Breaking News today - Friday 30 October 2026
Breaking Business and African Startup news that Includes:Ground Up Investing, the impact investment arm of Corus International, has secured a US$6 million first close for its second fund,Statistics South Africa has revised the estimated size of the country’s economy upwards by 4.9% following a benchmarking and rebasing exercise
Breaking News Today
African Start-up News Headlines:
Kenafric Launches $10 Million Fund for African Consumer Startups
Kenyan consumer goods manufacturer Kenafric Group has launched a US$10 million venture fund to invest in African businesses developing consumer products and services. Called Kenafric Ventures, the fund will invest between US$100,000 and US$2 million in businesses that have established demand for their products and are ready to expand.
The fund will target food and beverage companies, beauty and personal care brands, consumer-facing retail platforms and direct-to-consumer businesses. It will be managed by S2E Africa with support from FSD Africa.
Ground Up Investing Secures $6 Million for Agricultural Lending Fund
Ground Up Investing, the impact investment arm of Corus International, has secured a US$6 million first close for its second fund, which is targeting US$20 million. The fund will provide working-capital loans to agricultural small and medium-sized enterprises in Kenya, Uganda, Rwanda, Colombia, Peru and Ecuador.
The loans will generally range from US$250,000 to US$1 million. The businesses receiving financing buy crops from smallholder farmers and connect them with markets. Ground Up Investing says the fund aims to improve land management across more than 20,000 acres and generate US$200 million in additional income for smallholder farmers. Its first fund invested US$5 million in 15 agricultural businesses.
Headline News Today
South Africa’s Economy Is 4.9% Bigger After GDP Revisions
Statistics South Africa has revised the estimated size of the country’s economy upwards by 4.9% following a benchmarking and rebasing exercise released on 29 October. The revision puts South Africa’s 2022 gross domestic product at R6.99 trillion, compared with the previous estimate of R6.67 trillion.
UK Fintech Zvilo Targets R10 Billion in South African SME Funding
UK trade finance provider Zvilo has launched operations in South Africa, targeting R2 billion in working-capital funding for small and medium-sized enterprises initially. The company plans to increase its funding to R10 billion over the next three to five years, according to a report published on 29 October.
Zvilo intends to channel funding through local supply chains, helping businesses cover expenses such as stock purchases, supplier payments and operating costs while waiting for customers to pay. The company estimates South Africa’s SME financing gap at R350 billion. Peter Maila has been appointed CEO of Zvilo Africa, with Palesa Mabasa and Shiko Mbambu leading the South African operation as managing partners. The company said it had disbursed more than €440 million to SMEs across 41 markets by the end of the third quarter of 2026.
Russia in Advanced Talks to Supply Floating Nuclear Power Plants to Four African Countries
Russia’s state nuclear corporation Rosatom says it is in advanced discussions with Egypt, Togo, Namibia and Tanzania about supplying floating nuclear power plants. The company outlined the talks at the Russia-Africa Summit on 28 October, proposing reactor units installed aboard vessels that can be towed to coastal locations.
Rosatom is offering 100-megawatt units using RITM-200M reactors adapted for warm climates. Its proposed model would involve power-purchase agreements, with servicing and refuelling handled in Russia.
Breaking Business and Market News Shorts:
- South African Township Businesses Can Now Apply for Up to R3 Million in Government Funding
South Africa’s Department of Small Business Development has relaunched the enhanced Township and Rural Entrepreneurship Programme (TREP), increasing the maximum funding threshold from R1 million to R3 million. Announced on 27 October 2026, the programme aims to improve access to finance for businesses operating in township and rural economies.
The programme retains a 5% interest rate, with repayment periods of up to 60 months and a possible six-month repayment moratorium. The higher funding ceiling could help eligible entrepreneurs purchase equipment, increase stock, improve production capacity or expand their operations. However, R3 million is the maximum funding threshold, not a guaranteed allocation for every applicant. Funding remains subject to programme requirements and approval.
Absa Opens First Gulf Office in Dubai
South African banking group Absa has opened its first Gulf office at the Dubai International Financial Centre to strengthen trade and investment links between the Middle East and Africa. The office will connect Gulf-based investors, companies and financial institutions with opportunities across Absa’s 16 African markets. It will facilitate business relationships rather than provide loans directly from its own balance sheet.
Astral Foods Forecasts Up to 100% Earnings Growth
South African poultry producer Astral Foods expects earnings per share to increase by 90% to 100% for the financial year ended 30 September 2026. In its trading update, the company forecast earnings per share of between 4,324 cents and 4,552 cents, compared with 2,276 cents in the previous year. Lower global maize and soya prices helped reduce poultry feed costs, while higher production volumes also supported the expected improvement.
Standard Bank Secures R3.8 Million for Business Sustainability Training
Standard Bank has secured R3.8 million from DEG Impulse, supported by Germany’s Federal Ministry for Economic Cooperation and Development, to expand its Sustainability Academy through 2028. The programme provides free training on renewable energy, climate-smart agriculture, water management and other sustainability practices. Standard Bank said the academy trained more than 10,000 entrepreneurs and business owners across 15 African markets during its first year.
Benin Secures Approval for US$8.5 Million SME Guarantee Fund
Benin’s government-backed small business financing fund has received approval from the Central Bank of West African States, clearing a regulatory hurdle ahead of its planned launch. Established with initial capital of 5 billion CFA francs, approximately US$8.5 million, the fund will provide guarantees to banks and microfinance institutions lending to small and medium-sized enterprises. The initiative aims to help businesses that struggle to secure financing because they lack sufficient collateral or established credit histories.
Markets by Numbers
Currencies
The US dollar is trading at 1.1449 against the euro and 1.3210 against the British pound. The yen is trading at 157.76 per US dollar, while the South African rand is at R16.62 to the dollar.
The US dollar is trading at 1.1449 against the euro and 1.3210 against the British pound. The yen is trading at 157.76 per US dollar, while the South African rand is at R16.62 to the dollar.
Commodities
Gold futures are down 0.7% at US$4,037.25 per ounce, while silver has fallen 1.4% to US$53.182 per ounce. Copper is 0.34% lower at US$6.6234 per pound.
Platinum futures have declined 1.3% to US$1,519.30 per ounce, while palladium is down 0.15% at US$1,027.50. Lithium prices have dropped 3.9% to CNY 96,900 per tonne.
Oil prices are also lower, with Brent crude down 1.1% at US$114.01 per barrel and West Texas Intermediate (WTI) at US$101.32 per barrel.
In agricultural commodities, cocoa futures have fallen 2.1% to US$5,456 per tonne. Coffee futures are down 2.3%, trading at US$2.8675 per pound.
Gold futures are down 0.7% at US$4,037.25 per ounce, while silver has fallen 1.4% to US$53.182 per ounce. Copper is 0.34% lower at US$6.6234 per pound.
Platinum futures have declined 1.3% to US$1,519.30 per ounce, while palladium is down 0.15% at US$1,027.50. Lithium prices have dropped 3.9% to CNY 96,900 per tonne.
Oil prices are also lower, with Brent crude down 1.1% at US$114.01 per barrel and West Texas Intermediate (WTI) at US$101.32 per barrel.
In agricultural commodities, cocoa futures have fallen 2.1% to US$5,456 per tonne. Coffee futures are down 2.3%, trading at US$2.8675 per pound.
Cryptocurrencies
Bitcoin is down 1.68%, trading at approximately US$79,898. Ether has fallen 1.8% to US$2,312.86.
All prices supplied are quoted at approximately 07:40 Central African Time.
African General News Briefs:
Bitcoin is down 1.68%, trading at approximately US$79,898. Ether has fallen 1.8% to US$2,312.86.
All prices supplied are quoted at approximately 07:40 Central African Time.
Mali Signs Agreements with Russian Company to Map Mineral Resources
Mali has signed agreements with Russian company Zarubezhgeologiya to map more than half of its territory and identify areas with promising mineral resources. The company handles international projects for Russia’s state-owned geological group Rosgeologiya. The agreements were signed on 28 October 2026, according to Russian news agency TASS.
The first project will produce a digital geological map covering two areas that together account for more than half of Mali’s territory. The work is intended to identify locations with potential for mineral exploration. A second project will establish a digital platform to manage geological information and mining licences, monitor mining operations and train Malian specialists.
Zambia Appoints Former Barrick Executive Brenda Tambatamba as Mines Minister
Zambian President Hakainde Hichilema appointed Brenda Tambatamba as Minister of Mines and Minerals Development on 28 October 2026, placing a former Barrick executive in charge of a sector central to the country’s target of more than tripling annual copper production by 2031. Tambatamba was sworn in at a ceremony at the presidential offices in Lusaka as Hichilema formed a new government following his re-election in August.
She succeeds Paul Kabuswe, who led the mining sector for nearly five years. Kabuswe, a member of the ruling United Party for National Development (UPND), lost his Chililabombwe parliamentary seat in the 13 August elections to Nsofwa Lupele of the Resolute Party.
