Breaking News Today – Wednesday 1 July 2026

African Start-up News Headlines:

• Egyptian startup BrainsMingle has raised $400 000 in seed funding from BasharSoft Group, the HR technology company behind WUZZUF and Forasna. The video-first platform enables professionals, mentors, creators, universities, and organisations to host live sessions, manage bookings and payments, and build communities from a single platform. BrainsMingle says it has clients across more than 90 countries and will use the funding to grow its platform and expand its presence

Business News Today 

South African Unemployment Craters Further

According to the latest employment numbers from Stats SA, the country’s total employment decreased by 121,000 or 1.1% year-on-year between March 2025 and March 2026. Employment decreased by 80,000 jobs or 0.8% quarter-on-quarter, from 10,548,000 in December 2025 to 10,468,000 in March 2026. This was due to decreases in community services (-53,000 or -1.9%), trade (-40,000 or -1.7%), transport (-3,000 or -0.6%), and electricity (-1,000 or -1.5%). 

Key Figures (Q2 2026):

• Official Unemployment Rate: Rose to 32.9% (up from 32.1% in Q1).
• Expanded Unemployment Rate (including discouraged job seekers): Increased to 42.4%.
• Number of Unemployed: Approximately 8.4 million people.
• Youth Unemployment (15–34 years): Stood at 45.7%, remaining critically high and showing little improvement despite various government initiatives.

Group 5 Exits Business Rescue

South African construction company Group 5, once one of South Africa’s largest construction firms, has officially exited business rescue, marking the end of a long and challenging restructuring process. The company announced yesterday that it has successfully completed the necessary steps to conclude the business rescue proceedings that began in 2023. Rescue practitioner Dave Lake, commented that “This outcome materially exceeds the liquidation alternative that was modeled at the commencement of the business rescue.

The rescue process involved significant debt restructuring of around R7 billion in creditor debt, asset sales, and operational refocusing. Creditors and key stakeholders ultimately approved a business rescue plan that aimed to stabilise the company and position it for sustainable operations going forward.

Telecom Major Vodacom in Safaricom Share Acquisition

Vodacom Group Limited has announced the completion of its acquisition of an additional 20% of Safaricom, giving it control of the Kenyan company. The deal has gone ahead following the Court of Appeal of Kenya’s 26 June 2026 stay of a conservatory order and the fulfilment of all conditions precedent. Vodacom said that its 55% stake allows for consolidation into one of Africa’s foremost telecommunications, financial services, and technology businesses.The transaction was valued at $2.1 billion (R35 billion) and was first announced in December 2025.

Breaking Business and Market News Shorts:  

• Asian stock markets are a bit mixed this morning, following a quarter when the Nikkei rose 37%, ​the Kospi 68% and the Taiex 45%. Those gains relied on a lot going right in the AI trade, and ​the flow of positive economic data.
• Anthropic said yesterday that the U.S. Commerce ​Department had lifted export controls on its most advanced Fable and Mythos AI models, less than three weeks after the company was ordered to suspend their access over national ‌security risks. A June 12 order requiring Anthropic to immediately restrict access for Mythos 5 and Fable 5 to foreign nationals prompted the company to disable both models for all users 
• After several weeks of crypto price slides, there have been small upward movements in crypto currencies this morning with Cardano the outlier with a 3.2% surge in price this morning. Solana is also up by around 1.3% with Ether up 0.5% and Bitcoin up marginally today.
• South Africa recorded a trade deficit of R1.79 billion in May, with National Treasury figures indicating a budget deficit of R14.62 billion for the same month. The South African Reserve Bank also reported that foreign direct investment inflows totalled R20.3 billion in the first quarter of 2026.
• Major African Banking group, Absa shed more than R14 billion from its market cap yesterday, (30 June), with its share price falling by more than 6% after the release of a disappointing trading update. The bank said it expects its revenue to grow by low to mid-single digits, with non-interest income growing faster than net interest income.

Markets by Numbers 

Currency markets indicate the US dollar strengthening today. The Greenback is trading against the Euro at 1.14020 while trading against the Pound at 1.32365 The Yen is currently trading at 162.70 to the dollar. The rand (ZAR), is currently trading around the 16.44 mark against the US dollar this morning.

Commodities:  

• Gold futures are around -0.9% lower this morning, and currently trading at around $3968.31 per ounce.  
• Copper prices are around -1.8% lower this morning, with prices currently around $60.731 per pound
• Silver futures are around -1.6% lower today, after a steep drop yesterday, and currently trading at around $57.518 per ounce.
• Platinum futures are around -1.35% lower this morning, currently trading at $1544.50, While Palladium is around -1.7% lower today, and currently trading around $1188.00 per ounce.
• Brent crude oil prices are trending flat today, and currently trading around $73.01, with WTI trading at $69.54 currently
• Cocoa futures are up around 2.2% today, dropping below the $5000 mark, and currently trading at $5078 per ton. 
• Coffee futures are surging over 6.7% higher today, and currently trading at around $2.9645 per pound

Crypto Currencies: 

• Bitcoin prices continue to fall and are marginally higher today, and trading at around $58 540 per coin currently 
• Ether prices are trending higher this morning, and currently trading around $1572.09
• $Trumpcoin are currently trading at around $1.687

(All prices quoted at approximately 08H50 Central African Time) 

African General News Briefs:

• Uganda’s growing authoritarian state control is intensifying, with opposition leader Kizza Besigye appearing in court yesterday, on treason charges as concerns grow over a widening assault on dissent or disagreement with state narratives. Besigye told the court the trial could not proceed while his lawyers feared for their own safety, after one of his lead attorneys was arrested earlier this month. The opposition veteran has been in detention since he was abducted in neighbouring Kenya last year.
• The East African ‌Nation Media Group, whose TV, Newspaper and magazine operations in Uganda were forced closed by the Ugandan military, has said it is in talks with authorities to reopen, with staff still unable to access offices, according to a Reuters report. Uganda’s military chief, who is also President Yoweri ​Museveni’s son, ordered the shutdown of the Daily Monitor and NTV Uganda on Sunday, saying they would ​not reopen without his permission. He did not give specific reasons for their closure.