Breaking News Today – Thursday 18 June 2026

African Start-up News Headlines:

• Venture capital firm EmTech Capital has secured a key investment from French development finance group Proparco, via its FISEA facility, boosting EmTech Ventures Fund II. This fund is targeting a $60 Million capital raise, focused on backing early-stage technology startups across Morocco, Tunisia, Senegal, and Côte d’Ivoire. The fund plans to invest amounts from $500 000 and $3million in around 20 pre-Series A and Series B startups.
• The European Bank for Reconstruction and Development and Microsoft have entered a partnership aimed at helping promising African startups use artificial intelligence to improve their operations and prepare for expansion. The organisations signed a memorandum of understanding during the EBRD’s annual meetings in Amsterdam. The agreement establishes a framework for a pilot programme focused on high-potential startups and small and medium-sized enterprises operating in Africa.

Business News Today 

Kenya Finalising Critical Minerals Deal with USA

Reports from the G7 indicate that a deal on critical mineral supply from Kenya to the USA is being finalised. The deal will include local processing of ​its raw material resources. This was revealed by Kenyan president William Ruto on the sidelines of the G7 summit today (18 June), as part of a broader reset ‌in ties between Africa and the West.

William Ruto, representing one of several partner countries that attended the summit, remarked in an interview with Reuters that the agreement, ​covering rare earths and other strategic minerals, was already in the works and could be concluded soon.”We have agreed that the minerals ​will be processed in Kenya,” he said, following discussions he had held earlier with G7 leaders, which included U.S. President Donald ⁠Trump. “We’ve agreed with them on what is mutually beneficial between Kenya and the United States, and President Trump and the American administration are happy ​with it.”

Ocean and Fishing Sovereignty Fight Continues

Fifteen countries from Africa, Asia, Europe, the Caribbean, and the Pacific, have adopted a declaration at the Mombasa Our Ocean conference yesterday (17 June), with a commitment to increase efforts to combat illegal fishing, a practice that experts estimate to cost the world economy up to $50 billion annually. The Mombasa Declaration, calls on governments to improve access to information on fishing vessels, ownership and licensing, and to strengthen data sharing to better track fishing activities and enforce regulations.

Out of the 30 plus countries represented in the summit, Belgium, Cameroon, Chile, the Dominican Republic, France, Gambia, Ghana, Guinea, Liberia, Panama, Papua New Guinea, Peru, the Republic of the Congo, Somalia and South Korea signed the agreement. China, Russia, Taiwan have been regularly implicated in illegal fishing practices, particularly in multiple West African coastal nations including Senegal, Guinea, Sierra Leone, Liberia and Ghana. Namibia has also been a hotspot for these activities which the declaration seeks to address.

Major Mobile Virtual Network Operator Growth Forecast

South Africa’s mobile virtual network operator (MVNO) market is likely to see intensive growth over the next four years according to he newly released 2026 South Africa MVNO Market Outlook Report by Africa Analysis.  Numbers provided should see around 14.4 million SIMs issued by MVNO operators by 2030, up from 4.4 million active MVNO SIMs in 2025. The market research and analysis company believes that the South African MVNO market has entered a new phase of development, evolving from a niche telecommunications segment into a strategic customer engagement platform for other sectors such as banks, retailers, insurers and digital businesses, who see the MVNO as a natural product extension to their current product offering.  

Breaking Business and Market News Shorts:  

• The US Federal Reserve held interest rates between 3.5% and 3.75% after new Fed chair Kevin Warsh chaired his first meeting in charge of the central bank and monetary policy committee. There was a split vote on whether to keep rates steady or increase them in a bid to hold inflation, which has been edging up due to multiple factors including the US-Israel war in Iran. While interest rates were left unchanged, the committee signalled increasing support for rate hikes later this year. Half of FOMC members now project at least one rate increase in 2026
• Libya has successfully concluded an oil well drill in its Al-Khair oilfield with ​production rates of 3,209 barrels per ‌day and 1.948 million cubic feet of associated gas per day, according to a statement from the state-owned firm NOC yesterday. The NOC said in a ​statement that the tests showed a natural flow without the need for artificial lift, “with encouraging production ​rates confirming the success of the ​drilling operations.”
• Senegal looks set to continue upheavals on its sovereign debt as the government fails to reach any agreement with the IMF, currently visiting the country. The current administration had revealed an under-reporting of public debt that now requires restructuring. The IMF has frozen a $1.8 billion loan programme with the view to settling a restructured deal but cutting off funds for the country.
• Platinum futures fell below $1,770 an ounce this morning, reversing gains earlier today and heading toward a six-month low, pressured by a stronger US dollar. Losses were capped as oil prices declined further after US President Trump signed an interim agreement to end the war with Iran. The platinum market also remains structurally tight, as output from major producers South Africa and Russia remains constrained

Markets by Numbers 

Currency markets indicate the US dollar flat today after earlier gains. The Greenback is trading against the Euro at 1.15172 while trading against the Pound at 1.33085 The Yen is currently trading at 160.60 to the dollar. The rand (ZAR), is currently trading around the 16.33 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending 1% higher this morning, and currently trading at around $4304.21 per ounce.  
• Copper prices are around -1.6% lower today, with prices currently around $63.749 per pound
• Silver futures are trending level today, and currently trading at around $68.575 per ounce.
• Platinum futures are around -2.2% lower this morning, and currently trading at $1752.20, While Palladium prices are around -2.1% lower today, and currently trading around $1334.50 per ounce.
• Brent crude oil prices are trending -2.1% lower today, and currently trading around $77.80, with WTI trading at $74.86 currently
• Cocoa futures are marginally higher this morning, and currently trading at $4237 per ton. 
• Coffee futures are trending around -0.3% lower today, and currently trading at around $2.7190 per pound

Crypto Currencies: 

• Bitcoin prices are -0.91% lower today, and trading at around $63 835 per coin currently 
• Ether prices are -1.2% lower this morning, and currently trading around $1726.54
• $Trumpcoin are currently trading at around $1.864

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

African General News Briefs:

• The New Development Bank (NDB) has approved $1 billion for South Africa’s infrastructure upgrades. South Africa’s existing infrastructure gap was estimated at between $254-329 billion for 2022-2030, according to the bank. The funds are set to support investment in the provision of essential ​urban services, including water supply and sanitation, electricity and solid waste management in eight South African municipalities which include Johannesburg, Cape Town, Buffalo City, Ekurhuleni, eThekwini, Mangaung, Nelson ​Mandela Bay ​and Tshwane. 
• South Africa’s Democratic Alliance party, the second-largest party in the current coalition government, yesterday (17 June) demoted former leader John Steenhuisen from his position as minister of agriculture. This follows a disastrous handling of the recent foot and mouth disease outbreak that has seen local cattle stocks decimated due to poor response times. Farmer association Afriforum had to take the minister to court to overturn regulations Steenhuizen had implemented. Steenhuisen will be replaced by Willie Aucamp, the current environment minister, and will take up a new role as deputy minister of trade, industry and competition.