Breaking News Today - Thursday 3 September 2026

African Start-up News Headlines:

WIOCC Group, has secured $300 million in strategic investment from Africa Finance Corporation (AFC) and Saudi Arabia’s Vision International Investment Company (Vision Invest). The deal was formalised through a Shareholder Subscription Agreement signed on 1 September 2026, at the LEAP 2026 Global Technology exhibition in Riyadh, Saudi Arabia. Under the agreement, AFC and Vision Invest will jointly inject $300 million into WIOCC Group.
French health insurance company Alan has entered the African market following its acquisition of Senegalese digital health firm Tanel, giving the company an established presence in the West African health insurance market estimated at nearly €600 million. Tanel currently holds around 70,000 members from more than 400 companies and has a network of over 1,200 pharmacies and healthcare providers in Senegal and Côte d’Ivoire.

Business Headline News Today

Uber shuts Nigeria and Uganda after 12 years

Uber has ended its ride-hailing service in Nigeria and Uganda yesterday (2 September) after a review of “evolving business priorities.”. This closes a 12-year presence that began in Lagos in 2014. The company said the move is limited to those two markets and that it remains committed to Egypt, Ghana, Kenya and South Africa.

The exit coincides with a global 10% headcount cut of about 3,300 jobs as Uber simplifies structures and shifts capital toward autonomous vehicles. It denied the Federal Airports Authority of Nigeria’s airport e-hailing rules caused the decision. Help desks will stay open until 23 September. Local rivals such as Bolt, Faras and SafeBoda are expected to pick up the gap for riders and drivers. For Nigeria’s urban transport market the departure is a scale event after years of high operating costs, FX pressure and fare disputes.

Egypt PMI climbs to seven-month high as non-oil firms edge toward stabilisation

Egypt’s non-oil private sector moved closest to expansion in seven months in August, as the S&P Global Egypt PMI rose to 49.6 from 46.8 in July. This is the highest reading since January and the softest deterioration in operating conditions this year. A number below 50 would signal contraction, but the 2.8-point jump is a clear turning signal for African market desks watching North Africa’s largest economy after a weak mid-year. Output and new orders declined at slower rates, with the fall in new business the least marked since February. Employment increased for the first time since October 2025, and job creation reached its second-fastest rate on record after months of staff cuts.

The rebound remains uneven. Purchasing activity contracted at the sharpest pace in nearly three years, as material shortages, cash-flow constraints, delayed payments. Despite those headwinds, business confidence climbed to its highest level since June 2022, supported by expectations of new projects, a stronger tourism season and planned new business branch openings.

Afreximbank lifts H1 profit 30% as lending reaches $35.4 billion

The African Export-Import Bank posted a first-half 2026 net income of $534.7 million, up 30% from $412.7 million a year earlier. Net interest income rose 22% to $1 billion. Net loans and advances grew 5.7% to $35.4 billion, with total assets and contingencies at $52.3 billion. The non-performing loan ratio improved to 2.20% from 2.43% at end-2025. Return on average equity rose to 13% and return on assets to 2.54%. Fee income climbed 15% on guarantees, letters of credit and advisory work. Shareholders’ funds reached $8.5 billion. The Cairo-based lender is a core financier of intra-African trade and industrialisation under the AfCFTA; the results underscore that development finance on the continent can still expand even as several sovereigns remain in debt talks

Breaking Business and Market News Shorts:

Angola's economy expanded 8.74% year-on-year in Q2 2026, marking its strongest growth since Q2 2022 and accelerating from 5.32% in the previous quarter. The non-oil sector remained the main driver, expanding 9.24%, up from 6.22% in Q1. The oil sector also contributed positively, growing 5.64% and marking its first quarterly expansion since Q4 2024.
Markets to watch today: USD/ZAR around the mid-16s, USD/NGN near 1,330–1,360, and any further bounce in Senegal’s eurobonds after the IMF news of a 36-month Extended Credit Facility of about $2.2 billion

Indonesian shares lifted 49 points, or 0.7%, to 6,644 today, rebounding from the previous static trading session and hitting their highest level in 3-1/2 months. Investor sentiment improved after a partial rebound on Wall Street overnight, with traders bargain-hunting in sectors hit by recent risk-off selling.

The RatingDog China General Services PMI rose to 51.4 in August 2026 from 50.4 in July. This was the softest pace since September 2024, surpassing market forecasts of 50.6. However, the latest reading was the second-lowest in 14 months. Meanwhile, output prices rose for the third month running, marking the longest sequence of inflation in the sector since the first half of 2024.
Ghana’s year-on-year inflation rose to 5.0% in August from 4.6% in July, the second monthly increase after four months of declines, Ghana Statistical Service data showed on 2 September. The rate is still far below 11.5% a year earlier. Non-food inflation climbed to 6.8%, driven by housing, water, energy and transport

Markets by Numbers

Currency markets indicate the US dollar fairly static today. The Greenback is trading against the Euro at 1.15941 while trading against the Pound at 1.34914 The Yen is has strengthened today and currently trading at 157.78 to the dollar. The rand (ZAR), is currently trading around the 16.04 mark against the US dollar this morning.

Commodities:

Gold futures have going around 1% this morning, and currently trading at around $4430.00 per ounce.
Copper prices are marginally higher today, with prices currently around $6.5055 per pound
Silver futures are up around0.9% today, and currently trading at around $65.904 per ounce.
Platinum futures are up around 0.84% this morning, currently trading at $1779.40, While Palladium is around 0.5% higher today, and currently trading around $1367.50 per ounce.
Lithium is trading -0.3% lower today and currently at CNY/T 156 000
Brent crude oil prices are trending lower today, down -0.7%, and currently trading around $94.94, with WTI trading at $90.54 currently
Cocoa futures have dropped further by over -4.5% today, and currently trading at $6273 per ton.
Coffee futures are -3.57% lower today, and currently trading at around $2.9810 per pound

Crypto Currencies:

Bitcoin prices are 0.18% higher today, and trading at around $77 404 per coin currently
Ether prices are 0.13% higher this morning, and currently trading around $2394.59

(All prices quoted at approximately 07H20 Central African Time)

African General News Briefs:

Madagascar's former Senate president Richard Ravalomanana has been sentenced to 10 years of hard labour, after being convicted of complicity in murder over his role in a deadly crackdown on youth-led protests last year. Ravalomanana, a retired general and ally of former President Andry Rajoelina, denied the charges and said he would appeal the finding. Prosecutors accused him of directing security forces to use violence against protesters during demonstrations in September and October 2025.
Chinese President Xi Jinping is currently visiting Egypt on a rare trip to the Middle East region, as both countries face the threat of US sanctions over financial links to Iran. The two-day visit comes as both countries seek to manage the fallout of the months-long Middle East war, which began when the United States and Israel launched strikes against Iran on February 28, throwing the crucial trade region into crisis. China, a major buyer of Iranian oil, has presented itself as a neutral party in the Middle East conflict, repeatedly calling for a lasting ceasefire.