Breaking News Today – Thursday 21 August 2025

Business & Tech News 

Kenya To Seek Dollar Loan Conversion to Yuan

According to several reports, Kenya is in the process of discussions with China, that would see the country convert a dollar based loan into Chinese yuan. This was reportedly confirmed by an insider in the Kenyan Finance ministry. The Loan was utilised for a two phase rail line development that was completed in 2019 and cost in the region of $5 billion. While the loan amount was predominantly from China, the deal was based in US dollars and Kenya now believes the country would save money due to lower loan costs should it be Yuan based.

The loan was structured as a mix of commercial and concessional (preferential) buyer credit facilities, both denominated in U.S. dollars. Kenya financed 90% of the project through these loans, via China’s Exim Bank, with the remaining 10% covered by the Kenyan government. The loans were on-lent to the Kenya Railways Corporation, with the National Treasury as the guarantor.Kenya has been working to reduce its debts, as investors and the International Monetary Fund say it remains at high risk of debt distress. China is Kenya’s biggest bilateral lender, and the country took on the debt to construct a $5 billion high-speed railway, one of the country’s largest infrastructure projects to date.

Ugandan Rail Development Project Funding at an Advanced Stage

Uganda is in talks with development finance institutions and credit export agencies to have 85% of a planned railway project financed with debt, a senior official said on Wednesday.Turkey’s Yapi Merkezi, a privately-owned contracting company, specialising in rail engineering, design, manufacture and construction, won the $3.15 billion railway construction contract, announced last October, with the preliminary project work already having started this year.

Potential financiers for the project include the OPEC Fund for International Development, Africa Development Bank, Islamic Development Bank and some European export credit agencies, according to Perez Wamburu, the local head of the railway construction project. Wamburu also confirmed that the debt financing talks were in advanced stages and expected to be completed soon. The 272-kilometre line is the first section of a planned 1,700 km electric rail line in the landlocked east African country. The rail line will run from Uganda’s capital Kampala and connect with neighbouring Kenya’s railway at the Malaba border point.

Online Money-Game Ban Bill in India

India’s lower house of parliament, the Lok Sabha, yesterday passed a sweeping online gaming bill that, while promoting esports and casual gaming without monetary stakes, seeks to impose a blanket ban on online real-money games, where participants risk real money in online gaming platforms. This move threatens to disrupt billions of dollars in investment and significantly impact the real-money gaming industry. The bill, titled the Promotion and Regulation of Online Gaming Bill, 2025, aims to prohibit real-money games nationwide, whether based on skill or chance, and ban both their advertisement or marketing to the public as well as their associated financial transactions.

3The move, framed as a response to mounting national security worries and social harms is a marked reversal from previous pro-industry overtures. At the heart of the proposed law are blanket prohibitions on online money games, severe fines and potential jail sentences, as officials attempt to rein in an industry increasingly accused of fuelling money laundering, addiction and law evasion. The industry was projected to grow towards around a $9 billion market size by 2029.

Business, Tech & Market News Shorts: 

• Meta has paused hiring staff for its artificial intelligence division after bringing on more than 50 researchers and engineers, according to the Wall Street Journal. A company spokesman said that they are revisiting their structure and doing budgetary planning before any further hiring would happen.
• Battery materials startup – Group14, announced Wednesday it has closed a $463 million funding round to expand its manufacturing footprint, giving a clear indication that investors remain confident in the future of electric vehicles.
• The S&P Global Japan Manufacturing PMI edged up to 49.9 in August from a final 48.9 in July, surpassing market forecasts of 49, preliminary estimates showed. This marked the thirteenth contraction in factory activity over the past 14 months, driven by a further decline in overall sales
• Brent crude oil futures rose toward $67 per barrel this morning building on gains from the previous session, as bigger-than-expected weekly drop in US crude and fuel inventories indicated steady demand. Latest EIA data showed that crude stockpiles fell by 6 million barrels to 420.7 million barrels last week, versus expectations for a 1.3 million-barrel draw.

Markets by Numbers 

Currencies: 

Currency markets today indicate the US Dollar is currently trading stronger against the Euro at 1.16436 and against the Pound at 1.34484 The Yen is currently trading at 147.43 to the dollar. The rand (ZAR) is currently at R17.71 to the US dollar.

Commodities:

• Gold futures prices hit $3344 briefly earlier today but have modulated, and are currently trading around $3338 per ounce.  
• Copper prices are trading marginally lower today, with prices currently at $4.4148
• Silver futures prices are edging upwards today, and currently at $37.930
• Platinum futures are trading slightly lower this morning, and are currently trading at $1332.40 While Palladium prices are a touch lower this morning and currently at $1101.50
• Brent crude oil prices are currently trading upwards, and currently at $67.13, with WTI trading at $63.04 
• Cocoa futures have plunged by over -3% this morning, and are currently at $7766.00 per ton. 
• Coffee futures continue to climb and are up by over 1% today, and currently at $360.30

Crypto Currencies:

• Bitcoin prices are down by -0.4% and currently at $113788
• Ether prices are down by -0.6% today and currently at $4303.30 
• $Trumpcoin is currently more than 1% higher today and trading around $8.84

(All prices quoted at approximately 07H30 Central African Time) 

Other Breaking News in Africa Today

US Suspends Visa Issue for Zimbabweans

The United States has suspended the processing of most visa applications for Zimbabwe until further notice. According to the U.S. embassy, this had been due to concerns regarding the Zimbabwean government, with the embassy also clarifying, that this suspension does not constitute a travel ban, and currently issued visas will remain valid. The suspension took effect on August 7 and applies to all visa services, with the exception of most diplomatic and official visa categories. This move follows previous restrictions imposed by the U.S. State Department, aimed at addressing visa overstays and abuses. A recent report indicated that the visa overstay rate for Zimbabwe stood at 10.57% in 2023. The move follows news, from this week indicating that visa applicants from Zambia and Malawi will now be required to submit a bond of up to $15,000 for certain visitor visas.