Breaking News Today – Wednesday 15 April 2026

African Start-up News Headlines:

• South African startup Refiant AI has raised $5 Million in seed funding to support the development of its AI model compression technology and to expand enterprise take-up. Led by Viroshan Naicker, Siddharth Gutta, and Mathew Haswell, the company develops algorithms that restructure and compress AI models, reducing computational weight while maintaining performance. This process enables AI models to run efficiently on smaller, local machines, lowering reliance on energy-intensive data centres. The funding round was led by VoLo Earth Ventures, a California-based climate tech fund. Refiant AI is positioning itself at the intersection of AI and climate, addressing the growing energy demands of artificial intelligence by making models more efficient, scalable, and sustainable.

Business News Today 

Oil Prices Decline but Remain Volatile

Brent crude futures are trading around the $95 per barrel mark this morning, retaining the drop seen in the previous session as investors anticipate a second round of peace negotiations between the US and Iran before the two-week ceasefire lapses. Brent oil dropped briefly to around $92 this morning but has rebounded with prices likely to remain volatile due to market uncertainty. President Donald Trump reportedly indicated talks with Iran could restart “within the next two days” in Pakistan after last weekend’s discussions broke down. The US continues to enforce a naval blockade on Iranian oil exports through the Strait of Hormuz, while Tehran is weighing a temporary halt in shipments via the corridor to support progress toward a deal. Meanwhile, the IEA has said it anticipates that global oil demand is likely to decline this year for the first time since the 2020 pandemic, as elevated prices impact consumption.

IMF Revises Global Growth Outlook for 2026

The IMF’s latest global GDP growth outlook is sobering. Growth for Africa for 2026 is now projected at 3.1–4.1% (down from earlier estimates), while Sub-Saharan Africa is now projected at 4.3% – down from 4.5% in 2025, with rising fuel, food, and fertiliser prices from Middle East tensions, threatening inflation and economic activity. Global growth overall is projected at 3.1 percent in 2026 and 3.2% in 2027, slower than its recent pace of about 3.4% in 2024–25, and projected to settle at about that rate in the medium term, slower than its historical (2000–19) average of 3.7%.The report stresses the need for smarter industrial policy and structural reforms.

Nigeria is one of few outliers in Africa where the outlook has improved to 4.1% growth, up from around 4% in 2025, driven predominantly by its increased fuel export outlook as well as improving inflation and GDP numbers. The Euro area now has a slim 1% growth projection for 2026, down from 1,4% last year while the Middle East area will dip below 2% growth to 1.9% this year – a steep drop-off from the 3.6% last year

African Bank Caught Kite Flying

South Africa’s African Bank is facing mounting pressure after the Financial Services Tribunal backed the Prudential Authority (PA) over a charge of an “artificial” capital boost. The PA had accused the bank of using a circular, intra-group transaction to artificially inflate its capital adequacy ratio in the regulatory returns for January and February 2025.The bank essentially routed funds through a subsidiary (African Insurance Group) which then paid the money back to the parent company as dividends, in a circular transaction that returned money to itself, inflating its capital position.

Regulators likened the move to fraudulent “kite-flying” which involves creating artificial balances by writing cheques between accounts at different banks, effectively obtaining unauthorised credit. The ruling deepens governance concerns following the exit of CEO Kennedy Bungane earlier in 2026. With leadership changes under Thabo Dloti and interim CEO Zwelibanzi Manyathi, scrutiny is intensifying, casting doubt over its planned Johannesburg Stock Exchange listing.

Breaking Business and Market News Shorts:  

• Meta has announced a partnership with chip designer Broadcom that will produce several new generations of custom artificial intelligence ​processors under an expanded deal as the social media giant races ‌to build out the computing capacity needed to power AI features across its apps. The partnership deal extends until 2029 and includes an initial commitment of over one gigawatt of computing ​capacity, enough to power roughly 750,000 U.S. homes on average.
• China plans to issue CNY 15.5 billion of sovereign bonds in Hong Kong on April 22, marking its largest offshore renminbi bond sale since October 2023 and exceeding February’s CNY 14 billion offering. The move will increase the supply of yuan-denominated assets to global investors at a time when the currency is seen as a relative haven amid the Iran war. 
• Nigeria has announced reductions in import duties on key food items and essentials today as part of measures to ease cost-of-living pressures. The move aims to lower prices for consumers amid high inflation and currency volatility. It forms part of broader government efforts to address food security and affordability challenges.
• India’s BSE Sensex rose about 1.5% to 78,010 this morning, rebounding from losses in the previous session and tracking other Asian peers, with the likes of the SHANGHAI increasing to 4043.00 Index Points, the highest since March 2026, and the KOSPI climbed more than 3% to around 6,160 . Asian markets lifted by renewed hopes for US-Iran peace talks that drove oil prices below $100 per barrel. 
• Platinum futures rose above $2,120 an ounce, hitting a four-week high this morning as precious metals broadly advanced on renewed hopes for a diplomatic resolution to the Middle East conflict.
• Cocoa futures rose above $3,600 per tonne this morning, reaching the highest since mid-February, supported by a weaker US dollar and spillover effects from lingering geopolitical tensions. 

Markets by Numbers 

Currency markets indicate the US dollar flat against major currencies today. The Greenback is trading against the Euro at 1.17904 while trading against the Pound at 1.35658. The Yen is currently trading at 158.96 to the dollar. The rand (ZAR), is currently trading around the 16.36 mark against the US dollar this morning.

Commodities:  

• Gold futures are slightly softer today down around -0.4%, and currently at around $4819.03 per ounce.  
• Copper prices are trending level today, with prices currently around $6.0658 per pound
• Silver futures are marginally lower today, and currently trading at around $79.406 per ounce.
• Platinum futures are around 0.9% higher this morning, and currently trading at $2118.00, While Palladium prices are trending marginally lower this morning, and currently trading around $1591.00 per ounce.
• Brent crude oil prices are up around 0,9% and currently trading at $95.64. WTI is trading over -0.4% lower at $91.69 currently
• Cocoa futures have surged by over 8% this morning, with prices currently trading around $3646 per ton. 
• Coffee futures are trading level today, and currently trading at around $2.9625 per pound

Crypto Currencies: 

• Bitcoin prices are trending marginally lower this morning, and trading at around $73 976 per coin currently 
• Ether prices are slightly lower today, and currently trading around $2319.21
• $Trumpcoin are currently trading at around $2.795

(All prices quoted at approximately 07H45 Central African Time) 

African General News Briefs:

• South African ‌President Cyril Ramaphosa has selected Roelf Meyer, a former chief government negotiator during the Codesa talks that set the pathway to end white minority rule in the 1990s, to be the new South African ambassador to ​the United States.”I can confirm that President Cyril Ramaphosa has appointed ​Mr Roelf Meyer as South Africa’s Ambassador to the US,” Ramaphosa’s ⁠spokesperson Vincent Magwenya told Reuters yesterday.
• Togo is set to ask United Nations member states to adopt ‌a new world map that more accurately reflects the true size of Africa and to abandon the use of the 16th-century Mercator projection map most commonly used today, according to a statement from its foreign minister said. Critics say the Mercator projection, which makes Greenland appear as big as Africa when in reality ​the continent is about 14 times larger, reinforces perceptions of Africa’s marginality despite its vast ​size and population, shaping narratives in media, education and policy.