Business News Today
Private Businesses in the US Cut 32K Jobs in September 2025
Job cuts in the US accelerated in September with a drop of 32 000, following a revised loss of 3K in August, defying forecasts of a 50 000 gain. It marks the steepest job decline since March 2023 and the first time since 2020 that the private sector has cut jobs for two consecutive months. Meanwhile Fitch Ratings said yesterday, it does not expect the ongoing US government shutdown to affect the country’s sovereign ratings in the near term. The impact on economic growth would depend on the shutdown’s scope and duration. Fitch expects the general government deficit to narrow to 6.8% of GDP in 2025, down from 7.7% in 2024. Separately, S&P Global Ratings said government shutdowns generally have only a marginal effect on the broader economy and are not considered credit events for the US sovereign rating.
Dangote Oil Signs Local Currency Deal for Oil Supply
Nigeria’s independent Dangote oil Refinery has signed a two-year Naira Crude Deal After a brief halt, Dangote Refinery secured a two-year agreement with NNPC for local currency, naira-denominated crude supplies, stabilising their massive 650,000 barrel per day output. This local sourcing is et to cut Nigeria’s forex needs by $3 billion annually, boosting Nigeria’s refining self-sufficiency to 50% and freeing up additional forex for alternative trade initiatives.. The deal also mitigates global oil volatility, supporting fuel price stability. Investors have applauded the move, with shares up 4% and exemplifies public-private synergy in energy security development in Africa.
AGOA is Gone With Potential Fall-Out for Africa
The African Growth and Opportunity Act (AGOA), which expired on September 30, 2025, without renewal, has profound economic and strategic repercussions for U.S.-Africa trade. Originally providing duty-free access for over 1,800 African products to the U.S. market, its lapse introduces tariffs of 10-30% on key exports, compounding existing trade barriers. The fall-out for the expiration is far reaching with African states facing potential export declines, job losses and supply chain disruptions while US companies face higher import costs with potential price inflation of goods for US consumers. despite several attempts by African leaders to negotiate an extension, the situation underscores an erosion of diplomatic relationships with the US.
Breaking News Shorts:
- Starbucks, the global food outlet group, is planning Major Store Closures and Layoffs Starbucks revealed plans for 300 U.S. store closures and 1,000 layoffs by mid-2026, aiming to cut $500 million in costs amid slumping sales. according to CEO Brian Niccol, who cited over-expansion and menu complexity for the layoff program.
- Instagram head Adam Mosseri posted a message on his account yesterday, in an attempt to dispel the myth that the social networking giant is actively “listening” to its users surreptitiously, in order to target them with relevant ads. The company has repeatedly disputed these claims, trying to explain that it doesn’t have to record your conversations to make its recommendations so successful.
- Better Tomorrow Ventures just raised a $140 million in a third round of funding, nearly matching the $150 million second round, which was announced in early 2022 toward the end of the ZIRP (zero interest-rate policy) boom. The firm has already backed three accounting startups, Basis, Layer and Inscope, highlighting the shortage of accounting professionals globally.
- South Africa’s Tax Ombudsman – the Office of the Tax Ombud (OTO) has made findings regarding the digital e-filing system’s shortcomings, indicating that there are challenges with fraud detection and slow response mechanisms” that allow hijackers to access and misuse eFiling profiles undetected.
Markets by Numbers
Currency markets today indicate the US dollar flat, with the Euro trading against the US dollar at 1.17367 while the Pound is trading at 1.3477 to the US dollar. The Yen is currently trading at 147.15 to the dollar. The rand (ZAR) is static against the weaker dollar and is currently at R17.21 to the US dollar.
Commodities:
- Gold futures prices are slightly higher today, and are currently trading around $3866.30 per ounce.
- Copper prices are trading upwards by 0,6%, with prices currently at $4.8671
- Silver futures prices have modulated marginally today, and is currently trading around $47.255
- Platinum futures are trading higher today, and are currently trading at $1575.60, While Palladium prices are also trading over 1% higher this morning and currently at $1275.00
- Brent crude oil prices are trending higher this morning after losses yesterday, and currently at $65.75, with WTI trading at $62.15
- Cocoa futures continue to fall, and are currently trading around $6690.00 per ton.
- Coffee futures have lifted by over 2.5% today, and are currently at $384.50
Crypto Currencies:
- Bitcoin prices are currently trending higher today, and over 8% higher this week with the coin currently trading at $118653
- Ether prices are trending higher today and are currently trading around the $4375.90 mark
- $Trumpcoin is trending higher today, and currently trading around $7.71
(All prices quoted at approximately 07H10 Central African Time)
Other Headline News in Africa Today
Julius Malema Found Guilty of Firing a Weapon in Public
South African political party leader Julius Malema, has been found guilty of illegal possession of a gun and firing it in public. The offence in South Africa carries a minimum sentence of 15 years in prison . The charges stem from a video of him that surfaced in 2018, showing the Economic Freedom Fighters (EFF) leader using a semi-automatic rifle to fire several shots in the air during his party’s fifth anniversary celebrations held at a public stadium in the country’s Eastern Cape province.
Malema was charged alongside his former bodyguard Adriaan Snyman, who was acquitted. The controversial politician has been a divisive figure in the country and was recently convicted of hate speech, for his use of the “kill the Boer, Kill The Farmer” struggle song that he uses regularly at political gatherings. Malema often lashes out irrationally at the white minority in a country where, 31 years after apartheid ended, racial tensions are still being stoked by reckless political rhetoric. Sentencing is only to take place in January 2026. Malema has said that he will appeal the ruling.
Madagascar Protests Persist Demanding Presidents Resignation
Yesterday saw another day of protests on the streets of Madagascar, as police presence intensified in an effort to smother the youth-led protest movement. Security forces locked down the city centre of Antananarivo to prevent protesters from reaching the area known as Democracy Square,. On Tuesday, protesters were able to occupy Democracy Square in the centre of the capital. However yesterday, the location was deserted. Demonstrators and journalists at the scene denounced an attack on their freedom of speech. The Gen Z-led demonstrations have been ongoing since last week Thursday and were prompted by anger over water and power shortages. President Andry Rajoelina dissolved his government this past Monday, however this failed to appease protesters. They are now demanding his resignation.
