Breaking News Today - Tuesday 13 October 2026

African Start-up News Headlines:

A Nigerian digital buy-and-sell platform called Tribargain has launched an online site that lets people and businesses buy, sell and exchange everyday goods. Punch and Galaxy TV reported on 12 October that the company, led by chief executive Tim Ojeaga, has started operating across Nigeria. The platform gives users three ways to trade products on the same site: standard online shopping where vendors list items for sale in cash, a digital trade-by-barter function that lets users swap goods directly with each other, and an auction section where buyers bid on items. It is aimed at individuals, small businesses and merchants who want options beyond pure cash purchases. No funding amount or outside investors were disclosed.

Headline News Today

Egypt Signs Deals for Developments with Asian States

Egyptian President Abdel Fattah El-Sisi announced on Yesterday, upon his return to Cairo, that Egypt had signed about 20 agreements and memoranda of understanding during his tour of South Korea, Malaysia and Indonesia from 6 to 11 October. He urged Egyptian officials to move quickly to turn the deals into projects.
South Korea accounted for 12 of the agreements and MoUs, covering trade, industry, energy, technology, maritime affairs, education, social security and culture. The two sides also elevated relations to a strategic partnership. Malaysia signed four MoUs on investment, tourism, higher education and women’s empowerment. Indonesia signed four covering maritime affairs and fisheries, statistics, a strategic partnership action plan, and visa exemptions for diplomatic and special passports; the two presidents set a bilateral trade target of $5 billion by 2030.
Discussions across the three countries also covered potential cooperation in petrochemicals, automotive manufacturing, renewable energy, agriculture, fisheries and nuclear energy, including South Korean involvement in some activities at Egypt’s El-Dabaa nuclear plant. El-Sisi said Egypt is ready to support private, government and joint investments from the three countries, and that the country’s infrastructure and stability make it an attractive partner.

Exchange Shortage in Malawi Squeezes Fuel Supply

A fuel shortage in Malawi has entered its second week and continues to disrupt daily life. Long queues form at filling stations across the country, with some motorists sleeping in their vehicles for days while waiting for deliveries. Transport fares have risen and businesses report lost customers as people struggle with mobility.

Malawi imports virtually all its petrol and diesel and needs foreign exchange to pay suppliers. Officials from the Ministry of Energy, the Malawi Energy Regulatory Authority and the National Oil Company of Malawi have linked the shortage to unhonoured letters of credit and limited access to hard currency. Daily consumption is about one million litres of petrol and one million litres of diesel.

Yesterday, authorities launched a crackdown on illegal fuel trading and fuel hoarding. Black-market prices have reached several times the official pump price. The National Oil Company of Malawi has issued a large tender for refined products, but the underlying shortage of foreign exchange remains unresolved, according to Malawi24, Nyasa Times and Nation Online.

South Africa Delays Electricity Grid Upgrades

The Department of Electricity and Energy and National Treasury delayed the final request for proposals for Phase I of South Africa’s Independent Transmission Projects programme from the third quarter of 2026 to the second quarter of 2027. Phase I covers about 1,164 kilometres of new transmission lines and marks the first time private companies will design, finance, build, operate and maintain national grid infrastructure. Government said the pause allows further consultation with seven prequalified bidders and finalisation of a Credit Guarantee Vehicle to ensure the projects are bankable. Business Leadership South Africa CEO Busi Mavuso called the delay an unfortunate slippage but better than a failed procurement. She warned that without a clear timetable through to financial close the new lines are unlikely to operate by the end of the decade, while the grid remains the main constraint on connecting new generation.

Breaking Business and Market News Shorts:

Dangote Petroleum Refinery and Petrochemicals have extended the closing date of its initial public offering by two weeks to 27 October 2026. Nigeria’s Securities and Exchange Commission approved the extension on Monday after the company said demand was strong.
Coal futures traded just below $150 per ton, holding near a three-year high as elevated LNG prices, driven by supply disruptions linked to the Middle East conflict, continued to encourage a shift toward coal-fired power generation. With coal costing roughly 80% less than LNG, buyers in Asia and Europe have increased imports ahead of the winter season.
South African discount retailer Boxer, has reported higher profit for the half year to 30 August 2026. Headline earnings rose 9.1 percent to R565 million. Turnover increased 6.3 percent to R24.1 billion and trading profit rose 8.1 percent to R1.006 billion.
The Nigerian Exchange All-Share Index closed lower yesterday after a sell-off in banking shares. The index fell 0.25 percent, or 627 points, to 247,736.24. Market capitalisation dropped by N407.30 billion to N160.85 trillion.

Markets by Numbers

Currencies:

Currency markets indicate the US dollar fairly flat today. The Greenback is trading against the Euro at 1.11726 while trading against the Pound at 1.32175. The Yen is currently trading at 158.32 to the US dollar. The rand (ZAR), is currently trading at the 16.52 against the US dollar this morning.

Commodities:

Gold futures are up by 0.67% this morning, and currently trading at around $4200.00 per ounce.
Copper prices are flat today, with prices currently around $6.7032 per pound
Silver futures are up around0.5% today, and currently trading at around $60.652 per ounce.
Platinum futures are up around 0.7% this morning, and currently trading at $1706.00, While Palladium is up by around 0.09% today, and currently trading around $1147.00 per ounce.
Lithium has dropped further by -3.25% today, and currently at CNY/T 110 650
Brent crude oil prices are down over -1.2%, and are currently trading around $105.32, with WTI trading at $92.44 currently
Cocoa futures are up 0.19% today, and currently trading at $5676 per ton.
Coffee futures have gained around 1.2% today, and currently trading at around $2.9060 per pound

Crypto Currencies:

Bitcoin prices are up around 2.3% today, and trading at around $83685 per coin currently
Ether prices are up around 3.3% this morning, and currently trading around $2528.64

(All prices quoted at approximately 07H25 Central African Time)

African General News Briefs:

African Debt recovery will be one of the key focus points at the annual meetings of the International Monetary Fund and the World Bank Group which opened in Bangkok, Thailand yesterday. The meetings will run through to 18 October. African finance ministers and central bankers are attending amid ongoing discussions on debt, reserves and access to capital. The World Bank has noted in recent updates that interest payments already exceed health and education spending in a large share of African countries.
South Africa’s deputy police chief, Shadrack Sibiya, has resigned amid corruption allegations and charges involving alleged sexual offences. Sibiya’s lawyers submitted his resignation letter on Monday, which was when a disciplinary hearing against him was due to begin. Police say his departure will be treated as a dishonourable discharge because disciplinary proceedings were still underway. Sibiya is currently in prison after being arrested last month over allegations of rape and grooming a minor. He denies the charges, and his bail application has been postponed until 13 October.