Breaking News Today – Wednesday 12 August 2026

African Start-up News Headlines:

• Nigeria’s Fintech SeerBit, has announced its integration with PayPal, enabling merchants across its supported markets to accept payments directly from PayPal users at checkout. SeerBit enables businesses and financial service providers to make and accept payments from their customers across Africa. Users have the advantage of enjoying flexible features to fit any business with a single integration. SeerBit operates in 10 African countries with a wide range of solutions developed to drive the adoption of digital payments across the African continent.
• Kenyan digital used-car marketplace Peach Cars has secured USD 3.7 M in debt financing from Japan Finance Corporation and Shoko Chukin Bank to expand its vehicle transaction infrastructure in Kenya. The new funding will support the expansion of physical inspection and vehicle handover hubs, improve appraisal technology, and develop embedded auto-loan products for consumers.
  
  

Business News Today 

Unemployment Crises in South Africa Deepens

South Africa’s unemployment rate climbed to 33.6% in the second quarter (Q2) of 2026. Indicating that just over one in every three people who want to work cannot find a job. This also aligns with the Manufacturing Production and sales data for June 2026, released yesterday, which indicated that Manufacturing production decreased by 1,7% in June 2026 compared with June 2025

The number of unemployed people rose by 345 000 in Q2, pushing the total unemployed number to 8.5 million. At the same time, the number of people with jobs edged down to 16.7 million. More people entered the job market looking for work, with not enough new positions opening up to absorb them. Job losses were felt most in community and social services, mining and manufacturing. Some relief came from trade and construction, which added workers, but it was not enough to turn the overall picture around.

Young people remain hardest hit. More than one in three South Africans aged 15 to 24 do not have work, education or training. The Eastern Cape continues to carry the highest provincial unemployment rate at nearly 48%, while the Western Cape remains the lowest at under 20%. These figures show a labour market that is still struggling to create enough opportunities for the people who need them. This is a further indication of the economic decline in Africa’s largest economy.

Southern Palladium Licence Approved

After a two decade long battle, that culminated in a landmark Constitutional Court victory, Southern Palladium, the dual listed mining exploration group, has eventually managed to secure a 30-year mining licence for its Bengwenyama project located in the Limpopo province in northern South Africa. Southern Paladium is a dual-listed company with listings on the Australian Securities Exchange (ASX: SPD) and the Johannesburg Stock Exchange (JSE: SDL). The Company holds a 70% interest in the Bengwenyama PGM project, located in the Eastern Limb of South Africa’s Bushveld Complex, home to the world’s largest known PGM reserves.

A recently concluded Definitive Feasibility Study (DFS) metallurgical results have reinforced Bengwenyama’s position as a world-class tier 1 PGM project, with the added benefit of significant high-grade chrome co-production. At full steady state stage 2 production, the Bengwenyama Project is projected to produce over 400 000 ounces of Platinum Group Metals and 1 million tons of high-grade chrome concentrate per annum.

Breaking Business and Market News Shorts:  

• The Central Bank of Kenya left its benchmark interest rate at 8.75% yesterday, for a third straight hold, as policymakers stated that the current stance of monetary policy remained appropriate to ensure price and exchange rate stability. Headline inflation rose to 6.5%, driven by higher fuel costs that pushed up transportation and food prices, but remained within the bank’s 5% ±2.5% target range. 
• Members of the BRICS group of nations are discussing potential linkages between their respective fast payment systems and central bank digital currencies, Reserve Bank of India Governor Sanjay Malhotra announced at an event yesterday. 
• Expat services group, Xpatweb, has said that more than 8,100 employers in South Africa have been charged with failing to comply with the country’s Immigration Act, paying over R770,000 in fines for hiring illegal foreign workers. The penalties have been flagged amid a wider crackdown on illegal immigration in the country, and new laws coming to hold employers more accountable.
• US stock futures were little changed today as investors awaited a key inflation reading that could shape the Federal Reserve’s next policy decision. The consumer price index report is due later today, followed by producer inflation data on Thursday. Markets remain divided over whether the Fed will raise rates by 25 basis points in September after keeping them unchanged in July
• The Reuters Tankan index for Japanese manufacturers increased to +18 in August 2026 from +13 in the previous month, marking the highest reading since March, supported by solid semiconductor demand. Semiconductor-related industries drove the manufacturing index higher

Markets by Numbers 

Currency markets indicate the US dollar strengthening today. The Greenback is trading against the Euro at 1.15345 while trading against the Pound at 1.35046 The Yen is currently trading at 159.48 to the dollar. The rand (ZAR), is currently trading around the 16.18 mark against the US dollar this morning.

Commodities:  

• Gold futures are trading 0.38% higher this morning, and currently trading at around $4387.40 per ounce.  
• Copper prices are around 0.15% up this morning, with prices currently around $6.6229 per pound
• Silver futures are up by 0.6% today, and currently trading at around $65.063 per ounce.
• Platinum futures are up 0.42% this morning, and currently trading at $1761.70 while Palladium is 0.04% up today, and currently trading around $1370.50 per ounce.
• Lithium prices have jumped by 2.25% today and currently at CNY148 000
• Brent crude oil prices are trending around 0.9% higher today, and currently trading around $87.70 with WTI trading at $83.99 currently
• Cocoa futures are down by 4.69% today, and currently trading at $5654 per ton. 
• Coffee futures are up by around 0.5% today, and currently trading at around $3.1570 per pound

Crypto Currencies: 

• Bitcoin prices are up by 0.39% today, currently trading at around $63 794 per coin.
• Ether prices are trending 0.4% higher this morning, and currently trading around $1890.23

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

African General News Briefs:

• Libya’s National Oil Corporation (NOC) has indicated that the multiple fire blazes, sparked by drone attacks on the country’s second-largest oil refinery had been contained. On Monday night, a large gasoline reservoir west of the capital caught fire and collapsed after it was “struck by a drone, while another drone fell near a second tank without causing casualties”, Hamdi al-Bishti, head of the Brega Oil Company that runs the refinery, told AFP. The NOC said another drone had targeted the complex but did not cause any damage. It remains unclear who is behind the attacks.
• A ferry on Lake Kariba, in Zimbabwe, has capsized with at least 15 people dead while another 27 are missing officials have said. The ferry has now confirmed to have had around 115 passengers onboard according to the ticket sales number, which is above its 90 passenger limit. The southern African country’s national disaster management agency said 77 people had been rescued. Local residents are said to use the ferry to get from rural parts of the region to the town of Kariba, which is on the north side of Lake Kariba, close to the border with Zambia. High winds were reported in the area and this combined with possible overloading appear to have caused the incident. A commission of enquiry is expected to be held to investigate.