Breaking News Today – Monday 4 May 2026

African Start-up News Headlines:

• Cape Town-based logistics startup Shiprazor has raised $2.65 million in seed funding to enhance its fulfilment platform for African e-commerce. Founded in 2023, the company now has total funding of $3.3 million. The round will be used to expand its network of fulfilment centres, improve last-mile delivery technology, and support more merchants across South Africa and neighbouring markets.
• Nigerian fintech LemFi announced a $135 million capital commitment to accelerate its cross-border remittance and financial services platform. The funds will support product development, new market entries, and technology upgrades to reduce remittance costs for African diaspora communities. LemFi has experienced rapid growth by offering seamless USD-to-local currency corridors and has become a key player in the remittance space
• Payments infrastructure company Yuno announced a new partnership with African fintech leader Flutterwave. The collaboration aims to provide global businesses with easier access to African payment rails, simplifying cross-border transactions and local currency settlements. The tie-up is expected to benefit e-commerce platforms and international merchants operating in Africa by reducing complexity and costs.

Business News Today 

Crude Oil Prices on Downward Trend As Opec Set to Increase Output

Brent crude futures traded just below $107 per barrel this morning after sliding for two straight sessions, as US President Donald Trump said Washington would move to “free” stranded cargo ships stuck in the Strait of Hormuz and pointed to progress in negotiations with Iran. The initiative, dubbed “Project Freedom,” is aimed at assisting civilian vessels that are flagged in countries not affiliated with the conflict in exiting the contested waterway so they can resume their business, with implementation set to begin Monday. 

Saudi Arabia, Russia and five other OPEC+ countries Have also indicated they will increase their oil production quota. This was announced in a statement released yesterday in a widely anticipated move aimed at demonstrating continuity within the cartel despite the shock withdrawal of the United Arab Emirates from Opec Last week. According to their statement, the seven major producers will add “188,000 barrels per day” to their total production quota for June. This will form part of “their collective commitment to support oil market stability,” according to their statement. This however made no mention of the United Arab Emirates withdrawall from OPEC.

Crypto Climbs Again

Bitcoin climbed above $80,000 today, reaching its highest level since February this year, as it tracked gains in other risk assets. Bitcoin is up over 16% in the last month. Ether also moved upward this morning by over 2.4%, trading around the $2377 mark, and up over 12% in the last month. Sentiment was also lifted by optimism that the US could reach an agreement on a key stablecoin yield provision, potentially paving the way for broader crypto legislation to advance in the Senate. Meanwhile, markets assessed comments from President Trump that the US would begin guiding neutral vessels through the Strait of Hormuz to help them navigate the conflict zone with Iran.

Bitcoin has gained momentum, after seeing massive exit trends earlier this year, lifting around 12% in April. Institutional demand has also improved, with US Bitcoin exchange-traded funds recording $630 million in net inflows of Bitcoin purchases last week alone.

PGM’s Find Fresh Momentum

Palladium futures rose toward $1,500 per ounce, rebounding from earlier losses as traders recalibrated their positions around shifting geopolitical signals. The rebound was reinforced by firmer sentiment across the broader metals complex and cautious optimism surrounding developments in the Middle East. Platinum futures have also traded above $2,017 an ounce, sustaining its recovery from a four-week low hit on April 29. President Trump said the US will begin escorting commercial ships through the Strait of Hormuz as part of a “humanitarian” effort, while also pointing to “very positive” discussions with Iran that have slightly reduced immediate escalation fears, though overall uncertainty remains high.

Attention is also focused on upcoming macroeconomic signals, including US Treasury borrowing plans, Federal Reserve commentary, and key employment data. On the supply side, the market remains tight, with output disruptions in South Africa and ongoing geopolitical sensitivity around Russian exports, which continue to face sanctions-related constraints and shifting trade flows. Russia and South Africa produce around 70-80% of the global palladium output.

Your African Economic Data Releases Expected This week

Focus is expected to be on inflation numbers this week, particularly for Nigeria, and unemployment is the key South African data release. These two releases will likely dominate market sentiment across the continent this week.

• South Africa: the Absa Manufacturing PMI (April) and the S&P Global Composite PMI (April) and the Trade Balance (March) are expected on 7 May while unemployment data is set to be released on 8 May.
• Nigeria’s CPI / Inflation for April will be released on 7 May.
• Kenya, Egypt, and Ghana are expected to release monthly inflation or PMI data (exact dates not yet confirmed)
• Airtel Africa – Full Year 2026 Results (expected around 8 May)

Breaking Business and Market News Shorts:  

• MTN Nigeria posted impressive first-quarter results, with earnings per share surging 166% year-on-year. The performance was driven by strong data revenue growth, subscriber additions, and improved operational efficiency despite macroeconomic headwinds.
• India’s HSBC Manufacturing PMI came in at 54.7 in April 2026, revised down from the preliminary estimate of 55.9 but still up from 53.9 in the previous month. While both output and new orders continued to expand, the pace of growth remained subdued
• The International Monetary Fund has projected that Angola’s public debt ​would hit its ceiling in the medium term, and ‌urged the government to use any oil revenue windfalls to cut debt and build buffers as declining oil production weighs on its fiscal position. The Southern African country is set to receive a windfall ‌from ⁠higher oil prices due to the U.S.-Israeli war on Iran. While its 2026 budget used a reference oil price of $61, Brent crude is currently trading above $108 per barrel.
• The Africa Finance Corporation (AFC) is in advanced talks with at least 10 regional and international lenders, including Citi, to finance the Lobito minerals transport corridor. The project is a key U.S.-backed initiative aimed at improving critical minerals export infrastructure in Angola and the DRC.

Markets by Numbers 

Currency markets indicate the US dollar marginally down against major currencies today. The Greenback is trading against the Euro at 1.17305 while trading against the Pound at 1.35892. The Yen is currently trading at 156.76 to the dollar. The rand (ZAR), is currently trading around the 16.61 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending marginally lower this morning, and currently trading at around $4600.00. per ounce.  
• Copper prices are trending relatively flat today, with prices currently around $5.9202 per pound
• Silver futures are trending level today, and currently trading at around $75.220 per ounce.
• Platinum futures are fairly flat this morning, and currently trading at $2009.30.00, While Palladium prices are trending marginally lower after peaking earlier this morning, and currently trading around $1532.50 per ounce.
• Brent crude oil prices are trending lower today and currently trading around $107.62., WTI is trading lower at $101.12 currently
• Cocoa futures have climbed by around 0.7% this morning, with prices currently around $3596 per ton. 
• Coffee futures are trending upwards today, and currently trading at around $2.8640 per pound

Crypto Currencies: 

• Bitcoin prices are trending over 1.8% higher this morning, and trading at around $80 049 per coin currently 
• Ether prices are around 2.4% higher today, and currently trading around $2377.77
• $Trumpcoin are currently trading level at around $2.359

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

African General News Briefs:

• Taiwanese President Lai Ching-te landed in Eswatini on Saturday, two weeks after ‌he was forced to postpone the initially planned trip to a diplomatic ally. This had been due to Indian Ocean states blocking his flight, which Taiwan’s government blamed pressure to do so from China. Eswatini in southern Africa is one of only 12 countries, mostly in Latin America, the ​Caribbean and the Pacific, that have maintained diplomatic relations with Taiwan. Maintaining ties with them is a ​priority for the government of the democratically ruled island, which China views as part ⁠of its own territory.
• Nigeria has formally summoned South Africa’s acting High Commissioner to engage with the Minister of Foreign Affairs, over several recent attacks on foreigners in the southern African nation. Nigeria will formally convey its “profound concern” at a meeting on Monday over incidents in South Africa, saying they could affect existing relations between the countries, according to a foreign ministry statement. The meeting will focus on recent marches held by anti-immigrant groups in South Africa, and “documented instances of mistreatment of Nigerian citizens and attacks on their businesses”, it said.