🔅 Kenyans' Dollar Signs or Data Leaks?, & Nigeria's Unrest
Plus, Putin's BFF, & Farewell to Former Ivory Coast President
Photo of the day: Bo, Sierra Leone
Markets:
🟢 Nigerian SE: 64,267.36 (+0.12%)
🟢 Johannesburg SE: 76,477.22 (+2.75%)
— Ghana SE: 3,122.86 (0.00%)
🔴 Nairobi SE: 105.80 (-1.01%)
🔴 US S&P 500: 4,513.39 (-1.38%)
🔴 Shanghai Composite: 3,261.69 (-0.89%)
Wall Street Takes a Hit After Fitch Downgrade | Wall Street took a hit on Wednesday after Fitch dropped the hammer and downgraded the US government’s credit rating. The second major agency to do so since Standard & Poor’s in 2011, Fitch cited the country’s growing debt and fiscal deterioration over the next three years. Investors were none too pleased with the news, as the downgrade has dampened their near-term sentiment and given them reason to book some profits after a strong July.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇰🇪 Worldcoin: Will Kenyans Be Seeing Dollar Signs or Data Leaks?
There’s a new way to make money in Kenya: by having your eyeballs scanned. The tech startup Worldcoin, founded by US tech entrepreneur of ChatGPT, Sam Altman, is offering free crypto tokens worth about $49 to anyone who’s willing to have their eyes scanned. And with unemployment on the rise, it’s no surprise that thousands of Kenyans have been lining up at registration centers to get their tokens. But before the free money is handed out, the Kenyan government is getting in on the action, citing data privacy concerns. They’ve ordered Worldcoin to stop signing up new users, and are calling on security services and data protection agencies to establish the company’s authenticity and legality. Privacy experts worry that sensitive data gathered from scanning a person’s iris might get into the wrong hands. Worldcoin insists that no data is stored, and says it chose Kenya as the first African country to launch the platform because of the already booming tech space and the number of Kenyans who are already trading in crypto. It has also launched in various countries including Indonesia, France Japan, Germany, Spain and the UK. So far, data watchdogs in some countries have already said they are examining Worldcoin. Will Kenyans be seeing dollar signs, or data leaks? Stay tuned.
🇳🇬 Nigerians Take to the Streets
Nigeria is on strike! In a move that has been welcomed by investors, but criticized by unions, President Bola Tinubu has implemented some of the country’s boldest reforms in decades, including scrapping the fuel subsidy and relaxing the foreign exchange regime. This, the unions say, has led to soaring costs for Nigerians already grappling with the highest inflation in nearly two decades. To express their grievances, hundreds of placard-carrying protesters took to the streets in cities like Lagos, Bayelsa, Kano, and Kaduna. In the capital Abuja, the protesters even broke down a gate to the National Assembly in an attempt to get the Senate President’s attention. The unions have handed petitions to government officials and have given the government one week to listen to their demands. The NLC and the TUC, the two main federations representing millions of workers, have said the strike will last one week, but it remains to be seen if they will be able to sustain the protest.
🇨🇮 Farewell to Former Ivory Coast President Henri Konan Bedie
He was the Ivory Coast’s second-ever president, and even though his rule only lasted 6 years, Henri Konan Bedie was remembered—or reviled—for his role in promoting the “Ivoirite” issue, which sparked tensions between locals and foreign settlers. The 89-year-old former president died this week, and the cause of his death is still unknown. Bedie was born into a low-income family and showed a knack for academics from an early age. He was sent to France to study, and when Ivory Coast won independence, he was appointed ambassador to Washington. As the country’s economy started to boom, Bedie was put in charge and rose to the role of president in 1993. He was voted out of office in 1999 due to an economic slump and allegations of corruption, but that didn’t stop him from making a last-ditch effort to get back in office at 86, when he ran against his longtime rival, President Alassane Ouattara, in the 2020 election.
🇿🇦 South Africa's Chaos-Causing Coal Traffic Jam
Picture this: What used to be a sleepy town in South Africa bordering Mozambique. And then, all of a sudden, everyone woken up by trucks lined up for miles, stretching off into the horizon. Why? A coal jam. Yup, that’s right. After South Africa became a main alternative to Russian coal following the invasion of Ukraine, the country’s border town Komatipoort has seen an influx of coal trucks as they make their way to Maputo port. This chaos has made life a nightmare for the locals and a playground for criminals, who are taking advantage of drivers stuck in the queue for days on end. Bloomberg has more on this.
🇿🇼 Putin's African 'BFF': A Presidential Helicopter for Zimbabwe
Russian President Vladimir Putin is a real 'buddy buddy' with Zimbabwean leader Emmerson Mnangagwa. The two are so close that Putin gifted the African nation a presidential helicopter, which will be “gracing the skies” soon. This was in addition to Putin promising free grain to several African countries during last week’s Russia-Africa summit.
Food for Thought
“The old woman looks after the child to grow its teeth and the young one, in turn, looks after the old woman when she loses her teeth.”
— Akan Proverb.
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