Breaking News Today – Tuesday 1 July 2025

Business & Tech News 

Platinum Maintaining its Price Momentum

Futures in Platinum fell by around 6.5% in early trade this morning, to near $1,366 per ounce, but has since recovered to $1352 per ounce, indicating the bull run on the precious metal is not over. Platinum hit a 10-year high on June 26, as demand was driven by various factors. Platinum remains nearly 50% higher in 2025, than last year driven by tight availability in hubs like London and Zurich. The World Platinum Investment Council has indicated the likelyhood of a major supply shortfall of nearly 1 million ounces this year, mainly due to a 4% drop in global output, particularly from South African mines.

Also, platinum is seeing growth in jewellery manufacturing with the higher price of gold. This demand is particularly from the Chinese and Indian markets. Investor interest is also rising, with the platinum-to-gold ratio still historically low. Additionally, platinum’s role in the hydrogen economy and fuel cell tech is tightening supply and supporting long-term bullish sentiment.

Renault Posts A First Half Loss

French auto manufacturing group Renault,  announced this morning that the company has in effect made an extraordinary loss of around $11. billion, first half result, due to its share holding in Nissan Motor, after adjustment in its account reporting on its Nissan investment. The change in reporting, means that any future fluctuations in the value of Renault’s Nissan stake will be directly reflected in equity, with no impact on net income. This comes as the two companies look to realign their partnership  with Renault steadily reducing its shareholding in the Japanese Auto giant, that has recently announced several manufacturing plant closures and widespread staff retrenchments. Renault itself however reported a record operating margin of 8.1% of revenue, a 0.5 point increase compared to the first half of 2023. 

Tesla Pulls Off “Self Drive Delivery”

Tesla pulled off an interesting publicity stunt yesterday aimed at promoting it’s expertise in its self-driving car software. The company delivered a new Model Y SUV the 15 mile journey, from the Tesla factory to the apartment complex where the car’s new owner lives, completing what CEO Elon Musk called the first “autonomous delivery” of a customer car. (See Video Here). The vehicle was reportedly equipped with the same software Tesla’s robo-taxi Model Ys are using in Austin, and after delivery was downgraded to the commercially available “Full Self-Driving” or “Supervised” software that requires drivers to pay attention and be ready to take over at any moment. No one was on board and Musk claimed no remote assistance was given to the car.

Business, Tech & Market News Shorts:

• New Food labelling legislation proposed for Kenya would require that virtually all of the packaged food and drink sold in Kenya by local and international companies would require a new health warning label, according to a report from Reuters.
• Apple is considering using AI models from OpenAI and Anthropic to power its updated version of Siri, rather than using technology the company has built in-house. Apple has reportedly asked OpenAI and Anthropic to train versions of their AI models that can run on Apple’s cloud infrastructure for testing.
• Zambia’s President Hakainde Hichilema, officially opened the country’s biggest grid-connected solar power plant, built by PowerChina yesterday, which will supply electricity to copper miner First Quantum Minerals. The 100 megawatt Chisamba project is expected to reduce the Southern African country’s reliance on electricity imports from neighbours South Africa and Mozambique.
• Google will be addressing EU antitrust regulators today to express concerns that landmark European Union rules aimed at reining in Big Tech are hampering innovation to the detriment of European users and businesses. The global tech group will seek to get regulators to give more detailed guidance to help it comply with the rules, and ask its critics to provide evidence of costs and benefits to prove their case.
• Gold futures rose to climbed to $3,328 per ounce this morning, extending gains from the previous session, driven by a weaker US dollar. The dollar has retreated over concerns on the mushrooming US budget deficit, with investors monitoring the progress of a huge tax-cutting and spending bill slowly advancing through the Senate. 

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently marginally lower against the Euro at 1.17774 and against the Pound at 1.37390. The Yen is currently at 143.72 to the dollar, with the rand currently at R17.69 to the US dollar. 

Commodities:

• Gold futures prices continue to trend upwards this morning, and are currently at $3327 per ounce.  

• Copper prices are up by over 1% this morning and are currently at $5.1112  

• Silver futures prices are trading flat this morning and are currently at $36.098 

• Platinum futures are trading lower this morning, after hitting $1366 earlier this morning, and are currently trading at $1345. Palladium prices have spiked by 23% this morning to reach $1109, after an unusual drop in the commodity late yesterday.

• Brent crude oil prices are currently trending flat and currently at $66.77, with WTI trading at $65.15. 

• Cocoa futures are currently down by over -3% this morning and currently at $9161.27 per ton. 

• Coffee futures prices are currently at $305.50 

Crypto Currencies:

• Bitcoin prices are currently trading lower and currently at $106809

• Ether prices are over -1% lower today and currently at $2460.00

• $Trumpcoin is trading at $8.67

(All prices quoted at approximately 08H30- Central African Time) 

Other Breaking News in Africa Today 

“State Capture” Transport Management Team in South Africa on Trial

The four former directors and senior management of South Africas rail and transport company Transnet, who appeared in court yesterday are former group chief executives Brian Molefe and Siyabonga Gana, as well as the company’s former CFO, Anoj Singh, and top engineer, Thamsanqa Jiyane. The National Prosecuting Authority (NPA) stated that: “They are facing 18 charges that include the contravention of the Public Finance Management Act, fraud, corruption and the contravention of the Companies Act.”  Transnet was among the state-owned firms caught in a widespread graft scandal that rocked ex-president Jacob Zuma’s government between 2010 and 2018. The corruption was investigated in depth by the Zondo Commission that concluded in 2022, and it has taken the NPA over three years to bring this case to trial.