GOOD MORNING CHOP FAMILY!
Welcome back to your favorite twice-weekly brief. The world feels a little heavier this week as geopolitical tensions boil over, but as we always say around here, the sun still rises over the continent, and the grind doesn’t stop. Grab your coffee or your favorite juice; we have a lot to catch up on.
TRENDING TOPICS
The primary focus globally right now is the escalating war in Iran, which has sent shockwaves through the energy sector.
Following a week of strikes on oil and gas facilities and a near-total standstill of maritime traffic through the Strait of Hormuz, Brent crude prices have surged past
$92 per barrel. This is a massive jump of nearly 28% in just a week.
For many African nations, this is a double-edged sword. While oil exporters might see a revenue bump, the reality on the ground for most citizens is the immediate threat of fuel hikes.
South Africa’s rand has already felt the pressure, sliding against the dollar as investors flee to "safe haven" assets. Africa will not be immune to global events, and their effects will soon be felt in many local markets.
African Proverb of the Day
"If a blind man says let's throw stones, be assured that he has foot on one." — Hausa, Nigeria.
MARKET MOVES
BUSINESS
The Lobito Corridor is currently the talk of the town in Southern Africa. The Angola-EU Lobito Corridor Business Forum is gaining momentum, positioning Angola as a major international hub for transport and logistics. This trade route is seen as one of Africa's biggest opportunities to link regional markets with Europe, with a focus on agriculture and sustainable infrastructure.
One challenge to the rollout of this corridor is the potential conflict surrounding land ownership. Much of the land falls in customary jurisdiction, meaning that indigenous peoples own the land or have historical ties to it. Fortunately, there are NGO’s working on comprehensive land audits that will help ease these challenges.
As many of you may know, land ownership in Africa is a big deal. And tensions can escalate fast when land ownership is involved. Many transactions are done informally and not recorded. So addressing these issues up front is a good start.
FINANCE & MARKETS
In South Africa, the net foreign reserves rose to $75.84 billion in February. While the Middle East conflict is boosting oil prices and putting pressure on the South African Reserve Bank to redraft its risk scenarios, officials say the economy is relatively well-placed to weather the storm for now.
Meanwhile, Afreximbank continues its streak as the continent's financial heavyweight. It was recently ranked as the top mandated lead arranger and bookrunner in the Bloomberg Africa Borrower Loans League Tables.
From a $1.75 billion facility for Sonangol in Angola to expanding its reach into the Caribbean, the bank is making sure African capital stays busy.
TECH
Google is making a massive push to ensure AI speaks our language. In a major update, Google Search has added support for Yoruba and Hausa, two of the most widely spoken languages in West Africa.
But they didn't stop there; AI Overviews and "AI Mode" are also being rolled out in 13 African languages, including Kiswahili and Somali. This is a huge step toward making the internet feel less like abroad and more like home for millions of people.
It will be only a matter of time before all of the world’s languages are indexed with AI and are available for all.
⚡ Quick Bites ⚡
DR Congo: A tragic landslide at a coltan mine has left over 200 people feared dead, highlighting the ongoing safety concerns in the artisanal mining sector.
Zanzibar Luxury: Infinity Developments is positioning itself as Zanzibar's largest private developer with a luxury hospitality portfolio worth over $600M.
T20 World Cup: Cricket fans in South Africa are mourning as the Proteas crumbled against New Zealand, sending the Black Caps to the T20 World Cup final.
🌍 What Else is Cooking? 🍳
Astronaut Scam: An 80-year-old woman in Japan was swindled out of 1 million yen by a man pretending to be an astronaut who claimed his spaceship was under attack and he needed cash for oxygen.
Caffeine Capture: A runaway spider monkey in South Carolina was finally caught after officials realized she couldn’t resist a cup of coffee. They placed a cup on the ground, and she walked right into custody for her caffeine fix.
Daylight Permanence: British Columbia has decided to keep daylight saving time permanently, because apparently, even they are tired of moving the clocks back and forth.
Dish of the Day 🥘
Nkwobi
If you are looking for a true Nigerian delicacy that brings the heat and the flavor, Nkwobi is it. It’s a savory dish of cow feet cooked in a rich, spicy palm oil paste. It’s traditionally served in small wooden bowls (ugba) and garnished with utazi leaves and onion rings. When I am back in the village, this is one of my go-to meals.
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