Breaking News Today – Tuesday 19 May 2026

African Start-up News Headlines:

• GoTyme, the South African developed Digital Bank has accelerated its timeline for a potential public listing, with executives now targeting a three-to-four-year window for an initial public offering that could value the Motsepe-backed fintech at as much as USD 15 B. The shift in timeline marks a significant departure from the bank’s previous guidance of a listing sometime before 2030, Chief Executive Officer Cheslyn Jacobs stated recently. The decision is based on GoTyme adding around 450,000 new customers per month across its South African and Philippine operations.
• Africa Finance Corporation (AFC) yesterday announced that its Board has approved a commitment of up to US$100 million to invest in Africa-focused technology fund managers. The continent’s digital economy is projected to contribute over US$700 billion to GDP by 2050, and there is however a persistent gap in long-term institutional capital, which continues to constrain the development and scaling of high-potential technology businesses across the continent.Through this commitment, AFC will deploy catalytic capital in leading Africa-focused technology Funds and in particular African-owned fund managers.

Business News Today 

Web Summit Expands into Africa

Global Tech event group Web Summit, will host its first-ever event on the African continent this December, with Cabo Verde chosen as the location. Web Summit runs the world’s largest technology events, connecting people and ideas that change the world. Web Summit’s mission has been to create software that enables meaningful connections between the CEOs, founders, investors, media, politicians and cultural figureheads who are reshaping the world.The expansion to Africa follows Web Summit’s entry into the Middle East with a Qatar event, and adds the continent to a roster that already includes Lisbon, Toronto, Rio de Janeiro, and Hong Kong. Many had expected the summit’s African debut to land in South Africa, Nigeria, Kenya, or Egypt. However Web Summit CEO Paddy Cosgrave noted the relevance of Cabo Verde’s position as a bridge between Africa, Europe, and the Americas had been the decider.

Afrimat Wins Crucial Court Finding Against Gwede Mantashe

South African Mining House Afrimat Iron Ore, has secured a High Court victory in Pretoria (judgment 18 May 2026) compelling Mineral and Petroleum Resources Minister Gwede Mantashe (or the Director-General) to grant consent for the transfer of the Ochre Shimmer mining right within days. Afrimat had bought the iron ore mining rights (Doornfontein, Northern Cape; valid 2021–2032) from Ochre Shimmer in May 2025 to replace depleting reserves at its Demaneng mine. It applied for ministerial consent under section 11 of the MPRDA on 30 June 2025 to enable continued rail exports.

The core issue was a nine-month administrative delay. The Department hesitated due to a dispute with Lungile Mlotshwa (widow of a former Ochre Shimmer shareholder), who claimed a personal interest in the right via community of property and prior share transfers. Afrimat holds a Transnet IOEC allocation (expiring March 2027) and must bid for renewal/increase by the 29 May 2026 deadline. The IOEC bid requires proof of a valid Northern Cape iron ore mining right. Without timely transfer consent, Afrimat risked losing rail capacity

Zambia Announces Gold Production Ambitions

Zambia’s state investment firm ZCCM-IH released a statement yesterday, indicating it had formed a joint venture with ​Mining Mineral Resources drive metals exploration for and mining developments targeting ‌gold, as the major copper-producing African country seeks to diversify its mining sector. Kyalo Goldfields Limited (KGL) was incorporated on May 6 to ​explore, develop and mine gold resources in ​the Kikonge Mining Area in Zambia’s North Western ⁠Province. will support the formalisation of artisanal and small-scale ​mining activities in the area to ensure the safe and regulated production of gold. It will also develop processing capabilities ​to enhance value retention within Zambia.

ZCCM-IH will hold a ​51% stake in KGL, with Mining Mineral Resources, which mines and ‌processes ⁠tin, tantalum and tungsten in the Democratic Republic of Congo, holding the remainder. With Gold Prices climbing to record highs above $4500 per ounce this year, the opportunity for gold mining developments has become particularly attractive for African States and could see a profitable diversification of mining for Zambia.

Breaking Business and Market News Shorts:  

• Aliko Dangote, Africa’s richest man is set to increase his investment in Ethiopia with a new fertiliser complex, bringing his total investment to over $4 billion, making the country the second-largest recipient of investments from the Dangote Group.
• Banking major, Standard Chartered, is the latest major company to announce job cuts as it increases its adoption of artificial intelligence (AI). The firm, which has its headquarters in the UK, said it will cut more than 15%, or around 7,800, back-office roles by 2030. The company did not give details of where the roles would be cut. It has major back-office operations in India, China, Malaysia and Poland.
• US Tech stocks slipped yesterday, pressured by equity indices and extending their pullback from record highs, while high energy prices maintained risks of higher inflation. The S&P 500 and the Nasdaq dropped 0.3% and 1%, respectively, but the Dow was flat on strength for traditional sectors of the economy.
• Gold slipped below $4,550 an ounce this morning, giving back part of the previous session’s gains as uncertainty surrounding the Middle East conflict and persistent inflation concerns weighed on sentiment. Markets responded cautiously to President Donald Trump’s remarks hinting at possible progress toward a peace agreement with Iran

Markets by Numbers 

Currency markets indicate the US dollar strengthening against major currencies today. The Greenback is trading against the Euro at 1.16382 while trading against the Pound at 1.34060. The Yen is currently trading at 158.99 to the dollar. The rand (ZAR), is currently trading around the 16.65 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending around -0.6% lower this morning, and currently trading at around $4537.80 per ounce.  
• Copper prices have slid by around -0.9% today, with prices currently around $6.2120 per pound
• Silver futures are trending around -2% lower today, and currently trading at around $76.039 per ounce.
• Platinum futures have fallen by around -0.3% this morning, and currently trading at $1969.80, While Palladium prices are trending -1.1% lower, and currently trading around $1404.50 per ounce.
• Brent crude oil prices are trending -1.6% er, and currently trading around $110.26. WTI is trading lower at $103.13 currently
• Cocoa futures continue to slide, down by around -5.4% this morning, with prices dropping below the critical $4000 mark, and currently around $3791 per ton. 
• Coffee futures are trending around -1.1% lower today, and currently trading at around $2.6420 per pound

Crypto Currencies: 

• Bitcoin prices are trending -0.38% lower this morning, and trading at around $76 649 per coin currently 
• Ether prices are trending fairly flat today, and currently trading around $2128.54
• $Trumpcoin are currently trading lower at around $2.064

(All prices quoted at approximately 07H25 Central African Time) 

African General News Briefs:

• At least four people have been killed during nationwide transport protests in Kenya, which has been confirmed by the interior minister. Anger is building over rising fuel prices which has paralysed major cities and exposed deep economic strain. The unrest erupted yesterday when public transport operators went on strike, forcing “matatu” minibuses off the roads and leaving thousands of commuters stranded. Protesters blocked highways, lit bonfires on major roads, and attempted to halt private vehicles and motorbike taxis in several cities.
• Uganda’s President Yoweri ‌Museveni, yesterday signed into law a contentious legislative act that aims to prevent foreign influence in the country. This was passed after parliament dialled down provisions that had drawn criticism from financial institutions over potentially inhibiting normal remittances and developmental work.The bill ​now criminalises any promotion of the “interests of a foreigner or state, against the interests of Uganda” ​and bans anyone working on behalf of foreign interests from developing ⁠or implementing policy without government authorisation.
• Somaliland marked its independence day yesterday, with renewed calls for international recognition, five months after Israel became the first nation to formally recognise the breakaway region. Thousands gathered in the capital, Hargeisa, for military parades and celebrations as President Abdirahman Mohamed Abdullahi said Somaliland had met all the standards of a peaceful and democratic state.