Breaking News Today – Wednesday 13 May 2026

African Start-up News Headlines:

• Nigerian based fintech Chimoney, yesterday announced it was closing doors on the business operation. Founder and CEO, Uchi Uchibeke gave a breakdown of why, saying The product worked, “It was distribution. I spent too much of my time building and not enough time making sure people knew what we built.”. The company startup, which served hundreds of businesses across North America, Africa, and Latin America, raised just under USD 1 M over its four-year lifespan, a sum Uchibeke now acknowledges was insufficient for its venture-scale ambitions.
• OmniRetail, M-KOPA, Thndr, Termii and 26 other African startups made the Financial Times’ 2026 ranking of Africa’s Fastest-Growing Companies, an annual list that features 130 high-growth businesses across the continent. The FT list, produced in partnership with research company Statista, identified African companies with a minimal compound annual growth in revenues (CAGR) of 9.27% between 2021 and 2024.

Business News Today 

Trump Heads to Beijing With Major Business Entourage

Us President Trump’s visit to China today marks the will first by a US president in almost a decade. It will also be a key test of a fragile trade truce between the two global economic giants, following a spate of tariff and other trade restriction manoeuvres by both countries. Trump is being accompanied by 17 senior US business executives, including Apple’s Tim Cook, Tesla and SpaceX CEO Elon Musk and Larry Fink of BlackRock. The Iran conflict is likely to be high on the agenda with Iran a key oil supplier to China and with Beijing having indicated it desires a settlement. 

Ivory Coast Faces EU regulation Hurdle on Cocoa Production 

Cocoa producers in Ivory Coast face fresh challenges from EU green regulations. The amount of Ivorian cocoa that can be traced back to where it was grown currently sits at around 50%, raising ​questions on how the world’s top cocoa grower can be required to  manage to compliance with the EU’s looming ‌anti-deforestation law. This was highlighted in a new analysis released on yesterday by the non-profit Trase. From December 2026, EU legislation will require that EU importers of commodities and related goods prove their products were not cultivated on land that had be deforested.

Among other measures, producers will be required to trace their raw ​materials back to the plot on which they were grown for import into Europe, a major cocoa importer. The regulations  raising questions of sovereignty and how major markets are manipulating African producers to comply with their regulations that may not impact the environment by any measurable scale and adds cost and erodes margins for local farmers.

South Africa Manufacturing Data Showing Some Growth

Manufacturing activity in South Africa increased 0.9% year-on-year in March 2026, following an upwardly revised 2.3% fall in February. This marks the first increase in manufacturing output since November, primarily due to food & beverages (3.5%); petroleum, chemical products, rubber and plastic products (1.8%) and electrical machinery (11.9%). On a seasonally adjusted monthly basis, output rose by 0.8%, after a downwardly revised 1.8% fall in the previous month. Manufacturing production decreased by 1% in Q1 2026 compared with the previous period.

Breaking Business and Market News Shorts:  

• Copper futures climbed to around $6.6 per pound this morning, reaching a new all-time high on the back of stronger Chinese demand and growing supply concerns. Recent data suggested resurging industrial activity in China despite geopolitical headwinds, while consumption remained robust across power grids, renewable energy, and artificial intelligence-related infrastructure sectors.
• Apple has launched Tap to Pay App on iPhone in South Africa, giving local merchants a new way to accept in-person contactless payments using only an iPhone. The feature allows businesses to take payments from contactless debit and credit cards, Apple Pay and other digital wallets through a supported iOS app. Apple says no extra card machine or payment terminal is required.
• European equity markets were headed for a stronger open today, rebounding from the previous session’s losses as investors focused on a fresh round of corporate earnings. Companies due to report results include Allianz, Eon, Merck, Porsche, and RWE.
• China’s 10-year government bond yield dropped to around 1.74% this morning, reaching its lowest level in three weeks as investors geared up for the closely watched summit between US President Donald Trump and Chinese President Xi Jinping. China’s Shanghai Composite fell 0.3% to 4,204, while the Shenzhen Component dropped 0.2% to 15,799, extending losses from the prior session

Markets by Numbers 

Currency markets indicate the US dollar gaining ground against major currencies today. The Greenback is trading against the Euro at 1.17180 while trading against the Pound at 1.35256. The Yen is currently trading at 157.73 to the dollar. The rand (ZAR), is currently trading around the 16.45 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending marginally lower, and currently trading at around $4700.15 per ounce.  
• Copper prices are trending 1.48% higher today, with prices currently around $6.5784 per pound
• Silver futures are trending flat today, and currently trading at around $86.555 per ounce.
• Platinum futures are around 0.8% higher this morning, and currently trading at $2137.60, While Palladium prices are trending 1.6% higher, and currently trading around $1514.50 per ounce.
• Brent crude oil prices are trending -1% lower, and currently trading around $106.61. WTI is trading lower at $101.09 currently
• Cocoa futures have slid by -2.6% this morning, with prices currently around $4587 per ton. 
• Coffee futures are trending around -0.7% lower today, and currently trading at around $2.8015 per pound

Crypto Currencies: 

• Bitcoin prices are trending 0.6% higher this morning, and trading at around $81 010 per coin currently 
• Ether prices are trending 1.1% higher today, and currently trading around $2300.40
• $Trumpcoin are currently trading lower at around $2.477

(All prices quoted at approximately 09H15 Central African Time) 

African General News Briefs:

• Nairobi Kenya saw at least 11 protestors were arrested outside the Kenyatta International Convention Centre (KICC), where the Africa Forward Summit took place yesterday. Police dispersed various groups of protesters attempting to access venues hosting the Summit in Nairobi. Anti-riot officers mounted a heavy security operation around key summit locations, including the Kenyatta International Convention Centre (KICC) and Serena Hotel Nairobi, blocking demonstrators from advancing toward areas hosting heads of state, diplomats, and international delegates.
• The Republic of Congo has requested formal negotiations with the International Monetary Fund (IMF) with the objective of creating a new economic and financial programme. The Central African state has a growing debt burden of more than 90% of GDP. With limited opportunity for economic expansion, the scope of its budget revenue is highly dependent on oil production and vulnerable to fluctuations in global commodity prices.
• South African national authorities have declared a natural disaster status for various areas affected by flooding, severe thunderstorms, high winds and even snowfall that have impacted parts of the Western Cape, North West, Free State, Eastern Cape, Northern Cape and Mpumalanga provinces since early May. The declaration enables the government to use emergency funds and other resources to respond