Breaking News Today – Tuesday 28 October 2025

Business News Today

US and China Agree on Trade Agreement Framework

According to various news reports, China and the United States have agreed to a framework for a potential trade deal that will be discussed when their respective leaders meet later this week, according to the US treasury secretary, Scott Bessent. The deal will include a “final deal” on TikTok’s US operations and a deferral on China’s tightened rare earth minerals controls. Bessent also commented that he did not anticipate the 100% tariff on Chinese goods threatened by President Donald Trump coming into force, while China is expected to resume soybean purchases from the US. The two global economic giants, are seeking to avoid further escalation in a trade war that has resulted in global supply-chain disruptions and market volatility for months. Safe haven commodities such as gold and silver have subsequently seen downward pressure on prices with gold down over 3% and silver dropping over 4% in the past week.

South African Renewable Energy Generation Sees Rapid Expansion

The 2025 Renewable Energy Grid Survey, released yesterday, shows that there has been a significant increase in renewable energy development in the country. There is currently around 28 Giga Watts (GW) of power being generated and 82 Giga Watts of battery storage installations completed.According to a presentation by Ronald Marais, the strategic grid planning manager at the National Transmission Company of South Africa, the Northern Cape province leads the renewable installations with 49GW of renewable energy capacity, a 69% growth from only 29GW a year ago. However, the national picture is one where grid constraints are a major constraint in the renewable energy supply, with the electricity grid already at full capacity in the Eastern, Northern and Western Cape areas. Marais sounded a warning that the grid load could become a restricting factor in the amount of renewable generation that can be added to the grid going forward.

IMF Backs Malawian Growth Plan

The International Monetary Fund has held productive talks with Malawi’s new government during its annual meetings in Washington this month, an IMF spokesperson said on Monday, as the Southern African country looks to secure a new lending programme. Malawi’s last IMF programme was terminated five months ago after it failed to restore macroeconomic stability. Newly elected President Peter Mutharika was sworn in as president earlier this month after a disastrous five year period economic decline under Lazarus Chakwera’s presidency. The Country has seen poor growth in GDP with 1.8% in 2024. Efforts are now underway to grow and support national food production with sugar tea and tobacco exports the main income generating products for the nation.

Breaking News Shorts: 

• Foxconn’s board of directors has approved a $1.37 billion capital AI investment plan, to procure equipment for a AI compute cluster and a supercomputing centre.The investment will be made from December 2025 to December 2026 using its own funds, the company said in a filing published late on Monday.
• Amazon is reportedly undertaking a massive program of job lay-offs that could be the largest job reduction at the company since 2023. People familiar with the matter said that up to 30,000 corporate positions may be eliminated starting today. The job cuts are expected to affect various sectors, including human resources, devices and services, operations, and others.
• Zoom founder Eric Yuan believes that AI assistants will bring about shorter workweeks for humans. Speaking at the TechCrunch Disrupt conference yesterday, Yuan spoke of their videoconferencing product’s embrace of AI, which includes a “digital twin” feature where an AI avatar can speak for you.
• Angola has bid for a majority stake in Anglo American unit De Beers, against neighbouring Botswana which is also seeking control of the diamond producing company. The source said Angola’s state-owned diamond company Endiama had submitted the offer, confirming a report by Bloomberg News.
• Gold prices fell to a more than two-week low at around $3,960 per ounce this morning, as prospects of a US-China trade deal dented safe-haven demand. Officials from both countries announced that they had reached a framework agreement on tariffs and other key issues during weekend talks in Malaysia, paving the way for President Trump and President Xi to finalize the dea

Markets by Numbers 

Currency markets indicate the US dollar softer today, with the Euro trading against the US dollar at 1.16637 while the Pound is trading at 1.33628 to the US dollar. The Yen is currently trading at 151.87 to the dollar. The rand (ZAR) is currently at R17.22 to the US dollar.

Commodities:  

• Gold futures prices continue to trend lower this morning, after a big drop in prices in the last trading session, and are currently trading around $3960.00 per ounce.  
• Copper prices have fallen by -1% this morning, with prices currently around $5.0751
• Silver futures prices are trending lower today, and currently trading around $46.548
• Platinum futureshave dropped by -147% this morning, and currently trading at $1544.30, While Palladium prices are trending lower today, and are currently trading around $1406.50 per ounce.
• Brent crude oil prices are softer today, and currently at $65.50 with WTI trading higher at $61.17
• Cocoa futures have dropped by over -2% this morning, and currently trading around $682.00 per ton. 
• Coffee futures have fallen by -3.5% today, and are currently trading at around $3.8890 per pound

Crypto Currencies: 

• Bitcoin prices have seen prices trending lower today, and currently trading at around $113604 per coin 
• Ether prices have dropped by over -1% today, and are currently trading around $4067.00
• $Trumpcoin is trending upwards today, and currently trading around $6.78

(All prices quoted at approximately 07H50 Central African Time) 

Africa News Briefs:

• Cameroon’s Constitutional Council has proclaimed the re-election of 92-year old President Paul Biya, the world’s oldest head of state, for an unbelievable eighth successive term after 43 years in power.The controversial nonagenarian president, who reportedly spends much of his time outside of the African country, saw a 53.7% of votes, ahead of challenger Tchiroma Bakary with 35.2%, who had claimed victory before results were released. Protests continued after the results were released.
• Ivory Coast President Alassane Ouattara has secured a fourth term with 89.77% of the vote, according to provisional results announced yesterday, following an election marked by historically low turnout and the exclusion of his main political rivals.The 83-year-old incumbent won a commanding 89.7% of the vote. His closest rivals, former Commerce Minister Jean-Louis Billon and former First Lady Simone Gbagbo, conceded defeat after capturing just 3% and 2.4% of the vote, respectively.
• The paramilitary force, the RSF Figher para-military group who have been fighting since 2023 to take over Sudan has ousted the army from its last stronghold in the western Darfur region in Sudan, after fierce fighting, military officials and aid groups have said. Medical groups reported dozens of civilians killed in the violence. Aid groups have reported chaotic scenes on Monday including battles between RSF and departing troops and their remaining allies. The U.N. has accused the RSF of executing civilians.
•