Breaking News Today – Tuesday 24 June 2025

Business & Tech News 

Argentina Continues its Growth Trajectory 

The Argentinian economy grew by a credible 5.8% year-on-year in the March quarter of 2025, extending the economic recovery under president Xavier Milei’s economic revival plan, that began with a 2.6% expansion in Q4 2024 after six straight quarters of economic contraction. The rebound included a 3,7% growth in the by agriculture sector, compared to 1.6% in Q4 2024, alongside positive gains in construction of 6.1% vs. -12.4% in 2024, manufacturing with a 5.1% growth versus 0.7%, wholesale and retail trade up by 7.3% compared to a 2.5% gain in 2024. There were also gains in transportation, up by 2.6% vs. 2.0%, and financial intermediation up by 27.2% compared with 8.4%. On a quarter-on-quarter basis, GDP rose 0.8%, following a 2.0% gain in Q4.

Gold Futures Fall

Gold futures have seen more than a 1,2% drop this morning to around $3,320 per ounce on Tuesday, hovering near two-week lows, as a ceasefire agreement between Israel and Iran reduced demand for safe-haven assets. President Donald Trump on Monday announced that both nations had agreed to a complete ceasefire, adding that Iran will begin the truce immediately, followed by Israel after 12 hours. Trump’s comments came shortly after Iran made a token retaliation against a US military base in Qatar, though no casualties were reported. Meanwhile, Federal Reserve Governor Michelle Bowman said she would support a rate cut in July if inflationary pressures remain contained, echoing recent dovish remarks from Governor Christopher Waller. Investors now look ahead to Fed Chair Jerome Powell’s testimony before the US Congress later today and on Wednesday. Powell has so far been cautious about signaling any near-term easing

Brent Prices Dive Despite Risks Remaining

Brent crude oil futures dived by over 7% and settled at around $71 per barrel on Monday, after Iran’s missile strike on a US airbase in Qatar resulted in no reported casualties, easing fears of an immediate escalation in Middle East tensions. The attack, launched in retaliation for US strikes on Iran’s nuclear facilities, was intercepted by Qatari defenses, triggering a sharp pullback in crude prices, after breaking above $81 on Sunday. While markets are now pricing in a potential de-escalation, major risks still remain, with the threat from Iran to close the Strait of Hormuz, a vital chokepoint for about 20% of global oil flows. Although Iran’s parliament reportedly backed the move, the final decision rests with the country’s national security council. US officials, including Secretary of State Marco Rubio, warned that such a step would be “economic suicide” for Iran and urged China—its largest oil customer—to intervene.

Business, Tech & Market News Shorts:

• The Canadian government and the FBI say they are aware of malicious activity targeting telecommunication companies across Canada, attributing the intrusions to the China-backed hacking group Salt Typhoon.
• Russia has signed agreements with Mali yesterday that will seek to build trade and economic ties with the military junta led Mali government. President Vladimir Putin told the visiting leader of the West African country’s military junta, Colonel Assimi Goita that there were specific areas where cooperation could be developed.
• Co-founder of Databricks and Perplexity, Andy Konwinski, announced Yesterday that his company, Laude, is forming a new AI research institute backed with $100 million of his own money.

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently trading against the Euro at 1.16035 and against the Pound at 1.35750. The Yen is currently at 145.09 to the dollar, with the rand currently at R17.74 to the US dollar. 

Commodities:

• Gold futures prices are trending lower this morning, and are currently at $3321 per ounce.  

• Copper prices are also trending slightly upwards this morning and are currently at $4.8982.  

• Silver futures prices are trading lower this morning and are currently at $36.044 

• Platinum futures are trading upwards this morning, and are currently trading at $1276, while Palladium prices are currently at $1064 

• Brent crude oil prices are currently diving lower and currently at $68.68, with WTI trading at $65.80. 

• Cocoa futures are currently at $8562 per ton. 

• Coffee futures prices are trending upwards today, and are currently at $328.78 

Crypto Currencies:

• Bitcoin prices are currently trading upwards and currently at $105617

• Ether prices are also trending upwards this morning and currently at $2424.42

• $Trumpcoin is trading at $9.47

(All prices quoted at approximately 09H10 – Central African Time) 

Other Breaking News in Africa Today 

ECOWAS Appoints new Chair

Julius Maada Bio, Sierra Leone’s President has been appointed as the next chairman of the West African economic bloc, Economic Community of West African (ECOWAS), which was founded in 1975. ECOWAS is currently facing its biggest challenges since inception with member departures and economic and geopolitical disturbances. Bio has promised to prioritise democracy, security cooperation, economic integration and institutional credibility. “We are still confronting insecurity in the Sahel and coastal states, terrorism, political instability, illicit arms flow and transnational organized crimes continue to test the resilience of our nations and the effectiveness of our institutions,” he said.