Business News Today
Ethiopia’s Bond Battle
A key investor group in Ethiopia’s sole international bond announced yesterday, that it planned to take legal action after the country’s bilateral creditors blocked an initial agreement with the government on how to restructure the debt.Ethiopia said on Friday it it would reopen negotiations with investors, in order to set out the terms of restructuring the $1 billion bond after the Official Creditors Committee, chaired by China and France, said the draft deal did not meet the Comparability of Treatment principle under the G20 restructuring initiative. “The Committee (of bondholders) considers the determination, led by the OCC’s co-chairs France and China, to be completely unreasonable,” the group of investors said in a statement.
Under the G20’s Common Framework aimed at streamlining the process for struggling states to overhaul their debt, Comparability of Treatment requires commercial creditors to take similar losses to their official counterparts. Ethiopia, which defaulted on the bond in December 2023, formalised a restructuring deal with official creditors last July, paving the way for talks with bondholders. This in turn led to the initial deal announced in early January.
Unemployment in Morocco Down Further
The unemployment rate in Morocco declined to 13.0% in Q4 2025, down from 13.3% in the same period a year earlier. The number of unemployed fell by 17,000 to 1.621 million, while employment increased by 194,000 to 10.87 million. Meanwhile, the labor force grew by 177,000 to 12.49 million. The unemployment rate among young people increased to 37.2% from 36.7%, while it fell to 19.1% from 19.6% among graduates and to 10.8% from 11.6% among men. Among the employed, the services sector created 123,000 new jobs, construction sector added 64,000, and the industrial sector contributed 46,000. In contrast, agriculture, forestry, and fishing lost 41,000 jobs.
India sees US Tariffs Reduced After Discussion
India’s Prime minister Narendra Modi has confirmed that India will have a reduced import tariff rate to the US of only 18%. Modi and Trump held a phone discussion yesterday which directly led to this agreement. Prior to this agreement, the US had imposed a base reciprocal tariff of 25% on many Indian goods, with an additional 25% punitive tariff added in August 2025 specifically to pressure India over its purchases of Russian oil—bringing the effective rate to around 50% for affected products.
Both leaders confirmed the call in their social media posts, with Modi describing it as a “wonderful” conversation and Trump calling Modi saying: “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.”” Modi goes on to say “President Trump’s leadership is vital for global peace, stability and prosperity. India fully supports his efforts for peace.” Modi called Trump a “great friend.”
Metals Reset After Major Sell-off
Copper rose above $5.85 per pound on Tuesday, rebounding from a sharp two-day selloff as volatility in the metals market eased and dip buyers stepped in. Chinese manufacturers also returned to the market, purchasing copper at lower levels. meanwhile Longer-term support remains in place due to expectations of higher demand from global renewable energy projects and AI data centers. Additionally, supply risks persist following decades of underinvestment in new mining projects. Copper plunged as much as 15% from an all-time high reached last week as the speculative rally gave way to profit-taking, with Chinese speculators quickly unwinding long bets as sentiment shifted. The downturn intensified after US President Donald Trump nominated Kevin Warsh to become the next Fed chair, widely seen by markets as a hawkish candidate.
Meanwhile Gold rose more than 2% to above $4,770 per ounce on Tuesday, as bargain hunting emerged after two consecutive sessions of strong selling. The precious metal had fallen nearly 5% in the previous day, extending Friday’s slump, which marked its steepest decline in more than a decade. Silver also rebounded to above $83 per ounce this morning, clawing back some losses after a sharp two-day selloff that erased as much as 40% of its value from record highs.
Nigeria Initiates Major Fibre Project
Connectivity in Nigeria is set to rapidly improve with the country initiating the financial advisory process for a major $2 billion fibre optic project backed by the World Bank, securing a 49% government stake to enhance national digital infrastructure. The initiative aims to expand broadband connectivity, support economic diversification, and boost sectors like fintech, e-commerce, and education. The project aligns with Nigeria’s push for digital transformation amid growing demand for reliable internet. Financial advisors are being engaged to structure funding, with international partners contributing the majority. This follows ongoing efforts to bridge the digital divide and attract foreign investment in telecoms. The announcement appeared in key Nigerian media outlets on February 3, highlighting its role in long-term economic growth
Breaking News Shorts:
- China’s Shanghai Composite rose 0.5% to above 4,030 while the Shenzhen Component gained 0.8% to 13,935 today, recouping some losses from the previous session with easing volatility in metals markets helping to stabilise sentiment and triggered dip-buying. Shares also followed Wall Street higher after data showed expansion in US factory activity, signalling strength for the global economy and higher corporate profits.
- Japan’s JP225 Index increased to an all-time high of 54503.00 Index Points this morning. Over the past 4 weeks, Japan Stock Market Index (JP225) gained 5.11%, and in the last 12 months, it increased by a remarkable 40.42%.
- South Africa’s Department of Mineral and Petroleum Resources have confirmed reductions in petrol and diesel prices starting Wednesday, February 4, 2026. Petrol will drop by 65 cents per litre, while diesel will see decreases in a range from 50 cents (500ppm) to 57 cents (50ppm).
- Safaricom Ethiopia reported 12.2 million subscribers as of early 2026, driven by rapid rollout of M-PESA mobile money and expanded 4G coverage. The growth has accelerated Ethiopia’s digital economy, increasing financial inclusion and enabling transactions in underserved areas.
- Fujitsu announced on February 3, 2026, that its Takane large language model was successfully piloted with a Japanese central government agency to streamline public comment processing. The demonstration improved efficiency in handling feedback for policy and legislation.
- SOFTSWISS and KingMakers Discuss Scalable iGaming Growth in Africa at ICE Barcelona 2026. The companies participated in a fireside chat, exploring strategies for expanding iGaming operations across African markets. The session highlighted scalable approaches, regulatory navigation, and opportunities in mobile-first gaming.
Markets by Numbers
Currency markets indicate the US dollar stable, with the Greenback trading against the Euro at 1.18074 while trading against the Pound at 1.36843 to the US dollar. The Yen is currently trading at 155.44 to the dollar. The rand (ZAR) is currently trading at around R16.00 to the dollar and looks to be heading below that level.
Commodities:
- Gold futures have clawed back some losses, and up by around 3.5% this morning, and currently trading at around $4822.00 per ounce.
- Copper prices have gained around 1.2% today, with prices currently around $58.969 per pound
- Silver futures have surged around 5.4% today, and currently trading around $83.54 per ounce.
- Platinum futures are up by around 2.3% this morning, currently trading at $2153.10, While Palladium prices have gained around 2.7% this morning, and currently trading around $1752.00 per ounce.
- Brent crude oil prices are trending lower today, and currently at $65.97 with WTI trading lower at $61.84
- Cocoa futures are around 1% higher today, and currently trading around $4210 per ton.
- Coffee futures are currently trending upwards today, and trading at around $3.3525 per pound
Crypto Currencies:
- Bitcoin prices are trending -0.4% lower this morning, and trading at around $78371 per coin currently
- Ether prices are trending over -0.8% lower, and are currently trading around $2325.00
- $Trumpcoin are trending lower today, and currently trading around $4.251
(All prices quoted at approximately 07H25 Central African Time)
Africa News Briefs:
- In a major move aligning corporate expansion with national strategy, three subsidiaries of Nigeria’s Dangote Group have secured enhanced gas supply agreements with NNPC units. The deals, announced at the launch of Nigeria’s pivotal Gas Master Plan 2026, signal a concerted push to harness gas for industrial growth and cleaner energy.
- Ghana has paused citizenship applications for members of the African diaspora in order to make the system more accessible and user friendly. Since 2016, those who can prove their ancestors came from Africa have been able to get Ghanaian nationality. It was primarily aimed at the descendants of those who were victims of the transatlantic slave trade.
- Yesterday, the Nigerian Federal High Court in Abuja filed 57 terrorism-related charges against nine individuals suspected of being linked to one of the deadliest massacres that occured in Benue state in June 2025. The killings mainly targeted the Yelwata community, where around 150 people were killed when gunmen, armed with AK-47s, descended upon Yelwata in Nigeria’s central Benue state. They raided and torched homes and murdered civilians seeking shelter from the attack, sometimes even burning their victems alive.
