Breaking News Today – Thursday 2 July 2026

African Start-up News Headlines:

• Daya Raises $2.4M Pre-Seed for Stablecoin Payments: the Nairobi-based stablecoin payments startup Daya, has secured $2.4 million in pre-seed funding. The round was led by Hivemind Capital, with participation from Lattice, Alliance, Globelink, and the Aptos Foundation. The startup is building infrastructure for cheaper, faster cross-border payments and remittances using stablecoins. The capital will be used for team expansion, compliance strengthening, and market entry across Africa.

Business News Today 

South African New Vehicle Sales Spike in June

South Africa’s new vehicle domestic market delivered a strong performance in June 2026, with domestic sales reaching 54,482 units — the best June performance since 2007. This represents a solid 15.3% increase (7,213 units) compared to June 2025. Passenger vehicle sales demand was supported by essential mobility needs, fleet renewal, rental industry activity, and robust government procurement despite high inflation, rising fuel costs, and cautious consumer confidence. Export sales however did not perform in the month, declining -6.9% to 33,879 units.

Key Highlights Are: Medium & Heavy Commercials: Positive growth, with heavy trucks & buses up 15.9%. Passenger Vehicles: 38,393 units (+18.1%) and Light Commercial Vehicles: (bakkies & mini-buses): 13,171 units (+8.4%)

New Data Centre Development in Lesotho

Lesotho has announced plans to build its first AI data centre in the Mokhotlong district, in the mountainous northeastern part of Lesotho which will be powered by green energy. The Lesotho government earlier, in June, signed a US$6.2 billion memorandum of understanding (MoU) with US-based renewable energy and advanced manufacturing company, Convalt Energy, to construct the AI data center along with 1.2 GW of hydropower, 4.6 GW of solar generation capacity and up to 4 GwH battery energy storage system (BESS). The current Data processing capacity in the Southern African nation, is limited with only two existing data centres, which are primarily utilised for telecoms and government services. The construction of the AI data centre, is expected to begin in 2029, and aims to accelerate digital transformation in the mountain kingdom.

Tech Stocks Take an Overnight Tumble

Asian equity markets declined on Thursday, tracking a technology-led selloff on Wall Street overnight amid lingering concerns about the sustainability of the AI-driven rally. South Korea’s KOSPI Composite, widely viewed as a barometer for the AI sector, tumbled nearly 5%, while Japan’s Nikkei 225 lost more than 1%. Benchmark indexes in China and Australia also traded lower. Key share Drops included Nvidia — Down ~4.5–5%, Tesla — Down ~3.8% Meta — Down ~3.2% and Broadcom and AMD — Both fell over 4%.

The sell-off appears largely technical and sentiment-driven rather than tied to a single catastrophic event. Markets remain sensitive, and volatility is expected to continue in the short term. Main Reasons Cited for the fall includes: Market rotation out of growth/tech stocks into more defensive sectors amid mixed economic signals in the sector, renewed profit-taking after a strong run in AI-related stocks, as well as concerns over high valuations in the artificial intelligence sector.

Breaking Business and Market News Shorts:  

• Volkswagen is looking to restructuring its global operations, with reports indicating that the German carmaker could close four factories and cut as many as 100,000 jobs worldwide. This follows massive pressure from Chinese car sales in the European markets and added pressure from new US tariffs imposed on European states.
• Nigeria has about 2% of GDP in government spending not recorded in recent official budgets, creating a gap between its reported deficit and actual financing needs, according to the IMF resident representative in Nigeria Christian Ebeke who commented yesterday on the gap.
• Telecoms major, the MTN Group, has announced that Jerry Soko officially became CEO of MTN Eswatini this month, effective 1 July. Soko has served as acting CEO of MTN Eswatini for the past seven months and MTN said that during that time he has stabilised and repositioned the business for sustainable growth.
• Gold strengthened above $4,050 an ounce this morning, after plunging to an eight-month low earlier this week. This followed comments from US Federal Reserve Chair Kevin Warsh, who said inflation expectations had eased over the past month, suggesting there was no urgency to raise interest rates.
• US metals producer, Alcoa Corp, has agreed to buy South32’s bauxite, alumina and aluminium assets in a deal worth as much as $5.6 billion, fixing its position as a leading global producer, with long-term demand strengthening. The deal includes a $3.1 billion cash payment and around $1 billion in Alcoa shares, while assuming $750 million of net debt and lease liabilities.

Markets by Numbers 

Currency markets indicate the US dollar losing momentum today. The Greenback is trading against the Euro at 1.13870 while trading against the Pound at 1.32893 The Yen is currently trading at 162.42 to the dollar. The rand (ZAR), is currently trading around the 16.38 mark against the US dollar this morning.

Commodities:  

• Gold futures are around 0.7% higher this morning, and currently trading at around $4059.96 per ounce.  
• Copper prices are around -0.54% lower this morning, with prices currently around $60.922 per pound
• Silver futures are around 1.5% higher today, and currently trading at around $59.979 per ounce.
• Platinum futures are trending upwards and around 1.1% higher this morning, currently trading at $1618.90, while Palladium is around 0.45% higher today, and currently trading around $1229.00 per ounce.
• Brent crude oil prices are trending almost 1% lower today, and currently trading around $70.88, with WTI trading at $67.88 currently
• Cocoa futures are up around 0,4% today, above the $5000 mark, and currently trading at $5092 per ton. 
• Coffee futures continue to surge, up over 4% today, and currently trading at around $3.0990 per pound

Crypto Currencies: 

• Bitcoin prices are rebounding and over 1.2% higher today, currently trading at around $60676 per coin.
• Ether prices are trending 1.4% higher this morning, and currently trading around $1631.90
• $Trumpcoin are currently trading at around $1.704

(All prices quoted at approximately 07H10 Central African Time) 

African General News Briefs:

• South African retail stores In Clermont outside Durban are assessing losses incurred after protest marches this week. This saw looters stripping shops of food, appliances, building material and clothing following the anti-immigrant demonstrations on Tuesday. Some business owners estimated losses running into millions of rand, saying they were uncertain whether they would be able to reopen. While there was a large police presence across the country, several areas saw protestors trashing streets and ransacking shops and local retail stores.
• Nigeria’s Dangote Petroleum Refinery has begun to import cargoes of crude oil from the United Arab Emirates this month, marking its first ever purchase from a Middle Eastern supplier, S&P Global Commodity Insights reported last week.The refinery had previously favoured Nigerian crude. A report by S&P Global Commodity Insights said Dangote imported 70% of its crude from Nigeria and 24% from the United States in 2025. But the refinery has sought to diversify its sources as it has expanded its refining operations. 
• Nigeria has stated that it will seek compensation from South Africa for looses incurred by its citizens who have left the country following recent protests targeting undocumented migrants. Nigeria’s Foreign ministry spokesperson Kimiebi Imomotimi Ebienfa told the BBC that the issue would be discussed between the two governments “at the highest levels”. Acting High Commissioner to South Africa Alexander Ajayi said on local television on Tuesday that the government had begun documenting businesses and properties left behind by Nigerians.