Massive Protests Erupt In Israel 😰

Good morning. It's Monday, Sept. 02, and we're covering, Tingo Group CEO Dozy Mmobuosi Ordered to Pay Over $250M, Brazil’s Supreme Court Orders Nationwide Suspension Of X, Massive Protests Erupt In Israel After Six Hostages Killed, 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 $2.02 Trillion, a 1.06% decrease in the last 24 hours. 😰 

• The total crypto market volume over the last 24 hours is $55.57B, which makes a 57.06% increase.

• The total volume in Defi is currently $2.72B, 4.92% of the total crypto market 24-hours.

• The volume of all stable coins is now $51.03B, which is 91.83% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.44%, an increase of 0.20% over the day.

BUSINESS & FINANCE

Tingo Group CEO Dozy Mmobuosi Ordered to Pay Over $250 Million

Dozy Mmobuosi, CEO of Tingo Group, has been ordered by the U.S. Securities and Exchange Commission (SEC) to pay over $250 million and is barred from serving as a director in any public company and the SEC accused Tingo Group of inflating its financial performance, including falsely claiming $461.7 million in cash reserves, when actual balances were below $50. Despite denying the charges, Mmobuosi and Tingo Group failed to defend themselves in court. The judgment enforces penalties for fraud under U.S. securities laws and adds to the scrutiny surrounding Tingo, which had previously been viewed with skepticism.

Why It Matters: Tingo Mobile, a subsidiary of Tingo Group, falsely reported cash reserves of $461.7 million for 2022 in its Nigerian bank accounts. The judgment enforces penalties for fraud under U.S. securities laws and adds to the scrutiny surrounding Tingo, which had previously been viewed with skepticism. (Read Deeper)

Arabian Mills’ $271 Million Saudi IPO Sells Out

Arabian Mills for Food Products Co.'s $271 million initial public offering (IPO) in Saudi Arabia sold out within an hour of opening. The company is selling a 30% stake, or 15.4 million shares, at a price range of 62 to 66 riyals per share. This rapid sellout reflects strong investor interest in Saudi Arabia's thriving IPO market.

Takeaway: The institutional offering runs from September 1 to 5, with final pricing expected on September 11, and retail subscriptions will open from September 18 to 19. Arabian Mills is the fourth Saudi flour milling company to go public after the industry was privatized. (Read Deeper)

TECHNOLOGY & SCIENCE

Brazil’s Supreme Court Orders Nationwide Suspension Of X

Brazil’s Supreme Court has ordered a nationwide suspension of Elon Musk’s social network, X after the company defied court orders to appoint a legal representative in Brazil and comply with content moderation regulations. The court's decision includes daily fines for anyone using VPNs to access X while it's banned. The suspension will remain until X meets the court’s requirements. Musk has criticized the court’s actions as censorship and compared Judge Alexandre de Moraes to a movie villain.

Takeaway: The court initially set a 24-hour deadline for X to comply, but after X failed to do so, the suspension was enforced. The court’s actions come ahead of Brazil’s municipal elections, with social media companies required to handle government takedown notices for misinformation and violence. (Read Deeper)

NASA Astronaut Reports Mysterious Noise from Troubled Starliner Capsule

NASA astronaut Butch Wilmore reported hearing a "strange noise" from the Boeing Starliner spacecraft at the International Space Station (ISS) just days before its planned return to Earth. The noise, described as a pulsating sound similar to a sonar ping, was captured and shared with Mission Control, who are investigating its source.

Takeaway: The Starliner is scheduled to undock from the ISS and return to Earth autonomously. However, NASA has decided to delay the return of Wilmore and astronaut Suni Williams until February due to ongoing issues with the spacecraft, including thruster failures and helium leaks. Boeing had hoped this mission would address past delays and cost overruns, but the noise adds to concerns about the spacecraft's reliability. (Read Deeper) :flag

AROUND DE WORLD & POLITICS

Massive Protests Erupt In Israel After Six Hostages Killed

Massive protests erupted across Israel after six Israeli hostages were killed in Gaza, intensifying public outrage over the government's inability to secure a ceasefire deal that could have saved them. Around 500,000 demonstrators gathered in cities including Jerusalem and Tel Aviv, demanding Prime Minister Benjamin Netanyahu take action to bring home the remaining 101 hostages. The Israeli military recovered the bodies of six hostages, reportedly killed by Hamas militants.

Takeaway Netanyahu vowed to continue fighting Hamas, but critics, including labor leaders and protesters, called for a general strike and urged for a ceasefire deal to prevent further deaths. U.S. President Joe Biden expressed hope for a ceasefire, despite ongoing fighting between Israel and Hamas. During the conflict, a temporary pause was agreed upon for a polio vaccination campaign in Gaza, but military actions continued. (Read Deeper)

Nigeria's Information Minister To Represent Tinubu At Indonesia-Africa Forum

Nigerian Information Minister Mohammed Idris will represent President Bola Tinubu at the Second Indonesia-Africa Forum in Bali from September 1 to 3, 2024. The forum's theme, “Bandung Spirit for Africa’s Agenda 2023,” recalls the 1955 Bandung Conference and aims to strengthen Indonesia-Africa relations, aligning Indonesia’s Vision 2045 with the African Union’s Agenda 2063.

Takeaway: Idris will highlight Nigeria’s investment potential and President Tinubu’s Renewed Hope Agenda, and promote opportunities for Nigerian businesses in Indonesia. The event underscores the growing economic and diplomatic ties between Nigeria and Indonesia, highlighted by increased trade and Indonesia’s recent vaccine donation to Nigeria. (Read Deeper)

ENTERTAINMENT & SPORTS

Daniel Craig Stuns Fans With New Look At Venice Film Festival

Daniel Craig surprised fans with a new look at the Venice Film Festival on September 1, where he appeared with his wife, Rachel Weisz. Known for his role as James Bond, Craig sported long hair, a casual outfit, and sneakers, causing fans to double-check his identity. Social media reactions ranged from shock to humor, with comparisons to Paul McCartney and Shameless' Frank Gallagher. Some fans lamented the loss of his iconic buzz cut, while others defended his new style. (Read Deeper)

Manchester United Suffer 3-0 Defeat To Rivals Liverpool At Old Trafford

Manchester United endured a frustrating 3-0 loss to fierce rivals Liverpool in a disappointing display at Old Trafford. Despite a lively start and passionate support, the Red Devils struggled throughout the match, with Luis Diaz scoring twice in the first half and Mohamed Salah adding a third. Liverpool thought they had taken the lead early on when Trent Alexander-Arnold's effort found the back of the net, but VAR ruled it out for offside. United were unable to capitalize on the reprieve, and Liverpool broke through in the 35th minute after Casemiro's pass was intercepted, leading to Diaz's first goal. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Trump’s Plan to Stop WWIII, CIA Coups, and Warning of the Next Financial Crisis. ( Listen )

EXTRA BREVITI

• Investigation Finds Climatic Conditions Caused Helicopter Crash That Killed Iran’s President. ( Read More )

• Saudi Arabia seeks to diversify its economy and establish itself as a regional industrial hub. (Read More)

• From InstaDeep to Paystack: Here are Africa’s biggest startup exits and how much they raised. (Read More)