Breaking News Today – Tuesday 20 May 2025

Business & Tech News

Online Egyptian Vehicle Sales Platform in New Fund Raise:

The online – Used vehicle selling platform in Egypt, Sylndr has raised $15.7 million in a series- A funding round, with plans to expand its offering into vehicle financing, vehicle insurance and expanding its network to include tools for dealers. The round was led by Development Partners International’s Nclude Fund and included follow-on investments from Algebra Ventures and Nclude. “We’re incredibly excited about this new chapter and deeply grateful for the support and  belief our shareholders continue to place in our mission,” said Omar El Defrawy, Co founder and CEO of Sylndr. “This round allows us to scale nationally and expand our  product offering as we continue building the go-to platform for mobility in Egypt.” The company, which operates in Egypt’s fast-growing but under-digitized vehicle market, said the latest round includes both fresh equity and previously unannounced seed financing.

Major Retail Supply-Chain Move in North Africa

MaxAB–Wasoko, Africa’s largest retail and supply chain super app, has acquired Fatura, a leading Egyptian B2B e-commerce marketplace, from EFG Finance. The acqusition will see a consolidation of accelerating convergence of digital commerce and fintech in the African informal retail sector. The transaction, grants EFG Finance a significant equity stake and board seat in MaxAB-Wasoko, and has been seen as a strategic move to be the major player in the  $600 Billion informal retail market by looking to bring together, under a single umbrella, what is currently a series of fragmented supply chains with embedded financial services.

China’s Central Bank Cuts Lending Rate:

China’s 10-year government bond yield fell to around 1.67% on Tuesday, reaching a near three-month low, with the markets carefully asses the impact of the People’s Bank of China’s decision to cut key lending rates for the first time in seven months. At the May fixing, the central bank slashed the one-year loan prime rate by 10 basis points to 3.0% and the five-year LPR, which serves as a reference for mortgage rates, by the same margin to 3.5%. The move, widely anticipated, brought both rates to new record lows and followed a broader round of monetary easing measures earlier this month. This comes as Beijing ramps up efforts to boost a sluggish economy amid trade tensions that threaten to hamper its economic growth.

Business, Tech & Market News Shorts:

• Thndr, the Cairo-based investment platform, announced a $15.7 million funding round led by Prosus, with support from Y Combinator, BECO Capital, Endeavor Catalyst, JIMCO, Raba, and Onsi Sawiris, bringing total capital raised to $37.76 million, which will be used for further regional expansion into the UAE
• The California Public Utilities Commission has approved Waymo’s request to expand its commercial robotaxi service area, opening the door for the Alphabet company to bring its driverless ride-hailing vehicles into more communities south of San Francisco.
• larna relesaed its latest financials yesterday that indicated the company’s growing reliance on AI was is significantly improving efficiency for the company, being on track to reach $1 million in revenue per employee, up from $575,000 per worker a year prior. While the company claims most functions became more efficient thanks to its AI efforts, the largest financial impact was the significant reduction in customer service costs.
• TotalEnergies announced today that they are seeking Mozambique’s approval to lift a force majeure declaration on its $20-billion liquefied natural gas (LNG) project there and resume construction by mid-summer. Covered by force majeure since 2021, following insurgent attacks, the project includes development of the Golfinho and Atum natural gas fields in the Offshore Area 1 concession and the building of a two-train liquefaction plant.

Markets by Numbers

Currencies:

Currency markets indicate the US Dollar has weakened against major currencies, and is currently trading against the Euro at 1.112586, and against the Pound at 1.33749 The Yen is currently trading higher at 144.33 to the dollar, with the rand remaining in a tight range of just over R18.00 to the dollar, and currently trading at R18.07.

Commodities:

• Gold futures prices have lost the momentum it had yesterday and currently at $3216 per ounce.
• Copper prices are down -0,83% this morning after gains yesterday, and are currently at $4.5870.
• Silver futures prices are trending slightly lower this morning and are currently trading at $32.265
• Platinum futures are trading upwards today and have breached the $1000 mark, hitting a seven-week high at $1006.20 while Palladium prices are also trending upwards today and at $976 currently.
• Brent crude oil prices are currently trading downwards today, and are currently at $65.34, with WTI also trending lower, and trading at $61.94.
• Cocoa futures are trending upwards, and are currently at $10906 per ton.
• Coffee futures prices are trending over 2% lower this morning and are at $375.22 currently.

Crypto Currencies:

• Bitcoin prices are currently trading upwards this morning, and are currently trading at $105601
• Ether prices have gained over 0,5% this morning, and are currently at $2543.50
• $Trumpcoin is trading 0,65% higher today, and is currently trading at $12.88

(All prices quoted at approximately 08H20 – Central African Time)

Other Breaking News in Africa Today

1900 Colonial Treaty Decides African Island Ownership:

The International Court of Justice (ICJ), yesterday made a ruling that has favoured Equatorial Guinea’s claim to ownership of three islands off its coast, is upheld. The finding was predominantly based on a 1900 treaty that was established to allocate colonial assets once held by France and Spain. The two Central African countries have been in dispute regarding ownership of Conga, Mbanié and Cocoteros, the three islands in dispute,  for over 50-years now. While the Islands have no human inhabitants, they are in an area that oil exploration groups believe to hold large oil and gas deposites and neither country has been able to issue any permits to do exploratory drilling due to the disputed ownership. The ICJ finding will now open up this possibility with the view to determining the scope of the oil deposites and is likely to see rapid developments.

Tanzanian Opposition Leader Appears in Court

Tanzania’s most prominent opposition leader, Tundu Lissu, who has been charged with treason in what appears to be “political lawfare” appeared in court in Dar Es Salaam yesterday to face the treason charges after calling for electoral reforms ahead of October’s general election. A conviction for treason carries a death penalty, however  Lissu did not show any trepidation at his appearance and wore a T-shirt reading “no reforms, no election” — echoing the call that led to his April 9 arrest after addressing a political rally. Lissu has also embarked on a hunger strike to protest making a virtual court appearance instead of being allowed to show up in person. Investigators asked for two more weeks to complete investigations. The trial will proceed on June 2.