Breaking News Today – Thursday 16 April 2026

African Start-up News Headlines:

• Endeavor South Africa, has closed its Harvest Fund III at R230 million (~$12.6–13.6 million). It is a co-investment vehicle that invests alongside established lead investors into late-stage (Series B+) African tech companies. Key LPs include FirstRand, Standard Bank, Allan Gray, and the SA SME Fund. The fund has already deployed into companies such as Tyme, Entersekt, Onafriq, and Plentify. Originally targeting R500 million, the fund closed below this number due to tighter limited-partner allocations across African venture capital in 2025–2026. Harvest Fund III is a rules-based co-investment vehicle targeting late-stage / growth-stage tech companies seeking Series B and beyond funding.
• NectarFi (also referred to as Nectar Finance), a Nigerian crypto fintech startup, has successfully closed a $170,000 pre-seed funding round. NectarFi is a self-custodial, full-stack on-chain financial platform designed to solve the fragmentation problem in crypto. Instead of users juggling multiple wallets, exchanges, and apps, NectarFi aims to offer everything in one place, including: Virtual accounts, Crypto debit/credit cards, Crypto deposits and withdrawals, Global investments and Peer-to-peer payments. The product emerged from a hackathon and has been in private testing across Nigeria, South Africa, Kenya, Ghana, Thailand, Indonesia, Brazil, and Argentina.

Business News Today 

South Africa Does About-Turn Over Starlink Service

On Wednesday, 15 April 2026, South African President Cyril Ramaphosa publicly stated that Elon Musk could use equity-equivalence programmes to comply with South Africa’s racial-equity (B-BBEE) rules and potentially roll out Starlink in the country. Ramaphosa made the comments while responding to questions about Musk’s repeated criticism of South Africa’s Black Economic Empowerment (BEE) laws. He pointed out that many international companies (particularly US firms) have successfully used equity-equivalence programmes instead of direct equity transfers to meet empowerment requirements. “International companies are given an opportunity through the equity-equivalence process where they can do other things that are empowering… those who say BEE and affirmative action must stop are just dreaming.”

Ramaphosa specifically referenced the possibility for Musk/Starlink to use this route, noting that companies like Amazon, Microsoft, and Google have done so in the past. While equity-equivalence is allowed in many sectors (e.g. mining, manufacturing), telecommunications operators are currently subject to specific licensing regulations under the Electronic Communications Act that require 30% Black ownership. Equity-equivalence does not automatically apply here without regulatory changes. Musk has repeatedly criticised South Africa’s BEE ownership rules as “racist” and claimed they prevent Starlink from operating because he is not Black. Ramaphosa’s comments appear to be a direct response to Musk’s public statements and the ongoing licensing standoff for Starlink in South Africa.

Kenyan Fuel Shortages Result in Price Increases

Kenya has raised the cost of petroleum dramatically, with diesel prices rising by a record margin despite a fuel tax cut, as the conflict in Iran pushes up global oil prices. In its latest fuel price review, the energy regulator raised the cost of diesel by 40 Kenya shillings to 206 ($1.6) a litre, while petrol was increased by 28 shillings to a similar level. It said this reflected higher global oil and shipping costs, even as the government cut value added tax to 13% from 16%. The new prices will remain in place until 14 May when the next price review is due. Fuel shortages have been reported in parts of the country, although the government insists stocks are sufficient and accuses some fuel companies of hoarding supplies.

Oil Prices Steady After a week of Volatility

Brent crude futures steadied above $94 per barrel this morning, after a volatile start to the week, as investors looked toward a possible extension of the ceasefire between the US and Iran while weighing prospects for a broader agreement that could end the conflict and reopen the Strait of Hormuz. Reports indicated that Washington and Tehran are mulling an extension to their two-week ceasefire to allow more time to negotiate a peace deal.

Meanwhile, the Strait of Hormuz remains effectively closed, with a US naval blockade on Iranian ports still in place, keeping markets on edge over further supply disruptions. Iran also warned it could retaliate against an extended US blockade by suspending shipments across the Persian Gulf, the Sea of Oman, and the Red Sea. Markets are now turning their attention to a likely second round of US-Iran talks, expected to centre on reopening the strait and Iran’s nuclear enrichment activities.

Breaking Business and Market News Shorts:  

• Abu Dhabi National Oil Company (ADNOC) is reported to be engaged in advanced negotiations to acquire the Shell Oil’s national retail fuel station network in South Africa, in a deal that could reshape the country’s fuel retail landscape. There are currently around 600 service stations across South Africa, which would provide ADNOC an estimated 10% share of Africa’s largest fuel market.
• Japan has pledged to provide $10bn to help its Asian neighbours, particularly those in South East Asia, secure energy including crude oil as the region reels from disruptions caused by the Iran war. Japanese Prime Minister Sanae Takaichi announced the new cooperation framework on Wednesday after an online meeting with other Asian leaders.
• Wall Street’s stock benchmark S&P 500 and the Nasdaq index, closed on record ​highs as hopes for a cooling of U.S.-Iran tensions and strong earnings expectations boosted risk appetite on Wednesday, while oil prices ‌steadied after news Iran could make allowances for ships around the Strait of Hormuz.
• Gold has climbed back above $4,800 an ounce this morning, recovering from the prior session’s losses as investors assessed the outlook for renewed negotiations and a potential long-term peace deal between the US and Iran that could help ease inflation pressures.
• China’s economy expanded 5.0% y-o-y in Q1 2026, accelerating from 4.5% in Q4 and beating market forecasts of 4.8%. It marked the fastest annual growth in three quarters, as Beijing braces for potential fallout from the Iran war. So far, the economy has managed to absorb the shock with limited disruption

Markets by Numbers 

Currency markets indicate the US dollar softening against major currencies today. The Greenback is trading against the Euro at 1.18054 while trading against the Pound at 1.35704. The Yen is currently trading at 158.82 to the dollar. The rand (ZAR), is currently trading around the 16.32 mark against the US dollar this morning.

Commodities:  

• Gold futures are up around 0.7% today, and currently trading at around $4825.00 per ounce.  
• Copper prices are trending 0.5% higher today, with prices currently around $6.1023 per pound
• Silver futures are up by over 1.7% today, and currently trading at around $80.360 per ounce.
• Platinum futures are around 1.1% higher this morning, and currently trading at $2154.70, While Palladium prices are trending 0.8% higher this morning, and currently trading around $1602.00 per ounce.
• Brent crude oil prices are trending level today and currently trading around $95.00, WTI is trading over 0.4% higher at $91.69 currently
• Cocoa futures have lost momentum this morning, dropping around -2%, with prices currently trading around $3563 per ton. 
• Coffee futures are trading marginally higher today, and currently trading at around $2.9825 per pound

Crypto Currencies: 

• Bitcoin prices are trending upwards this morning, and trading at around $75 077 per coin currently 
• Ether prices are marginaly lower today, and currently trading around $2357.74
• $Trumpcoin are currently trading at around $2.885

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

African General News Briefs:

• A Chinese national, Zhang Kequn, has been sentenced to a year in prison, and fined fined 1m Kenyan shillings for attempting to smuggle thousands of live queen garden ants out of Kenya. The Judge, Irene Gichobi described Zhang as not “entirely honest” and lacking in remorse. Kequn was arrested and charged with illegally dealing in wildlife species after being arrested at Nairobi’s main airport while attempting to travel to China with more than 2,000 ants in his luggage.
• Julius Malema, the leader of the opposition radical left-wing party – the EFF, will be sentenced today for various illegal arms charges including firing an assault rifle in public, at a rally eight years ago. The state is seeking the maximum 15-year jail term for Malema, who was found guilty in October of violating firearm laws by shooting a gun in the air at an EFF celebration near the Eastern Cape city of KuGumpo (formerly East London), in 2018.
  
• South Africa’s Department of Home Affairs has secured a meaningful legal and policy win after the Association of Communications and Technology NPC (ACT) withdrew its court challenge against steep increases in fees for accessing the National Population Register. The dispute centred on the department’s Online Verification Service (OVS), which is used by banks, mobile operators, and other institutions to verify customer identities against government records. Home Affairs Minister Leon Schreiber defended the increase, arguing that the previous pricing model had remained unchanged for more than a decade and was no longer sustainable.