Business & Tech News
Gold Breaks above $3200 level:
Gold surged past $3,200 per ounce on Friday, hitting a fresh record, supported by a weaker US dollar and rising safe-haven demand amid escalating US-China trade tensions. On Thursday, the US clarified that tariffs on Chinese imports had risen to 145%, with a new 125% levy added on top of an earlier 20% duty. This overshadowed Trump’s 90-day pause on higher tariffs for most other countries, as the intensifying trade dispute between the two major economies sparked concerns over potential economic fallout. Meanwhile, US consumer prices unexpectedly fell in March, leading traders to bet that the Fed will resume rate cuts in June and potentially lower its policy rate by a full percentage point by year-end. However, inflation risks remain tilted to the upside after Trump doubled down on China tariffs. For the week, gold is on track for its best performance since last November.
Asia Markets Under Pressure:
The Shanghai Composite edged down 0.2% to below 3,220, while the Shenzhen Component lost 0.4% to 9,715 on Friday, snapping a three-day rally as concerns over a deepening Sino-U.S. trade conflict weighed on sentiment. The Trump administration confirmed that cumulative tariffs on Chinese goods have reached 145%, heightening the risk of further retaliatory measures from Beijing, which has imposed an 84% levy on U.S. imports. Reports also suggest China is preparing additional countermeasures targeting U.S. firms, while simultaneously seeking closer trade, investment, and industrial ties with the European Union. Mainland stocks had previously rallied, supported by Chinese authorities urging state-owned financial institutions to boost equity investments, alongside a wave of share buyback announcements from listed firms. Among notable gainers were China Greatwall (2.4%), Zijin Mining (2.3%), Unigroup Cuoxin (1.7%), SG Micro (11.1%), and Wangfujing Group (2.5%).
Cocoa Ivory Coast Agri Sector Threatens Price Hike on Tariffs:
The global leader in cocoa production, Ivory Coast has announced that it may take measures to make the chocolate essential ingredient more expensive if tariffs proposed by U.S. President Donald Trump go into effect. This was expressed by their Minister of Agriculture, Kobenan Kouassi Adjoumani yesterday. The US administration had imposed a tariff of 21%, the highest in West Africa, on Ivory Coast as part of higher targeted duties on dozens of countries. This past Wednesday president Trump announced he was pausing the tariffs for 90 days. Speaking to reporters in Abidjan on Thursday, Agriculture Minister Kobenan Kouassi Adjoumani said his country wanted Washington to reconsider the tariffs. “When you tax our product that we export to your country, we will increase the price of cocoa and that will have a repercussion on the price to the consumer,” Kouassi said.
It was not immediately clear what specific measures Kouassi was referring to. Ivory Coast does not have the ability to set the price for cocoa, which is determined by the global market. There is however the possibility of an export tax being imposed by Ivory Coast in retaliation.
Business News Shorts:
- Google has according to reports, laid off hundreds of employees in its platforms and devices unit, which works on Android software, Pixel phones and the Chrome browser, this was reported by The Information today, citing a source with direct knowledge of the situation.
- Tesla has launched a new version of Cybertruck in the United States, with a price tag of only $69,990. The new Cybertruck long-range variant is the cheapest among the three models it currently has in the U.S
- South Africa’s manufacturing output fell 3.2% year on year in February after falling by a revised 3.2% in January, statistics agency data on Thursday. Manufacturing production rose 0.3% month on month after rising by a revised 0.4% in January.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar trading weaker against the major currencies and currently at 1.12776 against the Euro and trading stronger against the Pound at 1.30016. The Yen is trading at 143.62 to the dollar currently. The rand has traded in a volatile range and has lost the gains from late yesterday and is trading at R19.41 to the US dollar currently.
Commodities:
- Gold futures prices have gained more traction this morning and currently at $3193 after hitting $3200 earlier today.
- Copper prices have gained over 1% this morning and at 4.4103 currently.
- Silver futures prices are trading upwards and trading at 31.219 currently.
- Platinum is trading upwards today and at $924 currently, while Palladium prices are trading lower and at $885 currently.
- Brent Crude Oil prices are trending downwards and at $63.88 currently, with WTI trading lower at $60.57 currently.
- Cocoa futures are currently trading lower today, and at $8149 per ton.
- Coffee futures prices are trending downwards and is at $342 currently.
Crypto Currencies:
- Bitcoin prices have gained over 1% this morning and currently trading at $80797
- Ether prices currently trading at $1549
- $Trumpcoin is currently trading flat this morning and at $8.00 currently
(All prices quoted at approximately 08H00 – Central African Time)
Other Breaking News in Africa Today
Opposition Leader in Tanzania Charged with Treason:
Tundu Lissu, leader of Tanzania’s opposition, of the Chadema party, has been charged with treason a day after he was arrested. The arrest took place after a political rally he held in southern Tanzania. The charge is related to his nationwide campaign pushing for electoral reform under the slogan “No Reforms, No Election”. This has sparked outrage from the ruling party of President Samia Suluhu Hassan. Lissu has been pursuing a campaign indicating that there is no chance of a free-and-fair election in six months unless there are reforms, particularly in the make-up of the electoral commission, arguing that the current appointees have been selected by Samia and as such are not neutral politically.
Tanzania is set to hold national elections this year in October when Lissu is expected to challenge for the presidency. Samia was elected as president in 2021, after predecessor John Magufuli passed away, and was initially lauded for reversing some of his more authoritarian policies and practices. This has however changed for the worse with opposition members have been regularly targeted with arrests and abductions.
South African Lottery – R110 Million Unclaimed
A single winner of one of South Africa’s biggest ever lottery draw is sitting on an unclaimed ticket worth R110 million and may not even know it yet. The National Lottery, Ithuba, has called on the lucky winner of the April 8 Powerball jackpot to step forward and claim their fortune. According to the Michelle van Trotsenburg of Ithuba, the lucky participant bought their ticket on the FNB banking app with a R30 bet, using the Quick Pick number selection method.
