Africa Business News: Markets, Energy, Startups and Trade

South Africa’s fuel levy increase, set for June 2025, is raising alarm bells among farmers and consumers. With fuel making up a hefty slice of farming costs, the hike threatens to drive up food prices and strain rural communities, all while pushing household budgets even tighter.

Bybit expressed gratitude to partners like Bitget, Crypto.com, and Tether after a historic $1.4 billion hack. This incident highlighted the industry's solidarity and maturity in handling crises. Bybit CEO emphasized unity, while audits confirmed user fund safety despite significant withdrawals. Industry players are reassessing security measures, reflecting an evolving response strategy.

BUA Group has clarified the status of its ambitious refinery project in Akwa Ibom, dismissing rumors of it being 90% complete. The company's statement stresses commitment to transparency and timely completion, underscoring its historical success in industrial ventures. BUA aims to enhance Nigeria's refining capacity, while managing additional energy projects to boost power generation across the nation.

Donald Trump, the US President-elect, has proposed a bold strategy of 100% tariffs against BRICS nations as a deterrent to their plans of creating a new currency to rival the US dollar's global dominance. This move aims to prevent a shift in global financial power, though its practicality and potential fallout remain in question. Despite Trump's aggressive tactics, the US dollar retains its stronghold as the world's leading reserve currency.

The South African Rand continued its downward trend, hitting its lowest in nearly two weeks, as global economic worries and rising US Treasury yields deter investors. The currency's decline is heightened by concerns over South Africa's sluggish economic growth and falling commodity prices, notably gold. As the US inflation data release looms, the Rand's performance remains uncertain.

Troy University's Small Business Development Center marked Hispanic Heritage Month by presenting a workshop in Enterprise, AL aimed at supporting Hispanic and Latino entrepreneurs. This event focused on providing necessary tools and resources to foster business growth among the community. Conducted in Spanish, it highlighted the SBDC's dedication to inclusiveness and aligned with the university’s mission to embrace cultural diversity.

NNPC has increased petrol prices for the second time in two weeks, coinciding with the arrival of fuel from the Dangote refinery. The new rates vary by region, with the highest prices in the northeast. Amidst the inflation and fuel cost crisis, the new refinery aims to reduce Nigeria's reliance on imported gasoline.

Facing a massive financial challenge, President William Ruto of Kenya has disclosed plans to borrow an additional trillion shillings following the dismissal of a controversial finance bill. The bill's withdrawal, prompted by violent protests, has led to severe financial implications, affecting public services and fueling further civil unrest.

Kenyan e-commerce startup Copia Global is contemplating drastic actions amid uncertainties, such as laying off over 1000 employees or potentially shutting down the business. CEO Tim Steel highlighted the need to cut costs, despite significant funding rounds. The company already laid off 700 employees and ceased Uganda operations in 2023, reflecting broader challenges in the Kenyan e-commerce sector.

Amazon has launched its retail operations in South Africa, mirroring local competitors but without its proprietary products and digital services. The entry includes competitive pricing and a similar returns policy to Takealot, yet lacks gadgets like Kindle and services like Amazon Music or Prime.