate, and this syndicate involves, amongst others, politicians who are currently serving in Parliament.”

The announcement has caused a major reaction within political circles with Mkhwanazi stating that syndicate members were members of “the South African Police Service, the metro police and Correctional Services. He said that these included prosecutors in the Gauteng province, the judiciary … and all these are controlled by the drug cartel and businesspeople in Gauteng.