African Development Bank Elects Mauritania's Tah as President
The African Development Bank elected Sidi Ould Tah as its new president, installing a former development banker at the helm of one of the most important multilateral institutions on the continent.
Tah, an ex-finance minister of Mauritania, defeated four other candidates and was elected with 76.2% of the vote, the AfDB's board of governors said on Thursday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
4 hours ago
- CBS News
Kenyan student accepted to Harvard worried family's sacrifices will be wasted
A Kenyan man accepted to Harvard University says his grandmother sacrificed everything to get him to Cambridge. "She said, 'You know what? You need it all,'" Magaga Enos told WBZ. "So, she went back and sold her two pieces of land." In addition to the land, she also sold cattle to help her grandson pursue his master's degree at the Graduate School of Education. "And she told me, 'I don't know what this means or how much this will take off the balance, but have this,'" he said. According to Enos, "It was all she had. It's her whole entire world." And although it amounted to around $3,000, not nearly enough to cover his six-figure tuition costs, "To me, it's not about the amount," he said. "A deep sacrifice" "I took that as a deep sacrifice from somebody who raised me, and it means a lot to her for me to get that opportunity," Enos said. He now fears his grandmother's sacrifice may have all been for nothing, as the Trump administration continuously moves to restrict Harvard's ability to admit international students. The 33-year-old said he has spent the past decade educating young girls, "to love science and to access quality education." The thought of his dream being taken away "is so scary," he said. "Mainly because of how it might impact someone like my grandma. She thinks that any empowerment I get means success to everyone around me - and she's right." Enos has a plane ticket and was set to move to Cambridge on July 4. However, he tells WBZ he's unsure if he'll board his plane, as it's still unclear when, or if, he'll ever make it to school. "It would make me happy if we were not viewed as just statistics or pawns in a war that we have no control over," he said. As his future hangs in the balance, he's doing his best to remain positive with hopes that government and school officials remember one thing: "We are dreamers, educators, bridge builders, and we hope to be granted this opportunity to make a difference," he said.
Associated Press
6 hours ago
- Associated Press
Wagner Group leaving Mali after heavy losses but Russia's Africa Corps to remain
DAKAR, Senegal (AP) — The Russia-backed Wagner Group said Friday it is leaving Mali after more than three and a half years of fighting Islamic extremists and insurgents in the country. Despite Wagner's announcement, Russia will continue to have a mercenary presence in the West African country. The Africa Corps, Russia's state-controlled paramilitary force, said on its Telegram channel Friday that Wagner's departure would not introduce any changes and the Russian contingent will remain in Mali. 'Mission accomplished. Private Military Company Wagner returns home,' the group announced via its channel on the messaging app Telegram. It said it had brought all regional capitals under control of the Malian army, pushed out armed militants and killed their commanders. Mali, along with neighbors Burkina Faso and Niger, has for more than a decade battled an insurgency fought by armed groups, including some allied with al-Qaida and the Islamic State group. As Western influence in the region has waned, Russia has sought to step into the vacuum, sweeping in with offers of assistance. Moscow initially expanded its military cooperation with African nations by using the Wagner Group of mercenaries. But since the group's leader, Yevgeny Prigozhin, was killed in a plane crash in 2023, after mounting a brief armed rebellion in Russia that challenged the rule of President Vladimir Putin, Moscow has been developing the Africa Corps as a rival force to Wagner. Africa Corps is under direct command of the Russian defense ministry. According to U.S. officials, there are around 2,000 mercenaries in Mali. It is unclear how many are with Wagner and how many are part of the Africa Corps. Beverly Ochieng, a security analyst specializing in the Sahel for Control Risks consultancy, said the Russian defense ministry had been negotiating with Mali to take on more Africa Corps fighters and for Wagner mercenaries to join Russia's state-controlled paramilitary force. 'Since the death of Prigozhin, Russia has had this whole plan to then make the Wagner Group fall under the command of the Ministry of Defense. One of the steps they made was to revamp or introduce the Africa Corps, which is the way in which the Russian paramilitaries would retain a presence in areas where the Wagner group has been operating,' Ochieng said. Wagner has been present in Mali since late 2021 following a military coup, replacing French troops and international peacekeepers to help fight the militants. But the Malian army and Russian mercenaries struggled to curb violence in the country and have both been accused of targeting civilians. Last month, United Nations experts urged Malian authorities to investigate reports of alleged summary executions and forced disappearances by Wagner mercenaries and the army. In December, Human Rights Watch accused Malian armed forces and the Wagner Group of deliberately killing at least 32 civilians over an 8-month span. The announcement of Wagner's withdrawal comes as the Malian army and the Russian mercenaries suffered heavy losses during attacks by the al-Qaida linked group JNIM in recent weeks. Last week, JNIM fighters killed dozens of soldiers in an attack on a military base in central Mali. Rida Lyammouri, a Sahel expert at the Morocco-based Policy Center for the New South, said the major losses might have caused the possible end of Wagner's mission. 'The lack of an official and mutual announcement from both the Malian authorities and Wagner indicate possible internal dispute which led to this sudden decision. Simultaneously, this could point to a new framework for Russian presence in the country,' he said. Replacing Wagner with Africa Corps troops would likely shift Russia's focus in Mali from fighting alongside the Malian army to training, said Ulf Laessing, head of the Sahel program at the Konrad Adenauer Foundation. 'Africa Corps has a lighter footprint and focuses more on training, providing equipment and doing protection services. They fight less than the 'Rambo-type' Wagner mercenaries,' Laessing said. ___ Associated Press writer Monika Pronczuk in Dakar, Senegal, contributed.
Forbes
7 hours ago
- Forbes
How Stablecoins Are Changing Global Finance
Stable Coin. Stablecoins Cryptocurrencies Stable Market Price Value Coin Currency. The U.S. Senate has taken a major step toward regulating stablecoins by advancing the GENIUS Act—a bill that could reshape the digital finance landscape. Still under discussion, the legislation proposes strict reserve and transparency rules for issuers and signals growing government interest in crypto oversight. Stablecoins are crypto tokens that are typically pegged to the U.S. dollar. They allow users to transact within blockchain ecosystems without the volatility of traditional cryptocurrencies. Today, two clear leaders dominate the market. Yet, while Washington begins drafting policy, stablecoins have already found product-market fit in places far beyond Capitol Hill. The global use of stablecoins is growing steadily, regardless of whether the market is in a bull or bear phase. In Latin America, sub-Saharan Africa, and among crypto-native startups, they've quietly emerged as a preferred tool for payments, payroll, and preserving value in unstable economies. So what does this bottom-up adoption mean for the future of global finance? Are stablecoins here to stay, or will they be replaced by Central Bank Digital Currencies? And if they are here to stay, how to ride this trend? According to DefiLlama, the current market capitalization of stablecoins is around $250 billion, which is still a small share of the global M2 money supply, approximately 1%. In other words, we're still early. To understand where the growth might come from, it's worth examining what stablecoins are used for—and why they've become so popular. Stablecoins market capitalization. The first is USDT (Tether), the largest stablecoin by market capitalization. Interestingly, Tether has also emerged as one of the most financially efficient companies in the world on a per-employee basis. According to a tweet published by Avichal Garg, co-founder of Electric Capital, the company generated an estimated $85.6 million in profit per employee in 2024: Profit per Employee (USD) vs. Company The second major player is USDC, issued by U.S.-regulated firm Circle. The company went public on June 5, under the ticker CRCL, with its stock surging over 200% on its first day of trading—pushing its market capitalization above $20 billion, according to Barron's. These two companies currently dominate the stablecoin space. Others worth mentioning include: • USDS (formerly DAI), which started as a decentralized stablecoin but has become only partially decentralized due to its large holdings of U.S. Treasuries and USDC. • USD1, a politically charged entrant tied to Donald Trump's network, which has generated some discomfort among Democratic lawmakers. Rep. Maxine Waters (D–Calif.), the ranking member of the House Financial Services Committee, voiced strong objections during a joint hearing on digital assets, stating: 'I object to this joint hearing because of the corruption of the President of the United States and his ownership of crypto and his oversight of all of the agencies.' Stablecoins are enjoying instant product-market fit: everyone needs access to crypto dollars — a version of the U.S. dollar that can be easily converted back to fiat, yet offers several advantages over traditional USD. While much of the attention on stablecoins focuses on regulation and market cap, their real momentum comes from how they're being used: The most obvious example of stablecoin usage is international payments. Sending U.S. dollars across borders with the traditional banking system typically involves SWIFT. Banks charge between $5 and $50 per transaction, often around $20, regardless of the transfer amount. That means sending $1,000 could cost users up to 2–5% in fees. In addition, the SWIFT transfers can take several business days to settle. Compared to transferring the same amount via stablecoins, even in the worst case, fees might only be a few dollars, and the transaction typically settles within minutes. That's at least 10 times cheaper and potentially 100 times faster. There's also another major benefit: users avoid capital controls, currency conversion hurdles, and heavy compliance bottlenecks, particularly relevant when sending money from or to countries with restrictive financial systems. The second use case — using stablecoins as a means of payment — is less advanced, largely due to regulatory inertia. Governments generally want citizens to transact in their local currencies, and stablecoins challenge that sovereignty. The lack of clarity discourages businesses from accepting them, especially given the lingering memory of Operation Choke Point, when certain industries were unofficially cut off from banking services. Despite the current U.S. administration's relatively crypto-friendly stance, the stablecoin bill GENIUS Act has yet to pass through Congress. This uncertainty keeps most merchants and payment providers on the sidelines. Once clear legislation is enacted, trust in stablecoins like USDT and USDC will likely surge. As for CBDCs, a concept that is often met with skepticism in the cryptocurrency community, the need for a government-backed digital dollar seems increasingly unnecessary. According to U.S. Treasury International Capital data, Tether's treasury holdings alone rival those of sovereign investors like Germany or Saudi Arabia. Meanwhile, Circle's portfolio is comparable to that of Thailand or Sweden. With such significant exposure to U.S. debt and growing political opposition to CBDCs—including campaign promises from Donald Trump to block their development—stablecoins may have already secured their place as the preferred digital dollar infrastructure in the United States. The third major use case—decentralized finance —is where stablecoins are already thriving. They serve as the foundational currency for DeFi applications, enabling lending, borrowing, swapping, yield farming, and more—all without centralized intermediaries. The functionality mirrors traditional finance but with key advantages: it's global, permissionless, and often more efficient. According to Dune Analytics data in the DeFi Report 2024–2025 , approximately 151 million wallet addresses interacted with DeFi protocols in 2024. While this figure likely includes duplicates, it provides a useful upper bound for estimating user activity. By comparison, World Bank data from 2021 shows that 4.6 to 4.9 billion people used traditional banking services globally. This also underscores the early stage of adoption of DeFi. But, once frameworks are established, DeFi usage could accelerate rapidly. Following these three cases, it's fair to say that stablecoins are here to stay. And this may only be the beginning: as crypto infrastructure intersects with artificial intelligence, stablecoins could enable AI agents to transact autonomously, unlocking programmable, real-time finance. So, how can investors position themselves to benefit from this trend? There are many ways, some of them look obvious, like buying CRCL as it has become a public company, or investing in Coinbase stocks (COIN), a company which is steadily growing its own layer two DeFi ecosystem. Some are more complicated, like finding companies to invest in that adopt stablecoins in their operations — for payments, payroll, or international transfers — and which are likely to scale faster than their peers, thanks to lower costs and global reach. Check Stripe, PayPal, and Deel as examples. On the decentralized side, assuming a favorable regulatory framework materializes, in a next way of adoption, DeFi applications could rapidly pull users away from traditional banks. In that case, there is significant upside in owning tokens or equity in platforms like Uniswap, Aave, or even Hyperliquid — all of which are well-positioned to become foundational players in the next generation of financial infrastructure. Derivative DEX trading volumes. But don't forget the risks to watch. Transformation won't come without resistance. The banking lobby remains one of the most powerful political forces in the world, and it's unlikely to welcome a shift toward 'magic internet money' without a fight. Regulatory headwinds, political gridlock, and coordinated opposition from legacy institutions are all real risks investors should keep in mind. But we know that fortune, at least in markets driven by emerging technologies, often favors the brave.
