Breaking News Today – Thursday 17 July 2025

Business & Tech News 

Nigeria’s Inflation Improves again:

The latest data from the Nigerian Bureau of statistics, indicates that Nigeria’s annual inflation rate fell for the third consecutive month to 22.22% in June 2025, hitting the lowest inflation rate in moree than two years. Food inflation, the largest component of the inflation basket measured, increased marginally to 21.97%, from 21.14% in May, likely impacted by the local Sallah festival in the month, which saw livestock and commodity prices surge by an average of 35%. The core inflation rate, which excludes prices of agricultural produce and energy, increased to 22.76% in June from 22.28% in May. On a monthly basis, consumer prices rose by 1.68% in June, after a 1.53% increase in the previous month. source: National Bureau of Statistics, Nigeria

TSMC Hits Top Profit Numbers in Q2:

Taiwan Semiconductor Manufacturing Co (TSMC) , the world’s largest dedicated independent semiconductor foundry, has posted stellar results for their Q2 period, with profits surging by over 60% and hitting a new all-time high for a single quarter. TSMC’s customers include Apple and Nvidia  reported a net profit of T$398.3 (Roughly $13,5 billion) for the April-June period. The reported profit beat market estimates of a T$377.9 billion by more than 5% (LSEG SmartEstimate). The share traded 1.8% higher today hitting a six-month high.

Bitcoin Treads Water

Bitcoin remains fairly flat this morning after market correction from new record high prices earlier this week. the Crypto markets in general are pretty flat today with many, including Bitcoin around moving sideways. The lack of current market impetus is predominantly due to investors waiting for finalisation of key cryptocurrency regulation bills in the US currently in the Senate House for debate. After nearly 10 hours of delay, the House approved debate rules late Wednesday for the new crypto legislation, following intense negotiations and direct intervention by President Trump. While the procedural breakthrough signaled progress, fresh opposition from moderate Republicans and key committee members over last-minute changes raised doubts about the bills’ final passage. The ongoing uncertainty weighed on sentiment as markets await clearer regulatory direction. If enacted, the legislation could open the door to broader crypto use cases, greater corporate adoption, and deeper institutional involvement.

Business, Tech & Market News Shorts: 

• Data-labeling startup Scale AI has announced they are laying off 200 employees, approximately 14% of its total staff, and cutting ties with 500 of its global contractors, Bloomberg reported on Wednesday. The cuts come just a month after Meta hired its CEO, Alexandr Wang, as part of a $14.3 billion equity deal.
• China’s cabinet has undertaken to reduce what they termed “irrational” competition in the electric vehicle sector, vowing to undertake widespread cost investigations and price monitoring, according to state broadcaster CCTV. Chaired by Premier Li Qiang. The meeting addressed concerns over a two-year price war in the world’s largest auto market that has led to predatory practices.
• Gold prices fell to around $3,340 per ounce in early trade today, giving back gains from the previous session as the US dollar regained ground following eased uncertainty over the Federal Reserve chair’s position. While reports suggested President Donald Trump considered removing Fed Chair Jerome Powell, he later denied the claims but reiterated criticism over interest rate policy.
• The Japanese yen has seen a 2,3% devaluation this week, to trade around 148 per dollar this morning, as investors reacted to disappointing trade figures, raising concerns about a potential technical recession. Japan’s trade surplus narrowed to JPY 153.1 billion in June 2025, from JPY 221.3 billion a year earlier and well below market expectations of a JPY 353.9 billion surplus.
• South Korea’s top court has cleared Samsung boss Lee Jae-yong of fraud charges, concluding a years-long legal battle over his role in a 2015 merger deal. Lee, the grandson of Samsung’s founder and the de facto head of the company since 2014, had been accused of using stock and accounting fraud to try to gain control of the firm.

Markets by Numbers 

Currencies: 

Currency markets today indicate the US Dollar with fresh gains against the Euro at 1.15795 and against the Pound at 1.33857. The Yen is currently at 148.67 to the dollar. The rand is currently at R17.91 to the US dollar. 

Commodities:

• Gold futures prices are trading -0,36% lower this morning, and are currently at $3336.09 per ounce.  
• Copper prices are trending around 0,4% lower today, with prices currently at $5.4624 
• Silver futures prices are trading pretty flat this morning, and are currently at $37.917
• Platinum futures are around -0,35% down this morning, and are currently trading at $1416. While Palladium prices are trading over -1% lower this morning and currently at $1270
• Brent crude oil prices are currently at $68.52, with WTI trading at $66.44. 
• Cocoa futures have slumped further by more than -3% this morning, and currently at $7646 per ton. 
• Coffee futures have jumped by over 3% this morning, and currently at $310.86

Crypto Currencies:

• Bitcoin prices are marginally softer today, and currently at $118058
• Ether prices are trending upwards this morning and currently at $3418.20
• $Trumpcoin is currently trading around $9.84

(All prices quoted at approximately 09H10 Central African Time) 

Other Breaking News in Africa Today

South African – US Trade Negotiation Nightmare Continues:

The core coalition government partner with the ANC in South Africa, the Democratic Alliance (DA) has revealed that President Cyril Ramaphosa has, for months, been fully aware that his “Special Envoy”, Mcebisi Jonas is not welcome in Washington D.C. This despite him having told the country in a public address on state television that “Mcebisi Jonas is still my North American envoy {} and has done good work.” Jonas, a non-executive chairman of mobile phone giant MTN and a former deputy finance minister, was appointed by Ramaphosa to lead negotiations with the US administration on reaching a better trade tariff deal before the looming deadline on 1 August.

According to the statement by the DA, the US administration refused to grant Jonas a diplomatic visa in May, and has formally rejected his credentials and had informed the presidency he would not be recognised as the official negotiator for the trade deals. This was apparently communicated several times to the presidency office of South Africa (SA).

US Key Minister to Miss G20 Meeting

The relationship breakdown between Pretoria and the US, SA’s second largest trading partner, is at this point teetering on a cliff edge, with South Africa continuing to cosy up to China and Russia as well as developing strong ties to Iran. This is accelerating a clear economic destruction path for Africa’s largest economy. The US has refused to attend G20 meetings in South Africa, including this weeks G20 finance leaders meeting in Durban today and tomorrow, where U.S. Treasury Secretary Scott Bessent will be absent. Earlier this year, the US expelled the SA ambassador to the US, Ebrahim Rasool, after he issued an explosive statement about the Trump administration on social media. Both Rasool and Jonas have ties to Iran and it raises questions as to how the SA Presidency is expecting to resolve the relationship melt-down.