Business & Tech News
US and UK Reach Trade Deal:
The UK and the US have reached a deal over tariffs on some goods traded between the countries, and while the blanket 10% tariffs on imports from countries remain in place, the deal has reduced or removed tariffs on some of the UK’s exports, including cars, steel, and aluminium. Trump had placed import taxes of 25% on cars and car parts coming into the US on top of the existing 2.5%, which has been cut to 10% for a maximum of 100,000 UK cars, which matches the number of cars the UK exported last year. A 25% tariff on steel and aluminium imports into the US that came into effect in March has been scrapped as part of this deal. In exchange, the White House said it had won changes, that would expand opportunities for sales of American beef, ethanol, and other agricultural products in the UK.
Milken-Motsepe Prize in FinTech Announced
The 2025 winner of the Milken-Motsepe Prize in FinTech has been announced. The award, in its second year of existence, has selected fintech start-up Verto, based in the United Kingdom, who have won the $1 million Grand Prize for its business-to-business cross-border payments platform, which enables businesses in emerging markets to send and receive payments, eliminating intermediary fees, supporting 49 currencies, and settling transactions quickly. The winner was announced at the Milken Institute Global Conference in Los Angeles last night. Launched in May 2024, the Milken-Motsepe Prize in FinTech attracted more than 3,000 entrepreneurs from 126 countries across six continents this year. A total of 400 teams applied, with just 10 being selected as semi-finalists.
Chinese Trade Surplus Exceeds Expectations:
China’s trade surplus rose to USD 96.18 billion in April 2025, up from USD 72.04 billion in the same period in 2024, exceeding market expectations of USD 89 billion. The sharp increase was largely driven by an 8.1% year-on-year rise in exports, well above market forecasts of a 1.9% gain, despite easing from a 12.4% surge in March, as shipments to the US were dampened by Trump’s tariffs. Meanwhile, imports fell by 0.2%, softer than market expectations of a 5.9% decline, following a 4.3% drop in March.
The trade surplus with the US narrowed to USD 20.46 billion in April from USD 27.58 billion in March as exports plunged 21% yoy while imports fell 13.8%. For the first four months of the year, the country posted a USD 368.8 billion surplus. During the period, the trade surplus with the US reached USD 97.03 billion, with exports and imports shrinking 2.5% and 4.7%, respectively. Chinese and U.S. officials will meet this weekend in Switzerland to start trade negotiations.
Crypto Currencies Charging
Cryptocurrencies are currently surging with Bitcoin up almost 6% for the week and pushing over the $100 000 mark again yesterday, hitting a four-month high. Ether is, however, leading the crypto charge with a remarkable 20.32% growth this week, hitting a two-month high at over $2200. While this is still almost half of its heady high of over $4000 reached in December last year, it is showing continued demand in the market today while Bitcoin and others have modulated slightly. Bitcoin is currently at $102705, down 0,5% this morning while Ether is currently 0,17% up at $2210.
Business, Tech & Market News Shorts:
- Microsoft Bans Deepseek: According to testimony provided by Microsoft’s vice Chairman, Brad Smith, Microsoft employees are prohibited from using the Chinese-developed DeepSeek AI platform due to data security and propaganda concerns. Smith revealed this in a Senate hearing yesterday.
- OpenAI has scooped up top tech company leader, Instacart CEO Fidji Simo, who will be joining OpenAI as CEO of Applications, according to a company announcement yesterday. Simo, who is currently a board member of OpenAI, will report to CEO Sam Altman, with Simo making a transition out of Instacart over the next few months and will be full-time at OpenAI in the second half of this year. Altman will, according to the release, continue in his role, overseeing verticals like research, compute, and applications.
- Bill Gates said yesterday that his foundation will have only 20 years to completely spend its philanthropic money donated by Gates and to wind down operations. He has pledged to donate 99% of his fortune, which currently sits at an estimated $107 billion, to the foundation. Over the next 20 years of donations, Gates will expect the foundation to spend more than $200 billion, which will include all interest earned and future donations.
- South African State IT Agency SITA, apparently, uses mostly paper-based accounting and administration processes. Communications minister Solly Malatsi said inadequate control systems are a problem across the entities in his portfolio. He pointed to multiple reports, including those from the auditor-general and the communications department itself, highlighting the lack of sufficient control systems as a wider problem. The Standing Committee on Public Accounts was questioning the department yesterday.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar has firmed slightly and is currently trading against the Euro at 1.12188, and against the Pound at 1.32240. The Yen is currently trading lower at 145.62 to the dollar. The rand has steadied despite a stronger dollar and is trading at R18.25.
Commodities:
- Gold futures prices have dropped further this morning, and are currently trading at $3313 per ounce.
- Copper prices are trending downwards and are currently at 4.4915.
- Silver futures prices are trending higher this morning and are currently trading at 32.463
- Platinum futures are trading upwards today and at $978.40 currently, while Palladium prices are also trending higher today and at $978 currently.
- Brent crude oil prices are currently trading almost half a percent higher today and at $63.12, with WTI also trending upwards and trading at $60.20.
- Cocoa futures have dropped after two days of gains, and are at $9129 per ton.
- Coffee futures prices are trending slightly higher today and are at $396.52 currently.
Crypto Currencies:
- Bitcoin prices surged overnight above $100000 but are trending slightly softer, and are currently trading at $102889
- Ether prices continue to surge this morning and are currently at $2210.
- $Trumpcoin has spiked by over 15% this morning and is currently trading at $13.92
(All prices quoted at approximately 07H40 – Central African Time)
Other Breaking News in Africa Today
South African Ports Project Finally Green-lighted:
South Africa’s National Ports Authority (TNPA) has named five companies as preferred bidders for the development of liquid bulk and green fuel terminals in the South Dunes Precinct of the Port of Richards Bay for a 25-year concession period. The development, is estimated to cost in the region of R17 billion, is part of increasing the much-needed liquid bulk handling capacity at its national ports. Following a tender process in 2023, the TNPA has finally awarded preferred bidder status to five companies for the development of five liquid bulk terminals. The companies include KZN Oils, Linsen Nambi, Protank, Bidvest/Mnambithi Consortium and KNGM Engineering. The project will encompass project funding, design, development, construction, operation, maintenance, and transfer of the liquid bulk terminals for a 25-year concession period.
South African Journalist Found Dead
The bodies of a South African journalist Sibusiso Aserie Ndlovu, and his partner Zodwa Precious Mdhluli, who went missing in February this year, have been discovered. The bodies were in an advanced stage of decomposition, with the police reporting that they needed to use DNA testing to confirm their identity. In a joint statement, two media groups said that police had achieved a breakthrough after arresting five suspects. The couple were murdered and their bodies dumped in a bush in northern Limpopo province, the media groups said. The suspects had reportedly been arrested with stolen furniture, appliances, and the parts of a car belonging to the couple who had been missing since 18 February. Ndlovu was the founder of a local radio station, Capital Live, in South Africa’s capital, Pretoria.
