Breaking News Today – Tuesday 5 August 2025

Business & Tech News 

Ethiopia Bans Several US Money Transfer Fintechs

The National Bank of Ethiopia (NBE) has banned four United States-based money transfer companies for allegedly operating without licences and engaging in unauthorised cross-border transactions. The companies affected are Shgey Money Transfer, Adulis Money Transfer, Ramada Pay (Kaah), and TAAJ Money Transfer. According to the central bank, the companies were involved in suspicious activities, including money laundering. One of the companies, TAAJ Money Transfer, had earlier pleaded guilty in a United States federal court to violating the Bank Secrecy Act. The firm reportedly moved over $66 million without fulfilling mandatory reporting requirements.

EU Suspends US Tariffs

The European Union will suspend two planned tariff countermeasure packages for six months after reaching an agreement with U.S. President Donald Trump, an EU Commission spokesperson confirmed Monday. While the move signals a temporary easing of trade tensions, key issues remain unresolved, particularly U.S. tariffs of 15% on most EU goods, with no exemptions for cars and car parts. “The EU continues to work with the U.S. to finalise a Joint Statement, as agreed on 27 July,” the spokesperson said. Additional executive orders from Washington are expected, adding to the uncertainty. The suspended EU measures, originally set to take effect on 7 August, included retaliatory tariffs in response to U.S. duties on steel, aluminium, and car-related products.

India Takes Firm Stance on Russian Oil Imports

India pushed back against criticism from the U.S. and EU over its Russian oil imports, calling the stance “unjustified and unreasonable.” Foreign Ministry spokesperson Randhir Jaiswal said on Monday that the purchases were crucial for securing affordable and stable fuel prices for Indian consumers. The statement followed U.S. President Donald Trump’s threat to impose steep tariffs on India for trading in Russian oil. Jaiswal noted the hypocrisy of such criticism, stating, “The very nations criticizing India are themselves indulging in trade with Russia,” and unlike India, their trade is not driven by vital national needs. He added that India turned to Russian oil only after the Ukraine war disrupted traditional supply chains, with many suppliers shifting focus to Europe. “At the time, the United States had even encouraged India’s purchases as a way to stabilise global energy markets,” Jaiswal said.

Business, Tech & Market News Shorts: 

• Coreweave IPO Buzz: AI startup Coreweave, backed by Nvidia, is gearing up for a Q2 2025 IPO with a valuation exceeding $35 billion, spotlighting the red-hot AI market.
• Chinese AI Development Push: The Chinese Academy of Engineering lists 300 next-generation AI technologies, including 6G and multimodal AI models, as part of a national “AI+” initiative to achieve self-sufficiency and global leadership.
• Paytm’s Profit Rebound and Alibaba Exit: Indian fintech Paytm reports a ₹123 crore profit, bouncing back from losses. Alibaba is exiting its 5.84% stake in Paytm via a block deal, marking a full withdrawal by the Chinese investor.
• TCS Layoffs and AI Strategy: Tata Consultancy Services (TCS) plans to lay off 12,000 senior and mid-level staff (2% of its workforce) due to AI-driven disruptions and macro uncertainties.
• Ghana Demands Multichioce Price Drop: The Ghanaian authorities have said that MultiChoice Group must reduce subscription fees by 30% by 7 August or risk suspension of its broadcasting licence, Daily Graphic reported.The country wants the operator of DStv to reduce prices to align with what it charges in other peer markets and to reflect recent gains in the local currency.

Markets by Numbers 

Currencies: 

Currency markets today indicate the US Dollar trading upwards in early trade, and currently trading against the Euro at 1.15556 and against the Pound at 1.32788. The Yen is currently trading at 147.18 to the dollar. The rand (ZAR)is currently at R17.93 to the US dollar.

Commodities:

• Gold futures prices are currently trading slightly lower this morning, and currently at $3372.32 per ounce.  
• Copper prices are down marginally today, with prices currently at $4.4249 
• Silver futures prices are marginally up today, and currently at $37.387
• Platinum futures are trading marginally lower this morning, and are currently trading at $1320.90 While Palladium prices are trading -1.24% lower this morning and currently at $1198.00
• Brent crude oil prices are currently at $68.61, with WTI trading at $66.13 
• Cocoa futures are trading more than -1,2% lower today, and currently at $8102 per ton. 
• Coffee futures are currently trading 1,5% higher this morning, and currently at $288.55

Crypto Currencies:

• Bitcoin prices are marginally lower today, and currently at $114173
• Ether prices are trending almost -2% lower this morning and currently at $3651.60
• $Trumpcoin is currently trading around $8.90

(All prices quoted at approximately 06H30 Central African Time) 

Other Breaking News in Africa Today

Nigerian Opposition Leader Seeks One Term Only:

In an unusual position to take in the African political landscape, one of Nigeria’s main opposition leaders, Peter Obi, has come under fire for reaffirming his vow to serve only one 4-year term if elected president in 2027. In a post on X, he made the statement: “longevity in office is not a mark of success” citing several prominent global figures, including South Africa’s Nelson Mandela. Obi said great leadership was not measured by the length of years in office but by the quality and impact of services offered to the people. However this has raise some criticism about his unorthodox position. The Labour party leadership described Obi’s vow as “political theatrics” while the APC said his promise was insincere and just a ploy to woo voters. Acknowledging that decades of unfilled pledges had made Nigerians sceptical towards political promises, Ovi assured people his declaration was not a political gimmick.