Business & Tech News
Trump Seeks to Fire Federal Reserve Governor
In an ongoing battle between the US President Donald Trump, and the Federal Reserve, Trump has said he will seek to remove the Federal Reserve Governor Lisa Cook with immediate effect. In an announcement made on his social media platform Truth Social late yesterday, Trump posted a letter addressed to Cook in which he informed her of his decision to remove her from the bank’s board of governors with immediate effect. Trump claimed that there was “sufficient reason” to believe she had made false statements on mortgage agreements, and cited constitutional powers which he said allowed him to remove her.
Cook’s response was that Trump has no authority to fire her and that she would not resign. His decision to fire Cook, who is one of seven members of the Fed’s board of governors and the first African American woman to serve in the role, is believed to be unprecedented in the central bank’s 111- year history. The US dollar weakened after the announcement, with the dollar index falling below 98 briefly. Gold prices also rose above $3,370 per ounce this morning in response, reaching its highest level in two weeks .
xAI and X Sues Apple & Open AI
The lawsuit, filed in the US by X and xAI, has taken aim at Apple’s decision to integrate OpenAI’s chatbot into the operating systems of its smartphones, an exclusive arrangement that it says violated US competition law. Elon Musk,, the Founder of both companies, had previously threatened legal action against both Apple and OpenAI, where he alleged that Apple favoured OpenAI in its app store rankings earlier in August.xAI’s lawsuit states that “This is a tale of two monopolists joining forces to ensure their continued dominance in a world rapidly driven by the most powerful technology humanity has ever created: artificial intelligence”.
Apple has not yet responded to the filing. OpenAI has countered with a lawsuit against Musk accusing him of harassment — an allegation that the company cited in its response to Monday’s antitrust lawsuit. “This latest filing is consistent with Mr. Musk’s ongoing pattern of harassment,” OpenAI said in a statement.
Cocoa Trader in Hot Sale Talks
One of the top global cocoa trading companies Touton SA, has announced that the French company was in exclusive talks to be sold to commodity and energy trader Hartree Partners.The deal is expected to close in early January 2026, subject to consultation with employees’ representatives, regulatory approvals and satisfaction of conditions, according to a statement released by Touton. Acquiring Bordeaux-based Touton, which trades nearly 10% of the world’s cocoa, would continue Hartree’s soft commodities expansion plans, following on from its recent purchase of UK-based ED&F Man Commodities, a centuries-old player in sugar and coffee.
Coffee and cocoa prices have increased substantially in the last year with coffee futures up over 55% year-on year currently. Cocoa hit record prices late in 2024 but has subsequently fallen due to larger crop estimates. The global coffee bean market is currently valued around $38 billion annually while the global trade in cocoa is estimated to be to the value of around 440 billion annually.
Business, Tech & Market News Shorts:
- African Petro-Chemical giant Sasol, posted basic earnings per share of 10.60 rand ($0.6070) for the year ended June 30 compared to a 69.94 rand loss per share the previous year, on the back of higher chemicals prices, tighter cost controls and lower asset write-downs.
- Zimbabwe has re-introduced a ban on maize imports to boost local farmers, with local production reaching sufficient volume this year to supply its millers after a bumper harvest, a senior agriculture ministry official announced on Monday.
- Nigeria’s state oil firm NNPC Limited said yesterday, that they had eliminated most oil theft from its pipeline system, after coordinated efforts by the country’s defence and intelligence agencies. In recent years, as little as 30% of oil sent through some pipelines made it through to Nigeria’s export terminals, costing the government billions in lost revenue and resulting in delayed investments.
- Google is tightening security measures around Android app distribution, the company announced on Monday. Starting next year, Google will begin to verify the identities of developers distributing their apps on Android devices, not just those who distribute via the Play Store.
Markets by Numbers
Currencies:
Currency markets today indicate the US Dollar is currently trading marginally softer against the Euro at 1.16373 and against the Pound at 1.34628 The Yen is currently trading at 147.73 to the dollar. The rand (ZAR) is currently at R17.59 to the US dollar.
Commodities:
- Gold futures prices are trending upwards this morning, and are currently trading around $3338 per ounce.
- Copper prices are trading marginally higher today, with prices currently at $4.4602
- Silver futures prices are edging upwards today, and currently at $38.819
- Platinum futures are trading upwards this morning, and are currently trading at $1330.90 While Palladium prices are a touch higher this morning and currently at $1083.50
- Brent crude oil prices are currently trading lower, and currently at $68.50, with WTI trading at $64.46
- Cocoa futures have surged by over 3% this morning, and are currently at $7832.00 per ton.
- Coffee futures are marginally softer today, and currently at $389.95
Crypto Currencies:
- Bitcoin prices are currently at $110335
- Ether prices are currently at $4442.83
- $Trumpcoin is currently trading around $8.26
(All prices quoted at approximately 07H45 Central African Time)
Other Breaking News in Africa Today
Sudan’s Displaced Return Home
Khartoum residents displaced by years of fighting are returning home. But the Sudanese capital’s infrastructure has been decimated and it will take years – and billions of dollars – to rebuild. After more than two years of war, Sudan’s capital Khartoum is slowly returning to life. Residents forced out by the fighting between the Sudanese army and the paramilitary Rapid Support Forces are trickling back to the city. But it’s a bittersweet homecoming. When the civil war erupted in April 2023, Khartoum was the epicentre of the fighting and homes and buildings in the city still bear the scars.
The United Nations says it expects 2 million people to return to Khartoum by the end of the year. The estimated cost of reconstruction runs into the billions. Across the country, more than 12 million people have been forcibly displaced since the start of the war, while some 40,000 people have lost their lives.
