Breaking News Today – Tuesday 27 May 2025

Business & Tech News

Volvo To Lay Off 3000 Workers

In the latest in a string of automobile manufacturer lay-offs, Swedish vehicle manufacturer Volvo, has announced that it will be axing about 3,000 jobs as part of cost-cutting measures, following dropping vehicle sales globally. The jobs that will be affected are mostly office-based positions in Sweden, and account for around 15% of its office-based workers. The Chinese-owned company, had last month announced that they would be investing $1.9bn in a reengineering of the business. Ironically, the EU passenger car registrations statistics for April, released today, show a 1.3% year-on-year increase to 925359 units in April 2025, recovering from a 0.2% decline in March. However, the global motor industry is facing a number of major challenges, with Japanese automaker Nissan announcing massive layoffs this month.

Yen Strengthens to Four-Week High:

The Japanese yen strengthened toward 142 per dollar earlier this morning, reaching its strongest position against the US dollar in four weeks as the US dollar continued to retreat amid growing fiscal concerns. Market sentiment was weighed down by President Donald Trump’s sweeping tax and spending bill, which is expected to significantly widen the US fiscal deficit. On the domestic front, attention remains focused on the Bank of Japan’s monetary policy path. Expectations are rising that the central bank may continue tightening, following persistent inflationary pressures. Data released last week showed Japan’s core inflation rate unexpectedly rose to 3.5%—the highest level in more than two years—reinforcing the case for further interest rate hikes. It has since retreated some to above the 143 level.

Zero Carbo Charge Raises New Funding

EV Vehicle charging Start-up, Zero Carbon Charge,  has secured R100-million (ZAR) in funding from the Development Bank of Southern Africa (DBSA). They plan to build solar-powered, ultra-fast electric charging stations across South Africa, with its first off-grid station already built in the Wolmaransstad area in the North West province.  In a statement, Zero Carbon Charge (Charge) co-founder Andries Malherbe said: “This show of faith by the DBSA is not only financial but symbolic, too.” Each site is fully off-grid, powered by solar energy and supported by battery storage, and the funding will help Charge begin its national roll-out, with the plan including a network of off-grid stations every 150km along all national roads in South Africa

Business, Tech & Market News Shorts:

• Toyota is set to move some of its GR Corolla production to the UK, according to a report this morning on Reuters. will spend around $56 million on a dedicated line there to build exports for North America, thereby reducing wait times for deliveries of the popular model.
• Japan will consider trimming issuance of super-long bonds in response to the recent sharp rises in yields on its long-term bonds. The Ministry of Finance (MOF) will consider tweaking the mix of its bond programme for the current fiscal year, which may include cuts to its super-long bond issuance. 
• Canada’s manufacturing sales are expected to decline by 2% in April 2025, following a 1.4% drop in March. Preliminary data points to significant losses in the petroleum and coal products sector, as well as in motor vehicle manufacturing. If confirmed, this would mark the largest monthly contraction in manufacturing sales since October 2023.

Markets by Numbers

Currencies:

Currency markets indicate the US Dollar is currently trading lower against the Euro at 1.13814 and against the Pound at 1.35571. The Yen is currently at 143.16 to the dollar, with the rand currently trading at R17.86 to the dollar.

Commodities:

• Gold futures prices have dropped below $3330 per ounce today, and are currently at $3321 per ounce.
• Copper prices are trending lower this morning and are currently at $4.7647.
• Silver futures prices are currently trading lower, and at $33.224
• Platinum futures are trading lower this morning, and are currently trading at $1076.70, while Palladium prices are currently at $979.50
• Brent crude oil prices are currently at $64.63, with WTI trading at $61.39.
• Cocoa futures are currently at $9864 per ton.
• Coffee futures prices are trending lower today and are currently at $359.83.

Crypto Currencies:

• Bitcoin prices are currently trading at $109041
• Ether prices have gained just over 1% this morning, and are currently at $2590
• $Trumpcoin is trading slightly lower today, and is currently trading at $12.79

(All prices quoted at approximately 08H10 – Central African Time)

Other Breaking News in Africa Today

Kidnapped Kenyan Politician Found:

Political abductions are nothing new in Kenya, with the latest incident seeing opposition MP, George Koimburi,  abducted by unknown men after a church service on Sunday. Koimburi was found alive but badly beaten and in a critical state on a coffee farm and is being treated in hospital, according to the former Deputy President Rigathi Gachagua. Koimbuchi is an ally of Gachagua and a critic of the William Ruto government. Gachagua, who was previously a fierce supporter of Ruto, was impeached by parliament and removed from office last year after a falling-out between the two during the social upheavals that shook the country last year when President Ruto attempted to raise taxes. The abduction has sparked outrage, with the opposition accusing the government of intimidation. No comment has been issued by the government as yet.

Kabila Exile Ends With Return to DRC:

The former president of the Democratic Republic of Congo (DRC), Joseph Kabila, arrived in Goma, in the eastern section of the country, yesterday. This was confirmed by the Rwanda-backed M23 rebels, who have controlled the capital of Nord Kivu since January. The event sparked conflicting reactions among the people of Goma, with some expressing support and others saying he had been president for almost two decades and did not see any difference in the country. Joseph Kabila, who remains a senator for life following the end of his presidency, is on the Congolese authorities’ radar. The Senate lifted his parliamentary immunity on Thursday, paving the way for potential judicial proceedings. The DRC’s military high court has accused Kabila of participating in an insurrection, treason, and participating in war crimes and crimes against humanity.