Business & Tech News
US and China Reach 90-day Trade Deal Agreement:
U.S. and Chinese officials announced late yesterday that they had reached a consensus on a trade deal that will de-escalate the trade war between the two largest global economies. The existing tariffs imposed by both countries will be dropped for a 90-day truce to allow for further negotiations in their trade war and talks on resolving their trade disputes. Stock markets rose sharply as the globe’s two major economic powers took a breather from a trade war that has disrupted supply chains across the globe. U.S. Trade Representative Jamieson Greer, announced at a news conference in Geneva, where the talks took place, that the U.S. had agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.
China’s Commerce Ministry said the two sides agreed to cancel 91% of the tariffs on each other’s goods and suspend another 24% in tariffs for 90 days, bringing the total reduction to 115 percentage points. The ministry called the agreement an important step for the resolution of the two countries’ differences and said it lays the foundation for further cooperation.
Suez Canal Discounts Mooted:
Egypt’s Suez Canal Authority chief, Osama Rabie, said the authority is considering offering discounts ranging from 12% to 15% on transit fees to help restore traffic in the strategic waterway reeling from attacks by Yemen’s Houthis on Red Sea shipping. Rabie, who had engaged with major shipping groups last week, spoke in an interview on the Sada al-Balad television channel and said that the discounts could be applied within days after ratification by Egyptian President Abdel Fattah al-Sisi.
Transit fee revenue from the canal has continued to plunge due to ongoing attacks on shipping by Yemen’s Houthis, who say they are trying to shut off cargo bound for Israel in support of Palestinians in Gaza, but who are also chasing ships away from the canal due to security concerns. Revenue from the Suez Canal, which is a key source of foreign currency for Egypt, plummeted to $880.9 million in the fourth quarter from $2.40 billion a year earlier, according to data released by the Egyptian central bank.
Angolan Inflation Hits Nine-Month Deflation Run:
The annual inflation rate in Angola eased for the ninth straight month to 22.32% in April 2025, the lowest since January 2024, reflecting continued support from the relative stability of the kwanza. On a monthly basis, the CPI rose by 1.34% in April, down from a 1.38% increase in March, marking the softest monthly gain since May 2023. The slowdown was largely driven by weaker price growth in hotels, cafés & restaurants (1.65% vs 1.75%) and miscellaneous goods & services (1.53% vs 1.56%).
Business, Tech & Market News Shorts:
- Samsung Group has revealed its latest S25 Edge phone this morning, its slimmest flagship model mobile phone offering ever, that has been upgraded with the latest AI features, as it looks to take on the latest offerings from Huawei and Apple in the premium mobile phone market. The S25 Edge launch is designed to tap increasing demand, especially from consumers who are looking for slimmer phones. The launch seems strategically timed to beat market entry for Apple, who will be launching a slimmer iPhone later this year.
- Perplexity AI, the Nvidia-backed AI platform that provides advanced document summary services, is in advanced talks to raise $500 million in a funding round that would value the startup at $14 billion, the Wall Street Journal reported on Monday, citing people familiar with the matter. Venture capital firm Accel is set to lead the round, the report said.
- MTN, Africa’s largest mobile network operator, announced that its user numbers and profit had both grown significantly. User numbers were now just below 300 million, while profit margin had grown by 44,1% and EBITDA was up by 5.3%
- The Bank of Japan has adopted a cautious position on interest rates, due to uncertainty over U.S. tariff policy, according to its April 30–May 1 policy meeting summary. Prolonged high tariffs could prompt Japanese exporters to restructure operations, including shifting production to the U.S. and streamlining supply chains, potentially harming small and medium-sized firms that make up 70% of Japan’s employment.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar has gained overnight after the trade deal with China was announced, and is slightly softer this morning and currently trading against the Euro at 1.11152, and against the Pound at 1.32035. The Yen is currently trading lower at 147.69 to the dollar. The rand is holding steady despite the stronger dollar and is trading at R18.22.
Commodities:
- Gold futures prices dropped overnight but are seeing some traction today, and are currently trading up by 0,6% at $3259 per ounce.
- Copper prices are trending upwards and are currently at 4.6020.
- Silver futures prices are trending 1,4% higher this morning and are currently trading at 33.031
- Platinum futures are trading upwards today and at $81.80, while Palladium prices are also trending higher today and at $941 currently.
- Brent crude oil prices are currently trading lower today and at $64.88, with WTI also trending lower, and trading at $61.87.
- Cocoa futures have lost steam after yesterday’s gains and are slightly softer at $9276 per ton.
- Coffee futures prices are trending downwards and have dropped by 3,3% today and are at $382.46 currently.
Crypto Currencies:
- Bitcoin prices have stabalised above the $102000 level and are trending slightly softer today, and are currently trading at $102558
- Ether prices also dropped today by more than 1,5% and are currently at $2453.32
- $Trumpcoin is trading -9,6% lower today, and is currently trading at $12.60
(All prices quoted at approximately 07H30 – Central African Time)
Other Breaking News in Africa Today
Ivory Coast Opposition Leader Quits:
Tijane Thiam, the leader of the Democratic Party of Côte d’Ivoire (PDCI), has blamed ‘judicial harassment’ for his decision to leave the presidency of his party. Thiam’s presidency was already the subject of a court challenge, with a party activist having petitioned the court, bringing into question the legality of his election as party leader in December 2023. It is the latest setback for the former banker, who has faced multiple hurdles in his quest to become the Ivory Coast’s president.
Last month, a magistrate in Abidjan invoked the country’s nationality law to order Thiam’s removal from the voter’s register, effectively ending his bid for the presidency. Thiam held French citizenship before renouncing it to become Ivorian. In a video statement Sunday, Thiam said he was the target of a harassment campaign and has accused his opponents of instrumentalizing the judiciary. The PDCI was due to meet on Monday to name an interim leader.
