Breaking News Today – Wednesday 14 May 2025

Business & Tech News

Nissan to Lay off More Workers:

Nissan Motors has said it will be cutting further jobs globally, with 11,000 jobs in line to be shed across seven factories that are set to be shut. The move follows low sales numbers across their two biggest markets in China and the US, where they have been offering large discounts, driving earnings lower, and with the proposed merger with Honda and Mitsubishi having collapsed in February. The latest cutbacks bring the total number of layoffs announced by the company in the past year to about 20,000, or 15% of its workforce. The specific manufacturing plants to be shut down have not been identified yet.

Chinese Stocks Gain Momentum:

The Shanghai Composite jumped 0.86% to close at 3,404 while the Shenzhen Component gained 0.64% to 10,354 on Wednesday, with mainland stocks reaching over one-month highs, helped by gains in the technology and financial sectors. Chinese stocks have also recovered all the losses triggered by US imposed tariffs announced in early April. Over the weekend, China and the US held productive talks in Switzerland, agreeing to temporarily reduce tariffs to 10% and 30%, respectively, for a 90-day period—a notable de-escalation in the ongoing trade dispute. Technology stocks led the gains, including East Money, up +5%, Avid Chengdu up by +1.8%, and Eoptolink Technology with a 2.6% jump. In the financial sector, Ping An Insurance hit a +4.3% rise while Citic Securities jumped by +3.8%, and China Pacific Insurance surpassed the market with a +8.5% surge in price.

The Hang Seng surged 532 points or 2.3% to close at 23,641 today, recovering from the prior session’s sharp drop after softer-than-expected U.S. consumer inflation eased concerns over the inflationary impact of U.S. tariff policies. Gains were broad-based, led by consumers and financials. The tech index also saw solid gains, as Nvidia and AMD will supply semiconductors to Saudi Arabia’s Humain, for a data centre project. 

IMF Lowers Angolan Growth Forecast:

The International Monetary Fund (IMF) has lowered Angola’s 2025 growth forecast to 2.4% from 3%, citing falling oil prices and tighter external financing conditions, following a recent mission to Luanda. The fund noted that the downgrade “also poses risks to fiscal performance.” Angola, heavily reliant on oil exports, paid $200 million in extra security for a $1 billion JPMorgan loan amid last month’s risk asset selloff, highlighting the vulnerability of small, open African economies. The IMF Africa department’s head, Abebe Aemro Selassie, has met Angola’s President João Lourenço to discuss the economic outlook.

Microsoft to Lay Off Staff:

Global Tech group, Microsoft, is set to cut its workforce by 3% globally, according to reports from CNBC. This would amount to around  6,500 jobs on the chopping block. Microsoft conducted a massive lay-off programme only two years ago when it trimmed 10,000 workers from its staff in 2023. This is despite the Tech giant reporting its quarter revenue for Q1 of 2025, up 13% at $70.1 billion, and net profit up $18% at $25.8 billion. The new round of layoffs is expected to hit all levels, locations, and teams. The company also had layoffs this past January, but these were reportedly based on performance. This new round of layoffs will not be performance-related, a spokesperson told CNBC. 

Business, Tech & Market News Shorts:

• South African Unemployment numbers released yesterday paint a worrying picture with almost 300,000 additional jobs shed in Q1 of 2025, raising the unemployment rate to a staggering 32,9%
• Google has released a large Android system update with a new design language named Material 3 Expressive that covers the full spectrum of the Google operating system as well as its Apps, such as Gmail, and will be featured at the Google developer conference this month.

Markets by Numbers

Currencies:

Currency markets indicate the US Dollar is marginally softer this morning and is currently trading against the Euro at 1.12381, and against the Pound at 1.33440. The Yen is currently trading upwards at 146.42 to the dollar. The rand is holding steady against the US dollar and is currently trading at R18.20.

Commodities:

• Gold futures prices have dropped further today, and are currently trading lower by -0,6% at $3233 per ounce.
• Copper prices are trending upwards and are currently at $4.6759.
• Silver futures prices are trending 1,4% higher this morning and are currently trading at $32.834
• Platinum futures are trading upwards today and at $994.60, while Palladium prices are also trending higher today and at $953 currently.
• Brent crude oil prices are currently trading lower today after big gains yesterday, and are currently at $66.30, with WTI also trending lower, and trading at $63.35.
• Cocoa futures are trending upwards and have jumped by almost 3% today and are at $9075 per ton.
• Coffee futures prices are trending upwards and are at $386.47 currently.

Crypto Currencies:

• Bitcoin prices are currently trading lower at $103149
• Ether prices also dropped today by more than -3% and are currently at $2596.20
• $Trumpcoin is trading 2.86% higher today, and is currently trading at $13.22

(All prices quoted at approximately 07H30 – Central African Time)

Other Breaking News in Africa Today

Political Parties Banned in Mali:

The leader of Mali’s transitional government, Gen. Assimi Goita, has signed a decree yesterday dissolving all political parties, and appears to be targeting the country’s pro-democracy opposition party. This comes amid a surge in kidnappings of pro-democracy activists in the capital, Bamako, and coincides with recent pro-democracy demonstrations. Mamani Nassire, Minister Delegate, read out the decree yesterday that said, “Political parties and organizations of a political nature are dissolved throughout the national territory.” Nassire was reading from a decree signed by Goita on national TV. The decree was announced after an extraordinary council of ministers meeting on Tuesday. The decree specifically states that: “It is forbidden for members of dissolved political parties and political organizations to hold any meetings.” This raises questions about the legitimacy of the transitional government’s intentions to hold democratic elections.