Hey, this is Sham Jaff, your very own news curator.
Issue #411 is about Africa's new stock market that's going live on Friday, and a certain woman named Matilda or Abake from Benin who died yesterday, 85 years ago. A little bit of the future and the past, some balance, you know. I’ve broken down the stock market details as simply as possible, but if it’s still confusing, let me know (gently, please). Plus: There’s good news across the board: Lebanon has a president at last, Japan’s "smart toilets" are coming to the U.S., someone clapped back at Trump (always fun), and Nigerian slang is making waves in the Oxford English Dictionary. There’s more where that came from, so buckle up; it’s a good one. ✌️
That's it for now. See you next week?
Sham
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🔍 Estimated reading time: 20 min 🔍
You have access to all of my sources by clicking on what's underlined.
Big shout-out to Wikimedia Commons for the helpful maps.
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Africa gets a new stock market this week
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What happened
Ethiopia is opening a domestic stock market for the first time in 50 years.
Why this matters: Ethiopia is trying to move from being a country with a tightly controlled economy to one that’s more open and modern. Opening a stock market is a big step in that direction. Politically, it shows they want to build trust with the world and encourage international partnerships. It’s a huge move for the country, which has been through a lot—civil war, economic struggles, and political instability, and another huge move for the continent––Ethiopia is one of the largest countries in Africa by population (second only to Nigeria).
Tell me more
The country’s economy has been growing like crazy (around 8% annually for the past decade), but unemployment is high, especially among young people. Prime Minister Abiy Ahmed’s government is using this stock market to bring in international money, create jobs, and stabilize the economy. The new stock exchange kicks off this Friday, starting with an Initial Public Offering (IPO) of Ethio Telecom, a big state-owned company. They expect to raise up to 30 billion birr (US$234 million) and plan to list more companies soon.
Did you know? Ethiopia’s last stock market closed in 1974 after the military seized power and abolished share trading.
Why now?
So many changes. For the past 50 years, Ethiopia’s government tightly controlled its currency (the birr), deciding its value and how it could be exchanged. This made it hard for businesses and investors to freely trade money or do business with Ethiopia. Recently, the government decided to loosen that control, letting the currency work more like it does in other countries (its value can now adjust based on supply and demand). By doing this, Ethiopia showed global organizations like the World Bank and the International Monetary Fund (IMF) that it’s serious about modernizing its economy. In return, these organizations gave Ethiopia US$20 billion to help boost its economy. Plus, since the truce, Ethiopia has been opening up its economy to foreign business, too. Foreign banks can now operate in the country, and Ethiopia is also allowing investments in key industries like coffee, oil seeds, transport, logistics, and retail. These are big moneymakers for the country.
Any challenges ahead?
Investors are excited, but there are some challenges:
- No Brokers or custodians: The stock market isn’t fully set up yet to handle trades.
- Debt problems: Ethiopia owes US$1 billion in loans (eurobonds) and is still working on paying it off.
- Currency issues: With low reserves of foreign money, Ethiopia’s economy feels fragile, making investors nervous about getting their money back.
What's next?
In five years, Ethiopia aims to list 50 companies on the exchange. Right now, not a lot of global businesses or investors put money into places like Ethiopia because it’s risky. But that also means there’s a big opportunity to make money if things go well, said James Johnstone, co-head of emerging and frontier markets at Redwheel, which manages US$8 billion in assets. If they can pull it off, this could be a game-changer for the region, opening doors for businesses and reshaping the economy. |
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The last known survivor of the transatlantic slave trade died exactly 85 years ago
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What happened
January 13 marks 85 years since the death of "Matilda McCrear," the last known survivor of the transatlantic slave trade.
Why this matters: By 1859, the transatlantic slave trade was illegal in the U.S. (it had been outlawed in 1808). The ship, the Clotilda, secretly smuggled enslaved Africans across the Atlantic to Alabama, making it the last known slave ship to do so. Overall, the numbers are staggering: 12.5 million people were forcibly taken from Africa during the transatlantic slave trade. Of those, 2 million died during the journey across the Atlantic, also known as the Middle Passage.
Good to know: The "Middle Passage" is called that because it was the middle leg of a trade route that connected Europe, Africa, and the Americas. Here’s how it worked: (1) Ships left Europe loaded with stuff like guns, alcohol, and textiles. These were traded in Africa for enslaved people. (2) The ships then carried enslaved people across the Atlantic to places like the U.S., the Caribbean, and South America. This is the Middle Passage. (3) After selling the enslaved people, the ships were loaded with sugar, cotton, and tobacco and headed back to Europe.
Tell me more
Born Abake, "loved by all" in Yoruba, she was just a toddler when captured and enslaved in 1859 in what is Benin today. Abake/Matilda McCrear survived the "Middle Passage" aboard the Clotilda, the last ship transporting enslaved people to North America.
How was her life like?
George Charles Darley for Al Jazeera traces the life of the woman.
- Abake came from the Tarkar people of West Africa, likely born around 1857. At the age of 2, she was taken along with her mother (later renamed Grace), three sisters, and other relatives by soldiers from the Kingdom of Dahomey (modern-day Benin) during a raid. Dahomey was knee-deep in the slave trade, which kept their economy running back then.
- Abake and her family were part of 110 captives purchased by Captain William Foster, a Canadian who operated the Clotilda.
- The Clotilda set sail from Ouidah with its “hidden cargo.” To cover up what he was doing (since importing enslaved people was illegal by 1859), he claimed his ship was hauling lumber. Foster even paid his crew double to keep quiet.
- The Middle Passage was pure horror. The trip lasted 80 days, with people crammed into filthy, airless spaces. Grace, Abake’s mom, later recalled seeing her nephew thrown overboard just to prevent disease from spreading.
- Abake, renamed Matilda, along with her mother and sister Sally, was given to plantation owner Memorable Creagh (yes, that's his real name) near Montgomery, Alabama. The family was forcibly separated from their other two sisters, who were never seen again. Matilda and her family lived as slaves, working in cotton fields.
- When the Confederacy fell in 1865, Matilda, around 7 years old, and her family were freed. They moved to Athens, Alabama, to start a new life.
- Like many freed slaves, Matilda’s family became sharecroppers, a system that trapped them in poverty.
- What's sharecropping? Sharecropping was a farming system that emerged in the southern United States after the Civil War (1861–1865) as a way to keep newly freed Black people and poor white farmers tied to the land—and often, to poverty.
- At 14, Matilda gave birth, likely due to sexual violence, a common experience for Black women under slavery.
- Matilda entered a common-law marriage with Jacob Schuler, a German immigrant, and had 14 children, 10 of whom survived.
- In 1931, when Matilda was in her 70s, she heard rumors that people who had been trafficked on the Clotilda might be eligible for compensation. Determined, she walked 15 miles to a court in Selma, Alabama, to file her claim. Unfortunately, the judge dismissed her case, saying there was no money for her.
- Matilda passed away at 83 in 1940. Her grandson, John Crear, remembers her strong character, describing her as “rambunctious.” John carried her spirit forward, becoming active in the Civil Rights Movement. “You can read about slavery and be detached from it,” her grandson told an interviewer. “But when it’s your family that is involved, it becomes up close and very real.”
- Captain William Foster was never held accountable for any of it.
Dig deeper: If you want to read more stories like these, I believe Hannah Durkin's "The Survivors of Clotilda. The Lost Stories of the Last Captives of the American Slave Trade" is the right place to start.
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Bad
Vietnam: Hanoi has been declared "world's most polluted city." (WION)
African startup scene: Startup funding in Africa dropped by 25% in 2024, reaching US$2.2 billion—marking the second year in a row of reduced investment. Kenyan startups continued to lead the pack, they got the most funding (hello to all the climate tech deals). Nigeria, Egypt, and South Africa together pulled in US$1.2 billion. Good: On the other side, the year saw the rise of two new unicorns: Moniepoint, a Nigerian payment processor, and Tyme Group, a South African digital bank. (The Big Deal)
Gaza: Gaza's population is down by 6% since the start of the war, say Palestinian health ministry. (Al Jazeera)
China: Prices barely budged in December (up just 0.1%) and everyone’s talking about deflation. The real estate market’s a mess, unemployment’s sky-high, and debt? Don’t even ask. Why’s deflation bad? People stop spending because they think prices will drop more, which only makes things worse. (The Wire China)
Ghana: A massive fire killed at least two people and destroyed nearly two-thirds of Ghana’s Kantamanto Market, one of the world’s largest secondhand clothing hubs. The market processes 15 million used garments from the Global North weekly, keeping fashion in circulation through resale, reuse, and repair. The fire has left 10,000 traders—retailers, tailors, and artisans—in even more precarious conditions. Liz Ricketts from The Or Foundation called on the fashion industry to step up, saying, "Markets like Kantamanto are vital to the global secondhand supply chain and circular fashion goals." (Apparel Insider)
Interesting...
Mauritius: Mauritius issued an arrest order for its former finance minister, Renganaden Padayachy, in connection with an embezzlement investigation. (Reuters)
Mozambique: Opposition leader Venancio Mondlane is back after fleeing post-election chaos. Protests over alleged election rigging have left over 270 dead, and things are still tense. Riot police greeted Mondlane’s return with tear gas and snipers, while thousands of supporters rallied at the airport. The ruling party, Frelimo, denies rigging but has been in power for nearly 50 years. Their guy, Daniel Chapo, gets sworn in on Jan. 15—expect more tension. (Reuters)
Good
Russia / Ukraine: The two countries exchanged 300 POWs. (The Moscow Times)
India: Salman Rushdie's "blasphemous" novel The Satanic Verses is back on sale in India after a 36-year ban. (Hindustan Times)
Lebanon: Lebanon finally elected a new president on Thursday after two years of deadlock. MPs finally agreeing on Gen Joseph Aoun, who is a Maronite Christian in line with Lebanon's confessional system, is making people feel a bit more hopeful for a stable future. (The National)
Japan: Japanese "smart toilets" might be coming to the US. Toto wants 300 showrooms in 63 cities selling its Washlet toilets which, according to the company’s somewhat euphemistic website, "clean[s] the rear intimate area" with a spray, among other functions.
Iraq: At Nimrud, Iraq, archaeologists just found two preserved shrines in a temple burned down in 612 BCE. Inside? Sacred platforms, relics, and inscriptions that help us understand Assyrian religious life. (Art Dependence Magazine) In other good news, Iraqi artist Dia Al Azzawi just bagged the Great Arab Minds Award for literature and arts. What does he do? Blending Mesopotamian heritage with modern styles. (Art Dependence Magazine)
Mexico: Mexican President Claudia Sheinbaum clapped back at President-elect Donald Trump’s idea to rename the Gulf of Mexico, suggesting parts of the US should instead be called "Mexican America." Mexico recently overtook China as the US’ biggest trading partner. (The Guardian)
Nigeria: Japa, a Nigerian slang for "escape," especially used to describe economic migration, just made it into the Oxford English Dictionary (OED). The Yoruba word is part of a growing list of Nigerian entries that reflect the country’s cultural influence. Other additions? Area boy (street thug) and suya (grilled meat dish). A win for African linguistic representation. (The Guardian Nigeria)
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Watch... "The Bibi Files." This documentary pulls back the curtain on Israeli Prime Minister Benjamin Netanyahu's desperate attempts to stay in power. Using leaked footage from his ongoing corruption trial, The Bibi Files shows just how far he’s willing to go—whether that’s messing with Israel’s judicial system or escalating tensions with Gaza, Lebanon, and Iran. As Israeli journalist Raviv Druker told Time, it all started because Netanyahu "does not respect the law." You can watch it on Jolt Films. And if you're curious about his cozy relationship with Israeli Channel 14, think of it as a Fox News equivalent in Israel, check out Whale Hunting’s deep dive here: Netanyahu's Favorite Russian Billionaires.
Listen to... "Ripple", a podcast that revisits the 2010 BP oil spill—but not just in the way you remember it. Ripple unpacks how the narrative around the disaster was controlled, and how it affected the public's understanding of what happened. It’s a fascinating look at the long-term consequences of this environmental nightmare.
Read... The ‘Ghost Gun’ Linked to Luigi Mangione Shows Just How Far 3D-Printed Weapons Have Come. Police say the gun used in the murder of UnitedHealthcare CEO Brian Thompson was a 3D-printed weapon. This is exactly what gun control experts have been worried about: people printing untraceable "ghost guns" at home. It’s not easy to do, but it’s getting easier, especially outside the U.S. If you haven’t seen it yet, Popular Front’s short documentary Plastic Defence: Secret 3D Printed Guns in Europe explains how these 3D-printed firearms are being made and sold in Europe.
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"DeBÍ TiRAR MáS FOToS / I should have taken more pictures" I Benito Martínez Ocasio, or Bad Bunny, is going viral on TikTok and elsewhere, with just one snippet of his new song. "I should take more pictures," he sings, referring to the memories he's made in Puerto Rico, the place he grew up and lived until 2023. "I remember that photos used to be something very special. You should appreciate the moments and the people more. It's not an apology, it's more of a reminder to myself." Ahead of the release of his 17-track album, which blends live instruments with reggaeton, Latin trap, and more traditional sounds like plena and bomba, he dropped a short film that features the Puerto Rican crested toad (Concho) as a symbol of the island’s resilience. The album was recorded entirely in Puerto Rico and features local talent like RaiNao, Omar Courtz, DeiV, Pleneros de la Cresta, and Chuwi. Plus, all the salsa songs were made by students from the Escuela Libre de Música. "They are all 18, 19, 21 years old, young people with a lot of passion and energy. Because people think, oh, now all the young people make reggaeton. No, there are many great musicians, young people, who are just waiting for the opportunity," Bad Bunny says in a recent interview with The New York Times.
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Kim Jong Un is apparently on a mission to rid North Korea of any trace of Western influence—including something as innocent as the beloved hot dog.
In addition to hot dogs, Kim Jong Un has also reportedly banned other dishes, like Tteokbokki—a spicy South Korean rice cake dish—and Budae-jjigae, also known as Army Base Stew, which mixes ramen, kimchi, SPAM, and even cheese from the U.S. The bans are part of his ongoing effort to eliminate anything seen as promoting foreign influence in North Korean cuisine.
But, given that the country’s way of life often includes widespread food shortages, the bans seem a bit... contradictory.
Disclaimer: This report comes from The Sun, a tabloid not exactly known for its rock-solid credibility.
If this wasn't "funny" enough, I raise you "Man in Mexico made his own Cybertruck".
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Hey, I'm Sham, the person behind this newsletter. Since 2014, I email a bunch of strangers once a week, curating news headlines from Asia, Africa and the Americas. I work under the assumption that, here in the West (I live in Berlin, Germany), we don't read or know much about the global majority, aka the rest of the world.
My goal is to help you burst your Western-centric bubble.
If you want to know more about me, visit my website or follow me on Twitter or Instagram.
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