Breaking News Today – Thursday 3 July 2025

Business & Tech News 

African Development Bank Cuts South African Growth Projection

The African Development bank’s latest African Economic Outlook 2025 report, has cut economic growth prospects for South Africa to only 0,8% for 2025. This new projection has been revised downward, citing structural constraints and the potential impact of global economic conditions. The report indicates that while South Africa’s growth is projected at 0.8% in 2025, it is expected to recover slightly to 1.2% in 2026. This recovery is anticipated as new infrastructure investments support construction and the recovery of other sectors. While the Southern Africa’s growth is projected at 2.2% growth, South Africa’s growth is expected to remain lower than the regional average due to its specific challenges. This is in stark contrast to the 5% expected GDP growth in Zambia and Zimbabwe.

US -Vietnam Trade Deal Struck

According to a social media post from US President Donald Trump, the US has reached a trade deal with Vietnam following weeks of negotiations between the nations and ahead of the 9 July deadline set by Trump that would have resulted in higher tariffs imposed on the Vietnam’s imports. There will be a 20% tariff placed on Vietnamese exports to the US, with a 40% levy on any goods that are deemed to be transshipped through the country, according to Trump’s social-media post. He also said that Vietnam had agreed to drop all levies on US imports.

US Chip Export Ban to China Lifted

The Trump administration has lifted export license requirements for U.S. chip design software sales to China, easing a key trade restriction amid improving relations between the two nations. According to Bloomberg News, the U.S. Commerce Department notified leading chip design software firms — Synopsys, Cadence Design Systems, and Siemens — that government approval is no longer required for their business in China. The move follows progress in U.S.–China trade negotiations, with China conditionally agreeing to resume exchanges of rare earth materials and advanced technology as both sides work toward stabilizing economic ties.

Business, Tech & Market News Shorts:

• While Microsoft is seeing strong financial results, with net income growing by 18% in its latest quarterly earnings, there are plans to lay off 9,000 employees, according to a report by CNBC. This will be the third round of recent lay-offs that have affected its global operations this year.
• Bank of Japan (BoJ)policy maker and board member Hajime Takata has indicated that the BoJ should resume with interest rate hikes after a recent pause. “Given uncertainties regarding various U.S. policies remain high, the BOJ must conduct monetary policy in a more flexible manner without being too pessimistic,” he said.
• Smart Phone manufacturer and now Auto maker Xiaomi  will only look to expand vehicle sales outside of China from 2027, according to a statement made by Lei Jun, CEO of Xiaomi, during a livestream on Wednesday.The company will remain focussed on the local domestic market for now with strong demand for its SU7 and YU7 cars, according to Jun.
• U.S. indices climbed higher yesterday to hit another all-time high. The S&P 500 rose 0.5% to set a new record for the third time in four days. The Dow Jones Industrial Average edged down by 10 points, or less than 0.1%, and the Nasdaq composite gained 0.9%. Tesla helped drive the market higher rising 5% after saying it delivered nearly 374,000 of its Model 3 and Model Y automobiles last quarter.

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently fairly flat against the Euro at 1.17891 and against the Pound at 1.36285. The Yen is currently at 143.84 to the dollar, with the rand currently at R17.61 to the US dollar. 

Commodities:

• Gold futures prices have flattened this morning, and are currently at $3350 per ounce.  

• Copper prices are trending marginally lower this morning, and are currently at $5.1352  

• Silver futures prices are trading marginally lower this morning, and are currently at $36.412 

• Platinum futures are trading slightly lower this morning, after breeching a new all-time-high yesterday and hitting the $1410 mark. Platinum futures are currently trading at $1400.70. Palladium prices are trending upwards this morning and currently at $1150.50, down -1,7% after hitting $1166 Yesterday

• Brent crude oil prices are trending lower and currently at $68.52, with WTI trading at $66.90. 

• Cocoa futures are have jumped over 10% this morning and currently at $9050 per ton. 

• Coffee futures prices have fallen by over -2,5% this morning, below the $300 level and currently at $287.88 

Crypto Currencies:

• Bitcoin prices are currently trading marginally higher this morning and currently at $108945

• Ether prices are also slightly higher today and currently at $2571.60

• $Trumpcoin is trading at $8.88

(All prices quoted at approximately 07H00- Central African Time) 

Other Breaking News in Africa Today 

According to a new report submitted to the UN Security Council, Rwanda has been exercising command and control over the military M23 rebel group during their armed seizure of Eastern Congo territories over the past year. Their fighting and attacks on civilians, where thousands were left dead and hundreds of thousands displaced, has resulted in gaining political influence and access to mineral-rich territory, according to a confidential report by a group of United Nations experts.

The report was obtained by Reuters, details military training which the experts say Rwanda has provided to M23 recruits and military equipment they say Rwanda has deployed – notably “high-tech systems capable of neutralising air assets” – to give the rebels “a decisive tactical advantage” over Congo’s beleaguered army. The report was submitted to the U.N. Security Council sanctions committee for Congo in early May and is due to be published shortly, said diplomats.