Breaking News Today – Wednesday 29 April 2026

African Start-up News Headlines:

• NEC Africa has officially launched its 2026 Agri-Tech Startup Programme: The aim is to support African startups working on agriculture, food security, and climate-smart solutions. The programme will provide selected startups with mentorship, technology support (including AI and IoT), pilot opportunities, and potential funding/partnerships with NEC. This forms part of NEC’s broader push into African agritech innovation.
• Africa’s Business Heroes (ABH) 2026 deadline extended to 7 May 2026 Organisers of the Jack Ma Foundation’s flagship entrepreneurship competition announced an extension of the application deadline from 28 April to 7 May 2026 (23:59 CAT). This gives African founders an extra week to complete their submissions for a share of $1.5 million in non-dilutive grant funding, plus mentorship, visibility, and access to a powerful pan-African network. (Web Page Link for applications – Click Here)

Business News Today 

Temporary Fuel Relief Measures for South Africa

South African National Treasury has extended the temporary reduction of the general fuel levy of R3 per litre into May and June this year and has further cut the diesel levy to zero, effective as of 6 May. National Treasury and the Department of Mineral and Petroleum Resources announced the extension of the relief measures late yesterday afternoon.The goal of these measures is to provide additional short-term relief to households and business from rapidly rising fuel prices following the Middle East conflict and address concerns of higher inflation and negative impacts on economic growth.

Brent crude oil was trading at over $111 this morning having surged by over 9% in the last week and by as much as 82% so far this year. Minister of Finance Enoch Godongwana said the current temporary R3 per litre reduction in the general fuel levy for petrol will be extended until Tuesday 2 June. The plan would be to then halve the reduction after 2nd June and move two zero reduction in the fuel levy by July 2026.

African Union Advances Coordinated 2026 G20 priorities

The African Union convened its member states meeting yesterday, to align on Africa’s priorities for the 2026 G20 Presidency under the United States. The retreat, hosted by Equatorial Guinea, focused on strengthening the continent’s voice in global economic governance, trade, and investment. AUC Chairperson, Mahmoud Ali Youssouf, emphasised the need for unified positions on industrial policy, critical minerals, and debt sustainability as Africa prepares to influence the G20 agenda.

U.S.-Africa Business Summit Confirmed for Mauritius in July 2026

Preparations for the 2026 U.S.-Africa Business Summit, set for 26–29 July in Mauritius, has gained new momentum today. The event is expected to draw over 3,000 participants, with a focus on trade, investment, and private-sector partnerships in Africa. This marks the first time the summit will be hosted in Mauritius and is seen as a key platform for deepening U.S.–Africa commercial ties amid shifting global dynamics. The Secretary of Commerce or U.S. Trade Representative, usually leads the U.S. delegation and this is anticipated to be a high-level engagement platform to further coopperation between the US and African states.

UAE to exit from OPEC in Major Oil and Regional Realignment Move

The United Arab Emirates (UAE), has announced it will be exiting the Organisation of Oil Producing Countries (OPEC)which was Announced yesterday, 28 April 2026, and will come into effective as of 1 May 2026, this Friday. The UAE will also be exiting the wider OPEC+ alliance. The UAE is the third-largest oil producer in OPEC, and has cited its long-term strategic and economic vision, wanting more flexibility to increase oil production to meet growing global energy demand. This comes amid the ongoing Iran-related conflict disrupting Gulf oil shipments and creating market volatility.

The UAE holds the second highest spare production capacity of oil in the OPEC group and was the second most important swing producer, capable of increasing production to help ease global oil prices. The UAE has been a member of OPEC since 1967 (through Abu Dhabi initially) and as the full UAE since 1971, almost 60 years. This is a major blow to OPEC’s unity and influence, particularly at a time of global energy market stress. It further strains relations with Saudi Arabia, who are the de facto leader of the cartel.

Breaking Business and Market News Shorts:  

• Copper futures have steadied around $5.95 per pound today, after falling for four consecutive sessions. This occured as supportive long-term fundamentals helped offset near-term pressure stemming from the Iran conflict. Major technology firms continue to secure agreements that are driving rapid expansion in datacenter construction across key manufacturing hubs.
• Platinum futures have dropped to below $1,950 per ounce today , their lowest level since early April. The price drop comes alongside a broad sell-off in precious metals as the US and Iran failed to reach a breakthrough in negotiations, disrupting energy supplies and fuelling inflation concerns. Platinum prices have fallen by almost 7% this week.
• South Korea’s benchmark KOSPI rose 0.7% to around 6,690 today, resuming its record rally after opening lower. investors have taken position ahead of the US Federal Reserve policy decision and major earnings releases. Markets expected the Fed to hold rates steady, with focus on policy guidance amid elevated energy prices and an uncertain global growth outlook. 
• Gold has hovered around the $4,600 an ounce level this morning after dropping nearly 2% in the previous session to a one-month low, as stalled US-Iran peace talks and the ongoing closure of the Strait of Hormuz fuelled concerns over rising inflation. Investors have increasingly priced in the possibility that central banks may keep interest rates elevated for longer or even tighten further, weighing on non-yielding bullion.

Markets by Numbers 

Currency markets indicate the US dollar strengthening further against major currencies today. The Greenback is trading against the Euro at 1.16981 while trading against the Pound at 1.35036. The Yen is currently trading at 159.68 to the dollar. The rand (ZAR), is currently trading around the 16.55 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending lower today, and currently trading at around $4595.65. per ounce.  
• Copper prices are trending 0.6% higher today, with prices currently around $5.9565 per pound
• Silver futures are upwards by around 0.7% today, and currently trading at around $73.585 per ounce.
• Platinum futures are around -0.6% lower this morning, and currently trading at $1946.00, While Palladium prices are trending -0.68% lower this morning, and currently trading around $1460.00 per ounce.
• Brent crude oil prices are trending around 0.1% higher today and currently trading around $111.38, WTI is trading 0.2% lower at $99.65 currently
• Cocoa futures have climbed by around 2.5% this morning, with prices currently around $3380 per ton. 
• Coffee futures are trading 0.76% higher today, and currently trading at around $2.9070 per pound

Crypto Currencies: 

• Bitcoin prices are trending over 1.1% higher this morning, and trading at around $77 237 per coin currently 
• Ether prices are around 1.5% higher today, and currently trading around $2325.25
• $Trumpcoin are currently trading lower at around $2.499

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

African General News Briefs:

• Tunisian President Kais Saied has ordered the dismissal of energy and industry minister Fatma Thabet Chiboub, ahead of a parliament meeting to review controversial draft laws on renewable energy contracts.The dismissal was announced in a brief statement by the presidency, offering no further explanation. This came amid sharp criticism from unionists and lawmakers on five government-approved bills regulating the granting of concessions to foreign companies primarily for the installation of solar panels.
• Kenya’s President William Ruto has been forced to respond to the backlash over his recent remarks suggesting Nigerian-accented English was incomprehensible. Ruto’s clarification on the matter came at a mining conference in the Kenyan capital, Nairobi, attended by Nigeria’s Minerals Minister Henry Dele Alake, who addressed the meeting: “President Ruto, the people of Nigeria have mandated me to inform and assure you that Nigerians speak good English.” Ruto took to the stage to explain his comments to Kenyans living in Italy last week were intended to be private and had been “taken out of context”.