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Aug 22, 2023 • 4 min read

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BRICS Summit:

Starting today in Sandton, near Johannesburg South Africa, the BRICS summit gathers Brazil, Russia, India, China, and South Africa to address global matters. This event highlights the growing influence of China and Russia in Africa. The absence of Russian President Vladimir Putin stands out, offering relief to South Africa due to possible tensions over alleged war crimes in Ukraine.
As Africa confronts diverse challenges, this summit marks a transition in the continent's global alliances, with the BRICS nations keen to strengthen their presence. BRICS represents an alliance of emerging economies, spanning four continents, and aims to counterbalance Western-dominated institutions and influence in global affairs.
Unlike NATO, which is a military alliance primarily between North American and European nations, BRICS focuses on economic, trade, and diplomatic collaboration. The group's approach emphasizes a multipolar world order where power is more distributed among nations.

Russian Space Mission Failure:

Earlier this month, Russia undertook its first unmanned mission to the Moon in 47 years, with an aim to make a historic landing on the Moon's South Pole. This would have positioned Russia as the first nation to achieve such a feat.
However, the mission faced a significant setback this past Saturday when the probe crash-landed onto the lunar surface. Some analysts speculate that the mishap might be connected to the European Space Agency's decision to end its partnership with Russia the previous year.
This unfortunate event has cast a shadow on the prospects of a proposed joint lunar base between China and Russia. Meanwhile, in a related development, India is gearing up to launch its own probe with hopes of a successful landing on the Moon later this week.

Arm IPO:

SoftBank's chip company, Arm, has filed for a U.S. IPO after a 1% drop in its annual revenue, largely due to slowing smartphone sales. Despite this, their revenue decline suggests they've managed to increase rates on their chips. Previously public until 2016, Arm went private with SoftBank's acquisition, and now they're planning to return to the public market.
The company's dominant presence is in smartphone and laptop chip design, but it's still working to penetrate the AI sector. A notable 24% of their revenue comes from China, via their subsidiary, Arm China. As they gear up for the IPO, big tech names like Amazon and Nvidia are considering investment.
The company aims to list on the Nasdaq under the ticker 'ARM'. Arm's IPO will be led by Barclays, Goldman Sachs, JPMorgan Chase, and Mizuho Financial Group as the primary underwriters. These banks will play a crucial role in the listing of Arm on the Nasdaq.

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