Breaking News Today – Tuesday 7 July 2026

African Start-up News Headlines:

• Applications have been opened for the 2026 Katapult Africa accelerator programme. This initiative was established to support climate-tech startups in reaching key milestones of growth, investor readiness, and impact management.The three-month Katapult Africa programme gives participants access to intensive workshops, learning sessions, and a broad network of key stakeholders, including investors and industry experts. Successful ventures also receive between US$150,000 and US$500,000 in equity investment.
• Fuzu and Kyosk, both African focused startups, have received investments from the Jobtech Alliance, an Africa-focused initiative helping the best jobtech platforms scale job creation and improve livelihoods, by backing startups creating employment opportunities. The value of the funding was not disclosed, however the funding will support Fuzu’s AI workforce expansion and Kyosk’s operational efficiency and micro-enterprise growth strategy. Fuzu is a Nairobi-based talent hiring platform, and Kyosk is a digital distribution management platform, serving informal retailers across Kenya, Nigeria, Uganda, and Tanzania.

Business News Today 

Senegal’s Sangomar Oil Field Provides Production Update

According to Senegal’s Energy Ministry, the Sangomar offshore oil field (operated by Australia’s Woodside Energy) produced a cumulative 17.9 million barrels from January to the end of June 2026. This represents strong ramp-up performance for the country’s first major offshore oil project, which achieved first oil in June 2024. Sangomar only began commercial production in mid-2024. The current production of nearly 18 million barrels in the first half of 2026 shows successful ramp-up toward its Phase 1 targeted capacity of around 100,000 barrels per day.

Australian project operator, Woodside Energy is actively evaluating Phase 2 of Sangomar, which could significantly boost long-term output. While phase 2 is still at feasibility stage, Phase 1 involved building of a Floating Production Storage and Offloading (FPSO) vessel with 23 wells. Phase 2 would seek to build on this existing infrastructure for cost efficiency.

Asian Stocks Fall on Tuesday, 7 July 2026 – South Korea Leads Losses

Asian markets opened the week on a soft note, with South Korea’s Kospi falling sharply (around 1.5–2%+ at one point) and dragging the broader region lower. Japan’s Nikkei and Hong Kong’s Hang Seng also saw notable declines, while mainland China indices remained relatively resilient. South Korea’s market is heavily weighted toward technology giants like Samsung Electronics and SK Hynix. Renewed concerns over global chip demand, potential US export restrictions, or profit-taking after recent AI-driven rallies contributed to the drop. This however appears to be a corrective dip rather than the start of a major bear market, which is typical in volatile, sentiment-driven global markets.

Uganda’s Sees Sharp Drop in Coffee Export Earnings

Uganda, Africa’s largest coffee exporter (primarily Robusta coffee), saw export earnings fall dramatically in May 2026 to US$151.7 million, a 38% decline from US$244 million in May 2025. Export volumes dropped significantly by 22% to 617,491 6 bags from 793,445 bags the previous year. This is a significant reversal after strong performance in prior periods. International prices declined after months of highs driven by supply concerns such as Brazil weather issues in 2025. Expectations of improved global supply in 2026 and particularly larger harvests from Brazil and Vietnam, have weighed on the coffee futures markets. Coffee is Uganda’s top agricultural export and a key foreign exchange earner, supporting millions of smallholder farmers. Sharp drops in prices have hit rural incomes, reduced government revenue, and the country’s current account.

Breaking Business and Market News Shorts:  

• Ghana’s consumer inflation almost doubled in June, with high fuel prices caused by the war on Iran continuing to impact the economy. Inflation rose to 5.3% in June, up from 3.7% in May, with transport fares, rent, and school fees being the main drivers of the increase. 
• The S&P Global Egypt PMI fell to 46.0 in June 2026 from 47.1 in May, the sharpest contraction in the non-oil private sector in nearly three and a half years. Business conditions weakened as new orders fell at the fastest pace since November 2022, pressured by weak liquidity, supply disruptions, raw material shortages, and the Middle East conflict.
• United Nations Secretary-General Antonio Guterres has called for the creation of a global system to govern AI, warning that the technology is advancing faster than the world can manage. Speaking at the UN Global Dialogue on AI Governance in Geneva, Guterres said AI must be developed in the service of humanity and not allowed to shape humanity’s future without clear rules and accountability.
• Platinum futures were below $1,620 an ounce this morning, trading close to a 12-month low level since November 2025, pressured by a stronger US dollar that continued to weigh on precious metals. However, losses were limited after signs of a cooling US labor market reduced expectations of an imminent Federal Reserve rate hike.

Markets by Numbers 

Currency markets indicate the US dollar slightly softer today. The Greenback is trading against the Euro at 1.14300 while trading against the Pound at 1.33811 The Yen is currently trading at 161.91 to the dollar. The rand (ZAR), is currently trading around the 16.24 mark against the US dollar this morning.

Commodities:  

• Gold futures are around -0.9% lower this morning, and currently trading at around $4125540 per ounce.  
• Copper prices are around -0.5% lower this morning, with prices currently around $61.424 per pound
• Silver futures are around -2% lower today, and currently trading at around $60.762 per ounce.
• Platinum futures are around -1.42% lower this morning, currently trading at $1619.60, while Palladium is around -1.49% lower today, and currently trading around $1252.00 per ounce.
• Brent crude oil prices are trending higher today, and currently trading around $72.78, with WTI trading at $69.33 currently
• Cocoa futures have surged this morning, up by around 13.4% today, and currently trading at $5694 per ton. 
• Coffee futures are rocketing this morning, up by over 15.8% today, and currently trading at around $3.4995 per pound

Crypto Currencies: 

• Bitcoin prices are -1.5% softer today, currently trading at around $63 002 per coin.
• Ether prices are trending -1.71% lower this morning, and currently trading around $1766.03
• $Trumpcoin are currently trading at around $1.668

(All prices quoted at approximately 08H15 Central African Time) 

African General News Briefs:

• Zimbabwe’s state power utility ZESA ​reported a nationwide power ‌outage on Monday evening, saying a technical ​fault on ​its network caused the blackout. The ​utility said its ​engineers ⁠were working to restore grid stability ⁠and ​would provide ​further updates as restoration progressed, while the power utility said ​its technical teams were investigating the original cause of ​the outage.
• The Zimbabwean government has confirmed that more than 60 000 of its citizens have already returned home due to growing anti-illegal immigration sentiment in South Africa. This has prompted tens of thousands of Zimbabwean nationals to return to their country. Official figures show that authorities repatriated 11 065 Zimbabweans through joint efforts by the South African and Zimbabwean governments, while another 47 703 returned voluntarily.