Breaking News Today – Tuesday 17 June 2025

Business & Tech News 

Oil and Gold rise with Escalation of the Middle East Conflict

With Investors on Edge about the escalating Israeli – Iran conflict, safe haven assets such as gold continue to be in high demand pushing the price of the yellow metal higher and heading to the $3400 per ounce level this morning. The price of gold has risen by over 45% in the last year. Oil prices also continue to rise due to supply concerns with the price of Brent now up almost 1% this morning and heading towards the $74 a barrel mark and a price last seen on 2 April this year. Brent crude has gained almost 13% so far this month and looks to be maintaining strong demand despite concerns over China’s faltering economy.

Mali Mine Now Under Government Control

Canada’s Barrick Mining, has had its Loulo-Gounkoto gold complex in Mali placed under state control, after a court finding in favour of the government on Tuesday over an ongoing dispute over taxes and ownership.A former Malian health minister, Soumana Makadji, will take over as provisional administrator for six months, the presiding judge said. The move follows actions by the Malian government to block gold exports and had also seized gold stocks held by Barrick’s subsidiaries.

Equities in India and China see Decline

The Stock market in India dropped 284 points, or 0.3%, to 81,513 in morning trading on Tuesday, halting gains from the previous session. The BSE Sensex tracked a decline in US stock futures after US President Donald Trump called for the evacuation of Tehran amid rising tensions between Israel and Iran. Rising oil prices also weighed on sentiment, raising inflation concerns, in the second largest oil importer market globally. Traders are awaiting the US Fed’s interest rate decision on Wednesday for further direction. Limiting the decline were dovish remarks from the Reserve Bank of India Governor, which eased concerns over future rate hikes amid moderating inflation and solid economic growth. Pharmaceuticals, healthcare, auto, oil & gas, and consumer goods sectors were all lower this morning on the index.

The Shanghai Composite fell 0.3% to below 3,380 while the Shenzhen Component lost 0.2% to 10,145 on Tuesday, paring gains from the previous session as investors turned cautious while assessing global trade and geopolitical developments.

Business, Tech & Market News Shorts: 

• OpenAI and Microsoft’s relationship is reportedly on the rocks, with OpenAI reducing its reliance on Microsoft’s technology with the recent acquisition of Windsurf. Microsoft is unhappy the reduction of the use of its Cloud services and will have a big say in OpenAI’s attempt to become a for-profit entity. Relationships between the two are apparently tense.
• Zoomcar, the vehicle sharing tech group, have reported that their system was hacked with the hacker gaining access to personal data of 8,4 million users.
• Taiwan has added China’s Huawei Technologies and Semiconductor Manufacturing International (SMIC) to its export control list, which includes other proscribed organisations like the Taliban and al-Qaeda.
• Ghana’s rating By Fitch has been increased to a “B-” rating, from “restricted default” yesterday, with Fitch saying the country has normalised relations with a significant majority of its external commercial creditors. The gold producing nation is recovering from a major economic crisis after facing challenges in its critical cocoa and gold industries which forced the government to restructure its debt.
  

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently trading against the Euro at 1.15646 and against the Pound at 1.35748. The Yen is currently at 144.75 to the dollar, with the rand currently at R17.81 to the US dollar. 

Commodities:

• Gold futures prices are trending upwards this morning, and are currently at $3388 per ounce.  

• Copper prices are trending lower this morning and are currently at $4.8122 

• Silver futures prices are trading lower this morning and are currently at $36.470 

• Platinum futures are trending upward this morning, and are currently trading at $1239, while Palladium prices are currently at $1207

• Brent crude oil prices are surging currently and at $73.44, with WTI trading at $71.98

• Cocoa futures are currently trending upwards and at $10119.80 per ton. 

• Coffee futures prices are currently at $345.00

Crypto Currencies:

• Bitcoin prices are currently at $107058

• Ether prices are currently at $2581

• $Trumpcoin is trading at $9.69

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

Other Breaking News in Africa Today 

Kenyan Deputy Police Chief Steps Aside

Kenya’s deputy police chief Eliud Lagat has stepped aside from his position, pending the outcome of further investigations into the death in detention of blogger Albert Ojwang. Lagat has been under increasing public pressure to resign as Mr Ojwang was arrested after Lagat had filed a complaint, accusing the blogger of defaming him on social media. Initial police statements released had indicated that Albert Ojwang died of self-inflicted wounds, However these were proven false after the release autopsy report that indicated that he was likely to have died from assault wounds and that the injuries were inconsistent with self-inflicted injuries. The police have had to walk-back their initial statement and have been under immense criticism from the public. Lagat has denied any wrongdoing, but said in a statement that he was stepping aside in the “good and conscious thought” of his responsibilities as deputy police chief.