Business News Today
Global EV Sales See Growth While US EV Sales Fall
Global sales of fully electric and plug-in hybrid vehicles rose by 23% in October to 1.9 million units, driven by strong demand across major markets, according to a report released by market research firm Rho Motion today. Europe sales were the market leader in regional electric vehicle growth with strong demand in Germany, France and the UK, while overall global sales eased after a peak month and the European Union approved more battery projects.China, the world’s biggest car market accounted for more than half of global EV sales.North America was a drag on monthly figures, with EV sales down 41% following record highs in August and September, with demand plunging after a $7,500 tax credit was removed on sales.
Softbank Exits Nvidia Again – Raising $5.3 billion for AI developments
The SoftBank Group disclosed in its fiscal Q2 earnings report yesterday, that it sold its entire Nvidia stake, a significant 32.1 million shares during October 2025 for a $5.83 billion price tag. This marks SoftBank’s second full exit from Nvidia, following a 2019 divestment after an initial 2017 investment; the stake was rebuilt in 2020 during the AI boom. The move then, generated significant gains, contributing to SoftBank’s net profit surging to ¥2.5 trillion ($16.3 billion), beating estimates. Yesterday saw Nvidia’s stock dip by 2% in early trading, falling to around $194.60 from a prior close near $200, amid broader AI sector jitters.
Pre-market losses hit 1.7% to $195.59, with some reports noting a 2.8% intraday drop. The sale amplified concerns over an AI “bubble,” especially after warnings from Wall Street leaders, but the decline was contained compared to Nvidia’s 1,200%+ rally over three years. While the sale signals profit-taking by a major AI investor, potentially eroding sentiment and hinting at peaking valuations, it doesn’t indicate fundamental weakness in Nvidia, which SoftBank described as a “necessary financing measure” unrelated to Nvidia’s outlook.
Mid-Term Mini Budget Day in SA – Budget Deficit Reduction Expected
South Africa’s finance minister, Enoch Godongwana is expected to present his Mid-term Budget Speech (MTBS) to the South African Parliament today at 14H00. He is expected to present a fairly conservative outlook with GDP growing at less than one percent in the current years far. The minster will however have an ace to play, with anticipated boost of tax revenues projected from the mining sector this year. Gold prices, and the precious minerals such as palladium and platinum, have been running at record high levels and despite mining output slow-down, the more-than 56% growth in gold prices and 76.8% growth in platinum price solar this year will result in a gut of tax revenue from the sector.
The consolidated budget deficit for the fiscal year (April 1, 2025, to March 31, 2026) was projected at 4.8% of gross domestic product (GDP). This marked a widening from the 4.6% forecast in the original March 2025 budget, mainly due to the scrapping of a proposed VAT rate increase and weaker revenue projections without alternative measures.
Breaking News Shorts:
- Beijing Automotive Group (BAIC) South Africa will start assembling its newly launched B30 off-road SUV at its factory in the country’s Eastern Cape province as early as January, its CFO announced, marking a significant step in boosting local production.
- The Reuters Tankan index for Japanese manufacturers rose to +17 in November 2025 from +8 in October, marking its strongest level since January 2022 as a weaker yen boosted global demand for cars and electronics. The electronics sub-index led the gains, surging from +5 to +25 on stronger chip-related orders and improved export competitiveness.
- The US economy should return to growth of 3% to 4% by the first quarter of 2026, White House economic adviser Kevin Hassett said yesterday. Hassett noted that economists estimate the recent government shutdown would trim about 1 to 1.5 percentage points from growth rates that had been running close to 4% over the past year.
- South Africa’s First National Bank (FNB), have launched a new cross-border payment platform with Mastercard yesterday that aims to make remittances and international transfers easier and cheaper.The “Globba” platform aims to help customers looking to send money to other African countries like Zimbabwe, Malawi, Mozambique and Ghana, with other African states to be added
- Advanced Micro Devices (AMD) said yesterday that it expected annual data centre chip revenue of $100 billion within the next five years, and its earnings to more than triple.The California-based chip designer’s shares were up 4% in erratic post-market trading, after closing down 2.7% at $237.52.
Markets by Numbers
Currency markets indicate the US dollar softer again today, with the Euro trading against the US dollar at 1.15715 while the Pound is trading at 1.31287 to the US dollar. The Yen is currently trading at 154.74 to the dollar. The rand (ZAR) is currently at R17.16 to the US dollar.
Commodities:
- Gold futures have dropped by over -0.4% today, and are currently trading around $4109.00 per ounce.
- Copper prices are -0.5% lower , with prices currently around $5.0249
- Silver futures prices are trending lower today after yesterday’s spike, and currently trading around $51.024
- Platinum futures are down -0.5% today, and currently trading at $1579.70, While Palladium prices are trending -0.7% lower this morning and are currently trading around $1455.00 per ounce.
- Brent crude oil prices have slipped today, and currently at $64.95 with WTI trading lower at $60.83
- Cocoa futures have dropped below $6000 per ton, and currently trading around $5800.00 per ton.
- Coffee futures have gained further today, and are currently trading at around $4.2389 per pound
Crypto Currencies:
- Bitcoin prices are currently trading at around $10378 per coin
- Ether prices are trending higher today, and are currently trading around $3450.21
- $Trumpcoin are trending lower today, and currently trading around $7.693
(All prices quoted at approximately 07H10 Central African Time)
Africa News Briefs:
- Egyptian Foreign Minister Badr Abdelatty has met with Sudan’s military leader, Gen. Abdel-Fattah Burhan in Port Sudan, in a fresh attempt to build a lasting ceasefire plan in Sudans war-torn society. Abdelatty has reiterated Cairo’s condemnation of atrocities in el-Fasher and stressed the “need to commit to the peace plan” announced in September by a quartet including the US, Egypt, Saudi Arabia and the UAE.
- The U.N. Human Rights Office said on Tuesday it believes hundreds of people were killed in Tanzania in protests that erupted during last month’s elections, adding it has received reports that security forces are hiding bodies. The main opposition party, have claimed that security forces had killed more than 1,000 people in the unrest surrounding the October 29 election, after opposition leaders had been jailed to prevent their participation in the elections.
