Breaking News Today – Friday 24 April 2026

African Start-up News Headlines:

• Lagos-based Swoop raises $7.3m seed to build African ‘super app’ for food delivery: 19-year-old Thiel Fellow Aubrey Niederhoffer has raised $7.3 million in seed funding for Swoop, a food delivery startup he relocated to Lagos. The company recently launched an updated app after rebuilding its codebase with AI tools. Operating as an emerging “super app” play, Swoop focuses on seamless food delivery while eyeing broader services.

Business News Today 

Global Economy All About Oil Right Now

Brent crude futures climbed above $106 per barrel on Friday, on track for a rather frightening 18% gain for the week as stalled US-Iran peace negotiations and the continued closure of the Strait of Hormuz has raised ongoing supply concerns. Reports indicated that President Donald Trump’s Truth Social posts, along with his decision to maintain a naval blockade of Iranian ports, have complicated prospects for renewed negotiations with Tehran. In a post on Thursday, Trump said he had ordered the US Navy to “shoot and kill” vessels laying mines in the strait, while US forces also boarded a supertanker carrying Iranian oil in the Indian Ocean.

Meanwhile, the US-Iran ceasefire has been extended indefinitely as Washington awaits a new formal proposal from Tehran, while the truce between Israel and Lebanon has also been prolonged by three weeks. The ongoing disruption has led to a sharp decline in shipments from major Middle Eastern oil and gas producers, substantially tightening global supply.

Kenya-Uganda hold talks with Dangote on East Africa refinery plans

Kenya and Uganda are in discussions with the Dangote Group over potential cooperation on East Africa’s refining capacity. This ties into broader efforts to reduce fuel import dependence and aligns with regional energy security goals amid global price volatility. The project is set to include a pipeline that links the Kenyan port city of Mombasa to the north-eastern Tanzanian harbour of Tanga, where the facility will be situated, according to Kenyan President William Ruto, who spoke of the project at an Africa Finance Corp summit in Nairobi yeterday. The refinery will process crude from various countries including the Democratic Republic of Congo and South Sudan, he said.

Kenya Revenue Authority (KRA) launches crackdown on till and paybill tax evasion

The KRA has begun a major tax enforcement drive today targeting businesses using tills and mobile pay-bills to under-declare taxes. The campaign aims to close loopholes in digital payment systems and improve compliance across the informal and formal sectors. Businesses have been warned of audits and penalties. This forms part of broader efforts to boost revenue collection amid fiscal pressures and supports Kenya’s digital economy formalisation push

Intel Share Price Spike

Nasdaq 100 futures rose by 0.5% this morning, boosted by a sharp rally in Intel shares, which surged by more than 19% in extended trading after the Tech giant reported first-quarter earnings above expectations and delivering a strong outlook for the current quarter. Sentiment was further lifted after Tesla CEO Elon Musk indicated his company could spend roughly $3 billion with Intel, leveraging its chip fabrication capabilities. Investors are now turning to additional earnings releases due later today, including results from Procter & Gamble, HCA, Schlumberger, Norfolk Southern, and Charter Communications, among others. In regular trading on Thursday, major US indexes closed lower, with the Dow down 0.36%, the S&P 500 falling 0.41%, and the Nasdaq Composite declining 0.89%, led by losses in technology and financial stocks. Investors continued to navigate shifting dynamics in the Middle East with peace negotiations between the US and Iran currently stalled.

Breaking Business and Market News Shorts:  

• Meta has told employees in a memo on Thursday that it planned to cut 10% of its workforce – roughly 8,000 staff. It also stated it would also not fill thousands more open jobs it had been hiring for. The main reason for the cuts is costs for AI, for which it will this year spend $135bn – roughly equal to the amount it has spent on AI in the previous three years combined
• Precious metals are without exception, all in the red this morning with all looking to close a week of decline. Gold and silver are down slightly today but down significantly for the week (-3% and -7%) while copper is down over -1% today, with platinum down over -2% this morning to below $2000 an ounce and down over -7% this week.
• China’s Shanghai Composite Index fell 0.4% to 4,077 today, while the Shenzhen Component Index dropped 0.8% to 14,940, with both benchmarks extending losses as Middle East tensions continued to weigh on sentiment. Iran indicated it would keep the Strait of Hormuz closed for maritime cargo traffic
• The value of building plans approved in South Africa slipped by 11.2% year-on-year to ZAR 7394 million in February 2026, following an upwardly revised 1.2% rise in the prior month. Steep declines in permits for non-residential buildings (-43.6% vs 27.7% in January) and additions & alterations (-6.1% vs -15.5%) more than offset the increase in residential ones (8.4% vs 1%).
• The Democratic Republic of Congo has made a significant entry into international financial markets. The country raised $1.25 billion in its first Eurobond issuance, with investor demand nearly four times greater than the amount sought. reflecting confidence in the country’s economic potential, and a low debt to GDP level of around 20% adding to the countries significant critical mineral reserves.

Markets by Numbers 

Currency markets indicate the US dollar stronger against major currencies today. The Greenback is trading against the Euro at 1.17021 while trading against the Pound at 1.34923. The Yen is currently trading at 159.54 to the dollar. The rand (ZAR), is currently trading around the 16.52 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending lower – around -0.6% today, and currently trading at around $4710.00 per ounce.  
• Copper prices are trending -1.3% lower today, with prices currently around $6.0354 per pound
• Silver futures are down by around -1.7% today, and currently trading at around $76.286 per ounce.
• Platinum futures are around 2% lower this morning, and currently trading at $2046.40, While Palladium prices are trending -1.5% lower this morning, and currently trading around $1532.50 per ounce.
• Brent crude oil prices are trending around 1.3% higher today and currently trading around $103.30, WTI is trading higher at $94.32 currently
• Cocoa futures have surged by around 3.6% this morning, with prices currently around $3427 per ton. 
• Coffee futures are trading 2.3% higher today, and currently trading at around $2.8915 per pound

Crypto Currencies: 

• Bitcoin prices are trending slightly lower this morning, and trading at around $78 016 per coin currently 
• Ether prices are around -1.1% lower today, and currently trading around $2350.01
• $Trumpcoin are currently trading at around $2.864

(All prices quoted at approximately 07H55 Central African Time) 

African General News Briefs:

• Nigerian President Bola Tinubu has approved a 30% relief on debts owed by local ‌airlines to Nigerian aviation agencies. Domestic airlines had warned they ​could no longer continue operations without raising ticket prices after jet fuel prices ​rose nearly 300%. President Tinubu has ordered the initiation of talks that will include fuel suppliers, airlines, and ​regulators to reach a ​fair jet fuel price within 72 ⁠hours. This was confirmed by the Nigerian Aviation Minister Festus Keyamo yesterday.
• The International Monetary Fund will send a team to Mozambique in June to continue talks on a new loan ​programme, according to a Reuters report. The country is struggling with rising ‌debt, a shrinking economy and limited resources to fund essential public services. An IMF spokesperson told Reuters the two sides had productive discussions during the Spring Meetings on ​the impact of the Middle East war and how best ​the Fund can support the authorities going forward, the spokesperson ⁠said.