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POPULAR NEWS

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  • October 17 2024

“Adani must go” protesters force court to adjourn hearing on JKIA concession

A Kenyan High Court adjourned the hearing on a suit filed by the Kenyan Human Rights Commission (KHRC) and the Law Society of Kenya (LSK) challenging the concession of Jomo Kenyatta International to Adani Group. LSK and KHRC argue that the concession deal is “irrational” and does not follow Kenyan laws, including the Public-Private Partnerships Act of 2021. They want the agreement canceled.  The 30-year concession agreement, leaked to the public by a whistleblower in July, will include building a new terminal and taxiways at JKIA. Many Kenyans have opposed the deal because of its secrecy—the government has declined to share the specifics of the agreement.  As public anger swelled, it was channeled to the virtual hearing, which protesters joined while chanting ‘Adani must go.’ “The hearing of the case cannot proceed due to the level of noise in the background on the virtual platform,” said Justice Bahati Mwamuye. “Accordingly, the matter is stood over to Tuesday, October 22 at 11 am in open court.”  On September 10, the court suspended the project pending the determination of the case. Government officials have been on the spot over the opaqueness of Adani Group’s investment proposals, which also included the construction of transmission lines under a build-and-operate programme. Adani is owned by Gautam Ambani, India’s second-richest man. It already signed a $736 million contract to build and operate and transfer four transmission lines and two substations for a 30-year-period. President Ruto’s administration has defended the projects, claiming that public-private partnerships (PPPs) are the only way the country can meet its infrastructural needs as mounting debt cuts government spending. KHRC and LSK said in court that Kenya can afford to raise the $1.85 billion required to expand JKIA locally. They also insist that Kenyan taxpayers will not get value for their money. “The Adani proposal is unaffordable, threatens job losses, exposes the public disproportionately to fiscal risk and offers no value for money to the taxpayer,” LSK and KHRC told the court.

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  • October 17 2024

👨🏿‍🚀TechCabal Daily – Exits

In partnership with Lire en Français اقرأ هذا باللغة العربية Happy Thursday! It looks like digital cameras from the early 2000s are making a surprising comeback globally, especially among Gen Z. Nostalgia and the appeal of simpler, lower-resolution photography have sparked renewed interest in devices like the Nikon Coolpix and Canon PowerShot.  Young people are embracing retro tech as a fun contrast to the flawless images of smartphones, creating a fresh wave of digital camera fans. What cool art will you create with a 2011 camera? Speaking of cool, companies are using new ways to capture carbon in the air and storing it underground, reducing the expensive process by nearly one-third. This is definitely useful technology for fossil-burning companies like South Africa’s Eskom that burns coal to generate electricity. Cool. Jumia to exit South Africa and Tunisia Yellow Card raises $33 million in series C funding Octavia raises $5 million to reduce carbon emissions The World Wide Web3 Opportunities Companies Jumia to exit South Africa and Tunisia Image Source: Google Jumia will exit South Africa and Tunisia by the end of 2024 to focus on its West and East African markets. Both countries have contributed little to the company’s overall performance, with South Africa accounting for just 3.5% of total orders in H1 2024 and Tunisia bringing in only 2.7%. South Africa’s e-commerce market is mature and competitive. With about 1,995 startups and bigger players like Takealot and Amazon, customers are flush with options With high competition and little differentiation, customers likely saw Jumia as just another platform. Amazon, which entered South Africa in May, gained popularity among users because it sold rare books. In Tunisia, the e-commerce market has lesser competition, yet, a lack of trust still poses a problem with many consumers preferring to pay cash on delivery for products. Exiting those regions is on-brand for Jumia which has been streamlining its business over the past year, shutting down Jumia Food, cutting headcount, and refocusing its business from a previous focus on small ticket items. By focusing on more promising markets like Nigeria and Egypt, Jumia wants to rebuild investor confidence after seeing a drop in its total order value to $170 million in Q2 2024.  110 jobs could either be cut from Jumia’s South Africa and Tunisia exits, or the affected workers moved to other countries where the company still operates. In its search for profitability, it is clear that Jumia only wants winners. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Funding Yellow Card raises $33 million in series C funding Lasbery Oludinmu, Yellow Card VP Operations/Image Source: Yellow Card Yellow Card, an Africa-focused crypto startup that operates in 20 countries, has raised $33 million in series C funding. This is the company’s third funding in four years, after its $40 million series B cash pull, and $1.5 million seed raise in 2022 and 2020 respectively. Yellow Card is now Africa’s most-funded crypto startup. The company spent its last funding on building its API product, making new hires—especially on its compliance teams—and expanding into other countries. It also claimed that it grew its revenue during this period, but declined to share the figures. With the new funding, the startup will strengthen partnerships with its tech infrastructure service providers in the US, like Fireblocks, as well as scale its B2B API product, which allows businesses to offer crypto on-ramp and off-ramp services to customers. With this product, Yellow Card wants to lead stablecoin adoption in Africa. The startup will also expand into four African countries in the next few months, including Ethiopia, Egypt and Morocco. Before deciding on which countries to expand into, the company carries out a market entry plan, according to Vice President of Operations Lasbery Oludinmu. “We look at the risks and challenges. We take our time because we want to be sure there’s a need in that market and the product we have, can actually meet the need in that market.” In Nigeria where a crypto regulation framework is currently being tested, it is part of the Securities and Exchange Commission (SEC)’s Accelerated Regulatory Incubation Program (ARIP). The startup is working closely with the regulator to get a crypto provisional licence in the country. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Funding Octavia Carbon raises $5 million seed round Image Source: Octavia One lesson ingrained in my brain from my science class in primary school is that carbon dioxide (CO2), the greenhouse gas we breathe out. Too much of it can harm the earth’s ozone layer—the layer of protection that shields us from the wrath of the sun’s ultraviolet rays. A fun fact you should know is that human activity in the last 200 years have caused 50% increase of CO2 content in the Earth’s atmosphere. For years, the United Nations (UN) has been on a mission to keep the amount of CO2 in the atmosphere at bay through its various climate change programs. Part of that process is using direct air capture (DAC) technology which uses giant machines to suck out Air from the atmosphere, filter out the CO2, and store them safely underground.  Across the globe, different companies have been building out this technology to help achieve the UN’s global climate change goals. One such company is Kenyan-based Octavia Carbon which announced its $5 million seed round on October 15. Octavia co-founders Martin Freimüller and Duncan Kariuk, who first built their prototype on their kitchen floor in 2022, will use the fresh

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  • October 16 2024

Gucci to now make gadgets?

Gucci is easily synonymous with luxury, flair, and pushing the boundaries of what can be stylish and fashionable. But what if Gucci expanded its horizons and entered the tech industry? Imagine a world where Gucci gadgets were as sought after as their iconic wears, handbags, and belts. Here’s a tongue-in-cheek look at how the world of technology might change forever, if Gucci had their say. If Gucci made smartphones Forget the currently over-flogged aluminum, steel or metallic finishes – a Gucci smartphone would be the accessory to flaunt. Imagine a phone sheathed in premium Italian leather, adorned with gold-plated buttons, and of course, emblazoned with the iconic double G logo on the back. The phone case would come with interchangeable fabrics, from floral prints to faux reptile skin, depending on the season. With all that glam, who cares about the specs? Sure, it might freeze on a Zoom call, but you’ll look fabulous while it happens. The best feature may be its camera. A picture taken with a Gucci smartphone camera could pass for a Beyoncé billboard photoshoot quality.  If Gucci made laptops A Gucci laptop wouldn’t simply just sit on your desk, it would demand attention. Say goodbye to minimalist MacBook designs or the wannabe windows fashion, and hello to a laptop with 360-flippable screen with a back encrusted with gemstones, complete with a quilted silk trackpad (because why use plastic when silk is an option?). Need a Gucci-approved laptop bag? Naturally, it would be an over-the-top piece with tassels, fur trims, and enough embellishments to turn heads at any café. The price tag? Well, let’s just say you might have to sell your current, perhaps pricey, laptop and a kidney. But who cares – you’d have a Gucci gadget that screams “I have arrived.” If Gucci made smart glasses Smart glasses have always been a bit… well, geeky. But if Gucci got involved, all that would change. Think oversized aviator frames with the classic Gucci stripes on the arms, combined with the tech capability to display Instagram notifications directly on the lenses (because how else will you know who liked your latest outfit post?). The glasses would probably be too heavy to wear for more than an hour, but fashion is pain! With this Gucci smart glasses, you wouldn’t need vision correction, just a strong neck and a desire to be noticed. If Gucci made smart watches A Gucci smartwatch would be less about telling the time and more about telling people who you are. Imagine a watch that tracks your steps, calories, and likes on Instagram, all while dripping in crystals. Every time you hit a fitness goal, a small screen would flash ‘Gucci, baby!’ It’ll be able to minimise into a regular watch interface that looks ultra-realistic and you can pinch-enlarge it into a smartwatch interface again. The ultimate Gucci smartwatch to keep you fabulously on time… or at least fashionably late. If Gucci made wireless earbuds gadgets Wireless earbuds have become a staple for music lovers and commuters alike, but if Gucci had their way, these would be more than just convenient audio devices. Picture tiny earbuds encased in refined snail shells pointing out of your ears like ice cream cones, or drooping in spirals down your ears like curled horned earrings with the Gucci logo etched in gold. Forget those plain old silicone tips – Gucci earbuds would come with velvet earpieces (whether or not that’s practical is irrelevant). Each earbud would play a soft “Gucci” chime when paired with your phone, and the charging case? A miniature leather-bound box with a monogram clasp. One thing’s for sure: with these Gucci earbuds, you wouldn’t be able to hear your ‘haters’ – or much else, for that matter. If Gucci made gaming consoles Move over, PlayStation – a Gucci gaming console would be a true work of art. Encased in hand-stitched leather and with controller buttons made of polished marble, this console would make you question whether you should actually play it or just display it.  Gucci would release limited-edition consoles with unique skins like snakeskin or zebra print, of course, for an eye-watering price. As for the games? Forget Call of Duty, you’d be levelling up in Runway Rush, an immersive fashion game where you strut down digital catwalks, earning points for outfit coordination and shade-throwing. A Gucci Gadget fit for the gamer with truly extravagant taste. If Gucci made Bluetooth speakers You would be unbelievable to think it would come as portable black speakers that blend into the background. A Gucci Bluetooth speaker would be the centrepiece of any room. Designed to look like a mini trunk, complete with brass corners and a leather strap, it would belt out your favourite tunes with clarity and class. The Gucci Gadget wouldn’t just sound good, it would look good doing it. You should probably place a tax on your visitors or neighbours who get the opportunity to hear the speaker sound, because they shouldn’t be experiencing such expensive sound for free.  Who would be the first buyers of these luxury Gucci gadgets? For Nigerians, we could bet the first buyer of any of these Gucci gadgets would have been… Huhh… Maybe we should be Hush about it and allow you to make the predictions. But on a global level, we are sure celebrities like Beyonce, Rihanna, Sarah Michelle, Kanye etc. would be on the front row of owners of the Gucci gadgets. Final thoughts on if Gucci made gadgets The day Gucci decides to enter the tech world, remember, you saw the predictions, first, on TechCabal! 

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