Business & Tech News
Massive Cyber Attack
In a news release Thursday, Chain IQ said an unnamed attacker, attributed in some news reports to a ransomware gang, used “tools and techniques that had never before been seen on a global scale” to breach security controls at it and 19 other organisations, including Swiss banks UBS and Pictet. The hack of Chain IQ has led to the leak of data on 130,000 employees of many companies, notably banking giant UBS – including its CEO. ChainIQ provides procurement and supply chain management for customers including international banks. The gang reportedly taking credit for these particular attacks is called Worldleaks.
China Keeps interest Rates Low
The People’s Bank of China (PBoC) has kept its key lending rates at a record low of only 3.0% during its monthly rate fixing meeting in its June meeting. this was expected by the market with the PBoc having reduced the lending rate by in line with market expectations. The move came after the central bank reduced the lending rate by 10 basis points in May in an effort to boost it’s flagging economic rate, impacted by a slow-down in production rate due to uncertainty over the US tariffs and a moribund property market.The decision comes amid mixed economic data suggesting the country may still meet its GDP growth target despite facing new US tariffs.
Retail sales grew at the fastest pace in 15 months in May 2025, while industrial output rose at the slowest rate in six months, which may have been a reactionary stimulus prior to tariff implementation, and with the lending increasing less than expected. The one-year loan prime rate (LPR)—the benchmark for most corporate and household loans—was held steady at 3.0%, while the five-year LPR, which guides mortgage rates, remained unchanged at 3.5%. source: People’s Bank of China
Legal Blow for Google in Anti-trust Case:
Google was dealt a legal blow yesterday during its European Union antitrust android case appeal, penalty after a top court’s legal adviser sided with regulators. The advocate general of the European Court of Justice, Juliane Kokott, recommended that Google’s appeal against the fine worth more than 4 billion euros ($4.7 billion) should be dismissed. The case, initially brought in 2018, when the EU’s executive Commission issued a 4.134 billion euro fine to Google, after finding that the U.S. tech company had used the dominance of its mobile Android operating system to close off competition and reduce consumer choice. While the opinion given is non binding, it will carry much weight with the court and may see the case being dismissed, leaving Google with a hefty fine to settle.
Russia Heading for Recession
Reports have emerged from Russia’s Minister of Economy that the country’s economy is “on the brink of going into a recession”. The minister issued the statement yesterday, according to Russian media reports. Economy Minister Maxim Reshetnikov issued the statement at the St Petersburg International Economic Forum Yesterday where around 150 business and economy leaders are in attendance. Russian business news outlet RBC quoted the official as saying “the numbers indicate cooling, but all our numbers are a rearview mirror. Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession.”
Russia has been embroiled in an expensive ongoing conflict in the Ukraine while also having major sanctions imposed on it by western nations. Despite this, their economy has been fairly resilient, At the same time, wages have gone up to keep pace with inflation, leaving many workers better off. It is however somewhat of a false economy and ongoing sanctions on its major exports such as oil, are likely to be hurting its core economy.
Business, Tech & Market News Shorts:
- US stock futures fell this morning driven lower by rising geopolitical tensions, with reports emerging that President Donald Trump is considering the possibility of a military strike on Iran. The White House stated on Thursday that a final decision could come within the next two weeks, adding to investor unease amid the escalating conflict between Israel and Iran.
- According to a Bloomberg report, Iran is racing to get as much oil off-shore with export volumes increasing rapidly over the last week.
- Visa have signed a deal with Yellow Card to promote the use of stablecoins for cross-border payments in emerging markets where the cryptocurrency exchange operates. The partnership will aim to streamline treasury operations, enhance liquidity management, and enable faster and more cost-effective transfers across Africa.
- Tencent Music has continued to show remarkable steady growth and has now had notched four consecutive quarters of revenue growth by increasing revenue per paying user, through successfully upselling more expensive playing plans to existing subscribers.
Markets by Numbers
Currencies:
Currency markets indicate the US Dollar is currently trading stronger against the Euro at 1.15150 and against the Pound at 1.34712. The Yen is currently at 145.36 to the dollar, with the rand currently at R18.03 to the US dollar.
Commodities:
- Gold futures prices have dropped by almost -0,5% this morning, and are currently at $3343.47 per ounce.
- Copper prices are trending lower this morning and are currently at $4.7576
- Silver futures prices are trading lower again, and are currently over -2% lower today at $35.590
- Platinum futures are trending lower this morning, and are currently trading at $1276.70, while Palladium prices are currently at $1039
- Brent crude oil prices are currently at $76.70, with WTI trading at $73.58
- Cocoa futures are currently trending upwards and at $9618 per ton.
- Coffee futures prices are currently at $317
Crypto Currencies:
- Bitcoin prices are currently at $104752
- Ether prices are currently at $2521.30
- $Trumpcoin is trading at $9.24
(All prices quoted at approximately 08H35 – Central African Time)
Other Breaking News in Africa Today
Morocco To Review Turkey Trade Deal:
The 2004 trade agreement between Turkey and Morocco is set to be reviewed, following a sharp rise in the bilateral trade deficit.The trade deficit shortfall now sits at around $3 billion, with Moroccan imports of Turkish fabrics the largest factor in the mushrooming deficit. Overall, Morocco’s trade imbalance widened 22.8% to $12 billion in the first four months of 2025, continuing a trend that saw last year’s deficit hit 306 billion dirhams.To address the issue, Moroccan Trade Minister Omar Hjira has said he plans to visit Turkey to negotiate measures aimed at rebalancing the relationship—potentially by increasing Turkish investment within Morocco.Moroccan manufacturers cite the competitive advantage of Turkish goods—lower costs, high quality, reliable delivery—and governmental support in Turkey, which keeps Turkish exports flowing into Morocco.
Rwandan Opposition Leader in Custody:
Rwandan Authorities have arrested a prominent opposition leader, Victoire Ingabire, who is reportedly being held in detention in the capital Kigali on charges of inciting the public and creating a criminal organisation, a state investigative agency said.Ingabire was freed in 2018 after serving six years of a 15-year jail sentence handed to her in 2012 following her conviction on charges related to conspiring to form an armed group and seeking to minimise the 1994 genocide.
