Breaking News Today – Tuesday 3 June 2025

Business & Tech News

Snowflake Goes Crunchy

Cloud Specialist Tech Company, Snowflake, yesterday announced its intention to buy database group Crunchy Data, The deal has been estimated to be in the region of $250 million. Terms of the purchase are yet to be disclosed. There have been several data start-up purchases recently as tech companies ramp up their data, AI and cloud capabilities. Crunchy Data provides an array of data tools that they need to build with Postgres, which is an open-source and object-relational database management system that is popular with developers and works well with the SQL database language. The two companies have had a long-standing relationship.

Samsung Set for Further Perplexity Buy-in

South Korea’s Samsung is in discussions about further investment in AI search star-tup Perplexity that would also see the Korean tech giant incorporating the AI company’s tech and apps on Samsung devices, according to a report on Bloomberg. Samsung is currently one of the largest investors in Perplexity in its latest funding round and further investment would consolidate its position as a key supplier of tech in Samsung products. Samsung is discussing having Perplexity’s app and assistant pre-installed on its phones and integrating its search features within the default browser, the report said. The companies are also discussing having Perplexity’s AI tech power some of Samsung’s own assistant Bixby’s features, Bloomberg reported, adding that the partnership could be unveiled this year.

South Africa to Establish a National Shipping Company

The South African Minister of Transport, Barbara Creecy, has announced in a release, that the DoT [Department of Transport] will push ahead with its plans to establish a national shipping carrier. The Department of Transport has invited shipping companies to join a steering committee tasked with shaping a model for the national carrier, working in collaboration with the Development Bank of Southern Africa. This follows a gap of 25 years after South Africa’s Safmarine was sold to an international logistics company Maersk. The steering committee will include representatives from the Department of Transport, DBSA, and other key stakeholders. It will also develop terms of reference to steer the process.

Copper Prices Crumble:

Copper futures fell by more than 2% this morning, to around $4.70 per pound on Tuesday, reversing gains from the previous session, as weaker-than-expected economic data from China, the world’s largest consumer of the metal, scuppered copper futures demand. A private survey revealed that China’s manufacturing activity contracted in May against expectations, hitting its lowest level in over two years. The data highlighted growing pressure from US tariffs, with new export orders declining at a faster pace. The figures echoed Saturday’s official PMI release, which also showed factory activity shrinking for a second consecutive month. The pullback in copper prices comes after a sharp 5% surge on Monday, driven by fears that copper could be targeted next in escalating trade tensions

.Business, Tech & Market News Shorts:

• A Court in Mali has postponed its ruling on Barrick Gold Mine until June 5. The hearing is to consider whether to put Barrick Mining’s Loulo-Gounkoto gold complex under provisional administration, the court’s registry office said on Monday. The Canadian-owned mine has been under dispute with the government, which has seized gold from the miner in what it claimed was unpaid taxes.
• Toyota Industries, which is partly owned by Toyota Motors,  will make a decision today whether it will accept a takeover offer from a consortium led by the Toyota Motor Company. The offer value is reported to be around the $42 billion region. Toyota Industries manufactures forklifts, as well as the RAV4 sport utility vehicle for Toyota, and also produces car parts such as engines, air-conditioning compressors, batteries, and converters.
• China’s factory activity shrank for the first time in eight months in May. the Caixin/S&P Global manufacturing PMI fell to 48.3 in May from 50.4 in April, missing analysts’ expectations. This is another indicator that the U.S. tariffs are now starting to directly hurt the Chinese manufacturing sector and marks the first contraction since September last year. It was also the lowest reading in 32 months.
• Neuralink announced yesterday that it had raised $650 million in its latest funding round as its brain implant device enters clinical trials. “This funding helps us bring our technology to more people, restoring independence for those with unmet medical needs and pushing the boundaries of what’s possible with brain interfaces,” Neuralink said.

Markets by Numbers

Currencies:

Currency markets indicate the US Dollar is currently trading against the Euro at 1.14219 and against the Pound at 1.35245. The Yen is currently at 143.03 to the dollar, with the rand currently at R17.87 to the US dollar.

Commodities:

• Gold futures prices are trending lower this morning, after a spike yesterday, and are currently at $3365 per ounce.
• Copper prices are also trending lower, down -2,25% this morning and are currently at $4.7184.
• Silver futures prices are trading over 1,7% lower this morning and are currently at $34.164
• Platinum futures are trading downwards this morning, and are currently trading at $1056, while Palladium prices are currently at $985.50
• Brent crude oil prices are currently at $64.45, with WTI trading at $62.71.
• Cocoa futures are trading upwards this morning, and are currently at $9504.90 per ton.
• Coffee futures prices are trending slightly higher today, and are currently at $343.47

Crypto Currencies:

• Bitcoin prices are currently trading at $105475
• Ether prices are currently at $2611.39
• $Trumpcoin is trading at $11.27

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

Other Breaking News in Africa Today

Africa – Main Beneficiary for Gates’ Fortune

Tech Giant owner Bill Gates has stated that most of his wealth, totalling over $200 billion, will be spent on improving health and education services across Africa within the next two decades. Gates announced in May that he was planning to give away 99% of his wealth by 2045, by which time he expects the Gates Foundation to wind down its operation.  Gates, who built the Microsoft empire, who was on a trip in Ethiopia, commented that “by unleashing human potential through health and education, every country in Africa should be on a path to prosperity”. Gates also urged Africa’s young innovators to think about how to build Artificial Intelligence (AI) to improve healthcare on the continent.

Sudan’s New President Dissolves the Government:

Newly installed Sudanese Prime Minister Kamil Idris has dissolved the country’s caretaker government, according to reports from the state news agency SUNA. This was his first act after being sworn in as President this past Sunday, marking Sudan’sfirst prime minister since a military coup four years ago. Sudan was plunged into civil war when tensions between the military and the breakaway group, the Rapid Support Forces, escalated into a full-blown civil war that ignited in the capital, Khartoum, and various other parts of the country. In a speech on Sunday, Idris urged countries supporting the RSF to cease “criminal operations”. He also vowed to “serve the nation and the Sudanese people with the utmost sincerity and dedication”. No Timeline has been given by Idris as to when a new government would be appointed.