Breaking News Today – Wednesday 10 June 2026

African Start-up News Headlines:

• South African circular fashion startup Kloset Klub has secured an undisclosed seed investment from Thinkroom and angel investor Frank Smit to accelerate its growth in the resale fashion market. The funding marks Thinkroom’s first publicly announced seed investment in a female-founded startup and reflects growing investor interest in sustainable commerce and recommerce models. With fresh backing, Kloset Klub plans to scale its operations, expand its managed “Kloset Cleanout” service, and strengthen its position as a leading circular fashion marketplace in South Africa
• Kenyan healthtech startup Tibu Health has secured a financing facility from French development finance institution Proparco through the Bridge Fund by Digital Africa. The company operates a hub-and-spoke healthcare model centred on its Minute Clinics, small embedded clinics located within pharmacies and supermarkets, supported by a central medical hub offering diagnostics, specialist care, laboratory services, and telemedicine.The new funding will help Tibu Health accelerate the rollout of its healthcare network across urban and peri-urban areas in Kenya.
  
  

Business News Today 

Brent Oil Prices Turbulent After Helicopter Attack

Brent oil futures lifted above $92 per barrel this morning, reversing losses yesterday that saw prices fall below $90 at one point. The price jumped after the US launched new strikes against Iran following an Iranian attack on an American helicopter, raising concerns over the durability of a fragile ceasefire agreement and the outlook for a longer-term peace agreement. The US military said President Donald Trump ordered the “self-defense strikes” in response to an Apache helicopter being shot down. Iranian Foreign Minister Abbas Araghchi responded that Iran’s armed forces would not leave any attack or threat unanswered.

Brent prices had tumbled as much as 4.9% on Tuesday after Israel and Iran agreed to suspend hostilities following a renewed flare-up in the conflict. Meanwhile, industry data from the API showed US crude inventories dropped by 9.1 million barrels last week to their lowest level in four months, as buyers sought to replace supplies disrupted by the turmoil in the Persian Gulf.

Kenyan Core Interest Rate Hold

The Central Bank of Kenya left its benchmark interest rate at 8.75% yesterday, for a second straight hold, saying policy remains appropriate to anchor inflation expectations and support exchange rate stability. Inflation rose for a third month to 6.7% in May, the highest since January 2024, driven by higher energy costs but remaining within the 5-2.5% target band. It is expected to stay within target in the near term, assuming the de-escalation of the Middle East conflict.

The central bank said this outlook will be supported by a combination of monetary policy actions, government interventions including fuel VAT reductions and subsidies, favorable weather conditions supporting stable food prices, and exchange rate stability. Meanwhile, leading indicators point to resilient activity in Q1 2026. The economy is projected to grow by 4.9%, down from a previous estimate of 5.3%, reflecting continued uncertainty posed by the Middle East conflict and global trade policy developments.

Critical Minerals to be Added to Automotive Incentive Program In South Africa

The Department of Trade, Industry and Competition (dtic), through the International Trade Administration Commission (ITAC), have indicated the draft amendments to the Automotive Production and Development Programme Phase 2 (APDP2) will be expanding the list of existing materials covered to include critical minerals used in EV batteries (such as lithium, graphite, copper, cobalt, rare earths, and iron) to the list of qualifying “standard materials.” The change will set the Standard Value Added (SVA) for these battery materials at 50% of their value. This would allow local processors and battery makers to claim higher production credits and customs rebates and extending incentives to cover battery manufacturing, including for hybrid vehicles. The goal is to move South Africa up the EV value chain — from exporting raw minerals and assembling vehicles to processing minerals locally and manufacturing battery components/cells.

Breaking Business and Market News Shorts:  

• South Africa’s 10-year bond yield was around 8.74%, the highest in over two weeks, reflecting a cautious sentiment amid ongoing tensions in the Middle East. Fresh hostilities between Iran and Israel have threatened to jeopardise prospects for a Washington–Tehran agreement, potentially extending the energy crisis and raising the odds of additional rate hikes. The South African Reserve Bank increased borrowing costs by 25 bps to 7% in late May, marking its first hike in three years
• China’s 10-year government bond yield rose to 1.74%, extending gains from the previous session as signs of building inflationary pressures suggested that the People’s Bank of China may have less room to ease monetary policy. Producer prices rose to 3.9% in May from 2.8% in April, marking the highest level since July 2022.
• Platinum futures fell further today, below $1,700 an ounce, hitting their lowest level since late November 2025 as precious metals broadly weakened amid renewed Middle East tensions. The platinum market remains structurally tight, with the World Platinum Investment Council projecting a fourth consecutive annual supply deficit in 2026. Output from major producers South Africa and Russia remains constrained by aging mines, high costs, and sanctions-related disruptions
• Hong Kong’s Hang Seng Index fell 208 points, or 0.9%, to 24,350 today, extending losses to a sixth consecutive session and hovering near its lowest level since July 2025. Investor sentiment remained fragile amid escalating tensions in the Middle East and a renewed selloff in selected technology shares.
• Gold dropped below $4,200 an ounce this morning, falling to its lowest level since 23 March 2026. Rising energy costs linked to the conflict have heightened fears of persistent inflation and the possibility of further central bank tightening, weighing on non-yielding assets such as gold.

Markets by Numbers 

Currency markets indicate the US dollar losing a little momentum today. The Greenback is trading against the Euro at 1.15484 while trading against the Pound at 1.33836 The Yen is currently trading at 160.35 to the dollar. The rand (ZAR), is currently trading around the 16.56 mark against the US dollar this morning.

Commodities:  

• Gold futures are trending -1.7% lower this morning, and currently trading at around $4185.14 per ounce.  
• Copper prices are around -0.5% lower today, with prices currently around $6.2680 per pound
• Silver futures are trending -2.2% lower today, and currently trading at around $63.823 per ounce.
• Platinum futures are down around -2.6% this morning, and currently trading at $1665.50, While Palladium prices has fallen by around -1.67%, and currently trading around $1210.00 per ounce.
• Brent crude oil prices are trending flat today, and currently trading around $91.34, with WTI trading at $88.14 currently
• Cocoa futures are trading level this morning, at around $3831 per ton. 
• Coffee futures are trending around -0.6% lower today, and currently trading at around $2.4440 per pound

Crypto Currencies: 

• Bitcoin prices are lower by around -0.7% today, and trading at around $61 285 per coin currently 
• Ether prices are down by around -0.87% this morning, and currently trading around $1623.59
• $Trumpcoin are currently trading at around $1.635

(All prices quoted at approximately 07H35 Central African Time) 

African General News Briefs:

• Niger has inaugurated a new gas turbine power plant – the Algerian–Nigerien Solidarity Power Plant (also referred to as Gorou Banda Power Plant) which was built from scratch and completed in record time of only 70-days, due to an exceptional mobilisation by Algeria. The project was fully financed and built by Algeria as a grant/solidarity project, with equipment and materials transported via an air cargo bridge operation (multiple flights) to bypass slow land/sea logistics. The plant aims to ease chronic electricity shortages and power cuts in Niamey (which has high demand of around 200 MW). It provides immediate relief while longer-term projects (solar, coal, nuclear) are developed.
• Top Somalian football referee Omar Artan says he was subjected to an 11-hour immigration interview before being denied entry to the United States for the World Cup despite holding the “right papers” and “right visa”. Artan, who was set to be the first Somali to referee at a World Cup finals, was dropped from the list of officials after he was barred from entering the country at Miami International Airport. Artan apparently traveled on diplomatic papers issued by the Somalian government after he was initially refused a tourist visa.