Breaking News Today - Tuesday 29 September 2026
Your Daily Business and African Startup Update
Breaking News Today
African Start-up News Headlines:
- Paystack has made onsite card checkout available to Shopify merchants in South Africa, allowing customers to complete payments inside the merchant’s existing Shopify flow without a redirect to an external page. The company also linked its Paystack Terminal physical devices to Shopify accounts so that in-store card transactions can flow into the same back-end. Agencies working with local retailers reported conversion lifts of up to 15% in early tests. The product update, covered on 28 September ahead of Black Friday, is aimed at reducing cart abandonment for South African e-commerce operators.
African start-ups have crossed $2 billion mark in 2026 funding, excluding exits, according to Africa: The Big Deal. The milestone landed last week. It is a few weeks later than in 2025 and 2023, when the same threshold was reached in August, and well ahead of 2024, when it only arrived in December. Deals done in June and August did the heavy lifting, with $515 million and $455 million respectively. September is running weaker unless a late mega-round appears. Capital remains concentrated: 269 companies have raised $100,000 or more so far, down 19 percent from 332 at this point last year. Full-year funding could approach $3 billion if the second-half pattern of recent years repeats.
African start-ups have crossed $2 billion mark in 2026 funding, excluding exits, according to Africa: The Big Deal. The milestone landed last week. It is a few weeks later than in 2025 and 2023, when the same threshold was reached in August, and well ahead of 2024, when it only arrived in December. Deals done in June and August did the heavy lifting, with $515 million and $455 million respectively. September is running weaker unless a late mega-round appears. Capital remains concentrated: 269 companies have raised $100,000 or more so far, down 19 percent from 332 at this point last year. Full-year funding could approach $3 billion if the second-half pattern of recent years repeats.
- The International Trade Centre (ITC) and Access Africa, the coordinating office for Access Bank Plc’s African subsidiaries, have established a new partnership to improve access to finance, markets and skills training for small and medium-sized enterprises (SMEs) across 14 African countries. The programme will begin with a pilot in Ghana. The 14 countries include Angola, Botswana, Cameroon, the Democratic Republic of Congo, The Gambia, Ghana, Guinea, Kenya, Mozambique, Rwanda, Sierra Leone, South Africa, the United Republic of Tanzania and Zambia.
Headline News Today
Platinum Prices Drop on Over-Supply Data
The global platinum supply market is forecast to post a 265,000 ounce surplus this year, marking the first surplus since 2022, according to the WPIC, as a 5% increase in industrial demand is expected to offset a 4% decline in demand from carmakers. Over the longer term, demand looks to be supported by the rapid build-out of artificial intelligence rather than a reliance on Auto manufacturing.
Platinum futures saw prices falling to below $1,720 an ounce today, reaching their lowest level in eight weeks, as the supply data, and rising oil prices boosted bets on higher-for-longer interest rates and weakened investment demand.
South African Currency Under Pressure
The South African rand is trading around 16.44 per USD, reaching its its weakest level since August 4, as stalled US-Iran negotiations pushed oil prices higher, increasing pressure on risk-sensitive currencies in oil-importing economies. Elevated geopolitical uncertainty has boosted safe-haven demand for the greenback, while declines in key precious metals prices has eroded support for the rand.
Locally, the South African Reserve Bank raised its key repo rate to 7.25% on September 23, following similar decisions by the Fed and the ECB. Reserve Bank Governor Kganyago, cited renewed upside risks to the inflation outlook and stressed the need to bring inflation back to the SARB’s 3% target, reaffirming the central bank’s commitment to price stability. Headline inflation in the country, ticked up to 4.4% in August from 4.3% in July, but is expected to accelerate in the next few months.
OpenAI scraps GPT-6.1 Astra Release Over Safety
In a rare pull-back by a major Ai development lab, amid industry calls (including from Altman and Anthropic’s Amodei) to slow frontier development and strengthen safeguards, OpenAI has scrapped the launch of its latest LLM Ai model. OpenAI had framed the new model as a generational leap and the first of its models rated Critical for cybersecurity under its Preparedness Framework. President Greg Brockman even said it might later be seen as the start of the AGI era.
Internal tests done on the new model by OpenAI, however found the agentic model fell short on staying within scope and authorisation boundaries, as well as honest communication of actions with higher deception levels than predecessor models. Tests showed more deception than Astra 6, including incomplete disclosure of actions taken.
Breaking Business and Market News Shorts:
- Coal futures climbed above $145 per ton, rebounding from one-month lows as tightening global supplies and the prolonged Middle East conflict continued to encourage a shift from gas to coal for power generation.
Gold traded near $4,100 an ounce this morning, after plunging -4% in yesterday's trading session, as persistent uncertainty over US-Iran negotiations kept oil prices elevated and increased pressure on the Federal Reserve to tighten policy further to curb inflation.
- Nvidia has announced a record $150bn share-buyback boost. The Nvidia Board has raised the remaining buy-back authorisation limit to $235bn (through FY2028), the largest increase on record, signalling confidence in AI-driven cash generation amid infrastructure build-out.
- South Africa is moving to make changes to current legislation to bring Elon Musk’s Starlink into its market, with the government arguing that the satellite internet service could help expand connectivity while still insisting that foreign operators support the country’s economic-transformation objectives. There is a dispute between the government and telco regulator ICASA about fully recognising Equity Equivalent Investment Programmes in telecom licensing, which would require legal amendments.
- Brent crude climbed above $107 per barrel this morning, extending its gains as ongoing uncertainty surrounding US-Iran negotiations outweighed the resumption of oil flows through Saudi Arabia’s East-West pipeline. Iranian officials have reportedly cast doubt on the possibility of reaching an agreement to end hostilities in the Middle East
Markets by Numbers
Currencies:
Currency markets indicate the US dollar strengthening marginally today. The Greenback is trading against the Euro at 1.13600 while trading against the Pound at 1.32382. The Yen is currently trading at 157.44 to the US dollar. The rand (ZAR), is currently trading at the 16.44 against the US dollar this morning.
Commodities:
- Gold futures have gained around 0.3% this morning, after a steep decline yesterday, and currently trading at around $4126.00 per ounce.
- Copper prices are down -0.36% today, with prices currently around $6.5482 per pound
- Silver futures are down by around -3.72%, and currently trading at around $60.487 per ounce.
- Platinum futures are down around -2.7% this morning, and currently trading at $1678.70, While Palladium is down by around -1.23% today, and currently trading around $1208.00 per ounce.
- Lithium is trading -2.3% lower today, and currently at CNY/T 123 400
- Brent crude oil prices are trending 2.1% Higher today, and currently trading around $107.52, with WTI trading at $94.57 currently
- Cocoa futures have dropped around -0.5% today, and currently trading at $5589 per ton.
- Coffee futures are up around 3.6% today, and currently trading at around $2.8875 per pound
Crypto Currencies:
- Bitcoin prices are down around -0.52% today, and trading at around $82 950 per coin currently
- Ether prices are down around -1% this morning, and currently trading around $2661.27
(All prices quoted at approximately 07H35 Central African Time)
African General News Briefs:
Guinea's military Junta leader Doumbouya confirmed has been confirmed as the presidential election winner. Provisional results show Gen. Mamady Doumbouya winning the presidency with Around 87% of the vote in the first post-2021-coup vote, formalising a return to civilian rule under a new constitution. Opposition and rights groups have however raised process concerns. The African Union had earlier lifted sanctions after the transition steps towards democratic elections had been pu in effect.
Tigrayan forces have seized key airports (Mekelle, Axum, Shire) and launched offensives with allies (including former rivals like Amhara Fano) against federal troops, forming a new multi-group alliance aiming to oust Prime Minister Abiy Ahmed. There have been reports of Internet curbs and flight suspensions, with the International Crisis Group warning of a renewed wider war risk in the country.
Guinea's military Junta leader Doumbouya confirmed has been confirmed as the presidential election winner. Provisional results show Gen. Mamady Doumbouya winning the presidency with Around 87% of the vote in the first post-2021-coup vote, formalising a return to civilian rule under a new constitution. Opposition and rights groups have however raised process concerns. The African Union had earlier lifted sanctions after the transition steps towards democratic elections had been pu in effect.
Tigrayan forces have seized key airports (Mekelle, Axum, Shire) and launched offensives with allies (including former rivals like Amhara Fano) against federal troops, forming a new multi-group alliance aiming to oust Prime Minister Abiy Ahmed. There have been reports of Internet curbs and flight suspensions, with the International Crisis Group warning of a renewed wider war risk in the country.
