Breaking News Today – Friday 3 July 2026

African Start-up News Headlines:

• African startups raised a total of $1.44bn during the first half of 2026, a marginal improvement on the $1.42bn secured in H1 2025. This was however still Farr off from the %3.21 billion raised in the first half of 2022 (post covid burst) or the $1.756 billion raised in H1 of 2023. Startup investors concentrated capital in fewer but significantly larger funding rounds despite a subdued global venture capital market.H1 2026 funding data show startups completed 146 disclosed funding rounds, down sharply from 252 a year earlier, highlighting a shift towards larger, more selective investments in companies with proven business models and stronger revenue prospects, according to an analysis by TechCabal.

Business News Today 

Nigeria Joins IEA as First OPEC Member – Strategic Shift for Africa’s Largest Oil Producer

Nigeria has officially become the first OPEC member to join the International Energy Agency (IEA) as an Associate member. This marks a significant geopolitical and energy policy development for Africa’s biggest oil producer. As the world shifts toward cleaner energy, Nigeria is seeking to position itself in global energy governance beyond OPEC. The IEA provides deeper engagement on renewables, efficiency, and long-term energy planning. While the move may create possible tensions with harder-line OPEC members, the associate status is designed to avoid direct conflict with OPEC membership.

What the alignment with the IEA does provide is enhanced credibility with international investors, and potentially, improved ability to attract investment into gas infrastructure and renewables and will also provide better access to IEA’s vast energy data and forecasting tools. This move reflects Nigeria’s pragmatic approach, by remaining a major oil player while preparing for a more diversified energy future. It could serve as a model for other African producers navigating the energy transition.

Zambia Extends Suspension of Excise Duty and VAT on Petrol and Diesel

The Zambian government has sensibly extended the suspension of excise duty and Value Added Tax (VAT) on petrol and diesel. This measure, originally introduced to cushion consumers and businesses from surging and record high global fuel prices, has now been prolonged for an additional period, with details of exact duration varying by announcement, but it is expected to remain in place through at least the end of Q3 2026.

The goal of the extension, according to the authorities, is to keep fuel prices stable amid volatile global oil markets, and support currency pressures on the Kwacha, and domestic inflationary concerns. The suspension will help reduce transport and logistics costs, supporting agriculture, mining, manufacturing, and small businesses that rely heavily on diesel. While it provides short-term relief, it also represents a fiscal trade-off with significant foregone revenue for the government, which is already managing tight fiscal space and debt obligations.

Moves to Structure Mali Artisanal Mining

Mali has established a new state entity to regulate its burgeoning artisanal gold trade ​after identifying large discrepancies between officially declared exports ‌and volumes reported by importing countries, the government said. The Malian Office of Precious Substances will oversee and centralise gold trade ​flows, the council of ministers announced in a ​statement on Wednesday. Artisanal mining in the country employs around 2 million people, according to estimates, with more than ​350 mining sites, however much of the sector’s gold output is ​smuggled out of the country, the government said. Mali’s major gold producers export around 60 tons annually, making gold a key export commodity for the country. Globally, gold producers are increasingly moving to formalise artisanal mining, which accounts for more than 20% ​of global ​output and employs ⁠over 10 million people.

Breaking Business and Market News Shorts:  

• Brent oil prices have held steady around $72 per barrel today, holding near levels last seen before the Middle East conflict erupted in late February, with commercial shipping through the Strait of Hormuz recovering amid progress in US-Iran talks. Saudi Arabia’s crude exports have rebounded to about 90% of their pre-war levels as more tankers successfully transit the key waterway.
• Gold climbed toward $4,200 an ounce this morning, extending gains from the previous session as weaker-than-expected US jobs data prompted traders to scale back bets on Federal Reserve rate hikes. The US economy added 57,000 jobs in June, the lowest number in four months and below forecasts of 110,000
• India’s BSE Sensex rose about 0.6% to 78,001 on Friday, extending gains for a third straight session and reaching its highest level since April 22, as easing expectations of a near-term US Federal Reserve rate hike and softer crude oil prices boosted investor sentiment.
• Silver, platinum and copper futures have all seen positive price movements this morning as risk-off sentiments and oil price modulations are seeing markets shift. Copper futures have climbed toward $6.2 per pound and are on track for a weekly gain. Platinum futures traded around $1,660 an ounce, moving away from the seven-month low reached on 22 June with a softening dollar supporting prices.

Markets by Numbers 

Currency markets indicate the US dollar losing more momentum today. The Greenback is trading against the Euro at 1.14523 while trading against the Pound at 1.33685 The Yen is currently trading at 161.14 to the dollar. The rand (ZAR), is currently trading around the 16.20 mark against the US dollar this morning.

Commodities:  

• Gold futures are around 1.1% higher this morning, and currently trading at around $4171.20 per ounce.  
• Copper prices are around 1.2% higher this morning, with prices currently around $61.881 per pound
• Silver futures are around 12.2% higher today, and currently trading at around $62.336 per ounce.
• Platinum futures are trending upwards and around 2.4% higher this morning, currently trading at $1667.30, while Palladium is around 1% higher today, and currently trading around $1285.50 per ounce.
• Brent crude oil prices are trending almost -0.6% lower today, and currently trading around $72.37, with WTI trading at $69.16 currently
• Cocoa futures are slightly softer by around -1% today, and currently trading at $5036 per ton. 
• Coffee futures are around -2.8% lower today, and currently trading at around $3.0120 per pound

Crypto Currencies: 

• Bitcoin prices are rebounding and over 0.28% higher today, currently trading at around $61 650 per coin.
• Ether prices are trending 0.9% higher this morning, and currently trading around $1714.74
• $Trumpcoin are currently trading at around $1.719

(All prices quoted at approximately 07H50 Central African Time) 

African General News Briefs:

• The anticipated protests in major cities around Tanzania has seen the deployment of military personnel and police with planned protests over last year’s contested election expected. Youth-led protesters plan to gather on 7 July to call for democratic reforms and justice for those killed in last year’s election violence. However, last week saw the government announce a ban on all political rallies citing security threats, without saying how long it would be in place. A government-appointed commission found that at least 518 people died in the unrest, but opposition and religious groups say security forces killed thousands. The focus of the protests was the exclusion of leading opposition candidates from the election which was won by President Samia Suluhu Hassan with nearly 98 per cent of the vote.
• Vote counting got underway in Algeria last night following the national parliamentary elections that were overshadowed by cost-of-living concerns and the exclusion of candidates critical of the government. The government declared Thursday a paid national holiday in a bid to encourage participation, but polling stations appeared quiet for much of the day. Reports indicated that by mid-afternoon, voter turnout was very low following a campaign that attracted limited public interest amid what rights groups say is shrinking political freedoms in the country.