Business & Tech News
Ethiopia Cashes in on Coffee Prices:
The Ethiopian Coffee and Tea Authority (ECTA) revealed that the country had set a new record income from Coffee Exports with a $1.868 billion total recorded over the past 10-month period alone. The Director General of ECTA, director-general, Adugna Debela, indicated that more than 354,000 tonnes were exported in the period. Ethiopia’s Arabica Coffee beans are sought after in key export markets such as Germany, Saudi Arabia, and the United States, which are its top three export countries. The growth has been substantial, with volumes up by 70% compared to the same period, while revenue increased by a substantial 87%, also driven by the increase in coffee bean futures prices over the last six months.
Chinese Markets in Decline:
The Shanghai Composite fell -0.4% to below 3,370, and the Shenzhen Component dropped by – 0.3% to 10,160 earlier today, with mainland stocks sliding for the second straight session, with persistent concerns over US tariffs weighing on investor confidence. This is despite the US having announced reduced tariffs on some Chinese exports. Analysts have cautioned that the remaining levies would continue to pressure key Chinese industries, particularly the auto sector, which exports vehicles and parts to the US. Additionally, Washington has reiterated its aim to reduce dependence on Chinese imports, signaling that trade tensions may linger despite ongoing negotiations.
In Hong Kong, shares fell by -0.9% to 23,241 today, posting a second straight session, with losses across all sectors. Investors turned cautious ahead of China’s key April data due next week, including industrial output, retail sales, and home prices. Meanwhile, the Central bank (PboC) will be meeting to review its benchmark lending rates, which have been held at record lows in recent months in an attempt to support the struggling economy. Shares in the Alibaba Group tumbled -4.9% after reporting disappointing quarterly revenue.
Weekly Commodity Winners and Losers:
Top Metal Commodity winners are: Iron Ore CNY, up 6,21%, Steel, up by 2,09%) and Aluminium, up by 2,81%. Biggest losers are: Gold- down by -3,21%,
Top Energy commodity losers are: Natural gas down this week by -11,41%, Crude Oil WTI (-1,15%) and Brent Crude Oil (-1.18%). Weekly Energy winners are: Natural Gas UK GBP (1.94%), Natural Gas EU Dutch TTF (1.70%) and Ethanol (1.47%).
Top Agricultural Commodity Winners are: Cocoa up 15,2% and rice, up by 4,02%. The biggest losers are: Coffee, down by -3,46%, and Orange Juice, down by -1,88%
Business, Tech & Market News Shorts:
- Crypto Exchange Coinbase has indicated a potential hit of $180 million to $400 million from a cyberattack that breached account data of a “small subset” of its customers. The company revealed this in a regulatory filing yesterday. The company received an email from an unknown threat actor on May 11, claiming to have information about certain customer accounts as well as internal documents.
- The Public Investment Corp (PIC), the South African investment arm of the Government Employees’ pension fund, has appointed Patrick Dlamini as its new CEO, effective 1 June. The PIC, which manages over R3-trillion (ZAR) and is the largest investor in companies listed on the JSE, started the search last year for a new CEO to succeed Abel Sithole, whose five-year term ends in July.
- Archer Aviation’s piloted, electric air taxi known as Midnight, is set to be a new transport highlight for the 2028 Los Angeles Olympics and will ferry up to four passengers from a vertiport takeoff with a landing hub near a major Olympic venue, taking about a 10 to 20-minute flight to their destination. The eVTOL aircraft is built with redundant, fault-tolerant systems, including 12 total engines and propellers, allowing Archer to target certification with the FAA at similar levels of safety as commercial airliners.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar is marginally softer this morning and is currently trading against the Euro at 1.11875, and against the Pound at 1.32680. The Yen is currently trading lower at 146.05 to the dollar, with the rand softer against the US dollar and currently trading at R18.28.
Commodities:
- Gold futures prices have dropped again today after some claw-back yesterday, and are currently trading at $3221 per ounce.
- Copper prices have dropped by almost -0,5% this morning and are currently at $4.6350.
- Silver futures prices are trending -0,51% lower this morning and are currently trading at $32.462
- Platinum futures are trading lower today and at $989, while Palladium prices are also trending downwards today and at $956 currently.
- Brent crude oil prices are currently trading upwards today, and are currently at $64.74, with WTI also trending higher, and trading at $61.78.
- Cocoa futures are trending upwards and have jumped by almost 16% this week and are currently at $10586 per ton.
- Coffee futures prices are trending upwards this morning and are at $383 currently.
Crypto Currencies:
- Bitcoin prices are currently trending upwards after gains yesterday and are currently trading at $104060
- Ether prices have gained momentum this morning and are currently at $2582
- $Trumpcoin is trading -1,39% lower today, and is currently trading at $12.96
(All prices quoted at approximately 07H15 – Central African Time)
Other Breaking News in Africa Today
Oil Pipeline disaster in Nigeria
A major oil pipeline in Nigeria – the Trans Niger Pipeline, has burst after an explosion. The pipeline is a major oil supply source that transports crude oil from onshore oilfields to the Bonny Oil and Gas Terminal (BOGT), which is located on Bonny Island, situated in the Niger Delta. The burst pipeline reportedly spilled oil into the local B-Dere community in Ogoniland where the oil ran into the community and flooded homes. This is the second incident affecting the Trans Niger Pipeline in two months. In March, the pipeline was shut after a blast that caused a fire in the local mangroves.
Nigerian oil consortium Renaissance Group, which now owns Shell’s former onshore subsidiary that operates the pipeline, confirmed the explosion and said a team of investigators has been dispatched to determine the cause of the spill. The Trans Niger Pipeline (TNP), has a capacity of around 450,000 barrels per day, is one of two conduits that export Bonny Light crude from Nigeria, Africa’s biggest oil producer. It was not immediately clear whether the TNP was shut. Pipeline sabotage and crude theft are some of the major reasons that forced oil majors like Shell, Exxon Mobil, Total, and Eni to sell their onshore and shallow-water fields in Nigeria to concentrate on deep-water operations.
