GOOD MORNING CHOP FAMILY!
Welcome to a new week and a new month. We’re moving past the "February slump" straight into a high-stakes March. There’s a lot to digest this morning, so pull up a chair and let’s get into the mix.
TRENDING TOPICS
The world woke up to a vastly different Middle East this morning. On Saturday, February 28, the United States and Israel launched massive joint strikes against Iran, codenamed Operation Epic Fury and Roaring Lion.
The aerial bombardment targeted hundreds of military and governmental sites across the country, including Tehran.
President Trump and Prime Minister Netanyahu have confirmed the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei. Iran responded with missile strikes targeting Israel and U.S. bases across the Gulf, causing casualties and travel chaos in Dubai.
The compound of Ali Khamenei
African Proverb of the Day
“If you walk with an elephant, the dew will not bother you.” (Congo / Swahili origin)
MARKET MOVES
BUSINESS
The Iran Effect on Oil: Markets are bracing for a volatile Monday after weekend strikes on Iran sent oil prices climbing toward $73 a barrel on Friday. Analysts warn that if the conflict leads to a prolonged closure of the Strait of Hormuz—a choke point for 20% of global oil—prices could skyrocket to $100 or more.
OPEC+ Steps In: In an emergency move on Sunday, OPEC+ members agreed to a larger-than-expected production increase of 206,000 barrels per day starting in April to stabilize the market. However, experts note that actual supply relief may be limited, as only Saudi Arabia and the UAE have significant spare capacity to bypass the current disruption.
There are also reports that oil tankers are being attacked as they sail in the region.
Back in the Sahara
Morocco Says No to the UAE: A Moroccan court has officially rejected a $3.5 billion bid from a UAE-based firm to acquire the Samir refinery. The refinery, which has been at the center of a long-standing legal battle, is Morocco's only one.
The court's decision signals a desire to keep this critical infrastructure under a different kind of management or perhaps wait for a deal that better suits national interests.
African nations are keenly aware that “owning” the infrastructure is key. Creating the leverage to harness the natural resources and then, more importantly, refining them for local use and export.
FINANCE & MARKETS
Do you invest in African currencies? Are you still skiddish?... After a rocky few years, currencies like the Nigerian Naira and Kenyan Shilling are showing signs of a steady pulse.
While central banks are keeping interest rates high to fight inflation, the wild swings that kept investors at bay are beginning to smooth out.
We wouldn’t say that the ground is completely stable, but foundational issues are being shored up. Confidence is growing, and more investors in the diaspora are parking their money in local markets. Will you be one of them?
TECH
Since we are talking about conflicts and missile strikes, it makes sense that we should cover the military industry on the continent. Terra Industries is a Nigerian-based company that builds homegrown autonomous drones and other defense-related security systems.
They recently raised an additional $22 million to fund their optimistic endeavors, which are based on helping African nations monitor and respond to threats - at home and abroad.
Drone Factory
Terra also joined forces with Defense Industries Corporation of Nigeria (DICON) to help reduce the reliance on imported technology and weapons systems from abroad. They want to shift to locally produced and manufactured systems like drones, robotics, and other advanced weaponry.
What is most impressive is that the founders of Terra are a couple of Gen Z guys that havent reached the age of 30 yet. They are setting a great example of what can “be” when the receice the support and funding that is needed.
⚡ Quick Bites ⚡
South Africa’s Streets: The government is moving forward with plans to deploy the army in high-crime areas to support local police.
Togo’s Green Push: A new $16 million agricultural innovation program is launching to help small-scale farmers use tech to combat climate change.
Ghana’s Warning: Foreign officials are alerting citizens about deceptive job ads on the dark web used to recruit people for foreign conflicts.
🌍 What Else is Cooking? 🍳
The Vatican’s Glow-up: Restorers just finished removing a "salty white film" that had built up over Michelangelo’s The Last Judgment. Apparently, even 500-year-old masterpieces need a deep exfoliation now and then.
Antique Owl: A sleepy owl made headlines after it was found napping on a shelf in a New York antique store. The owners thought it was a very realistic statue until it blinked.
Global Tensions: The world is watching the Middle East closely following major strikes in Iran, leading to flight disruptions and a spike in oil market chatter.
Dish of the Day 🥘
Thieb
If you find yourself in the heart of the Sahara, you might be served Poudre de Karkadé (Hibiscus Powder) over Thieboudienne. While Thieb is the national dish of Senegal, the Mauritanian twist involves a rich, dried hibiscus seasoning that adds a sharp, floral acidity to the spiced fish and rice. It’s the ultimate desert comfort food.
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