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• Kenya urges Africa to dump the US dollar

  TL;DR Breakdown Kenya’s President, William Ruto, urges Africa to move away from using the U.S. dollar in intra-continental trade. Ruto champions the Pan-African Payment and Settlement System, facilitating trade in local currencies. Capital control measures often lead to economic drawbacks, deterring investors. Making a compelling case to free Africa’s economic prospects from the influence of the U.S. dollar, Kenya’s President William Ruto recently pressed the continent to embrace a new financial future. Advocating for a pivot in the African trading system, Ruto emphasized the need for continental economic self-reliance. Kenya takes the lead in advocating for Pan-African economic autonomy Trade practices within Africa have long been subject to the supremacy of the U.S. dollar. Whether it’s Kenyan merchants doing business with Djibouti or other intra-continental transactions, the necessity for the U.S. currency often becomes an unavoidable obstacle. However, Kenya’s leadership envisions a future where the continent’s business is settled in local currencies through the African Export-Import Bank (AfriEximBank). Arguing that the presence of the U.S. dollar in the trade equation between two African countries doesn’t add up, Ruto made a…

  Article 2023年6月18日

• U.S. and China officials meet to mend relations

  Description The recent power play between two of the world’s most influential giants, the U.S. and China, took an unexpected turn as they sought to bridge the gap in Malta. Let’s be frank here. With tensions bubbling beneath the surface, especially concerning Taiwan and the ongoing Russian conflict in Ukraine, this diplomatic encounter is like pouring … Read more The recent power play between two of the world’s most influential giants, the U.S. and China, took an unexpected turn as they sought to bridge the gap in Malta. Let’s be frank here. With tensions bubbling beneath the surface, especially concerning Taiwan and the ongoing Russian conflict in Ukraine, this diplomatic encounter is like pouring cold water on a simmering pot. But is it enough to prevent the pot from boiling over? Navigating Troubled Waters Jake Sullivan, the U.S. national security adviser, and Wang Yi, China’s top foreign policy figurehead, clocked in some serious discussion hours over the weekend. The White House emphasized the meeting’s focus on the bilateral ties and the tumultuous situation in Ukraine. There’s no missing the elephant…

  Article 2023年9月18日

• Crypto rug pulls soar exceeding DeFi hacks: Reports

  TL;DR Breakdown A recent Beosin report has revealed that losses resulting from rug pulls and exit scams in the crypto market surpassed those from decentralized finance (DeFi) hacks in May. The most significant rug pull occurred when the Fintoch allegedly made off with $32 million on May 24. To combat these risks, Beosin recommends that crypto users enhance their anti-fraud awareness, conduct thorough due diligence before investing, and learn how to better secure their assets. A recent report from blockchain security firm Beosin has revealed that losses resulting from rug pulls and exit scams in the cryptocurrency market surpassed those from decentralized finance (DeFi) hacks in May. Six incidents of rug pull and scams amounted to over $45 million in total losses, while 10 attacks on DeFi protocols only netted $19.7 million. This decline in DeFi losses, nearly 80% lower than in April, had been observed for two consecutive months. The most significant rug pull occurred when the crypto project Fintoch allegedly made off with $32 million on May 24. The largest attack on DeFi platform last month was a…

  Article 2023年6月6日

• Federal Reserve and SEC investigate Goldman Sachs’ actions in Silicon Valley Bank’s collapse

  TL;DR Breakdown FED and SEC team up to investigate Goldman Sachs’ over the acquisition of Silicon Valley Bank’s securities portfolio before its failure.  Goldman Sachs allegedly suggested to SVB executives that they “sell part or all of its securities portfolio” to establish the need for funds before raising capital. The Federal Reserve and Securities and Exchange Commission (SEC) are investigating Goldman Sachs for its participation in the unsuccessful capital raise and acquisition of Silicon Valley Bank’s securities portfolio before its failure. The Justice Department has issued a warrant, and the authorities are looking into possible inappropriate interactions and Goldman Sachs’ dual status as buyer and consultant. Goldman Sachs has acknowledged that it is helping with the inquiries. Justice Department subpoenas Goldman Sachs in SVB investigation Both regulatory organizations are looking into what Goldman Sachs did during the botched capital raise that preceded Silicon Valley Bank’s demise. According to The Wall Street Journal, Goldman Sachs is currently under investigation by the Federal Reserve and SEC over its role in acquiring Silicon Valley Bank’s securities portfolio before the bank’s collapse. Both agencies…

  Article 2023年6月19日

• China steals US’s thunder on GPS dominance

  TL;DR Breakdown China’s Beidou constellation challenges U.S. dominance in global navigation. Originating from military necessity, Beidou also fuels China’s economic growth, aiming for $156 billion by 2025. The system’s integration with China’s international initiatives marks a new age of geopolitical strategy. Description The waves of technological advancement are changing, and China is riding the crest. A new era dawns in global navigation, as the long-standing dominion of the United States in the field of satellite technology faces a formidable challenge. China’s Beidou constellation is not just a reflection of emerging prowess but a testament to strategic vision … Read more The waves of technological advancement are changing, and China is riding the crest. A new era dawns in global navigation, as the long-standing dominion of the United States in the field of satellite technology faces a formidable challenge. China’s Beidou constellation is not just a reflection of emerging prowess but a testament to strategic vision and economic ambition. A wake-up Call for the military world One can’t forget the lessons learned during the Taiwan Straits crisis, when China recognized a…

  Article 2023年7月31日