Business & Tech News
Argentinian Economy Flying:
The economic reforms and government spending cuts introduced by President Javier Mille are showing amazing economic results. Retail sales in Argentina increased by a remarkable 86.7% in March 2025, compared to the same period a year earlier, at current prices, marking an acceleration from the 80.7% growth seen in February. Some retailers grew faster, including bookstores and stationery stores, up 68.6% vs. 61.9% in February, food courts and restaurants growing by 92% vs. 81.2%, clothing, footwear, and leather goods up by 78.3% vs. 67.1%, and toys up an incredible 112.5% compared to 84.2% in February.
Some categories were up less than in February, such as electronics and IT up by 137.7% vs. 151.8% in February, pharmacies and perfumes up 70.4% vs. 83.1%, and leisure and recreation up by 71.9% vs. 86% which still showed exceptional growth, however, not as high as February. When adjusted to constant prices, retail sales rose 26.8% from a year earlier, accelerating from a 15% increase in February.
Egyptian Repo Rate Cut:
The Central Bank of Egypt cut its benchmark overnight deposit rate by 100bps to 25% in its May 2025 meeting. This was a fairly consecutive rate cut, falling below market expectations that had anticipated a cut ranging from 125bps to 300bps. The rate cuts were the first in five years, aligning with the central bank’s goal to support growth as Egypt remains one of the economies with the highest real interest rates in the world. Still, the caution against more aggressive rate cuts aimed to support the domestic pound after the monetary authority devalued its currency by 40%. In the meantime, the overnight lending rate was also slashed by 100bps to 25%.
China’s Property Market Slump to Continue:
Analysts are expecting the current weakness in China’s property sector to continue its hold on the market this year, with home prices expected to fall by around 5% and is likely to remain stagnant in 2026, despite moves by the central bank to keep interest rates low. Enduring low confidence continues to keep buyers out of this once-thriving market, with the current tariff trade conflict with the US adding further pressure. China’s property sector, which plunged into crisis in 2021, has failed to gain any traction despite several rounds of policy support steps, due in part to excessive debt among developers and a stuttering economy.
Business, Tech & Market News Shorts:
- Anthropic was warned by an independent research institute that the company should not deploy an earlier version of its new flagship AI model, Claude Opus 4, due to its tendency to “scheme” and deceive. The AI has also shown an ability to blackmail developers when they told the AI they were going to replace it with a newer model.
- OpenAI is buying Jony Ive’s startup io Products, in a $6.5 billion deal and will be appointing the head designer of early iPhone models as the company’s creative head to develop devices tailored for the generative artificial intelligence era.
- Alphabet shares saw a 4% spike yesterday with a second straight day of growth, as investors showed support for Google’s artificial intelligence updates, including the rolling out of its new search “AI Mode” in the U.S. market, with a $249.99-a-month subscription for its AI power users, allaying investor concerns over funding the huge costs of the company’s AI development.
- Global miner Rio Tinto, is set to tackle one of the biggest technological challenges in the lithium industry as it takes the lead in Chile’s first major projects involving the battery metal in years, alongside state-run mining companies Codelco and ENAMI. Rio Tinto will be deploying a new technology, called direct lithium extraction, or DLE, to separate the ultralight metal from salty brine liquid, meant to be more environmentally friendly and efficient than current methods, but has yet to be proven widely in the industry.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar has remained fairly flat against major currencies, and is currently trading upwards against the Euro at 1.113238, and against the Pound at 1.34581. The Yen is currently at 143.41 to the dollar, with the rand currently trading at R17.91 to the dollar.
Commodities:
- Gold futures prices have seen a 0,7% rise this morning, and are currently at $3323 per ounce.
- Copper prices are trending higher this morning and are currently at $4.6652.
- Silver futures prices are currently trading at $33.180
- Platinum futures are trading upwards this morning, and are currently trading at $1097, while Palladium prices are currently at $1019
- Brent crude oil prices are currently at $64.10, with WTI trading at $60.82.
- Cocoa futures are currently at $10202 per ton.
- Coffee futures prices are at $361.03 currently.
Crypto Currencies:
- Bitcoin prices have dropped from yesterdays high mark and are down by -0,83%, and are currently trading at $110800
- Ether prices have gained over 1% this morning, and are currently at $2694.50
- $Trumpcoin is trading slightly lower by -0,93% today, and is currently trading at $14.25
(All prices quoted at approximately 08H00 – Central African Time)
Other Breaking News in Africa Today
Chagos Islands Handed Over to Mauritius:
The long-awaited handover of the Chagos Island territory to the Mauritian people was finally ratified when the British government signed the agreement yesterday to transfer the Chagos Islands to Mauritius after a last-minute injunction following a challenge in court by two Chagossian women was lifted by a judge. UK Prime Minister Keir Starmer said the decision to hand over sovereignty of the archipelago to Mauritius ensures the future of a US-UK military base. “This is absolutely vital for our defense and intelligence, and therefore, for the safety and security of the British people.
The full assessment of why this is so important is highly classified,” Starmer said at a press conference yesterday. The Indian Ocean archipelago is home to a strategically important naval and bomber base on the largest of the islands, Diego Garcia. Under the agreement, the UK will pay Mauritius 101 million pounds per year to lease back the base for at least 99 years.
