Business News Today
South Africa Sees Surge in Agricultural Exports to US Amid Tariff Concerns:
South Africa has recorded a significant 26% surge in agricultural exports to the United States. This growth is notable given the backdrop of existing trade tensions, including a 30% tariff imposed by the US earlier this year. The increase indicates strong demand for South African agricultural products despite the added cost burden. However, the looming expiration of the African Growth and Opportunity Act (AGOA) in September 2025 poses a potential threat, as its termination could disrupt duty-free access for many South African goods and fundamentally alter trade dynamics.
India Denies Freedom of Speech for International Social Media Platforms
An Indian court has dismissed an attempt by social media platform X, to challenge the Indian government’s content takedown orders, ruling that the social media platform, as a foreign company, does not have a constitutional right to free speech under Indian law.The Karnataka High Court ruled yesterday day in favour of the Indian government’s use of a centralised online portal to issue content takedown orders, determining that foreign platforms cannot invoke free speech protections under Article 19 of the Indian Constitution. The court said this constitutional of free expression applies only to Indian citizens. The decision marks a significant moment in India’s increasingly assertive approach to regulating global tech companies.
US Stock Futures Rise on Fed Chair Powell’s Measured Comments
In a pivotal address, Federal Reserve Chair Jerome Powell signalled a cautious approach to interest rate adjustments, emphasising steady inflation control amid robust economic data. Futures tied to the S&P 500 and Nasdaq climbed 0.3% and 0.5% respectively in pre-market trading today, reflecting investor optimism for a soft landing. Key data releases later this week, including GDP and PCE inflation figures, are anticipated to guide the Fed’s next moves. This comes as global markets grapple with trade uncertainties under the Trump administration’s “trade tariff war”. Economically, Powell’s remarks should see greater consumer confidence returning to the markets, potentially spurring spending in the retail and tech sectors.
Freeport-McMoRan Declares Force Majeure at Indonesia’s Grasberg Mine
Copper futures climbed to a near two-month high above $4.82 per pound this morning, extending the prior session’s rally after Freeport-McMoRan invoked force majeure at its flagship Grasberg copper mine in Indonesia following seismic activity and regulatory disputes. The result is the halting of 1.5 million tons of annual copper output. As the world’s second-largest copper producer, this will exacerbate global supply shortages. Involved parties include Indonesian authorities demanding a 51% stake divestment and local unions protesting safety. Global EV battery makers are likely to be facing a 10-15% cost hike in copper while market turmoil saw mining stocks rally 3%, but broader commodities dipped on recession signals.
Breaking News Shorts:
- Nigeria’s Central Bank cut its key interest rate for first time since 2020: The central bank shaved rates to 25% from 26.25%, easing $400 billion in debt burden amid a crippling 33% inflation rate. Aims to spur 3% growth via cheaper loans for SMEs. The Naira has stabilised at ₦1,600/$ , boosting imports.
- Moroccan Central Bank Holds Benchmark Rate at 2.25%: Bank Al-Maghrib maintained rates to combat 1.5% inflation, supporting a tourism rebound to 14 million visitors. Future rate cuts are likely in 2026 if growth exceeds 3.5%.
- Silver traded just below $44 per ounce This Morning: The precious metal is hovering near a 14-year high as investors awaited key US jobs and inflation data to shape the Federal Reserve’s policy outlook. Weekly jobless claims are due later today, followed by Friday’s PCE price index release.
- Passenger car registrations in the European Union climbed by 5.3% yoy to 677,786 units in August. This follows a 7.4% gain in July, mainly driven by increases in three of the EU’s four largest markets: Spain (17.2%), Germany (5.0%), and France (2.2%). BEV sales grew by 12.6% to 1.13 million units, accounting for 15.8% of the EU market.
- WhatsApp Rolls out a new Translation Feature: The global messaging giant has launched a new feature that lets provides users the ability to translate messages within the app. The feature forms part of efforts to enable cross-language communication for its three billion users worldwide.
Markets by Numbers
Currency markets today indicate the Euro is trading flat against the US dollar at 1.17421 while the Pound is also trading level at 1.34534. to the US dollar. The Yen is currently trading at 148.78 to the dollar. The rand (ZAR) is currently at R17.33 to the US dollar.
Commodities:
- Gold futures prices are marginally higher today, and are currently trading around $3739.14 per ounce.
- Copper prices have surged by over 1% this morning, with prices currently at $4.8063
- Silver futures prices are trending upwards, and is currently trading around $43.967
- Platinum futures are trading softer today, and are currently trading at $1480.80, While Palladium prices are trading lower this morning and currently at $1208.00
- Brent crude oil prices are currently trending lower today, and currently at $69.13, with WTI trading at $64.78
- Cocoa futures are currently around 0.8% higher today, and trading around $7048.00 per ton.
- Coffee futures have spiked by over 5% today, and are currently at $367.75
Crypto Currencies:
- Bitcoin prices are currently trending over -1% lower today, and currently trading at $111771
- Ether prices have fallen by -3% today and are currently trading around the $4023.00 mark
- $Trumpcoin is trending upwards today, and currently around $7.60
(All prices quoted at approximately 08H00 Central African Time)
Other Headline News in Africa Today
Mutharika wins Malawi Presidential Race at 85
Malawi’s former President Peter Mutharika has been declared the winner of last week’s elections, in a turn -around from the previous election in 2020 when he lost to current Malawian President, Lazarus Chakwera. Official results show that he won 57% of the vote, compared to the 33% of President Lazarus Chakwera, 70. Mutharika, a former professor of law, served as president from 2014 to 2020. During his first term,
Mutharika was credited with assembling a strong economic team and lowering inflation to single digits, a point emphasised by his supporters. In contrast, inflation has been above 20% for the past three years under his successor, Lazarus Chakwera. Mutharika’s administration was praised for improving public infrastructure, including roads, which his supporters pointed to as a sign of progress.Under his leadership, Malawi climbed from 164th to 133rd in the World Bank’s annual “Doing Business” index between 2015 and 2017, with notable improvements in access to credit. Mutharika’s re-election is widely seen as a protest vote against the incumbent’s worsening economic record rather than a full-throated endorsement of Mutharika’s previous term.
