🔅 France to end anti-jihadist operations
Today’s Issue: Bitcoin crashes, US stocks rally, Sepp Blatter says the Qatar World Cup is a mistake, and there is a lot going on in Kenya… ☕
Markets
🔺 Nigerian SE: 43,942.82 (+1.07%)
🔺 Johannesburg SE: 70,710.27 (+1.54%)
🔺 Ghana SE: 2,461.27 (+0.04%)
🔺 Nairobi SE: 128.74 (+0.65%)
🔺 US S&P 500: 3,920.60 (+4.59%)
🔻 Shanghai Composite: 3,036.13 (-0.39%)
*Data accurate as of close of markets across the continent
South Africa:Â Television company Multichoice Group is banking on the upcoming soccer World Cup to register a sharp jump in subscriber base after the company posted a loss in the first half. The company has struggled to increase its subscribers amid inflationary pressures, especially in South Africa, forcing it to turn to the rest of the continent for growth.
Global Markets:Â The S&P500 skyrocketed (see above) as lower than expected inflation figures were announced late yesterday. Meanwhile, the price of Bitcoin has dropped to a two-year low after the world's biggest cryptocurrency exchange, Binance, pulled out of a deal to rescue the third-largest exchange, FTX. The price of other digital coins also tanked after Binance scrapped the deal, citing due diligence concerns. This has left some FTX customers unable to make withdrawals from the exchange. There are also fears of further crypto market volatility if FTX goes bankrupt.
SECURITY
France to end anti-jihadist operation
What is Happening?
French President Emmanuel Macron has announced that France is ending its Barkhane anti-jihadist mission in Africa.
The decision comes after a decade of fighting, and he said a new strategy would be worked out with African partners based on a closer—lighter and more dynamic—cooperation with local armies.
French forces have faced hostility, notably in Mali, where it had to pull troops after relations soured with the country's military rulers. Around 3,000 French soldiers remain in Burkina Faso, Chad and Niger, however, and there are no immediate plans for reducing these numbers.
Zoom Out:
The Barkhane mission was launched in 2013 in response to an Islamist insurgency in Mali. Since then, the insurgency has spread to other parts of Africa, and French forces have been struggling to contain it.
This has led to growing hostility from many Africans, who see the French as an ineffective and occupying force. In recent months, tensions have come to a head, and President Macron has decided to change strategy.
Why does this matter?
This matters because it represents a significant change in strategy for France's presence in Africa.
Until now, France has taken a more proactive and interventionist approach in its dealings with African nations. However, with this new strategy, France is looking to move towards a more cooperative and consultative relationship.
ACROSS THE CONTINENT
Other Headlines
🇿🇼 Zimbabwe's miners are facing rising costs and persistent electricity shortages, which will impact the sector's growth prospects next year. After years of decline, the country had pinned its hopes on the mining sector to drive its economic recovery. Zimbabwe has significant reserves of platinum group metals, gold, chrome, coal, diamonds and lithium, and its mining sector contributes about 11% of the country's GDP and over 60% of its export earnings.
🇰🇪 Kenya's parliament has approved $37 million to deploy nearly 1,000 troops in the eastern Congo. The cost for the first six months of the mission will be spent on equipment, allowances and operations. Opposition lawmakers questioned why Kenya is spending so much money on a non-bordering country while it faces its own security issues and high public debt. The government just announced that it is reducing its borrowing rate while unveiling a significantly narrower budget deficit target (4.3% of the GDP) for the next financial year. The push to reduce borrowing is aimed at supporting debt sustainability while inflation runs above 9%. Meanwhile, a Kenyan court has allowed the prosecution's request to withdraw a corruption case against Deputy President Rigathi Gachagua. The public prosecutor has recently come under criticism for withdrawing corruption cases against high-profile individuals and allies of the current president.
🇺🇬 Uganda's Kampala International University has caused an uproar after issuing a notice that female students taking midwifery and nursing courses must take pregnancy tests or be banned from taking exams. The university has since shared another notice asking students to ignore the poster demanding pregnancy tests, asking them to instead concentrate on their exams.
AROUND THE WORLD
Qatar World Cup a Mistake — Sepp Blatter
What Happened?
Given the recent controversies surrounding the 2022 World Cup in Qatar, it's no surprise that Sepp Blatter, the man in charge of FIFA when the tournament was awarded to the country, is now saying it was a mistake.
He says that Qatar is "too small of a country" to host the tournament and that the decision to award them the World Cup was due to then-Uefa president Michel Platini, who gave them the votes.
Blatter also says that Fifa had adjusted the criteria used to select host countries in 2012 after concerns were raised about the treatment of migrant workers building World Cup stadiums in Qatar.
There is also concern about how LGBTQ+ people are treated in Qatar, where same-sex relationships are criminalised.
Zoom Out:
The 2022 World Cup is set to take place in Qatar from November 20 to December 18, 2022. It will be the first World Cup to be held in the Middle East, and the first to be held during the Northern Hemisphere winter.
FIFA's executive committee voted 14-8 in favour of Qatar ahead of the United States 12 years ago, with then-UEFA president Michel Platini swinging the vote in Qatar's favour.
The decision to award it the World Cup has been dogged by accusations of corruption, with investigations launched by Swiss and U.S. prosecutors. Qatar was effectively cleared by FIFA's own investigation in 2017.
Regarding migrant worker and LGBTQ+ rights, FIFA has been dismissive of the concerns, telling nations to focus on the football, and that it is not its place to comment on political issues. It has been under pressure to take some kind of action.
FOOD FOR THOUGHT
Proverb of the Day
“No matter how much the world changes, cats will never lay eggs."
— Kenyan Proverb.