Breaking News Today – Tuesday 11 August 2026

African Start-up News Headlines:

• Top Kenyan fintech Cloud9, has acquired Chpter, a conversational commerce platform, to combine banking, payments, and digital commerce for African businesses, in an all-stock deal.  Cloud9 is a Nairobi-based stablecoin-native digital banking platform providing multi-currency accounts, cross-border payments, treasury services, and other financial tools.loud9 has integrated Chpter’s commerce capabilities into its Business Banking platform and will no longer be a standalone product.
• The International Finance Corporation (IFC) has committed $24.2 million in first-loss guarantees through partnerships with Kenyan lenders 4G Capital, Equity Bank Kenya and KCB Bank Kenya, aiming to unlock significantly more financing for underserved small businesses. The transactions are the first in Africa under IFC’s Catalytic First Loss Guarantee programme. Of the $24.2 million commitment, $11 million is backed by the International Development Association’s Private Sector Window

Business News Today 

Forex Reserves in South Africa Hit 8-Month Low

Gross foreign exchange reserves in South Africa reduced to USD 73.45 billion in July 2026 from USD 74.11 billion in June 2026, marking the lowest level of foreign reserve holdings since November 2025. The decline was mainly driven by lower foreign currency reserves, which fell to USD 50.41 billion from USD 51.22 billion.

The SARB attributed the changes to a combination of a USD 150 million foreign loan received from the OPEC Fund, and a higher US dollar gold prices and valuation adjustments. These were partly offset by government foreign-exchange payments, including the repayment of a USD 574 million foreign loan.

Gold Hits two-Month High

Gold futures have climbed above the $4,400 an ounce mark earlier today, reaching its highest level in two months as investment demand for precious metals increased despite inflationary risks persisting and with expectations for interest rate hikes lifting due to surging oil prices. Chinese institutional investors have driven demand with continued bullion holding increases as a hedge against growing volatility in global markets, with gold-backed exchange traded funds in China recording their longest streak of inflows in months.

China’s central bank has also accelerated its gold purchases, with reserves rising by about 20 tons in July following an increase of around 15 tons purchased in June. This marked the largest monthly addition to China’s gold reserves since October 2023. There is also growing uncertainty over a potential peace accord between the US and Iran to end the war and reopen the Strait of Hormuz, increasing demand for the safe-haven metal. Prices have subsequently started to drop below the $4400 mark.

Crude Oil Production in Nigeria Spikes in Q2

Nigeria saw close to double of its raw crude supplies to its domestic refineries in the second quarter (Q2) of 2026, marking a definitive turnaround in the country’s efforts to increase home refining volumes. Africa’s biggest refinery, Dangote, processed 52.6 million barrels, out of a total raw crude oil supply out of 53.7 million barrels of crude, accounting for almost all the crude supplied to domestic refiners. The improvement ensured that 97.4% of Nigeria’s Domestic Crude Supply Obligation was met by local oil production, compared to less than half of allocated volumes delivered in the first quarter.

The shift represents a significant pivot for Nigeria who has for some time exported much of its crude while relying heavily on imported petrol and other refined petroleum products, exposing the country to foreign-exchange pressures and international fuel-price movements. The improvement in second-quarter figures suggests a shift to easing one of the biggest constraints faced by the country economically with Dangote Oil providing the platform for further domestic growth. The challenge will be ensuring ongoing steady local crude supply as refining capacity expands and demand for Nigerian crude from both domestic processors and international buyers continues to compete for the country’s oil.

Breaking Business and Market News Shorts:  

• Egypt’s annual urban inflation accelerated for the first time in four months to 14.9% in July 2026 from 14.3% in June. Inflation This was however below market expectations of 15.1%. It marked the highest inflation rate since April 2026, with the largest component of the inflation basket, food and beverages, rising to 8.0% from 5.4% in June, the highest level in 14 months.
• Copper futures climbed above $6.6 per pound this morning, lifting for a second straight session. This was supported by signs of tightening global supply and expectations for constrained mine output. Traders remained cautious over potential US import tariffs on copper, which have continued to redirect metal from international markets into US warehouses. 
• The governor of Libya’s central bank, Naji Issa, has resigned without giving a reason, several reports said yesterday. Issa and vice-governor Miree al-Barasee were appointed by Libya’s parliament, which is based in the east of the divided country, in September 2024. Naji’s appointment was part of a deal backed by the United Nations to deal with a major financial crises.
• Singapore’s stocks lifted 0.8%, to 5,745 points around noon today, as the market resumed trading after closing for a holiday. The lift extending gains for a third consecutive trading session, supported by strong economic data. The latest data indicated that Singapore’s Q2 GDP was revised higher to 5.9% from 5.7%, driven mainly by AI-related demand.
• India’s BSE Sensex fell about 0.5% to 78,187 today, reversing gains from the previous session with rising crude oil prices impacting investor sentiment and raising inflation risk concerns and corporate earnings. Brent crude climbed to a one-week high of $87.7 per barrel amid renewed geopolitical tensions and fading hopes of a near-term US-Iran agreement, raising concerns for oil-importing India.

Markets by Numbers 

Currency markets indicate the US dollar strengthening today. The Greenback is trading against the Euro at 1.15408 while trading against the Pound at 1.35077 The Yen is currently trading at 159.19 to the dollar. The rand (ZAR), is currently trading around the 16.19 mark against the US dollar this morning.

Commodities:  

• Gold futures are trading -0.22% lower this morning, and currently trading at around $4382.80 per ounce.  
• Copper prices are around 0.08% up this morning, with prices currently around $6.5991 per pound
• Silver futures are down by -1.58% today, and currently trading at around $64.707 per ounce.
• Platinum futures are marginally lower this morning, and currently trading at $1750.80 while Palladium is -0.3% lower today, and currently trading around $1378.00 per ounce.
• Lithium prices are trading 0.17% higher today and currently at CNY144 750
• Brent crude oil prices are trending around 0.1% higher today, and currently trading around $87.81 with WTI trading at $82.29 currently
• Cocoa futures are up by 0.67% today, and currently trading at $5821 per ton. 
• Coffee futures are down by around 0.63% today, and currently trading at around $3.1390 per pound

Crypto Currencies: 

• Bitcoin prices are flat today, currently trading at around $63 977 per coin.
• Ether prices are trending 0.18% higher this morning, and currently trading around $1874.33

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

African General News Briefs:

• Voters in Zambia will head to the polls this week Wednesday (13 August) to vote in the country’s general elections. A total of fourteen candidates are running for president, including incumbent Hakainde Hichilema and Main opposition party candidate Brian Mundubile, with economics and the rising cost of living, emerging as the central theme for the elections.
• Heavy snow, hail, rain and icy conditions are causing major disruption across several provinces in South Africa, with a number of key roads closed. Motorists are being urged to drive with extreme caution. The worst-hit areas are KwaZulu-Natal and the Eastern Cape, where several major routes have been shut because of snow. Snow has also been reported in parts of the Western Cape, while hail and other hazardous weather are affecting the Free State, Mpumalanga and other provinces.