👨🏿‍🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿‍🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿‍🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿‍🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿‍🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿‍🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿‍🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read MoreCity of Cape Town to fight off load shedding via $65 million solar PV and solar battery project
The City of Cape Town has announced that it is pursuing the Paardevlei Ground-mounted Solar Photovoltaic and Battery Energy Storage System project. The R1.2 billion (~65 million) project promises to shield the city from one full stage of load shedding. Located just outside Somerset West, on a site of 400 hectares owned by the city, the project will produce 60 megawatts worth of renewable energy and will be implemented with technical assistance from the C40 Cities Finance Facility. “More than 60 cities around the world applied [for the assistance], and Cape Town was the only city that was successfully awarded assistance for two projects,” said Cape Town Mayor, Geordin Hill-Lewis. The assistance will come in the form of expertise required for specialist studies regarding environmental impacts, the engineering design of the project, as well as the means to finance the project. Of the R1.2 billion required for the project, the city will be allocating R447-million from its R2.3-billion budget to end load shedding over three years. Other possible funding options which will be assessed include private-public partnerships or having an Independent Power Producer develop the project and then have the city enter into a power-purchase agreement for the electricity. “This project is another critical step in our journey away from Eskom reliance and towards a load shedding-free Cape Town,” concluded Hill-Lewis. Other initiatives the City of Cape Town has taken recently to fight load shedding include a new tender to buy 500MW of electricity from independent producers, incentivising households and businesses to feed power back to the grid from their rooftop solar installations, and a R1 billion budget allocation for the maintenance and operation of the Steenbras pumped storage hydropower plant.
Read MoreFluidcoins investors will get some of their money back weeks after sale
In February, TechCabal reported that the Nigeria-focused crypto startup, Fluidcoins was sold to Bitfinex after it failed to raise funding. At the time of the sale, there were conflicting reports about whether the startup’s investors knew about the sale. At the time, one anonymous investor told us that the decision to sell Fluidcoins was made by the founder without external input. Joe Kinvi, another investor representing the investment collective, Hoaq, disputed that version of events. That uncertainty led to questions about whether investors got any money from the sale. Per confidential documents seen by TechCabal, Fluidcoins raised $50,000 from two syndicates and $70,000 from 10 angel investors. At the time of the sale, it was unclear whether investors would get any money back. TechCabal can now exclusively report that weeks after the sale, all investors got back to the negotiation table and were offered some portion of their initial investment. This publication can confirm that at least one investor accepted the offer to walk away from the deal with some portion of their initial investment. One source close to the situation said that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns as opposed to walking away with nothing. Fluidcoins raised $180,000 in the last 18 months of its life, and the terms of its sale to Bitfinex were not made public. It is a positive end to a situation that seemed likely to spiral out of control according to initial reports. While investors understand the risks of investing in startups and know that sometimes they can lose entire investments, there are now more conversations about the duty of founders to keep investors informed and act above board. In March, some unnamed investors in Kloud commerce began legal action against the company’s founder following allegations of misappropriation of funds in October 2022. Additionally, the sale of Fluidcoins may represent a marginally better outcome for investors than other options. Last week, Lazerpay, another crypto startup operating in Nigeria, also announced its impending closure. With no acquisition offers on the table, Lazerpay’s investors will likely walk away with nothing, once again highlighting some of the less glamorous parts of startup investing.Â
Read MoreUK insurtech startup YuLife expands to South Africa
YuLife, a UK-based insurtech startup, launched its operations in South Africa today. YuLife’s product offerings include a wellbeing app which harnesses the latest trends in behavioural science and game mechanics to encourage employees to make proactive lifestyle changes, while prioritising prevention by de-risking individuals through healthy activities. The YuLife app enables employees to complete everyday wellness activities, such as walking, meditation, and cycling, in order to earn YuCoin, YuLife’s virtual wellbeing currency. Members can then use their YuCoin to buy vouchers for groceries, data, fuel, clothing and more from leading brands, or to improve the world through donating meals, planting trees, or cleaning the ocean. By incentivising healthy living, YuLife claims to provide employers with a way to simultaneously boost retention rates, improve employees’ standard of living, and safeguard their loved ones’ financial future. “There has been a big shift toward health and wellbeing in the workplace, with more and more companies adding new initiatives and resources to their employee benefits packages. YuLife is launching in South Africa to offer companies an easy way to provide extra protection – we’re looking forward to providing South African businesses and employees tangible value on an everyday basis in an accessible, engaging, and deliverable manner,” said Jaco Oosthuizen, YuLife co-founder and managing director of YuLife South Africa. YuLife recently expanded to the US and claims to have seen more than 5x growth in premiums year-on-year. In July 2022, the insurtech startup raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the company’s total funding to $206M. According to recent data, the gross written premium of the South Africa life insurance market was R598.4 billion (~$40.5 billion) in 2021 and is expected to achieve a CAGR of more than 5% from 2021 to 2026. “South Africa has the second highest insurance penetration globally, making it a perfect market for YuLife to expand into and showcase its innovative approach to insurance,” concluded Oosthuizen.
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