Breaking News Today – Wednesday 17 June 2026

African Start-up News Headlines:

• Nigerian fintech major, Flutterwave, has secured additional investment from blockchain infrastructure company Ripple as part of its ongoing Series E funding round, which now sets a value on the African Unicorn at $3.2 Billion. The partnership will see Flutterwave integrate Ripple’s RLUSD stablecoin and XRP Ledger technology into its payments ecosystem to enable faster, cheaper, and more efficient cross-border transactions. The companies also plan to connect Flutterwave’s network with Ripple Payments through a unified API. Flutterwave said the investment will accelerate its stablecoin strategy and strengthen its position as a bridge between traditional finance and digital asset infrastructure across Africa.
• The African Development Bank has partnered with EOI, a Startup Finance Specialist Recruitment (eLab) – AHHD. The Startup Finance Specialist will support the Innovation and Entrepreneurship Lab in strengthening access to finance for startups and early-stage entrepreneurs across Africa. The partnership will see activities related to startup financing mechanisms, including seed funding, angel investment, crowdfunding, and other innovative financing solutions, while providing technical assistance and capacity building to Enterprise Support Organisations (ESOs). The assignment will also support partnership development, resource mobilization, and the design of sustainable financing models that enhance entrepreneurship ecosystems and promote youth-led enterprise growth across the continent.

Business News Today 

Global Shipping Still At a Standstill in Hormuz Strait

Ship-tracking data from MarineTraffic on Tuesday, indicated that there were more than 250 tankers and more than 330 cargo ships inside the Gulf waiting for passage through the strait. This is despite the peace agreement reached between the USA and Iran, set to be signed in Switzerland this Friday. According to a report on Reuters, around 75% of the tankers are stationary, with the data suggesting a static flow of cargo ships. Satellite imagery shows that many are gathered near major oil export terminals in Saudi Arabia, Iraq and the UAE.

MarineTraffic ship-tracking data, has shown that only seven cargo vessels appear to have passed through the critical waterway since the deal was announced and that as many as 580 ships appear to be waiting in the Gulf. This is partly due to security risks with concerns over mines laid during the conflict as well as uncertainty about tolls.

Nigerian Inflation Increase Hurting Economy

The inflation rate in Nigeria hit a third consecutive month lift in May (2026) to reach 15.93%, from 15.69% in April. This is the highest inflation level since November 2025, with food inflation, the biggest driver of the inflation acceleration which accelerated for the fourth month to 17.8% from 16.6% in April. The other key inflation booster was transport costs – up 17.1% from 16%. Health costs were slightly up to 18.7% vs 18.9% in May, restaurants and accommodation services lifted from 24% to 27.9%, and personal care, social protection and miscellaneous goods and services increased from 17.8% to 18.5% in May.

Inflation saw a decrease for information and communication services, down to 7.4% from 8.4% in April. The core inflation rate, which excludes volatile agricultural produce and energy prices, increased to 16.82% from 15.86% in April. On a monthly basis, the Consumer Price Index went up by 1.75% in May, easing from a 2.13% gain in April.

Oil At 3-Month Low while Gold Holds Above $4300

Brent crude oil traded at three-month lows around $78 per barrel this morning after falling for a fifth straight trading session, pressured lower by expectations of increased oil supply following the anticipated peace agreement between the US and Iran. The two nations are set to sign an interim deal in Switzerland on Friday, granting Tehran broad economic incentives, including the immediate resumption of its oil exports. Tankers from other countries are also expected to resume transit through the Strait of Hormuz once the agreement takes effect.

Gold traded above $4,300 per ounce this morning and is up more than 2% so far this week, Market investors also turned their attention to the Federal Reserve’s upcoming policy decision, where officials are widely expected to leave interest rates unchanged. The meeting will be the first chaired by new Federal reserve Chair, Kevin Warsh, though he is not expected to submit a “dot” to the FOMC’s quarterly rate projections. Earlier this week, the Reserve Bank of Australia left its benchmark interest rate unchanged at 4.35%, while the Bank of Japan raised its policy rate by 25 basis points to 1%.

Breaking Business and Market News Shorts:  

• Japan’s exports surged 17.0% year-on-year in May 2026, accelerating from 14.8% in the previous month while marking the strongest growth since November 2022 and exceeding market estimates of 16.2%. It was also the ninth straight month of increase, supported by resilient global demand for semiconductors and automobiles despite Middle East tensions 
• Cocoa futures traded above $4,200 per ton today, the highest trading level since mid-May, as traders focused on increasing risks from El Niño affecting upcoming harvests. Dealers said the market has been supported by indications that the 2026/27 main crops in the key producing region of West Africa may be significantly below estimates for this season.
• US equity markets closed in a mixed range yesterday after a pullback in AI-related stocks. The S&P 500 lost 0.6%, while the Nasdaq was down 1.2%. Investors took profits in semiconductor names after their recent rally, with Nvidia down-2.4%, Broadcom -4.4% lower, Micron dropping -6.2%, AMD -7.3%, and Intel -8.5%, all posting losses. In contrast, SpaceX gained 4.8%, extending its lift since Friday’s IPO, after reports that it would acquire Cursor for $60 billion. SpaceX has overtaken Amazon to become the world’s fifth most valuable company after a surge in its share price.
• India’s BSE Sensex lifted around 0.3% to 77,065 this morning, extending gains for a fourth consecutive session, although investors showed some caution as they awaited fresh market indicators ahead of the US Federal Reserve’s policy decision later today.
• Palladium has held near $1,350 per ounce today, steadying after hitting an eight-month low as easing Middle East tensions boosted risk appetite across commodity markets. Additional support came from short covering, while investors continued to monitor supply risks and the outlook for automotive demand. 

Markets by Numbers 

Currency markets indicate the US dollar losing momentum today. The Greenback is trading against the Euro at 1.16141 while trading against the Pound at 1.34329 The Yen is currently trading at 160.26 to the dollar. The rand (ZAR), is currently trading around the 16.18 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending fairly level this morning, and currently trading at around $4325.90 per ounce.  
• Copper prices are around 0.2% higher today, with prices currently around $65.045 per pound
• Silver futures are trending level today, and currently trading at around $70.000 per ounce.
• Platinum futures are around -1% lower this morning, and currently trading at $1795.00, While Palladium prices are around -1.3% lower today, and currently trading around $1351.00 per ounce.
• Brent crude oil prices are trending -0.8% lower today, and currently trading around $78.29, with WTI trading at $75.32 currently
• Cocoa futures have surged by over 6.6% this morning, and currently trading at $4234 per ton. 
• Coffee futures are trending around 5.2% higher today, and currently trading at around $2.7280 per pound

Crypto Currencies: 

• Bitcoin prices are 0.31% higher today, and trading at around $65 761 per coin currently 
• Ether prices are up marginally this morning, and currently trading around $1791.06
• $Trumpcoin are currently trading at around $1.931

(All prices quoted at approximately 07H30 Central African Time) 

African General News Briefs:

• Rumours of a military coup in the Central African Republic, that have been circulating on social media has been rejected by the country’s top military staff. They have stated that reports of a plot underway to overthrow the government were false and state that the country remains stable with state institutions functioning normally. In what was a rare public statement, the armed forces’ general staff dismissed claims of a coup attempt as false information aimed at creating confusion and undermining public confidence.
• The separatist breakaway state of Somaliland has officially opened its first ever embassy in Jerusalem in Isreal. The event took place six months after Israel became the first country to formally recognise the state as an independent nation. The opening of the diplomatic mission at a technology park in West Jerusalem came while Somaliland’s President Abdirahman Mohamed Abdullahi was on an official visit to Israel. Earlier this year Israel’s Foreign Minister Gideon Saar made an official visit to Somaliland’s capital, Hargeisa.