Business & Tech News
Trump Tariff De-escalation Welcomed
The US administration has signaled a softer stance on the U.S.-China trade war, with President Trump saying the current 145% tariffs on Chinese imports will come down “substantially” after a deal is reached. “It will come down substantially, but it won’t be zero,” Trump said in the Oval Office. His comments echoed Treasury Secretary Scott Bessent’s earlier remarks that de-escalation could begin in the “very near future,” according to a source at a JPMorgan event in D.C.
White House press secretary Karoline Leavitt noted that 18 trade proposals are under review, with the administration’s trade team—Bessent, Commerce Secretary Howard Lutnick, NEC Director Kevin Hassett, and adviser Peter Navarro, are set to meet with 34 countries this week to have further trade tariff discussions. Leavitt confirmed the U.S. is “setting the stage for a deal with China” and that “the ball is moving in the right direction.” Investors, however, appear to remain cautious amid concerns that there may be a prolonged timeline of talks, raising the risk of a recession.
Open AI Exec- “We Will Buy Google Chrome”
In a facination development in the Google antitrust trial in Washington, OpenAI’s Head of Product at ChatGPT, who was testifiying at the trial, said that OpeAI would be interested in buying Google’s Chrome if antitrust enforcers are successful in forcing the Alphabet unit to sell the global leading web browser, as part of a bid to restore competition in search. Turley made the statement while testifying at trial in Washington, where US Department of Justice is seeking major company reforms that may require Google to undertake far-reaching measures, including selling off Google Chrome, as a potential remedy to restore reasonable competition in online search.
Crypto Markets Surge
With Gold prices retreating, after hitting $3500 yesterday, and shares still seeing turmoil as trade tariffs create uncertainty, the market was likely looking for value, and with several of the major cryptocurrencies sitting at month-long lows, they were an obvious choice for investors and institutional buyers, seeking value with relative stability. Bitcoin traded as high as $93800 this morning (23 April), and was sitting at only $ 84,887 at close on Saturday, 20 April. Bitcoin has gained over 11% in the last week, while in the previous 12 months, Bitcoin’s price rose by 45.48%. Ether has also surged by 2,56% today and is currently trading at $1801.
Business News Shorts:
- The International Monetary Fund (IMF) has slashed its 2025 GDP projections for China and Japan to 4% and 0.6%, respectively, down from its January forecasts of 4.6% and 1.1%. In its World Economic Outlook report, the agency stated that the revision was prompted by escalating trade tensions and growing global uncertainty.
- Intel is believed to be seeking to cut as much as 20% of its workforce, in a plan that will look to streamline operations and reduce inefficiencies, according to a report from Bloomberg News. The layoffs are part of a broader strategy to refocus on an engineering-driven culture, the report said.
- The 0.5% VAT hike in South Africa is now confirmed for 1 May despite a current legal challenge in court by the Democratic Alliance party. Finance Minister Enoch Godongwana stated in an answering affidavit that he had not misled the public and that, depending on legislation passed in parliament, it will remain in place for the next 12 months
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar has gained back some strength today against the main global currencies, and is currently up against the Euro, at 1.13817 currently, and trading slightly stronger against the Pound at 1.33091. The Yen is trading lower at 141.79 to the dollar currently. The rand is maintaining a narrow range against the dollar around the R18.50 to R18.60 level, and is trading at R18.52 to the US dollar currently.
Commodities:
- Gold futures prices have moderated after hitting a new record high of $3500 yesterday. The price has seen a -0,5% drop in early trade today, and is currently trading at $3320 per ounce.
- Copper prices are trending upwards by 0,5% today, and are currently at 4.9055.
- Silver futures prices are trading upwards this morning and are at 32.790 currently.
- Platinum is trading higher today after a dip in prices yesterday, and at $954.00 currently, while Palladium prices are also trending higher after a big dip yesterday, and at $914.00 currently.
- Brent Crude Oil prices continue to trend upwards, with a price surge of over 1,5% this morning and at $68.42, with WTI also trading upwards at $64.66.
- Cocoa futures are currently trading upwards today, and at $9252 per ton.
- Coffee futures prices are trending upwards and are at $379.00 currently.
Crypto Currencies:
- Bitcoin prices have gained upward traction this morning and are currently trading at $93800
- Ether prices are trading over 2% higher this morning and at $1798.50 currently.
- $Trumpcoin has surged by over 14% today and at $9.45 currently.
(All prices quoted at approximately 08H30 – Central African Time)
Other Breaking News in Africa Today
Ghanaian Supreme Court Justice Suspended:
Ghanaian Supreme Court Justice, Gertrude Torkornoo, has been suspended by President John Mahama in an unprecedented move in the history of Ghana. According to reports, an investigation has been launched with three undisclosed petitions that have been filed, making allegations against Torkornoo, while calling for her permanent removal.
Chief justices in Ghana enjoy security of tenure – meaning they can only be removed from office on a few grounds, which include incompetence and misbehaviour. The content of the petitions has not been made public, and she is yet to comment, while Ghana’s former attorney general has claimed her suspension is an attempt to undermine the judiciary.
The Political Shenanigans in Ivory Coast:
Tidjane Thiam, Ivory Coast’s main opposition leader and former Credit Suisse boss, has been removed from the electoral roll by the judiciary, who have confirmed that he is ineligible to run in this year’s presidential election to be held in October.
Thiam had renounced his French citizenship to run for president, but a court argued on Thursday that the former Credit Suisse boss forfeited his Ivory Coast nationality when he acquired French citizenship in 1987.
Thiam said the court’s decision was an “act of democratic vandalism, which will disenfranchise millions of voters”.
His disqualification comes just a week after he was confirmed as the only contender for the centre-right Democratic Party – the PDCI.
