AI Won't Replace Our Jobs 🤖

Good morning. It's Monday, Jul. 29, and we're covering, LH Telecoms Limited Acquires Majority Stake In Troubled 9Mobile, Apple Intelligence Delayed Until October, Maduro Declared Winner In Venezuela’s Presidential Election, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.48 Trillion, a 3.12% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $51.59B, which makes a 31.06% decrease.

• The total volume in Defi is currently $3B, 5.82% of the total crypto market 24-hours.

• The volume of all stablecoins is now $46.19B, which is 89.53% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.49%, an increase of 0.02% over the day.

Solana Price Analysis: Potential Impact of Hitting $200 This Week

Solana (SOL) has been showing impressive gains recently, with significant developments in the broader crypto market contributing to its upward momentum. After breaking through the critical resistance level at $189, the SOL price is now eyeing the $200 mark. (Read Deeper)

BUSINESS & FINANCE

LH Telecoms Limited Acquires Majority Stake In Troubled 9Mobile

LH Telecoms Limited, a UK-based telecoms company, has acquired a majority stake in Nigeria’s 9Mobile, formerly known as Emerging Markets Telecommunication Services Limited. The deal, which involves a major capital infusion, has received approval from Nigeria’s regulatory bodies, including the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC). The African Export-Import Bank (AFREXIM), which was 9Mobile’s principal lender, also endorsed the acquisition, allowing LH Telecoms to secure 95.5% of the company’s shares.

Why It Matters: 9Mobile has faced challenges, including a loss of over 6,000 subscribers in early 2024. The new management aims to steer the company towards recovery and strengthen its market position. (Read Deeper)

Sanlam And Allianz Launch Joint Venture Brand, SanlamAllianz

Sanlam and Allianz have officially launched their joint venture brand, SanlamAllianz, following regulatory approvals in Ghana. This merger, which took effect in September 2023, combines the strengths of both companies into a leading pan-African non-banking financial services provider operating in 27 countries across the continent. The new brand will be led by Tawiah Ben-Ahmed, Chief Executive Officer/MD of SanlamAllianz Life Insurance Ghana, and Mabel Nana Nyarkoa Porbley, Chief Executive Officer/MD of SanlamAllianz General Insurance Ghana.

Why It Matters: SanlamAllianz aims to leverage its global and pan-African expertise to drive growth in Africa’s high-potential economies. The company’s mission is to empower generations to achieve financial confidence, security, and prosperity through innovative technology and diverse financial services that enhance financial inclusion and create shared value for stakeholders. ( Read Deeper )

TECHNOLOGY & SCIENCE

Apple Intelligence Delayed Until October, Will Arrive with iOS 18.1

Apple’s anticipated AI features, branded as Apple Intelligence, are not expected to debut with the initial releases of iOS 18 and iPadOS 18 in September. Instead, according to Bloomberg’s news, these features will be introduced with iOS 18.1 and iPadOS 18.1, slated for release in October. Initial beta versions of these updates, including some AI functionalities, will be available to developers soon.

Takeaway: Apple Intelligence will not offer its complete feature set at launch. Advanced features like AI-powered Siri may be delayed until later in the year or even into 2025. Apple Intelligence will require devices with an A17 Pro processor or M-series chip, limiting its compatibility to newer models such as the iPhone 15 Pro and 15 Pro Max. ( Read Deeper )

AI Won't Replace Jobs, But AI Users Might Overtake Non-AI Users

Andrew Ng, founder of Google Brain and a Stanford University professor, argues that while AI will transform the labor market, it will not replace jobs outright. Instead, Ng predicts that people who effectively use AI tools will have an advantage over those who do not. Ng also criticized Big Tech companies for inflating AI risks to stifle competition and influence legislation. He contends that fears of AI causing human extinction are exaggerated and used to push policies that disadvantage open-source technology.

Why It Matters: Ng explained that even if AI automates 20-30% of a job's tasks, the job itself will remain. He believes that rather than leading to job losses, AI will drive innovation and create new opportunities. Companies will likely use AI to reduce costs but will reinvest those savings into expanding operations. ( Read Deeper )

AROUND DE WORLD & POLITICS

Maduro Declared Winner In Venezuela’s Presidential Election

Nicolás Maduro has been declared the winner of Venezuela’s presidential election, securing 51% of the vote over opposition candidate Edmundo González, who received 44%. The National Electoral Council, controlled by Maduro loyalists, announced the results based on 80% of voting stations but did not immediately release detailed tallies from all centers, leading to concerns about transparency. International reactions included support from U.S. Vice President Kamala Harris, who emphasized the importance of respecting the Venezuelan people's voice.

Why It Matters: The election’s outcome has far-reaching implications, with potential shifts in migration patterns and economic stability. Venezuela, holding the world's largest oil reserves, has faced severe economic decline and social unrest under Maduro, leading to widespread emigration. Despite Maduro's promises of economic stability, many Venezuelans remain in dire straits, struggling with hyperinflation and shortages. (Read Deeper)

Rocket Strike Escalates Israel-Hezbollah Tensions

A deadly rocket strike in the Israeli-occupied Golan Heights, killing 12 children and teenagers, has escalated tensions between Israel and Hezbollah to a critical level. Israel's Prime Minister Benjamin Netanyahu returned from the US to chair a security cabinet meeting, promising a severe response against Hezbollah. The potential for an all-out war poses significant risks, with Hezbollah's substantial arsenal and Iran's backing making the situation particularly dangerous.

Takeaway: Cross-border fire between Israel and Lebanon has intensified since October 8, with Hezbollah launching numerous attacks in solidarity with Hamas. Israel has retaliated with air strikes, leading to over 450 deaths in Lebanon and 40 in Israel. The recent rocket strike, the deadliest since the escalation began, has led to widespread mourning and heightened tensions. (Read Deeper)

ENTERTAINMENT & SPORTS

Olympic Chiefs Apologize For Controversial Opening Ceremony Scenes

Organizers of the Paris 2024 Olympic Games have issued an apology following backlash over a segment in the opening ceremony. The controversy centered around a banquet scene featuring drag artists, which some critics, including Christian groups and the Catholic Church in France, felt parodied Leonardo da Vinci's "The Last Supper." The depiction was condemned for allegedly mocking a key biblical scene, leading US telecommunications company C Spire to pull its advertising in response. (Read Deeper)

Robert Downey Jr To Return To Marvel As Doctor Doom

Robert Downey Jr is making a highly anticipated return to the Marvel Cinematic Universe, but this time not as Iron Man. The actor will portray Dr. Victor Von Doom, also known as Doctor Doom, in the upcoming film Avengers: Doomsday, scheduled for release in May 2026, followed by Secret Wars a year later. Downey Jr announced at Comic-Con in San Diego, appearing on stage in Doctor Doom's signature mask and cloak before revealing his identity to the audience. ( Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Curious about how to turn strangers into loyal customers eager to buy what you’re selling? ( Listen )

EXTRA BREVITI

• Polls are closing in Venezuela's presidential election, where incumbent Nicolás Maduro of the socialist PSUV party is seeking a third term. ( Read More )

• NIST releases a tool for testing AI model risk. ( Read More )

• Brazil’s Rayssa Leal takes dramatic, wildly celebrated bronze in street skateboarding as 14-year-old Coco Yoshizawa wins gold. ( Read More )