BlackRock Partners with Saudi Arabia 🤝 FCMB Seeks Shareholder Approval to Raise ₦150 Billion 🤑

Good morning. It's Thursday, Apr. 2, and we're covering FCMB Seeks Shareholder Approval to Raise ₦150 Billion, Microsoft Announces New Data Center In Thailand, Democrats Pressure Biden To Prevent Israeli Assault On Rafah 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 $2.16 Trillion, a 2.32% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $91.36B, which makes a 12.21% decrease.

• The total volume in Defi is currently $6.61B, 7.23% of the total crypto market 24-hours.

• The volume of all stablecoins is now $84.9B, which is 92.93% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.63%, a decrease of 0.42% over the day.

BUSINESS & FINANCE

FCMB Seeks Shareholder Approval to Raise ₦150 Billion

First City Monument Bank (FCMB) has announced plans to seek shareholder approval for a capital raise of ₦150 billion at an upcoming general meeting. The move comes as the bank aims to meet the new recapitalization requirements mandated by the Central Bank of Nigeria (CBN).  

Takeaway: In a filing on the Nigerian Exchange, FCMB outlined its strategy for the capital raise, which includes exploring various options such as issuing stocks or bonds to investors in both the Nigerian and international capital markets. The pricing of the shares will be determined through book-building or other acceptable valuation methods. ( Read Deeper )

BlackRock Partners with Saudi Arabia's PIF to Launch $5 Billion Investment Firm in Riyadh

BlackRock, the world's largest asset manager, has announced plans to establish an investment platform in Riyadh, Saudi Arabia, with an initial $5 billion investment from the kingdom's Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia. The new platform, named BlackRock Riyadh Investment Management (BRIM), aims to bolster capital market growth in Saudi Arabia and attract foreign institutional investment into the kingdom.

Takeaway: The joint venture follows the signing of a memorandum of understanding between BlackRock's Saudi division and the PIF, highlighting a commitment to further developing the Saudi asset management industry and expanding local capital markets. BRIM also seeks to support the kingdom's Vision 2030 initiative, which aims to diversify the Saudi economy and attract international investment. ( Read Deeper )

TECHNOLOGY & SCIENCE

Microsoft Announces New Data Center In Thailand

Microsoft is expanding its presence in Southeast Asia, with Chairman and CEO Satya Nadella unveiling plans for a new regional data center in Thailand. This announcement comes hot on the heels of the tech giant's $1.7 billion investment pledge in Indonesia over the next four years for cloud and AI infrastructure development, alongside commitments to AI skills training for over 100,000 individuals and support for local developers.

Why it matters: The decision to establish a regional data center in Thailand aligns with the country's "Ignite Thailand" vision, aiming to drive growth, innovation, and prosperity for its citizens, Prime Minister Srettha Thavisin lauded the partnership with Microsoft. ( Read Deeper )

Snapchat Unveils New AR and ML Tools for Brands and Advertisers

At the 2024 IAB NewFronts event, Snapchat took the stage to introduce a suite of innovative augmented reality (AR) and machine learning (ML) tools aimed at empowering brands and advertisers to engage with users through immersive experiences. The social media giant revealed significant advancements in ML and automation, streamlining the process for brands to create AR try-on assets. By collaborating with companies like Amazon and Tiffany & Co., Snapchat has enabled users to virtually try on products within the app.

Takeaway: By introducing AR Extensions, Snapchat enables advertisers to seamlessly integrate AR Lenses and filters into all ad formats within the app, including Dynamic Product Ads, Snap Ads, Collection Ads, Commercials, and Spotlight Ads. With over 300 million daily engagements with AR experiences, Snapchat reaffirms its commitment to AR technology and its role in enhancing user engagement. ( Read Deeper )

AROUND DE WORLD & POLITICS

Democrats Pressure Biden To Prevent Israeli Assault On Rafah

Fifty-seven House Democrats have joined forces to pressure President Biden's administration to deter Israel from launching a full-scale invasion of Rafah, a city serving as a refuge to many residents of the Gaza Strip. In a letter dated Wednesday, the Democrats urged the administration to utilize all available measures to dissuade Israeli Prime Minister Benjamin Netanyahu's government from proceeding with an assault on Rafah, situated near the Egyptian border. This includes withholding specific offensive military aid to Israel as a preemptive measure against a full-scale attack.

Why it matters: The United States, as Israel's primary diplomatic ally and weapons supplier, holds significant influence over Israeli actions. Blinken's visit to Israel followed President Biden's warning that U.S. policy could change if Israel fails to address concerns about civilian harm and humanitarian suffering. ( Read Deeper )

Tension And Uncertainty Grip Columbia University After Police Raid

Columbia University in New York City finds itself in a state of turmoil and uncertainty following a police raid on Tuesday night, which resulted in the arrest of over 100 individuals during a Gaza protest at the occupied Hamilton Hall. The decision to call in law enforcement has left the university community deeply shaken and questioning the future.

Why it matters: Students, faculty, and administrators alike are grappling with the aftermath of the raid, with classes canceled, exams postponed, and finals thrown into disarray. The university president, Minouche Shafik, expressed regret over the decision to involve the police, acknowledging that healing would take time. ( Read Deeper )

ENTERTAINMENT & SPORTS

PSG Remains Optimistic Despite Dortmund’s Defeat in Champions League Semi-Final

Paris Saint-Germain (PSG) coach Luis Enrique expressed optimism about his team's chances of reaching the Champions League final despite a 1-0 defeat against Borussia Dortmund in the first leg of their semi-final clash on Wednesday.
Enrique acknowledged the disappointment of the loss but remained positive, highlighting the evenness of the game and the missed opportunities by his side. ( Read Deeper )

Cher Opens Up About Her Hesitance to Date Elvis Presley on "The Jennifer Hudson Show"

Cher, the iconic singer and Rock & Roll Hall of Fame inductee, recently shared insights into her past encounters with the legendary Elvis Presley during an appearance on "The Jennifer Hudson Show" on Wednesday. Reflecting on her time as a Las Vegas residency performer, Cher casually mentioned her interactions with Presley, prompting host Jennifer Hudson to inquire further about their relationship. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Are you a busy entrepreneur juggling a bunch of products, worried your customers might get lost in the shuffle? ( Listen )

EXTRA BREVITI

• Tesla, the electric vehicle maker, has decided to step back from its ambitious plan for innovations in gigacasting( Read More )

• NASA is breaking new ground in Mars exploration by engaging private space companies for support in future missions to the Red Planet. ( Read More )