Business & Tech News
Trump Tariff Deadline Announcement
President Donald Trump announced yesterday that the 90-day pause on the introduction of tariffs, will not be extended beyond 9 July. True said his administration will notify all countries that are affected by the trade tariffs which will be in effect unless they finalise trade deals. Trump said in the announcement that “Letters will start going out “pretty soon” before the approaching deadline”.
“We’ll look at how a country treats us — are they good, are they not so good — some countries we don’t care, we’ll just send a high number out,” Trump told Fox News Channel’s “Sunday Morning Futures” during a wide-ranging interview taped Friday and broadcast Sunday.
Copper Futures Remain Buoyant
Copper futures held above $5 per pound in trade this morning, holding at a near three-month level, with traders raising concerns over tightening global supply. On the London Metal Exchange, inventories fell again last week, dropping to 91,275 metric tons—the lowest level in nearly two years. Similarly, data from the Shanghai Futures Exchange showed copper stockpiles declined by 19.11% to 81,550 metric tons, hitting a one-month low. The inventory reductions were signalled by potential slowdown in global production levels on tariff and geopolitical instability that has now abated. With rising copper demand on the horizon, their are concerns of shortages occurring.
Sudan Gold Mine Incident:
A gold mine partly collapsed in eastern Sudan, killing 11 miners, the state-run company in charge of the project announced Yesterday. The collapse of the Kersh al-Feel mine occurred over the weekend in the town of Houeid in the eastern Nile region, the Sudanese Mineral Resources Limited Company said in a statement. Another seven workers were injured and transferred to a hospital, it said.The company said it had stopped operations and reiterated its warning to informal miners against working at the site. Sudan is a major gold producer but plagued by poor safety standards.
Hackers Reportedly Targeting Airlines
A warning has been issued by Google’s anti-hacking unit Mandiant and security company Unit42, regarding a hacker group called scattered spider. The FBI’s also issued a statement regarding the hackers activities, saying that the hackers may target large corporations and their third-party IT providers, meaning “anyone in the airline ecosystem, including trusted vendors and contractors, could be at risk.” The warning comes as at least two airlines have reported bad actor activities from the group in the last month, including Hawaii Airlines and Canadian WestJest being targeted.
Business, Tech & Market News Shorts:
- Trump Touts TikTok Buyer – According to Donald Trump, a group of “very wealthy people” are set to buy the US social media platform TikTok, “We have a buyer for TikTok, by the way,” President Trump announced on Sunday morning. “I think I’ll need probably China’s approval. I think President Xi [Jinping] will probably do it.”
- Japans Nikkei 225 index gained 1.4% this morning hitting 40,700, with the. Topix Index lifting 0.8% to 2,863, with both benchmarks marking their highest levels in close to a year period. The rally mirrored gains on Wall Street on Friday, where major US indexes hit new record highs amid easing tariff risks and receding geopolitical tensions.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar is currently marginally lower against the Euro at 1.17233 and against the Pound at 1.37249. The Yen is currently at 144.00 to the dollar, with the rand currently at R17.76 to the US dollar.
Commodities:
- Gold futures prices are trending upwards this morning, and are currently at $3279.90 per ounce.
- Copper prices are also trending flat this morning and are currently at $5.0589
- Silver futures prices are trading almost 0,5% higher this morning and are currently at $36.150
- Platinum futures are trading upwards this morning, and are currently trading at $1363.80, while Palladium prices are currently at $1138.50
- Brent crude oil prices are currently trending lower and currently at $66.64, with WTI trading at $65.23.
- Cocoa futures are currently up by over 3% this morning and currently at $9446.27 per ton.
- Coffee futures prices are currently at $302.00
Crypto Currencies:
- Bitcoin prices are currently trading upwards and currently at $108416
- Ether prices are also trending upwards this morning and currently at $2500.00
- $Trumpcoin is trading at $9.08
(All prices quoted at approximately 06H45 – Central African Time)
Other Breaking News in Africa Today
DRC and Rwanda Finally Sign Peace Accord
The US sponsored peace accord between Rwanda and Democratic Republic of Congo (DRC) was finally signed into effect on Friday raising hopes that the conflict in the region will end permanently. This after thousands of people have been killed with hundreds of thousands displaced, in one of Africa’s senseless and atrocious conflicts. The breakthrough in talks was brought about by the U.S. Trump administration, and aims to attract billions of dollars of Western investment to a region rich in tantalum, gold, cobalt, copper, lithium and other minerals.
South African Coalition Wobbles Again
The Democratic Alliance (DA), one of the key political parties in South Africa’s coalition, government has withdrawn its support for a national dialogue called by President Ramaphos. This is the latest in a string of cracks that have indicated all may not be well in the Government of national unity, barely a year old. The division was caused by Ramaphosa firing the deputy minister For Trade & industry, Andrew Whitfield, apparently due to and “unauthorised” travel trip to the USA. Whitfield had apparently been involved with exposing several incidents of fraud in the department and had requested several times for the trip to be authorised.The DA responded by asking Ramaphosa to fire three African National Congress (ANC) ministers facing corruption allegations in 48 hours or ‘face consequences’.
