Breaking News Today – Wednesday 9 July 2025

Business & Tech News 

Zimbabwean Economy and Currency Sees Gradual Improvements:

The Zimbabwean ZiG (Zimbabwe Gold), its latest currency, has reached a new Gold and foreign-currency reserve level in June according to a statement by the central bank yesterday. Reserves climbed to $731 million from $639 million in May up from an initial holding of $276 million in April 2024, when the ZiG was first introduced. this follows after an announcement from Finance Minister Mthuli Ncube, who announced on Tuesday at a press briefing, that the country’s debt as a percentage of gross domestic product has declined to 46% from around 60% thanks to stronger economic growth. “You can be assured that given this larger GDP base this creates more opportunity and capacity for us to start servicing our external debt,” he said, without providing a specific time-frame.

The countries GDP growth last year was only 2% which was hampered by a drought. This year the country has seen record tobacco auction sales that have supported the overall economy and increased the foreign currency holdings significantly.

South African / US Trade Relationship Strained Further

In an ever-growing trade and diplomatic chasm between South Africa and the US, it appears that there is a lot of bridge-building that will be required for any future relationship to be established. In a clear indication of the parting, U.S. Treasury Secretary Scott Bessent has announced he will skip the G20 finance officials meeting in South Africa next week, but will attend the World Expo 2025 in Osaka, Japan, instead, according to a Treasury spokesperson. This marks the second time in 2025 that he has opted against attending a G20 meeting in South Africa, which is serving as the group’s president this year.

According to a Treasury official, Michael Kaplan, the acting undersecretary for international affairs, will now represent the US at the July 17-18 meeting in Kwazulu-Natal Natal, South Africa instead of Bessent. The United States is due to head the G20 group, which it helped found in the aftermath of the global financial crisis, next year.

Business, Tech & Market News Shorts:

• The euro held steady around $1.17, near its highest level since August 2021, as investors awaited updates on US-EU trade negotiations. The European Union aims to finalize a preliminary agreement with Washington this week to secure a 10% tariff framework beyond the August 1 deadline.
• China has imposed new export bans on eight companies tied to Taiwan’s military industry, as the country begins it’s annual military exercises. China’s Commerce Ministry added eight Taiwan-based firms including aerospace and shipbuilding companies, to an export control list, citing national and regional security concerns.
• Gold futures have dropped below $3,290 per ounce in early trade this morning, extending more than a -1% loss in the previous trading session, as a tempered US Federal Reserve gave a dovish outlook on rate cuts which offset concerns over renewed global trade tensions.
• Apple’s chief operating officer, Jeff Williams, will be stepping down from his position later in July, with the tech-giant announcing the appointment of Sabih Khan, who will take over the role. Khan is the current senior vice president of operations at Apple.
• E-bike start-up, Also Inc., that was spun out of Rivian earlier in 2025, has raised $200 million from Greenoaks Capital. Also Inc plans to design and produce a range of micro-EVs, and is anticipated to reveal the first designs at some point later this year.
  

Markets by Numbers 

Currencies: 

Currency markets indicate the US Dollar is currently flat against the Euro at 1.17243 and against the Pound at 1.36000. The Yen is currently at 146.70 to the dollar, with the rand currently at R17.80 to the US dollar. 

Commodities:

• Gold futures prices are trending lower this morning, after losses yesterday, and are currently at $3292 per ounce.  

• Copper prices are trending over 2% higher this morning, and are currently at $5.5512  

• Silver futures prices are trading over 0,5% lower this morning, and are currently at $36.537 

• Platinum futures are trading -0,4% this morning, and are currently trading at $1362.30. Palladium prices are trading higher this morning and currently at $1122,

• Brent crude oil prices are surging and currently at $70.17, with WTI trading at $68.34. 

• Cocoa futures have fallen more than -2% this morning and currently at $7984 per ton. 

• Coffee futures have found some traction again and currently at $285.00

Crypto Currencies:

• Bitcoin prices are currently at $108798

• Ether prices are currently up more than 0,5% at $2628

• $Trumpcoin is trading at $8.65

(All prices quoted at approximately 09H30- Central African Time) 

Other Breaking News in Africa Today 

Gold Task Force Established in Ghana

President John Maham, of Ghana’s yesterday launched a special gold industry task force called GOLDBOD. The move is part of the fulfilment of Maham’s election campaign promise to combat rampant illegal gold mining in the country. The illegal gold miners, known locally as “galamsey” have created massive challenges in the country with many illegal miners having died due to very unsafe environments, as well as major water pollution and deforestation occurring, creating poor living conditions for local communities. This was highlighted as a priority issue during the presidential election campaign in 2024. Yesterday saw President John Mahama inaugurate the GOLDBOD Task Force, saying its creation “signals our readiness to act decisively.” This action was preempted by the creation of of the Ghana Gold Board agency in January, which is now the single legal entity for All Gold transactions and exports of gold produced by small mining entities in Ghana.