🔅 Presidential Ambitions, Cultural Customs, and Elephants: Africa's Varied Landscapes
The fascinating crossroads of politics, culture, and environment across Africa - from CAR's political maneuverings to the remarkable traditions of Nigeria's Kalabari tribe.
Photo of the day: Jazeera beach, Mogadishu, Somalia
Markets:
🟢 Nigerian SE: 55,769.28 (+0.06%)
🔴 Johannesburg SE: 75,939.46 (-1.27%)
🔴 Ghana SE: 2,511.65 (-0.07%)
🟢 Nairobi SE: 103.69 (+4.39%)
🔴 US S&P 500: 4,181.45 (-0.57%)
🔴 Shanghai Composite: 3,204.56 (-0.61%)
AI Hype Reaches Wall Street | It's official: the AI hype has arrived at its final destination, Wall Street. After Nvidia's earnings report, Nasdaq's tech giants (Microsoft, Alphabet, etc.) added a whopping $454 billion to their market cap. No surprise, the tech-heavy Nasdaq is on fire this year—thanks to AI's disruptive potential.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇨🇫 Touadera's Third Term Dreams: CAR Holds a Referendum | Central African Republic's President Faustin-Archange Touadera wants to change the constitution to get himself a third term. This isn't new in African politics (see Rwanda, Congo Republic, Ivory Coast, and Guinea, among others). And so, the Central African Republic is holding a referendum to decide if the president should get his way. If the vote passes, Touadera will be allowed to run for re-election in 2025. The 66-year-old president, who came to power in 2016, said he's responding to public demand and that alternation will always be organised through free, democratic, and transparent elections. A presidential decree issued on Tuesday said the referendum would start on July 15 and end on July 28. The opposition parties have been protesting, but the final say rests with the people.
🇿🇦 BRICS in South Africa: Putin, Immunity, and Sanctions | South Africa is preparing to host the BRICS Summit in August, and Vladimir Putin is expected to attend. But, before he arrives, the South African government has decided to extend diplomatic immunity to the summit’s attendees. The decision comes as the central bank warned of dire consequences if Pretoria faces sanctions because of its stance on Russia’s invasion of Ukraine. Meanwhile, the BRICS New Development Bank, which was created by Brazil, Russia, India, China, and South Africa, is looking to expand its membership. The goal is to counter the influence of Western-dominated multilateral banks.
🇳🇬 The Kalabari Tribe's "Bride Shopping" Custom | The Kalabari tribe of Nigeria in the southwestern region of Rivers State is known for its beautiful culture—and its rather unique traditional marriage ceremony. The Iya marriage custom sees women “shopping” for brides from other tribes, with the goal of expanding their families. The “purchased bride” takes the woman’s last name and is responsible for having children with all or most of the men in the family. While outsiders may think this sounds like a same-sex marriage, it’s actually very different. This custom is still alive and well—albeit in a more low-key way than it used to be. While the title of Iya bride is prestigious, it also comes with some major downsides—like not being able to find true love or moving away from your owner’s house.
🐘 Elephants: Not Just For Gazing At Anymore | Did you know that elephants are a key part of saving the planet? A recent study found that elephants help reduce planet-warming carbon pollution by eating from small, leafy trees and travelling long distances to spread the seeds of larger trees. Sadly, human interference has led to a drop in elephant populations of up to 86%, so their climate-saving abilities are being hindered. In a simulation run by researchers, forests would be 5.8-9.2% less effective at carbon capture if elephants weren't around. Activists say we can help the situation by being aware of the commercial products that are grown on large-scale farms that have decimated elephant habitats, and avoiding them when possible.
📈 E. Africa is Outperforming the Global Average | East African economies are weathering the global storms that have been causing economic turbulence around the world. A new report by the African Development Bank shows that the region’s economies will grow by 5.1 per cent this year, from 4.4 per cent in 2022, and could rise to 5.8 per cent in 2024. Ethiopia and Rwanda are even among the world’s ten fastest-growing economies. What’s behind this resilience? Diversified local sectors that have been able to withstand external pressures. Plus, East African economies have avoided recession since the Russian invasion of Ukraine last year. But, as AfDB President Dr Adesina Akinwumi noted, “GDP doesn’t fill bellies.” So, the region needs to invest in green energy and focus on agriculture and tourism to truly reap the benefits of its economic growth.
FOOD FOR THOUGHT
Proverb of the Day
“Crawling on your hands and knees has never prevented any person from walking upright.”
— Kenyan Proverb.
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