Jumia Plans To Raise Over $100 Million 💰️

Good morning. It's Wednesday, Aug. 7, and we're covering, Jumia Plans To Raise Over $100 Million To Boost User Growth, China Launches Its First Batch Of Internet Satellites, Kamala Harris And Tim Walz Hold First Rally Together, and much more. First time reading? Sign up to get this newsletter: Sign up here.

We always Listen and respond to questions and feedback, email us at [email protected]

MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.01 Trillion, a 1.24% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $103.92B, which makes a 44.20% decrease.

• The total volume in Defi is currently $4.86B, 4.67% of the total crypto market 24-hours.

• The volume of all stablecoins is now $97.86B, which is 94.16% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.83%, an increase of 0.21% over the day.

BUSINESS & FINANCE

Jumia Plans To Raise Over $100 Million To Boost User Growth

Jumia, the African e-commerce company, plans to raise over $100 million by selling 20 million American depositary shares in the coming weeks, despite a recent drop in share price. This fundraising follows a similar effort between 2020 and 2021, where the company raised nearly $600 million. CEO Francis Dufay stated that the funds will be used to enhance Jumia's supply chain, logistics, technology, and marketing efforts. The goal is to expand into smaller cities, improve efficiency, and drive user growth. Jumia aims to improve its cash position, which stood at $92.8 million in Q2 2024.

Why It Matters: The company’s active customer base has stalled at around two million, and orders increased by 7% year-over-year. However, Jumia's GMV and revenue declined due to currency devaluation in key markets like Egypt and Nigeria, though growth was seen on a constant currency basis. The new funding is intended to accelerate growth and help Jumia reach profitability faster. (Read Deeper)

Kenya Approves $907 Million Adani Energy Power Transmission Project

Kenya has approved a $907 million project by Adani Energy Solutions, a subsidiary of India’s Adani Group, to build power transmission lines and substations in Eastern and Western Kenya. This project aims to improve the country’s power infrastructure and reliability. The agreement is a Public Private Partnership (PPP) and involves constructing 371 km of transmission lines and five substations. This follows the approval of the project's feasibility study in May 2024. Adani Group, led by Gautam Adani, is expanding its infrastructure ventures globally despite past allegations of market manipulation and corporate fraud, which the company denies.

Takeaway: The project is part of Kenya's efforts to modernize its aging power distribution network amid budget constraints due to rising national debt. However, public scrutiny has been placed on the transparency and cost of such PPP projects. This approval comes amidst controversy over another deal with Adani to renovate and operate Jomo Kenyatta International Airport (JKIA). ( Read Deeper)

TECHNOLOGY & SCIENCE

China Launches Its First Batch Of Internet Satellites

China has launched the first batch of internet satellites for its "Thousand Sails" constellation, aiming to rival SpaceX's Starlink. The constellation will consist of over 15,000 low-Earth orbit satellites to provide global internet coverage. A Long March 6A rocket successfully deployed 18 satellites, with plans to deploy 648 by 2025 in the first phase. This move underscores China's ambitions to challenge U.S. dominance in space technology. China has previously completed the BeiDou navigation system and has plans for a crewed mission to Mars by 2033.

Takeaway: The competition extends beyond internet satellites; China has already completed the BeiDou network, a global navigation system that rivals the U.S. GPS. Additionally, China's Chang’e-6 lunar probe recently returned to Earth with the first-ever samples from the far side of the moon, showcasing its advancing space exploration capabilities. (Read Deeper)

Samsung's HBM3E Chips Pass Nvidia's Tests For AI Processors

Samsung Electronics' eight-layer HBM3E memory chips have passed Nvidia's tests for use in its AI processors, a major step for Samsung as it competes with SK Hynix in the advanced memory chip market. Although no supply deal has been signed yet, supplies could start by Q4 2024. Samsung's 12-layer HBM3E chips have not passed Nvidia's tests. HBM chips are critical for AI GPUs, and Samsung has been addressing heat and power consumption issues to meet Nvidia's standards.

Takeaway: The approval comes amid high demand for GPUs driven by the AI boom. TrendForce expects HBM3E chips to dominate the market this year, with Samsung aiming for HBM3E to make up 60% of its HBM sales by Q4. Samsung's total DRAM revenue was estimated at $16.4 billion for the first half of the year, with around 10% potentially from HBM sales. The main HBM manufacturers are SK Hynix, Micron, and Samsung. (Read Deeper)

AROUND DE WORLD & POLITICS

Kamala Harris And Tim Walz Hold First Rally Together

Tim Walz, newly announced as Kamala Harris's running mate, made his first appearance at a Democratic Party rally in Philadelphia on Tuesday night. Walz, Minnesota's governor, emphasized his rural background and criticized Donald Trump and the Republican Party, calling them "weird as hell" and highlighting Trump's criminal record. Harris praised Walz as a fighter for the middle class and a patriot, while the pair focused on defending individual freedoms, including abortion rights and gun safety. The rally marked the beginning of a five-day tour in key battleground states.

Takeaway: The Trump campaign quickly labeled Walz as a "dangerously liberal extremist." Walz's tenure as governor of Minnesota has seen significant legislative achievements but also criticism for his handling of the COVID-19 pandemic and the George Floyd protests. President Joe Biden and other Democratic leaders strongly endorsed the new ticket. (Read Deeper)

Organizers Suspend Hunger Protests In Lagos And Osun States

Organizers of hunger protests in Lagos and Osun states have temporarily suspended their demonstrations. In Lagos, protesters decided to pause for 24 hours following a congress meeting, where it was concluded that President Bola Tinubu’s speech did not meet their demands. The suspension in Osun is to allow for the peaceful celebration of the Osun-Osogbo Festival. In Lagos, after the protesters disbanded, some were attacked by thugs. Organizers announced a rally on August 7 to honor those killed during the protests. the Lagos High Court extended an order restricting protests to two venues, Freedom Park and Peace Park, in response to a request by the Lagos State Attorney-General.

Takeaway: The Campaign for Democratic and Workers’ Rights criticized President Tinubu, stating he does not understand the extent of the suffering caused by recent policy changes, including increases in fuel prices and electricity tariffs, and demanded the reversal of these policies. Soweto mentioned a planned rally on August 7 to honor those killed during the protests. “As agreed at the congress this evening, we are not converging at Ojota tomorrow. ( Read Deeper )

ENTERTAINMENT & SPORTS

Onyeka Onwenu To Be Buried Before Month-End

The family of the late iconic singer Onyeka Onwenu has announced that her burial will take place before the end of this month. This decision was disclosed during a condolence visit from the Musical Society of Nigeria (MCSN) to the family’s residence in Ikoyi, Lagos. Onwenu’s sons, Abram and Tjiani, expressed their commitment to honoring their mother’s wishes by arranging her burial as soon as possible. The details of the burial arrangements will be announced in the coming days. King Sunny Ade, a legendary musician and a close colleague of Onwenu, signed the condolence register, expressing his heartfelt emotions. (Read Deeper)

Atletico Madrid Secure £81.5m Deal For Man City's Julian Alvarez

Atletico Madrid have reached an agreement to sign Manchester City forward Julian Alvarez for a total of £81.5 million. The deal consists of an initial payment of £64.4 million (75 million euros) with an additional £17.1 million (20 million euros) in potential add-ons, making it a record sale for Manchester City, surpassing the £50 million Chelsea paid for Raheem Sterling in 2022. Alvarez, who had stated he would decide on his future after Argentina's participation in the 2024 Olympics, saw his team knocked out by hosts France last Friday. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• From AI to Instant Replay: The Technology Behind the Olympics ( Listen )

EXTRA BREVITI

• Kenya Approves $907 Million Adani Energy Power Transmission Project. (Read More)

• Electric vehicle (EV) manufacturer Rivian reported a loss of $1.46 billion in the second quarter of 2024. ( Read More )

• Donald J. Trump Memecoin Rugpulls. ( Read More )