Business News Today
Bitcoin Surges to Record High Above $125,000
Recent indicators that Bitcoin could reach a new all-time high were justified when the worlds largest crypto currency hit $125,245 briefly on Sunday, up 2.7% amid renewed investor enthusiasm for cryptocurrencies as a hedge against inflation and geopolitical risks. This milestone also reflects growing institutional adoption, with spot Bitcoin ETFs seeing investor inflows exceeding $20 billion year-to-date. Market capitalisation surpassed the $2.5 trillion mark, boosting related stocks like MicroStrategy and Coinbase by over 5%. However, there is still potential volatility, with some analysts warning of corrections if regulatory scrutiny intensifies under potential U.S. policy shifts. For businesses, the rally provides another highlight indicating blockchain’s maturation, added to accelerating of corporate treasury diversification into digital assets. The coins price has almost doubled in the last year with a weekly gain of 11% last week. It is currently trading around the $123900 mark this morning.
South Africa Strengthens Economic Ties with China Amid U.S. Tariffs
The Southern African State is intensifying trade with China, targeting $50 billion in bilateral trade volume via the BRICS frameworks, as U.S. tariffs rise and the AGOA deal falls away. Key deals in renewables and EVs could add R100 billion ($5.5 billion) in investments, offsetting 2% GDP drag from a 30% US trade tariff. Mining exports to China, have seen a growth of 12%, supporting the local currency’s stability. Local winemakers as well as South African fruit producers are likely to see large export drop-off to the US and need to pivot trade into Africa and the EU as well as China. There is however rising concern of an imbalanced trade risk dependency, urging the country to rapidly seek diversification to other African states to mitigate currency volatility affecting 20% of current exporters.
QatarEnergy Acquires 27% Stake in Egypt’s Offshore Block from Shell
Gas and energy focused group, QatarEnergy, has bought a 27% interest in Egypt’s North El Hammad block for $150 million, accessing 1.5 trillion cubic feet gas reserves. This bolsters Egypt’s $10 billion annual gas exports, with production starting 2027. Shell’s exit refocuses on core assets, while QatarEnergy expands MENA footprint to 15% capacity growth. Financially, it supports Egypt’s $4 billion energy deficit reduction, attracting LNG investments amid global demand up 5%.
Gold hits Another New All-Time-High
Gold prices rose above the key barrier point of $3,900 per ounce to a record high in early trade this morning. The yellow metal price driven by investors seeking the safe-haven asset amid growing worries over a prolonged US government shutdown. The shutdown was extended into this week after the Senate on Friday failed to advance competing plans to extend federal funding. This has delayed key economic releases, including September’s non-farm payrolls report, leaving investors to rely on alternative indicators that signal a weakening labor market and reinforce expectations of an imminent rate cut. Markets are now pricing in about a 95% probability of a 25bps cut in October by the US Federal Reserve, and an 84% chance of a similar move in December.
Heidi Health Raises $65 Million for Medical Start-up Growth
The Healthcare focussed development, is an AI medical scribe that takes care of all the admin work that takes time from doctors. It can transcribe and dictate notes, generate personalised patient summaries, and even track tasks so doctors no longer have a need for personal note taking. Heidi health is built its own AI model and builds on top of other models, such as Gemini. “This model agnostic approach means that we can optimize our accuracy, latency, and cost,” Developer Dr. Tom Kelly, trauma surgeon said. The company announced a $65 million Series B led by Steve Cohen’s Point72 This morning. It also announced a new tool: an AI agent that calls patients on behalf of the doctor. The former Chief Medical Officer at Microsoft, Dr. Simon Kos, is set to join the development team, along with Plaid’s head of revenue, Paul Williamson.
Breaking News Shorts:
- OpenAI’s aim to create a palm-sized device without a screen that can take audio and visual cues from the physical environment and respond to users’ requests, is likely to be delayed. Unresolved issues around the device’s “personality,” how it handles privacy, and computing infrastructure might delay the launch with issues around when it should respond or provide appropriate input to conversations.
- Design software firm Figma plans an IPO highlighting 41% quarterly revenue growth to $228 million and positive free cash flow of $60.6 million, undercutting rivals’ pricing at $20/month. Valued at $12.5 billion, it taps AI-enhanced collaboration tools demand, with user base up 25%.
- Toyota has created a $1.5 billion strategic investment subsidiary called Toyota Invention Partners Co. The fund consists of about $670 million in capital, while its growth-stage venture arm Woven Capital launched a second $800 million fund.
- OPEC+ have decided to raise oil output by 137,000 barrels per day starting November, mirroring October’s hike to cautiously unwind production cuts totaling 3.85 million bpd. This conservative approach, influenced by Russia’s sanctions-hit capacity and fears of a supply glut, aims to stabilize prices amid weakening demand forecasts.
- There has been a 4.3% jump in Japan’s Nikkei to over 47,000, its first breach of that level, on Sanae Takaichi’s victory as leader of Japan’s ruling Liberal Democratic Party triggered expectations of dovish fiscal policies. Her ultra-conservative stance may delay Bank of Japan rate hikes, Aiding exporters such as Sony and Toyota.
- French automaker Renault has announced plans to eliminate 3,000 jobs in administrative and support roles to streamline operations and cut costs by €300 million annually amid EV transition pressures. This follows a €2.5 billion savings target by 2027, with restructuring focused on Europe where margins lag at 5%
Markets by Numbers
Currency markets today indicate the US dollar has gained some ground, with the Euro trading against the US dollar at 1.17206 while the Pound is trading at 1.34465 to the US dollar. The Yen is currently trading at 150.31 to the dollar. The rand (ZAR) is currently at R17.23 to the US dollar.
Commodities:
- Gold futures prices are up by 0ver 1.5% today, having hit a new high over the key $3900 mark, and are currently trading around $3939.00 per ounce.
- Copper prices are trading upwards, with prices currently at $5.0491
- Silver futures prices are trending upwards today, and is currently trading around $4.8603
- Platinum futures are trading over 0.6% higher today, and are currently trading at $1630.90, While Palladium prices are also trading almost 1% higher this morning and currently at $1271.00
- Brent crude oil prices are trending higher this morning, and currently at $65.53 with WTI trading at $61.83
- Cocoa futures continue to fall, and are currently trading around $6172.51 per ton.
- Coffee futures have spiked by over 3% today, and are currently at $390.75
Crypto Currencies:
- Bitcoin prices have surged yesterday to a new high, and are currently trading at $123563
- Ether prices are trending higher today and are currently trading around the $4524.00 mark
- $Trumpcoin is trending higher today, and currently trading around $7.75
(All prices quoted at approximately 07H00 Central African Time)
Other Headline News in Africa Today
Pharaoh’s Tomb Reopened in Egypt
One of the largest tombs in Egypt’s Valley of the Kings reopened to visitors on Saturday after more than 20 years of renovation. Amenhotep III ruled between 1390 and 1350 BC and was one of the most prominent pharaohs of ancient Egypt. His reign marked a time of exceptional prosperity and grandeur, during which Egypt reached the height of its artistic and international influence.,His tomb is carved into the hillside on the west bank of the Nile River near the city of Luxor.”The tomb of King Amenhotep III was discovered in 1799, and then it was rediscovered again in 1915 by Howard Carter,” said Mohamed Ismail Khaled, Secretary-General of the Supreme Council of Antiquities.
Zimbabwe’s Economic Growth Review Positive
Zimbabwe’s economic growth is expected to rebound to a 6% rate this year, according to a statement by the International Monetary Fund, citing improving agricultural production, record-high gold prices and robust remittances from its citizens who live abroad. Economic growth in the southern Africa nation, which is engaging with creditors to clear arrears and restructure its debt, fell to 1.7% last year, mainly due to a drought that cut crop output and hydroelectric production. “Despite lingering policy challenges, Zimbabwe is experiencing a degree of macroeconomic stability,” the IMF said in a statement last week after a review of Zimbabwe’s economy.
