Breaking News Today – Friday 10 July 2026

African Start-up News Headlines:

• South African Fintech startup Float, which provides a card-linked instalment platform, has expanded into the United Kingdom, supported by the UK Government’s Global Entrepreneur Programme, which brings high-growth international businesses into the UK market. Float’s product has seen increases in average order value of as much as 130%, with merchants seeing measurably larger baskets, improved conversion, and access to a higher-spending shopper segment. Float previously raised around $17 million in equity and debt funding.
• Ethiopian open-source authentication platform Better Auth, has been acquired by US cloud platform Vercel for an undisclosed amount. Founded in 2024 by Ethiopian entrepreneur Bereket Engida, the authentication platform Better Auth has grown to 4.7 million weekly npm downloads and more than 850 open-source contributors. Engida and his team are set to join Vercel to develop AI-focused “agent identity” tools but will be keeping Better Auth free and open source.

Business News Today 

Renew Africa Announces Multiple African Startup Investments

African early-stage investment firm Renew Capital has selected 15 companies for investment through its inaugural venture lab, EmFi Series. The chosen companies represent 10 countries, including Ethiopia, Nigeria, Ghana, Kenya, Togo, and Zambia. Ghana and Nigeria had the most representation, with four and three startups, respectively. Forty-seven finalists were shortlisted from about 500 applications, and each finalist received a $250,000 venture-building package. However, Renew Capital did not disclose how much capital was invested in the final 15 companies.

The companies selected are: AgroCenta, Shiprazor, Boost Technology, Solimi, Dots for Africa, Tradevu, Fanaka, Kutana, MajibuAfrica, Z Systems, Marakisoft, Oze, Regxta, Rigo and Zendawa. “The next generation of Africa’s small business banks will not be banks, they will be startups that already understand how SMEs operate, have their data and have earned their trust. These 15 companies are building from that advantage,” Matthew Davis, Co-CEO of Renew Capital, commented.

Kenya’s Economy Forecast to Grow 4.3% in 2026 and 4.4% in 2027 – World Bank

The World Bank has projected Kenya’s economy to expand by 4.3% in 2026 and 4.4% in 2027, a modest recovery from recent challenges. The forecast, released yesterday, points to improving macroeconomic stability, easing inflation, and a rebound in private sector activity as key drivers.Growth is expected to be supported by stronger agricultural performance (following better weather conditions), infrastructure investments, and gradual recovery in tourism and services. The report highlights progress in fiscal consolidation and structural reforms that have helped stabilise the economy after previous headwinds such as high debt servicing costs, drought impacts, and global commodity shocks.

However, risks remain, including potential weather volatility, global economic uncertainty, and the need for sustained reforms to boost job creation and private investment. The forecast assumes continued implementation of reforms and no major external shocks. GDP in Kenya grew by 4.6% in 2024, and the country’s finance ministry expects growth of 5.0% this year and 5.2% in 2027.

Oil Prices Continue to Rise on Supply Concerns

Oil prices rose on Friday and were set for weekly gains, due to ongoing fears of supply disruptions from the key Middle East ​producing region after renewed attacks between the U.S. and Iran this week curtailed shipping ‌in the Strait of Hormuz. Brent futures were up 19 cents, or 0.25%, to $76.49 a barrel by 0319 GMT. U.S. West Texas Intermediate (WTI) crude gained 19 cents, or 0.26%, to $72.27. For the week, Brent was set for a gain of ​about 6% and WTI was headed for a 5% increase.

Oil tanker traffic through the strait yesterday (9 July) ​was at a near ​standstill, according to global ship-tracking ⁠data, as vessel owners paused to assessed the risk from the latest strikes, which started after Iran hit a Qatari LNG ship exiting the waterway near Oman.

Breaking Business and Market News Shorts:  

• Arabica coffee futures rose over 12% to around $3.4 per pound today, as volatile trading persisted amid uncertainty over Brazil’s crop outlook. Earlier this week, prices climbed roughly 16%, recording their largest gain since 2000 and surpassing the $3.50 mark for the first time since January.
• Cocoa futures extended their rally above $6,400 per tonne, the highest since November 2025, amid persistent jitters over the upcoming West African crop. The market remained supported by expectations of lower production in top grower Ivory Coast during the 2026/27 season.
• South African National Road Agency has notified shareholders yesterday, that Mr Reginald Demana, who joined SANRAL as Chief Executive Officer (CEO) in January 2023, has tendered his resignation as CEO of SANRAL, effective 31 August 2026.
• India’s BSE Sensex rose about 1.1% to 77,543 this morning, following gains from the last session, as upbeat earnings from Tata Consultancy Services (TCS) lifted sentiment toward the country’s IT sector. The benchmark index tracked broader strength across Asian markets with most Asian indexes seeing gains today.

Markets by Numbers 

Currency markets indicate the US dollar slightly softer today. The Greenback is trading against the Euro at 1.14368 while trading against the Pound at 1.34238 The Yen is currently trading at 161.64 to the dollar. The rand (ZAR), is currently trading around the 16.30 mark against the US dollar this morning.

Commodities:  

• Gold futures are around -0.28% lower this morning, and currently trading at around $4112.03 per ounce.  
• Copper prices are around 0.57% higher this morning, with prices currently around $6.24900 per pound
• Silver futures are around 0.25% higher today, and currently trading at around $60.084 per ounce.
• Platinum futures are around 0.7% higher this morning, currently trading at $1642.50, while Palladium is around 1.32% higher today, and currently trading around $1270.00 per ounce.
• Lithium continues to see prices under pressure, down over 2.2% today and trading at 155 000
• Brent crude oil prices are trending around 0.34% higher today, and currently trading around $76.56, with WTI trading at $72.26 currently
• Cocoa futures continue to surge, up by around 6.6% today, currently trading at $6455 per ton. 
• Coffee futures have spiked by over 12% today, and currently trading at around $3.4790 per pound

Crypto Currencies: 

• Bitcoin prices are 1.35% up today, currently trading at around $64 074 per coin.
• Ether prices are trending 1.8% higher this morning, and currently trading around $1776.46

(All prices quoted at approximately 07H35 Central African Time) 

African General News Briefs:

• Russian foreign minister, Sergey Lavrov, yesterday offered Russian assistance to Mozambique to deal with the eliminate the “terrorist threat” it faces in the oil-rich northern Cabo Delgado province. Mozambican government forces have been fighting groups of insurgents who are linked to the Islamic State group. There have been multiple attacks on civilians and security forces, including beheadings, that have displaced thousands of people. “We continue to support President Chapo’s efforts to stabilise the situation in the North, eliminate the terrorist threat, and consolidate Mozambique’s genuine sovereignty,” Lavrov said.
• Namibian President Netumbo Nandi-Ndaitwah met with Chinese Premier Li Qiang in Beijing on Thursday on the final leg of her first official state visit to China. The visit has focused on strengthening comprehensive strategic partnerships, expanding trade, and advancing industrial and green cooperation. Li called on both sides to enhance the alignment of their development strategies and expand the scale of bilateral trade. He also said they should strengthen cooperation in infrastructure construction, mining, oil and gas, new energy, and other fields.