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Musk is making do with his promise to make X the everything app.
Last week, the platform announced two critical updates. First, it’s introducing grid display to its media tab so the media gallery will look similar to Instagram’s.
And verified organisations will be able to list their job openings on X because there’s no better place to find suitable talents than a platform that rewards people for exaggeration
Economy
Two African countries to join BRICS
BRICS is adding more blocks to its building plans.
The world economies have invited six new countries to join their crew.
BRICs—Brazil, Russia, India, China and South Africa—have announced that they will be expanding their membership to include Egypt, Ethiopia, Argentina, Iran, Saudi Arabia and the United Arab Emirates. The expansion will take effect on January 1, 2024, if the countries accept. The announcement was made at the 15th BRICS Summit in South Africa last week.
Side-bar: The BRICS countries are a group of emerging economies that have been meeting regularly since 2009. The group’s goal is to promote economic cooperation and development among its members. The group presently has five member states and a combined GDP of over $28 trillion, making it one of the most powerful economic blocs in the world. The BRICS countries are also major players in global trade, accounting for over 25% of world trade.
The expansion of the BRICS is seen as a way to increase the group’s influence on the global stage. The new members are all important economies in their own right, and their addition to the group will give the BRICS a larger voice in international affairs.
Zoom out: The expansion of the BRICS is a major development that is likely to have a significant impact on the global economy. Already, at the Summit, the group also announced plans to reduce dependence on the US dollar and global payments systems SWIFT which BRICS says is used as a bargaining chip in political discussions.
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Cybersecurity
Hackers attack South Africa’s defence department
Cyber threats against South Africa are increasing.
Last week, a ransomware gang called “Snatch” reportedly hacked the country’s Department of Defence (DoD) and stole over 200 TB of data.
While the department is yet to confirm the hack, a source close to the case told South African publication MyBroadBand that the hackers have already posted about 1.9 TB of the data it stole online.
Per MyBroadBand, the information released includes contact details for senior government officials including phone numbers of South African president Cyril Ramaphosa.
A long time coming: The hacker group has also claimed responsibility for the hack. In a post online, Snatch claims that the data was stolen over the course of a year.
It also notes that it specifically released the data the same week of the BRICS Summit to spread its message that South Africa is laundering arms for the US and money for corporations. “The BRICS summit for Africa is just a screen issued by the white masters from a country with a constantly stumbling president,” the attackers said.
Zoom out: So far, DoD has yet to confirm the attacks or comment. This marks a continuous strain of cyber attacks on South African institutions following the 2020 hack of the ministry of justice where R10 million ($536,000) was stolen from the Guardian’s Fund, the 2021 simultaneous hacks on the ministry of justice and Space Agency, an attack on credit bureau TransUnion in 2022, and several other hacks.
The 2023 MEST Africa Challenge is officially live
MEST Africa is calling on all early-stage tech startups operational in Ghana, Nigeria, Kenya, Senegal, and South Africa to showcase their innovations on a global stage and vie for the grand prize of $50,000 in equity investment. Read more.
Space
South Africa joins China in space alliance
South Africa and China have become besties.
During Chinese President Xi Jinping’s visit to South Africa last week, both countries signed two agreements to officially work together on space cooperation.
What are the agreements? One agreement covers human spaceflight, and the other involves the International Lunar Research Station, a plan to build a base on the moon. The agreement is the first of its kind between the two countries and is part of China’s efforts to bolster its influence in the competition for lunar dominance against the United States and its allies.
Forging partnerships: Space has become a frontier in the competition between the US and China, and they’re seeking out allies in their race to the moon’s south pole. The US has already made deals with more than two dozen countries to cooperate in space activities. China has been working closely with Russia, but their partnership might not be as strong anymore.
Why? Over the weekend, Russia’s spacecraft, Luna-25, crashed on the moon, and this is likely to further strain relations between China and Russia.
South Africa is teaming up with China, but some African countries like Nigeria and Rwanda are working with the US. Many groups want to offer space services to African nations, and this might create divisions.
TC Insights
Big Data for Africa’s digital economy
African countries are increasingly turning to big data technology to drive economic growth as the continent pursues its digital economy ambitions. A report by the World Bank found that the digital economy in Africa could be worth $180 billion by 2025. Big data has facilitated the growth of e-commerce in countries such as Kenya, Nigeria, and South Africa by enabling businesses to create novel products and services that cater to customer demands and drive profits.
According to a report by the International Data Corporation (IDC), the big data market in Africa is expected to grow at a compound annual growth rate (CAGR) of 12.7% between 2021 and 2026, from $2.92 billion in 2020 to $4.2 billion in 2026.
According to a survey by PwC, 66% of African businesses are using data and analytics to inform business decisions with only 17% considered advanced users. However, these businesses still face obstacles to effectively adopting big data due to infrastructural deficits to support data-driven innovations and growth. Moreover, a survey by Deloitte reveals that 75% of African companies face data quality issues, which can lead to erroneous results and hinder decision-making.
There is conflict surrounding how Africa could harness the potential of big data to drive economic growth while also safeguarding the privacy and security of its citizens’ data. Many African countries lack strong data protection laws and regulations, which can make it easier for data to be accessed, used, or even misused. Access to reliable and accurate data is also crucial for the success of big data analytics projects in Africa. Therefore, African countries need to improve their data collection processes and invest in data quality assessment tools and techniques to overcome this challenge.
As the big data industry in Africa continues to grow, new trends and innovations are emerging as the use of artificial intelligence (AI) becomes more widespread. This will enable businesses to extract insights from vast amounts of data using open data initiatives, which will shape the future of the digital economy in Africa, making it more data-driven, and competitive, and position the continent to become a significant player on a global scale.
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$26,009 |
– 0.04% |
– 11.06% |
| Ether |
$1,649 |
+ 0.04% |
– 11.51% |
 Tellor |
$13.93 |
+ 19.51% |
+ 8.51% |
| XRP |
$0.52 |
– 0.96% |
– 26.90% |
* Data as of 05:50 AM WAT, August 28, 2023.
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Job openings
- Tunga – Digital Marketing Manager– (remote from Africa)
- Interswitch– Business Development Manager, API Markeplace– Lagos, Nigeria (Hybrid)
- Kyosk – Country Product Manager – Nigeria( On-site)
- CodeLn – DevOps Engineer – Accra, Ghana (Hybrid)
- Max Drive – Procurement Intern– Lagos, Nigeria (Unspecified)
- Helium Health – Software Engineer (Frontend) – Lagos, Nigeria (Unspecified)
- Code for Africa – Senior Product Manager – Nigeria (Remote)
There are more jobs on TechCabal’s job board. If you have job opportunities to share, please submit them at bit.ly/tcxjobs.
What else is happening in tech?
- Cook or code: Gender norms continue to nurture gender gap in tech
- Despite price fluctuations, African bitcoin maximalists are hopeful about the future
- Eskom is going after whistleblowers who exposed its $13 million security contract
- How Africa’s Business Heroes is enhancing entrepreneurship on the continent
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