The collaoration aims to simplify the insurance process by providing a seamless option within the BuuPass - Bus, Train & Flight bookings platform, allowing customers to easily select and purchase coverage as part of their ticket booking. This enhances customer satisfaction by combining BuuPass' convenience and safety with mTek Services' insurance services to create comprehensive travel solutions using advanced technology.

mTek's CEO Bente Krogmann expressed excitement about the partnership, stating,

The travel insurance covers unforeseen events like accidents and medical emergencies, offering financial protection and peace of mind for travelers in case of unexpected incidents. As Krogmann noted, "it is important for travelers as it provides financial protection and peace of mind in case of unexpected incidents during their journey."

This partnership aims to provide added safety and financial security, allowing travelers to feel more confident during their trips. As Kabra stated, it aligns with BuuPass' mission of improving the overall travel experience for users.

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• 💰 Afreximbank Boosts Trade Financing:

The African Export-Import Bank announced plans to double its intra-African trade financing to $40 billion by 2026, aiming to bolster economic integration across the continent.

• 📈Kuda Tripled Revenue To $22 Million In 2022

• 🏦 Providus Bank to Acquire Unity Bank:

With the Central Bank of Nigeria's approval, ProvidusBank is poised to merge with Unity Bank, creating a significant financial entity with a balance sheet of up to ₦3 trillion ($1.8 billion).

• ✍️ Medium Expands Partner Program in Africa:

Medium has opened its Partner Program to writers from 23 African countries, enabling them to earn revenue based on member engagement with their stories.

• The dot-com Bubble

• 📉 Jumia Reports Reduced Losses:

E-commerce giant Jumia reported a narrowing of losses to approximately $20.2 million in Q2 2024 and is transitioning to an asset-light delivery model to improve efficiency.

• 💬 Elon Musk and Donald Trump's X Space Conversation:

In a widely viewed X Space session, Musk and Trump discussed various policy issues, including energy and climate change, with Musk expressing moderate stances and proposing collaborative initiatives. Potential conversation with VP Kamala Harris hinted.

• Find out What a Dating App has to do with Credit Score...

And Much More...

Equity Bank Limited, Kenya's largest bank, reported a 12.5% increase in net profit for H1 2024 to Kshs. 29.6 billion, despite macroeconomic headwinds. Regional subsidiaries contributed 50.2% of profit before tax.

Key highlights:

• Deposit growth of 11% to Kshs. 1.3 trillion, customer base of 20.7 million

• 55% increase in cash and cash equivalents to Kshs. 341 billion

• Strong capital buffers: core capital ratio of 15.8%, total capital ratio of 18.4%

• Interest income grew 22% to Kshs. 84.8 billion, non-funded income up Kshs. 5 billion

• NPL ratio of 12.9%, below industry average of 16.3%

CEO Dr. James Mwangi expressed optimism about the bank's strong liquidity supporting customers as economic conditions improve. The bank continues to invest in modernization and enhance its control environment to drive sustainable growth.

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The African Export-Import Bank (Afreximbank) plans to double its financing for intra-African trade from $20 billion in 2021 to $40 billion by 2026. This announcement was made by Mr. Haytham ElMaayergi , Afreximbank's Executive Vice President, during the African Caucus Meeting in Abuja from August 1 to 3, 2024. The meeting focused on facilitating intra-African trade and brought together finance ministers and central bank governors to discuss integration challenges and strategic solutions.

Afreximbank has committed $1 billion to support the African Continental Free Trade Area (AfCFTA) Secretariat Adjustment Fund and provided a $10 million grant for its establishment. The bank is also collaborating with the AfCFTA Secretariat and the African Union Commission to roll out the Pan-African Payments and Settlements System and the African Trade Gateway.

Since its inception in 1993, Afreximbank has approved over $40 billion for Nigerian projects, with Nigeria being a key founding member.

Mr. ElMaayergi emphasized the importance of the Alliance of African Multilateral Financial Institutions in addressing Africa's financing gaps and called for collaboration with the World Bank and IMF to tackle the continent's challenges. AAMFI includes major African financial institutions vital for advancing the African Union’s Agenda 2063.

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Kuda , the Nigeria-focused neobank backed by Target Global , has reported a significant revenue increase, tripling its figures according to its latest audited financial statements. The company's revenue grew by 190% in 2022, reaching $22 million, up from $7.7 million the previous year, as customer adoption surged, doubling its user base from 2.4 million to 4.9 million.

Total deposits more than doubled from $41 million in 2021 to $100 million in 2022, with deposits from business customers increasing significantly. Kuda's total assets rose by 30% to $154 million, with nearly 80% tied to its Nigerian operations. The bank is diversifying its revenue streams beyond transaction fees, earning $3.5 million from treasury investments in Nigeria.

Kuda's CFO, Frédéric BIDET, CFA, FCMA, CGMA , noted the company's focus on adapting to government fiscal policies and investing in treasury to enhance its financial stability. In 2022, Kuda invested $42 million in new treasury investments, positioning itself for continued growth in a competitive market.

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The demand for custom and secure artificial intelligence (AI) solutions in Africa is on the rise, prompting various tech firms to explore opportunities on the continent. As businesses and governments increasingly seek to leverage AI for efficiency and innovation, the need for tailored solutions that address local challenges has become clear.

Tech companies are showing heightened interest in establishing a presence in Africa, driven by the continent's unique challenges and opportunities. However, security concerns regarding data privacy have also emerged, leading to a greater demand for secure AI solutions.

The focus is shifting towards developing AI technologies that are not only effective but also culturally relevant and tailored to the specific needs of African markets. This trend presents significant investment opportunities in AI technology and infrastructure, which could drive economic growth across the continent.

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Safaricom has successfully expanded its fifth-generation (5G) network coverage to all 47 counties in Kenya, adding 311 new sites in the past four months. This brings the total number of 5G sites to 1,114, an increase from 803 reported in March.

The 5G network now reaches 14 percent of the national population, with coverage in 102 towns. The number of 5G smartphone users has grown to 780,000, including 11,000 enterprise customers. CEO Peter Ndegwa emphasized the company's commitment to advancing Kenya's digital transformation by providing reliable connectivity that enhances access to information and services.

As of last month, Airtel's 5G coverage reached 39 counties, up from 16 the previous year. Safaricom aims to expand its network to over 1,700 sites by March 2025 to maintain its lead in the growing market.

Data from the Communications Authority of Kenya indicates that mobile data subscribers on the 5G network increased by 74 percent over the past year, reaching 653,716, up from 373,537 in March 2023. This trend reflects a growing demand for high-speed internet as technology continues to evolve. However, access to 5G remains limited for many users due to the need for high-end devices and costly data plans.

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Newly appointed Treasury CS John Mbadi will significantly impact the Central Bank of Kenya by appointing four new Monetary Policy Committee - MPC members. The MPC's current four external members' terms expire on August 24, 2024, after serving two three-year terms since 2018.

The impending changes follow an earlier CBK overhaul, with the departure of the governor, deputy governor, and board chairman. President Ruto appointed new executives, allowing the Kenya Kwanza administration to install its picks at the apex bank.

The CBK board, comprising 11 members, oversees the bank's functions by formulating policies and reviewing performance. Auditor-General Nancy Gathungu has raised queries regarding the board's composition, as it operates with only half of the required non-executive directors and a single deputy governor.

Toyin Sanni, Founder and Executive Vice Chairman of Emerging Africa Group, discusses whether Sub-Saharan Africa can achieve 4% GDP growth in 2024.

With inflation and economic challenges at the forefront, other experts are weighing in on the region's growth potential.

Ms. Sanni shares her insights with CNBC on the current economic landscape, highlighting the pressures facing key economies like Nigeria and the positive trends in countries like Cote d'Ivoire.

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Innovations are driving Africa's economic transformation, but the continent faces significant challenges in achieving the Sustainable Development Goals. After two decades of growth, the lingering effects of COVID-19 and global economic pressures have hindered progress, requiring $1.3 trillion annually to meet the SDGs by 2030.

1. Sustainability-Linked Bond from the Development Bank of Rwanda

The Development Bank of Rwanda (BRD) issued its first sustainability-linked bond, backed by $10 million in concessional funds from the International Development Association. This innovative structure reduced borrowing costs and attracted over 100 investors, proving a model for other national development finance institutions.

2. Green+ Class C Shares from the Eastern and Southern Africa Trade and Development Bank

This bank introduced Green+ Class C shares to mobilize climate finance, allowing institutional investors to support climate action while receiving priority in liquidation events. This initiative has attracted $30 million in commitments and demonstrates how development banks can create pathways for global private investment.

3. Hybrid Capital Notes from the African Development Bank

The African Development Bank launched hybrid capital notes, which combine features of equity and debt, allowing for expanded lending capacity. This issuance was oversubscribed by $6 billion, indicating strong demand from various investors, and showcases a scalable model for financing.

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Microsoft and dLocal have partnered to drive financial inclusion and digital transformation in the fintech sector through the integration of artificial intelligence solutions. Roberto Icasuriaga, director of small, medium-sized companies and digital natives for Latin America at Microsoft, expressed excitement about the opportunity to leverage AI across dLocal's markets, emphasizing Microsoft's commitment to enhancing financial inclusion and digital transformation.

The announcement was made at Microsoft's AI Innovation Lab in Montevideo. Mauricio Clausen from dLocal delivered a keynote speech on AI in fintech, followed by a fireside chat with Sergio Fogel, co-founder at dLocal, and Roberto Icasuriaga.

Over the past six years, the partnership has been instrumental in fostering Microsoft's expansion and customer engagement in several emerging economies, including Chile, Colombia, Peru, Egypt, Nigeria, and South Africa. By providing localized and versatile payment solutions, dLocal ensures that Microsoft's customers in these markets have access to simplified and efficient payment methods, enhancing the overall user experience.

Sergio Fogel, co-founder and chief strategy officer at dLocal, expressed delight in collaborating with Microsoft to push the boundaries of what's possible in the fintech space. He emphasized that the partnership will enable them to offer superior services to clients and users while ensuring seamless, secure, and efficient financial transactions.

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China's transformation into the world's second-largest economy has attracted individuals from emerging economies seeking opportunities often lacking in their home countries. Cities like Guangzhou showcase a diverse community with entrepreneurs from various African and Middle Eastern countries, promoting a sense of belonging and opportunity.

Guangzhou's history as a major port on the ancient Silk Road facilitates ongoing trade relationships, making it a hub for low-cost goods exported to Africa and the Middle East, reflecting a form of grassroots globalization driven by independent traders, in contrast to traditional Western models. China has established itself as a primary trading partner for many emerging economies, strengthening its influence through initiatives like the Belt and Road Initiative.

This approach offers an alternative to Western globalization, appealing to countries disillusioned by past exploitation and paternalism. Through economic influence and diplomatic initiatives, China promotes its worldview, effectively expanding its reach and appeal in the Global South.

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The following countries exhibit the smallest shares of intra-African exports, highlighting areas where further trade development and integration could be beneficial:

1. Cabo Verde: $0.00 Intra African exports (in US$ billion), -58.53% growth rate, 0.00% share of total exports.

2. South Sudan: $0.00 billion, 157.06% growth, 0.00% share.

3. Central African Republic (CAR): $0.01 billion, -12.23% growth, 0.01% share.

4. Chad: $0.01 billion, 28.94% growth, 0.01% share.

5. Comoros: $0.01 billion, -1.31% growth, 0.01% share.

6. Liberia: $0.02 billion, 837.61% growth, 0.02% share.

7. Guinea-Bissau: $0.03 billion, 153.94% growth, 0.03% share.

8. Seychelles: $0.03 billion, 6.75% growth, 0.03% share.

9. Somalia: $0.03 billion, -17.84% growth, 0.04% share.

10. Gambia: $0.04 billion, 25.36% growth, 0.04% share.

But why? Here are some of the reasons:

1. Insufficient Infrastructure: Many of these countries lack the necessary transportation and communication systems, making it difficult to connect with regional markets.

2. Access to Finance: A significant portion of the population and businesses face barriers to accessing formal financial services, limiting their ability to invest in trade and expand operations.

3. Trade Policy Barriers: Ineffective trade policies and high tariffs can restrict intra-African trade, making it less attractive for countries to engage in regional commerce.

4. Non-convertibility of Currencies: Currency issues complicate trade transactions, making it challenging for countries to conduct business with one another.

5. Political Instability: High levels of political instability in some regions deter investment and trade, as businesses may be reluctant to engage in markets perceived as risky.

6. Cultural and Linguistic Diversity: Ethnic, cultural, and linguistic differences can create barriers to communication and collaboration, hindering trade relationships.

7. Low Manufacturing Capacity: Many countries rely heavily on primary exports with little processing, which limits their ability to trade more complex goods and services that could enhance intra-African trade

The Score dating app required users to have a credit score of at least 675. It has officially shut down after a successful six-month run aimed at raising awareness about financial health and its impact on relationships.

Launched by NEON MONEY CLUB, the app attracted around 18,000 users and facilitated 8,000 matches, revealing notable trends such as millennial men having credit scores 11% higher than their female counterparts, highlighting an economic gender gap.

This gap is narrowing among Generation Z, where men have only a 3% advantage, while Generation X shows the smallest disparity at 0.4%. Luke Bailey, co-founder of Neon Money Club, defended the app against claims of classism, stating it connected individuals prioritizing financial health and provided educational resources to improve credit scores.

Although there are no plans for another dating app, Neon Money Club is focusing on new projects to promote financial literacy, including experiences related to its AMEX card and a new wellness studio.

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Absa Bank Ghana is making significant strides in enhancing financial literacy among the youth through its ‘Money Matters’ initiative. Launched earlier this year, the program has already impacted over 50,000 pupils across 78 schools nationwide, surpassing initial milestones and laying a strong foundation for sustainable financial education.

Developed in collaboration with the Ghana Education Service, the Young Investors Network, and the National Banking College, the initiative aims to equip students with essential skills such as budgeting, saving, and investing. Priscilla Yeboah, Head of Citizenship at Absa Bank Ghana, expressed enthusiasm about the program's success and its positive reception from educational authorities.

Yeboah highlighted the initiative's interactive curriculum, which enhances engagement and retention of financial knowledge among students. The goal is to reach 100,000 students, demonstrating the growing need for financial literacy education.

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The federal court ruling against Google's search monopoly could reshape online shopping and product discovery. U.S. District Judge Amit Mehta found Google violated antitrust law through exclusive contracts, challenging its dominance.

Experts predict increased competition in search engines and advertising, potentially lowering costs and democratizing online marketing for smaller businesses. More AI-driven specialized search tools may enhance product discovery and shopping experiences.

As the digital landscape evolves, businesses may adapt pricing strategies and explore innovative marketing techniques. While Google prepares to appeal, the tech industry braces for disruption and new opportunities in the transforming digital commerce landscape.

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Hotpoint Appliances, a leading distributor of LG electronics, has won silver in the Best Home Appliances eCommerce Website category at the sixth Kenya e-Commerce Awards. The award recognizes Hotpoint's outstanding performance in creating and managing an effective and user-friendly eCommerce platform for home appliances.

Since 1984, Hotpoint has stocked LG appliances, including TVs, refrigerators, microwaves, and washing machines. The company is currently running a sale with discounts of up to 20% on various products. For instance, the 86-inch LG UHD TV, featuring WebOS and Magic Remote, is priced at KSh349,940, down from KSh439,995, reflecting a significant discount of KSh90,005.

Shailesh Kanani, Managing Director of Hotpoint, expressed his delight at receiving the award, emphasizing the team's dedication to enhancing customer convenience through continuous investment in eCommerce capabilities. He noted that the recognition motivates them to maintain momentum in innovation.

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The Central Bank of Kenya (CBK) has announced the introduction of redesigned banknotes to uphold constitutional standards. The new notes, which include denominations from Ksh.50 to Ksh.1,000, will circulate alongside existing notes, starting with the Ksh.1,000 note.Key changes include:

• New Signatures: The signatures of CBK Governor Dr. Kamau Thugge and Treasury Principal Secretary Dr. Chris Kiptoo will replace previous ones.

• Year of Print: The notes will indicate the year 2024.

• Enhanced Security Features: The redesigned notes will feature color-changing security threads and a watermark of a lion’s head to prevent counterfeiting.

These changes align with the Central Bank of Kenya Act, which mandates consultation with the Ministry of Finance regarding currency characteristics. The new banknotes aim to enhance the integrity and security of Kenya's currency while ensuring that all current banknotes remain legal tender.

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ProvidusBank's merger with Unity Bank, recently approved by the Central Bank of Nigeria, is set to create a significant financial entity with a balance sheet of up to ₦3 trillion ($1.8 billion). This merger represents Providus's strategic move to expand its retail footprint, leveraging Unity Bank's extensive network of 240 branches, which is ten times the number of Providus branches. Despite Unity Bank's troubled financial history, including massive debts and accumulated losses, the merger is seen as a lifeline for the struggling institution.

While the merger is officially described as such, many insiders suggest it resembles an acquisition, with Providus poised to take control of Unity Bank's operations. This consolidation aims to enhance market presence and operational efficiency, ultimately positioning the new entity among Nigeria's leading financial institutions. As the merger unfolds, it will be crucial for both banks to ensure transparency and effective integration to avoid potential pitfalls associated with distressed bank acquisitions.

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The Federal Ministry of Labour and Employment (FMLE) and QNET, a global direct-selling company, have joined forces to combat fake job offers and empower Nigerian youth. Through this partnership, they aim to equip young Nigerians with the necessary skills to navigate the job market safely and avoid fraudulent activities.

The collaboration brings QNET's ongoing "Say No!" awareness campaign to a new level, providing young Nigerians with essential skills for success in the competitive job market. The two-day training program, held in Abuja, equips participants with the knowledge to recognize and avoid fraudulent job offers, which is a significant concern due to the country's high unemployment rate.

Biram Fall, QNET's Regional General Manager, addressed participants on recognizing and avoiding fake job scams. He highlighted the importance of robust training and education programs in creating a competent workforce and emphasized QNET's commitment to combating fake job offers through extensive public education programs, including the "Say No!" campaign.

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Africa is on the brink of a financial revolution with the ECOWAS region's plans to launch the ECO, a single currency aimed at enhancing economic integration among 15 nations. However, Bitcoin emerges as a strong alternative, offering solutions to the continent's remittance challenges and promoting financial inclusion without reliance on traditional banking systems.

The ECO initiative faces hurdles such as regulatory complexities and varying economic conditions across member countries, which could hinder its effectiveness. In contrast, Bitcoin's decentralized nature allows for efficient cross-border transactions and lower remittance costs, making it an attractive option for many Africans.

As ECOWAS seeks to improve access to financial services, Bitcoin could provide a more resilient and inclusive financial future by bypassing the limitations of a new regional currency. By leveraging Bitcoin's strengths, African nations can create a robust financial ecosystem that supports sustainable economic growth and development.

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At the 10th ICTEL Expo, experts stressed the need for balance between innovation and regulation in fintech. The event, themed ‘New Tech: Threats and Opportunities,’ showcased Nigeria's digital economy journey and the role of fintech in it.

Panelist Emmanuel Abadi highlighted the importance of collaboration within the fintech ecosystem to ensure consumer protection while fostering innovation. The discussions pointed to the necessity for targeted regulatory guidelines tailored to fintech's unique challenges.

The expo featured presentations, masterclasses, and product demos, providing insights into the latest ICT trends. As the fintech landscape evolves, ongoing dialogue among stakeholders remains crucial for a responsible ecosystem in Nigeria.

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Ibitade Ibrahim shares insights on Leatherback 's expansion strategy and the challenges of operating in emerging markets. He highlights the significant hurdles posed by underdeveloped regulatory landscapes in Africa, where misaligned regulations hinder innovation. To address these issues, Leatherback focuses on solving real-world problems while investing in compliance and partnering with reputable banks.

The company's expansion into India and Pakistan is driven by trade opportunities and migration patterns, with a recent partnership with Yes Bank facilitating rapid money transfers between Nigeria and India. Ibitade emphasizes that operating in regulated markets builds trust with local stakeholders, as it reflects a commitment to customer service and long-term presence.

Leatherback has evolved from a remittance service into a comprehensive global banking product, offering local accounts in key markets to simplify financial management for its customers. This strategic shift has positioned the company for growth, enabling Nigerians abroad to manage their finances without the hassle of multiple accounts. Ibitade concludes that while Africa's fragmented landscape presents challenges, it also offers immense opportunities for innovation and growth.

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South African organisations are facing an alarming rise in cyber threats and data breaches, with the average cost of a breach reaching R41m ($2.78m) in 2024. This increase is driven by factors such as business disruption, customer turnover, and the growing sophistication of cyberattacks.The 2024 IBM Cost of a Data Breach Report highlights the urgent need for advanced security solutions in South Africa. Nearly half of the breaches involved customer personal identifiable information, which is particularly concerning given the sensitivity of this data.

The report also emphasizes the importance of incident response planning and testing, as well as addressing the global cybersecurity skills shortage, which is likely to be even more pronounced in South Africa. Breaches involving stolen or compromised credentials, phishing attacks, and social engineering attacks pose significant challenges, taking the longest time to identify and contain.

Shadow data, or data residing in unmanaged sources, was involved in 35% of breaches, correlating with a 16% higher cost of a breach. Organisations extensively deploying security AI and automation saw average savings of $2.2m per breach compared to those without AI integration.

The industrial sector experienced the highest cost increase per breach, with an average rise of $830,000, while malicious insider attacks were the costliest, averaging $4.99m per breach.

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Medium expanded its Partner Program to include writers from 23 African countries, effective August 6, 2024. This expansion allows writers in these countries to earn revenue when Medium members engage with their stories.

Writers in these countries can now earn a share of Medium membership revenue based on member engagement with their stories. This includes reading, listening, claps, highlights, replies, and new follows. Writers can choose to place their stories behind a paywall accessible only to paying Medium members.

To join the Partner Program, writers must be Medium members, have published a story in the last six months, have a bank account in an eligible country, and be at least 18 years old. Earnings are processed through Stripe and Tipalti, Medium's payment services.

Medium CEO Tony Stubblebine emphasized the company's goal to be a home for diverse perspectives from around the world. This expansion reflects the growing recognition of African talent and the demand for African voices in the digital space.

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Jumia’s CEO Francis Dufay is taking steps to streamline operations, as highlighted in the company’s recent earnings call. The e-commerce giant is shifting to an asset-light model for its delivery services, planning to establish new leased warehouses in Egypt and Ivory Coast rather than owning these facilities.

Jumia's latest financial disclosures reveal a narrowing of losses to approximately $20.2 million, a notable improvement from the $38 million loss reported in the previous quarter, with revenue reaching $36.5 million for the second quarter.

Despite these positive developments, Jumia's stock experienced a decline, closing at $4.89, down from $10.59 earlier in the week. However, it is worth noting that following the Q1 earnings call, which reported a 71% reduction in costs, Jumia's shares had surged by 150% year-to-date, peaking at $14.56 in July 2024.

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Klasha a leading global cross-border payments company, has released a whitepaper titled “Unlocking Opportunities: The Future of Cross-Border Payments Between Africa and China.” This report examines the evolving payment landscape between China and Africa, emphasizing the significant economic ties, with China accounting for 22% of Africa's cross-border trade.

Key areas examined in the whitepaper include:

• Current State of Cross-Border Payments: An overview of the existing frameworks and mechanisms driving trade between Africa and China.

• Influencing Factors: Exploration of the regulatory environments and economic policies shaping cross-border payments.

• Technological Advancements: Insights into how cutting-edge technologies are revolutionizing transactions and expediting payment processes.

• Future Trends and Predictions: Projections regarding the future of China-Africa trade and strategies for staying ahead in this evolving landscape.

CEO, Jess Anuna , highlighted the complexities of transferring money between these regions, noting that trade between China and Africa reached $282.1 billion in 2023. The company aims to facilitate access for Chinese businesses to African customers and vice versa through innovative payment solutions.

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Telecommunications operator Safaricom and Kenya Airways have formed a partnership aimed at enhancing the airline's operational efficiency and customer experience. This collaboration will introduce in-flight Wi-Fi, improve cybersecurity measures, and focus on various innovative areas including infrastructure inspection, security surveillance, loyalty programs, data science, and software development.

A significant aspect of the partnership is the development of Internet of Things (IoT) solutions, which will be utilized for warehousing, baggage tracking, and managing Unit Load Devices. These devices are crucial for securing luggage and cargo during flights, and the partnership aims to improve tracking, location, reconciliation, and stock-taking processes.

Kenya Airways' Chief Information and Data Officer, Fredrick Kitunga, stated that the partnership leverages the strengths of both companies to address current challenges while fostering sustainable growth and innovation. Safaricom's Head of Business, Cynthia Kropac, emphasized the commitment to enhancing customer connectivity throughout their travel experiences.

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Conduit , a fintech company focused on cross-border B2B payments, is expanding into Africa after securing a $6 million seed extension round led by Helios Digital Ventures. Following its launch in Latin America in August 2023, Conduit enables businesses to conduct transactions in US dollars via ACH or SWIFT without needing a U.S. entity.

The company shifted from crypto-backed products to traditional banking services in response to challenges faced by businesses in emerging markets. In Africa, Conduit is targeting key markets like Kenya and Nigeria, where it has partnered with local banks to facilitate transactions. The company reports an annualized transaction volume exceeding $5 billion, with 20% coming from African markets.

Eric Wainaina will lead Conduit's operations in Africa, with plans to expand into Ghana and South Africa. Conduit aims to enhance global payment capabilities and achieve profitability by the end of the year, positioning itself to meet the growing demand for efficient payment solutions in emerging markets.

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The dot-com bubble burst is often perceived as a singular event, but it was, in fact, a gradual process that varied in timing for different individuals. For some, like the author, the crash began on January 11, 2000, when they entered the Time-Life building feeling discontented about the AOL-Time Warner merger. This merger, valued at $183 billion, was met with skepticism, particularly regarding AOL's inflated valuation.

The early signs of the bubble's deflation were evident in January 2000, with events such as the relief over the Y2K bug turning into skepticism about the tech industry's credibility. The announcement of the AOL-Time Warner deal was met with disbelief, as it highlighted the disconnect between traditional profitability and the speculative valuations of dot-com companies.

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Elon Musk and Donald Trump engaged in a lengthy conversation on X Space, where Musk appeared to concede to Trump on several policy issues that could impact Musk's businesses, particularly regarding energy and climate change. Trump dominated the discussion, often leaving little room for Musk to voice his opinions.

They discussed topics such as the alleged influx of criminals into the U.S. and Trump’s support for increased oil drilling, which contrasts with Musk's interests in electric vehicles.

Musk described his views on climate change as moderate, stating, “I don't think we should vilify the oil and gas industry,” after Trump suggested more drilling. Musk also proposed that Trump create a "government efficiency" body that he could join if Trump were reelected, to which Trump responded positively.

The event faced technical difficulties, delaying the start by nearly 45 minutes, which Musk attributed to a "massive DDOS" attack. Despite these issues, the conversation attracted around one million live listeners.

Following the conversation, Elon Musk shared that Donald Trump rejoined the social media platform and that he would also be happy to hold another conversation with Vice President Kamala Harris...

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Follow CNET's the Made by Google Live Blog, as Pixel 9, Pixel Watch 3 and More Expected.

Weekly World Outlook 🌍

Investors React to Fed's Hesitation

The Fed's delay in cutting interest rates has rattled investors, especially after a weak jobs report. The 10-year Treasury yield dropped, the S&P 500 fell 2.3%, and the dollar weakened. Markets now expect a 100 basis point rate cut by year-end, with a 72.5% chance of a September cut. Despite the slowdown in job growth, rising labor force participation shows confidence, though recession fears are growing. A Fed rate cut in September could ease concerns.

U.S. Productivity Offers Inflation Relief 💼

U.S. productivity rose 2.1% in Q2, especially in services, which helps curb inflation despite rising wages. The Fed sees this as a positive sign for possibly easing monetary policy sooner. Real wages are up, but rising unemployment claims may cool wage pressure soon.

Eurozone Recovery Faces Inflation Challenges 🇪🇺

The Eurozone is recovering, with 0.3% GDP growth in Q2. Spain's economy is booming, but Germany's struggles. Inflation remains a concern, with consumer prices up 2.6% in July. The ECB faces a tough choice: cut rates to support recovery or wait to ensure inflation is under control.

Japan's Rate Hikes Shake Markets 💹

The Bank of Japan raised its benchmark rate to 0.25%, surprising markets and boosting the yen. This has global repercussions, causing losses in world markets. Investors now expect further BOJ rate hikes, while the Fed may start cutting rates in September.

China's Yuan Slowly Goes Global 🇨🇳

China is pushing to internationalize its currency, the renminbi, but progress is slow. Despite a 22.9% increase in global use, the yuan still lags far behind the U.S. dollar and euro. China's capital controls limit the yuan's global potential, keeping it from challenging major currencies.

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