Business & Tech News
G20 Snub from the US:
In what appears to be a sign of the weakening relationship between Washington and Pretoria, the US State department has announced that U.S. Secretary of State Marco Rubio will not be attending the upcoming G20 meeting in South Africa. the top U.S. diplomat confirmed this in a statement yesterday. The announcement comes days after President Donald Trump threatened to cut off funding to the African country. Playing Host to the annual meeting of the foreign ministers of the G20 group of countries from February 20-21 in Johannesburg, is South Africa who currently chairs the G20 until November 2025. South Africa is the only African state represented in the G20 with the other members including; Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, the African Union and the European Union
VW Polo Exports from Africa hit new Record:
Volkswagen The largest auto manufacturer in Europe’s reported that it’s African manufacturing unit had exported a record number of VW Polo models to Europe in 2024. The announcement indicated that there were131,485 Polo’s exported to European and Asia-Pacific markets in 2024. This amounted to a more than 21% increase from its previous export record of 108,422 vehicles in 2019 from its major African manufacturing plant, located just outside the city of Port Elizabeth, in Kariega, in South Africa’s Eastern Cape province.
Standard Charted Plc Gets African Chair:
The Major UK banking group, Standard Charter have announced the appointment of Maria Ramos as its new chair, to replace outgoing chair Jose Vinals. Vinals has served as Chair for nine years but has come to the end of his tenure Ramos was previously the head of South African banking major, ABSA bank and also served as Director General in the Ministry of Finance. Ramos Currently serves as a board member of Richemont and will vacate her seat on the board to take up her role at Standard Chartered as of the next board meeting set for 8 May 2025. Standard Chartered has grown extensively in the African markets in recent years, particularly in Kenya and Nigeria, but have wound down their interests in South Africa and are seeking buyers for its operations in Botswana and Zambia.
Market News
Currencies:
The US Dollar is currently trading at 1.03922 against the Euro, at 1.24894 against the Pound, and at 152.45 Yen to the dollar currently. The rand has firmed further against the dollar, and is currently at R18.59 to the dollar.
Commodities:
- Gold prices hit new record levels earlier today and touched the $2878 level, and has subsequently dropped slightly and is trading at $2,867 currently. Copper is trading upwards again today, hitting a four-month high and currently trading at 4.4869, while Silver is trading fairly level at a three month high earlier this morning, and at 32.236 currently.
- Platinum prices have held above the $1000 level today, and currently trading at $1010, while Palladium prices have followed suit and are also currently trading at $1010
- Oil prices are trading lower than yesterday and currently at $74.84 currently with WTI also trading lower than yesterday’s close at $71.28 currently.
- Cocoa futures have gained back some ground from yesterday’s drop with prices currently at $10 511 per ton.
- Coffee prices are up over 6% for the week and have hit a new record high of over $400 and currently trading at $400.14 currently.
Crypto Currencies:
- Bitcoin regained some stability after the last week’s roller-coaster ride, and is currently trading at $97828.
- Ether prices continue to make gains from the losses incurred earlier this week, with the crypto trading at $2740.70 currently while still over -12% down for the week.
- $Trumpcoin has finally started to show some upwards momentum after dropping below $17 and is currently trading at aound 0,7% up for the day at $17.71
(All prices quoted at approximately 08H50 – Central African Time)
Other News in Africa Today
South African Insurance Icon Douw Steyn Dies:
Steyn City properties have confirmed that the South African billionaire and businessman Douw Steyn, has died at 72, after a long period of illness. Steyn who was the founder of Auto & General insurance, and later the BLG Group, was a well-known personality in the South African Business sector and will be remembered for his friendship with Nelson Mandela as well as the person who created Steyn City – a large private residential complex and golf estate in the northern suburbs of Johannesburg. Douw Steyn, was known for his global success in the insurance industry, was regarded in South Africa as a “visionary” and an “exceptional entrepreneur”. He befriended Mandela shortly after the former president was released from his decades-long imprisonment on Robben Island, and Mandela lived in Steyn’s former home in Saxonwold where he edited his book – Long Walk to Freedom.
DRC Conflict Continues Despite “Cease Fire”
Despite the rebel forces declaring a cease-fire earlier this week, the Rwandan-backed M23 rebels have reportedly seized control of a mining town in eastern area of the Democratic Republic of Congo’s South Kivu province yesterday, in an apparent violation of its declared unilateral ceasefire. The city captured, Nyabibwe is in a gold rich deposit area around Lake Kivu, and now takes the rebels even closer to the provincial capital Bukavu, after capturing the city of Goma late last week. The UN has a peacekeeping force in the DRC that has been bolstered by additional Ugandan troops, however the Rwanda backed rebel groups are exceptionally well supplied and appear to be gaining the upper hand. The losers in this conflict however are the civilians who are facing an existential crisis, with hundreds of thousands displaced and with shortages of medical facilities and supplies as well as food and drinking water.
