Breaking News Today – Wednesday 11 June 2025

Business & Tech News 

European Union – New Russian Sanctions

The European Commission yesterday proposed additional sanctions against Russia over its invasion of Ukraine, targeting energy revenues, banks, and the military industry. The package includes banning transactions with Russia’s Nord Stream pipelines and expanding sanctions to 22 more Russian banks, including a full transaction ban beyond removal from SWIFT. It has also targeted banks in third party countries and lists the Russian Direct Investment Fund (RDIF) and its affiliates. RDIF head Kirill Dmitriev criticized the EU, saying its actions show a desire to “prolong the conflict.” The Commission also proposed lowering the G7 oil price cap on Russian crude from $60 to $45 per barrel. EU Commission President, Ursula von der Leyen said the cap will be discussed at next week’s G7 summit in Canada. 

AI Research Center Expansion By Qualcomm

Qualcomm, the US computer processor chip maker, has launched a new AI R&D centre in Vietnam, according to an announcement made by Alex Rodgers, Qualcomm’s President of Global Affairs yesterday. Rodgers was meeting with Vietnams’ To Lam yesterday. The centre will focus on advancing generative and agentic AI solutions across smartphones, personal computers, XR (extended reality), automotive and IoT applications, it said in a statement. Qualcomm said the move is aligned with Vietnam’s strategies for AI, semiconductors, and digital transformation, and will focus on transferring technology, ecosystem collaboration and capacity building.

Positive Economic Growth in Ethiopia

Ethiopian Finance Minister Ahmed Shide told parliament that the economic growth projection for the year had been upgraded and was expected to expand by 8.9% in fiscal year 2025/2026, up from an original forecast of 8,4%.. Ethiopia, is currently one of Africa’s fastest growing economies, however it remains tied down by high inflation and currency shortages. Last year, Addis Ababa secured a $3.4 billion bailout from the International Monetary Fund (IMF) after receiving guarantees for debt relief from major creditors including China and the Paris Club. In exchange, it agreed to stop propping up its currency and to carry out a 30% devaluation. As a measure, the central bank has maintained tighter control over money supply and limited private-sector lending. 

US Tariffs to Remain For Now

Adding to the existing broader uncertainty in markets currently being experienced globally, a federal appeals court has allowed the US’s broadest tariffs to remain in effect while it reviews a lower court’s ruling (The Federal Trade Court) that the president exceeded his authority in imposing them. The World Bank has also downgraded its 2025 global growth forecast by 0.4 percentage points to 2.3%, citing higher tariffs and rising risks as major challenges for most economies. Meanwhile, officials at the current trade tariff talks in London, from both the US and China have announced that they had reached a framework to restore their trade truce and lift China’s export restrictions on rare earths, with both sides still seeking their leaders’ approval before moving forward with implementation.

Business, Tech & Market News Shorts: 

• Gold prices have steadily moved upwards this month, and this morning moved closer to the $3,340 per ounce mark this morning. The move was supported by uncertainty surrounding the finalization of a US-China trade deal and anticipation of key US inflation data due today. Gold is up over 3% so far in June.
• Bedrock Ocean, a public benefit company (PBC) has raised a $25 million Series A-2 round funding led by Primary and Northzone. Autopilot, Costanoa Ventures, Harmony Partners, Katapult, and Mana Ventures participated.Bedrock Ocean has developed an autonomous mapping robotic vehicle with a 12 hours battery lifespan that enables them to created detailed ocean floor mapping utilising its sonar and magnetic sensors.
• Sam Altman, CEO of OpenAI, announced on a post on X Yesterday that the release of OpenAI’s first open model in years will be delayed until later this year. Altman said the open model would be released sometime after June but did not specify a date raising questions around the new model’s development.

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently trading stronger against the Euro at 1.14098 and against the Pound at 1.35237. The Yen is currently at 144.60 to the dollar, with the rand currently at R17.75 to the US dollar. 

Commodities:

• Gold futures prices are trending upwards this morning, and are currently at $3335 per ounce.  

• Copper prices are trending higher this morning and are currently at $4.8816  

• Silver futures prices are trading lower this morning and are currently at $36.5468 

• Platinum futures are trading upwards again this morning, and are currently trading at $1256, while Palladium prices are currently at $1084.50

• Brent crude oil prices are currently at $66.93, with WTI trading at $65.10

• Cocoa futures are currently at $9573.95 per ton. 

• Coffee futures prices are currently at $355.82

Crypto Currencies:

• Bitcoin prices are currently at $109607 

• Ether prices are currently at $2796

• $Trumpcoin is trading at $10.91

(All prices quoted at approximately 09H00 – Central African Time) 

Other Breaking News in Africa Today 

Kenyan Political Commentator’s Death Sparks Protests

Protests erupted in Nairobi Kenya, on Monday and Tuesday over the death of Kenyan blogger Albert Ojwang, who was found dead after being in police custody since last week Friday. According to a report issued by the the police, he had injured himself by banging his head against the wall in his cell. However, an autopsy conducted on Tuesday indicated that Ojwang had been strangled while in police custody. According to a government pathologist Dr. Bernard Midia, Ojwang had also sustained multiple injuries consistent with assault, not self-harm. “When we examined the pattern of the injury, especially on the trauma, I found it on the head. Hitting against a blunt substance like a wall would have a pattern,” Dr. Midia said during a press briefing. Ojwang was arrested in Homa Bay, in Western Kenya and driven 400km to the capital, Nairobi