On October 22, 2024, the 16th BRICS Summit took place in Kazan, Russia, gathering key global leaders for a three-day event focused on pressing geopolitical issues and expanding economic cooperation among its members. Since its inception in 2009, under the leadership of Brazil, Russia, India, and China, the BRICS bloc has evolved significantly, attracting new members and garnering international attention. This year’s summit underscored the growing influence of BRICS in global geopolitics and economics, with discussions focused on key areas such as financial innovation, climate change, and new payment systems.

BRICS: A Growing Force in Global Geopolitics
The BRICS bloc, originally consisting of Brazil, Russia, India, and China, was joined by South Africa in 2010, and has since expanded to include Iran, Egypt, the United Arab Emirates, and Ethiopia. Several other nations, including Argentina, Cuba, Turkey, Venezuela, and Gabon, have expressed a desire to join this rapidly growing economic group.

The 2024 BRICS Summit attracted influential global figures such as Russia’s President Vladimir Putin, China’s President Xi Jinping, and UN Secretary-General Antonio Guterres. The presence of Guterres emphasizes the increasing influence of BRICS on the global stage, given that the bloc represents nearly half of the world’s population.

Key Topics Discussed at the 2024 Summit
The summit revolved around several major themes that reflect the shifting power dynamics in global geopolitics:

Economic Cooperation and Investment
The BRICS members discussed expanding economic cooperation, focusing on opening business corridors and fostering collaborations among member states. Given their shared aspirations for economic growth and development, the summit emphasized the need to leverage the collective economic potential of the bloc.

Climate Change
Climate issues also featured prominently, as the world continues to grapple with the adverse effects of climate change. BRICS members are focused on finding sustainable solutions that align with their economic growth, as they navigate the challenges posed by environmental concerns.

Regional Conflicts and Geopolitical Uncertainty
The summit addressed the Middle East conflict and the potential for spillover into other regions, calling for efforts to ensure peace and stability in the region. Additionally, the imposition of Western sanctions on members like Russia and China was a key issue raised, with the BRICS bloc pushing for the removal of these sanctions to promote peace and facilitate global trade.

The Need for a New Global Payment System
In a bold move, BRICS leaders discussed the need to revolutionize the global payment system. BRICS Pay, a blockchain-based payment platform, was introduced as a new financial infrastructure. This platform aims to facilitate smoother and more efficient transactions among BRICS countries, bypassing the existing Western-dominated payment systems.

A New Currency to Challenge the US Dollar
A pivotal point of discussion was the creation of a new currency designed to compete with the US dollar in international trade. This currency is expected to be used within the BRICS bloc, providing an alternative for member countries to settle transactions without relying on the dollar, thereby diversifying the global financial system.

BRICS Development Bank and Financial Innovation
The BRICS Development Bank continues to play a vital role in supporting the infrastructure projects of its member nations. The bank’s growth is aligned with the bloc’s broader goal of fostering financial innovation and supporting sustainable development. Through initiatives like the BRICS Interbank Cooperation Mechanism (ICM), member states aim to boost intra-BRICS investments and strengthen economic ties.

The Rise of BRICS as a Challenge to Western Economies
With the BRICS nations representing about 40% of the world’s population and a significant share of global GDP and Purchasing Power Parity (PPP), the bloc is emerging as a formidable economic force. In contrast, the G7, comprising the world’s most advanced economies (the United States, Germany, Italy, Japan, France, Canada, and the United Kingdom) and the European Union, controls around 30% of global economic activity.

The shift in global power dynamics, highlighted by the BRICS Summit, is set to challenge the longstanding dominance of the G7 and reshape the world order. China’s growing economic influence continues to drive this shift, with the International Monetary Fund (IMF) forecasting continued BRICS expansion in the coming years.

What’s Next for BRICS?
The 2024 BRICS Summit marks a significant turning point in the global economy. The bloc is no longer just an emerging group of countries but a rising challenger to the West, with a clear vision for a more multipolar world. The introduction of BRICS Pay, the development of a new currency, and the continued expansion of the BRICS Development Bank are all steps toward cementing the bloc’s role as a key player in the global financial system.

As more countries express interest in joining BRICS, the bloc’s influence is set to grow. This evolution may not only affect the economic and geopolitical landscape but also pose a challenge to the traditional dominance of the US dollar and Western financial systems.

The 16th BRICS Summit in 2024 was a watershed moment for the emerging economies of the world. With growing cooperation among member states and a commitment to transforming the global economic system, BRICS is poised to challenge the status quo of global financial and political power. As the bloc continues to expand, its influence in shaping the future of global trade, investment, and currency systems will only increase, making BRICS a critical force to watch in the years ahead.

In a groundbreaking move that highlights the growing significance of East Africa as a financial center, JP Morgan Chase has officially opened a representative office in Nairobi, Kenya. This milestone follows nearly 12 years of strategic planning and approvals, marking a transformative moment for both the global banking giant and the East African region.

A Vision 12 Years in the Making
JP Morgan Chase, one of the world’s largest and most influential banks, first expressed its interest in establishing a presence in Kenya back in 2012. Now, with the approval of the Central Bank of Kenya (CBK), the bank has officially launched operations in Nairobi, setting the stage for an expanded footprint across Africa’s emerging markets.

The decision to establish a base in Kenya aligns with JP Morgan’s broader strategy of tapping into emerging markets and promoting cross-border trade. By anchoring itself in Kenya, the bank is poised to access a wider client base across East Africa, a region increasingly recognized for its dynamic economic growth.

Strategic Leadership: Sailepu Montet at the Helm
To spearhead its operations in Kenya, JP Morgan has appointed Sailepu Montet as the head of the Nairobi office. Montet, a former Deputy Director of Financial Markets and Head of Reserves Management at the CBK, brings a wealth of experience to the role. His prior roles at Barclays Plc and Absa Group Ltd position him perfectly to lead JP Morgan’s growth in a competitive financial landscape.

Montet’s appointment is a strategic move designed to leverage his deep understanding of Kenya’s financial ecosystem, regulatory environment, and market dynamics — all crucial elements for the success of JP Morgan’s ambitious regional plans.

Catalyzing Trade, Investment, and Economic Growth
JP Morgan’s new office will serve as a catalyst for trade, investment, and economic development, not only in Kenya but across the entire East African region. By offering a wide array of financial services, including corporate banking, investment advisory, and cross-border trade financing, JP Morgan aims to support local businesses, attract foreign investments, and foster greater economic integration within the region.

The Nairobi office will become a pivotal platform for businesses seeking seamless financial solutions as Kenya continues to position itself as the gateway to East Africa.

Jamie Dimon's Africa Tour: Strengthening Commitments
Adding weight to the bank’s commitment to Africa, JP Morgan CEO Jamie Dimon visited Kenya as part of a four-nation tour aimed at strengthening the bank’s ties across the continent. Dimon's visit underscores the strategic importance JP Morgan places on Africa’s growth markets and reaffirms the bank’s long-term commitment to supporting development on the continent.

Implications for Kenya’s Financial Sector
JP Morgan’s entry is set to usher in a new era for Kenya’s financial landscape. As global competition intensifies, local banks and financial institutions are expected to enhance their products, services, and customer experiences to remain competitive. The banking sector, alongside the rapidly expanding SACCO (Savings and Credit Cooperative) movement in Kenya, has seen remarkable growth, and JP Morgan’s presence will only serve to amplify this momentum.

Moreover, JP Morgan’s investment signifies growing international confidence in Kenya's regulatory environment, economic stability, and its position as a regional leader.

A New Chapter for East Africa
With a population hungry for innovation, a rapidly digitalizing economy, and strategic access to broader African markets, Kenya presents enormous opportunities for financial institutions. JP Morgan’s establishment in Nairobi is not just an expansion — it’s a statement about the future of East Africa as a key player in the global financial ecosystem.

As JP Morgan continues to strengthen its operations across the continent, the financial landscape in Kenya and East Africa is set to experience significant transformation, creating more opportunities for businesses, investors, and consumers alike.

JP Morgan Chase’s launch of its Nairobi office marks a pivotal moment in the evolution of East Africa’s financial industry. With strong leadership, a clear strategic vision, and an unwavering commitment to emerging markets, the bank is set to play a major role in shaping the future of finance across Africa. As competition heats up, local players and new entrants alike will drive innovation, improve services, and unlock the vast potential of the East African market.

In a bold move aimed at safeguarding its local electric vehicle (EV) industry, the European Union (EU) has imposed massive tariffs on EVs imported from China, effective October 4, 2024. This 45% tariff marks a significant escalation in the ongoing trade war between China and Western economies, coming just months after the United States imposed similar tariffs on Chinese EV imports.

While a majority of EU member states supported the decision, key economies such as Germany and four other nations opposed the tariffs, warning of potential retaliatory measures from Beijing and risks to the global economy.

Protecting European EV Manufacturers
The EU’s main justification for the tariffs is to level the playing field for European manufacturers, who argue that heavy Chinese subsidies have resulted in artificially low prices for Chinese EVs, creating unfair competition. Local European companies, particularly startups and mid-size manufacturers, were finding it increasingly difficult to compete against the flood of cheaper Chinese models.

With the tariffs in place, investor confidence in the European EV sector is expected to rise, likely boosting the share prices of local EV companies. European governments view this as a necessary step to protect investments, jobs, and innovation within their borders.

However, a possible downside is that EV adoption in Europe may slow. Chinese EVs, known for their affordability, had begun to drive mass adoption of electric cars across the continent. Increased prices due to tariffs could make EVs less accessible for middle-income consumers, delaying progress toward environmental and climate goals.

China Prepares for Retaliation
China has reacted sharply to the EU’s move and is preparing a suite of counter-tariffs targeting European exports. Key sectors under consideration include:

These retaliatory tariffs are part of a broader strategy by China to defend its economic interests while signaling its disapproval of Western protectionist policies.

China’s response is not expected to stop at simple tariff impositions; Beijing is also exploring measures to reduce dependency on Western technologies and to fortify its alliances with other emerging economies, particularly through BRICS partnerships.

Implications for the Global Economy
This brewing conflict between two of the world’s largest economic blocs raises serious concerns about the stability of global trade and investment flows:

Moreover, the global ambition of achieving widespread EV adoption to combat climate change could face setbacks if major markets remain entangled in tariff wars.

A Multilateral World Requires Collaboration
While protecting domestic industries is a legitimate concern, the EU must recognize China’s critical role in global EV production and green energy transitions. China dominates the global EV manufacturing landscape and leads in critical minerals, battery production, and technological innovation.

A unilateral approach risks further dividing global trade networks. Instead, fostering collaboration and synergy between China and Western economies would better serve global interests — protecting consumers, accelerating EV adoption, and achieving shared environmental goals.

The world today is multilateral. Successful economies will be those that balance protection of domestic interests with strategic international partnerships.

The Future of EVs Amid Growing Trade Wars
The future of electric vehicles appears increasingly uncertain. Protectionist measures by the EU and the United States could fragment the global EV market, creating regional differences in adoption rates and pricing.

Yet, China’s dominance in the sector remains largely unshaken. With substantial government subsidies, technological advancements, and expanding global partnerships, China is likely to continue driving EV affordability and adoption worldwide, even if Western markets impose restrictions.

The world watches closely as the EU-China EV standoff unfolds — a defining chapter in the race toward a cleaner, electrified future.

The new tariffs on Chinese EVs by the EU highlight the growing complexity of global trade and technological rivalry. As nations prioritize their domestic interests, the path to a sustainable and cooperative global economy becomes more challenging, demanding careful diplomacy, innovation, and balance.

Mexico elected its first female president, Claudia Sheinbaum, who succeeds populist and former president Andres Manuel Lopez. The public eagerly awaits the changes Sheinbaum’s government will bring to this dynamic economy.

Economic Growth and Challenges
Under former president Andres Manuel Lopez, Mexico achieved significant poverty reduction despite divisive policies. With a GDP growth of 2.4%—amounting to $2.017 trillion Nominal GDP and $3.434 trillion GDP on Purchasing Power Parity as of 2024—President Sheinbaum is expected to accelerate programs to propel Mexico’s economy further.

Security Issues and Gang Violence
Mexico faces severe security challenges, including murder, armed robbery, sexual assault, kidnapping, drug-related violence, and extortion. Drug trafficking and inter-gang fighting dominate major areas, particularly border entry points, making small businesses vulnerable to extortion—a problem that has increased by over 60% since 2022.

Impact on Small Businesses and Investment
The violent environment poses significant risks for small businesses, pushing investors away from the country. The spread of gang control across Mexico could hinder President Sheinbaum’s ability to achieve her goals effectively, requiring stringent government actions to tackle crime rates.

Organized Crime and Political Violence
Mexico has become increasingly dangerous for political candidates and officials, who are often targeted by organized crime groups. Recently, the mayor of Chilpancingo, Guerrero’s capital, was murdered just six days after Sheinbaum took office, highlighting the urgency of addressing gang violence.

President Sheinbaum’s Focus on High-Crime Areas
In her initial efforts, President Sheinbaum aims to reduce crime rates by targeting areas with high homicide rates linked to organized crime, such as Colima, Tijuana, Acapulco, and Celaya. These regions account for a quarter of the country’s organized crime-related homicides.

Expectations for Women in Leadership
President Sheinbaum has emphasized the importance of women demonstrating their leadership capabilities. As she tackles gang violence, her approach will require restraint to avoid exacerbating inter-gang conflicts and further crime rates.

Web 3 is an emerging vision for the future of the internet, centered around decentralization, blockchain technology, and token-based digital economies. Unlike the current version of the internet (Web 2.0), which is dominated by centralized platforms, Web 3 aims to give users more control over their data and online interactions. Applications of Web 3 include cryptocurrencies, decentralized applications (dApps), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized social platforms.

Opportunities for Kenya in the Web 3 Space
Although still in its early stages, Web 3 holds promise for transforming economies—especially in developing nations like Kenya. Here are some of the potential benefits:


1. Financial Inclusion for the Unbanked
With a significant portion of Kenya’s population either unbanked or underbanked, Web 3 tools such as cryptocurrencies and decentralized finance (DeFi) platforms could offer access to financial services without traditional banking infrastructure.

2. Transparent Governance
Blockchain’s immutability can bring more transparency and accountability to governance. Public services, elections, and fund allocations could be recorded on verifiable blockchain systems, increasing public trust and reducing corruption.

3. Boosting Innovation and Entrepreneurship
Web 3 removes many of the entry barriers for digital startups. Developers, artists, and content creators can launch decentralized applications, monetize their work through token economies, and directly interact with global markets.

4. Empowering Local Communities
Through tools like DAOs and community tokens, groups in Kenya can self-organize and fund grassroots initiatives, fostering local development and giving marginalized communities a greater voice and resource base.

Challenges and Risks in Adopting Web 3 in Kenya
Despite its promise, Web 3 comes with challenges that must be addressed to ensure inclusive and responsible development.

A Vision, Not a Cure-All
It’s important to view Web 3 not as a panacea but as a catalyst for new possibilities. Its success in Kenya and similar economies will depend on ongoing research, education, experimentation, and collaboration among governments, tech communities, and citizens.

Moving Forward: Preparing for a Decentralized Future
For Kenya to benefit from the Web 3 revolution, corporate entities, innovators, and policymakers must be proactive. Investing in digital literacy, infrastructure, and adaptive regulations will help ensure that Web 3 becomes a tool for inclusive growth rather than one that widens the digital divide.

China is positioning itself as the world’s undisputed leader in Artificial Intelligence (AI), with projections indicating it may become the first country to fully integrate AI by 2030. This strategic ambition has placed China at the forefront of global AI development and innovation.

Dominating Facial Recognition and AI Patents
The U.S. government’s research on facial recognition technologies revealed that five of the most accurate AI-driven systems in the world are developed by Chinese companies. Additionally, data from the United Nations’ World Intellectual Property Organization shows that China filed over 38,000 GenAI patents between 2014 and 2023, far outpacing the United States’ 6,276 during the same period. These numbers underscore China’s aggressive push in AI intellectual property and innovation.

Real-World AI Deployment Across Sectors
China is not just researching AI—it is implementing it. Facial scanners powered by AI are now installed in railway substations across the country. The technology is also integrated into finance, transportation, and healthcare systems, showcasing how AI is transforming everyday life in China. Autonomous driving, natural language processing, and predictive analytics are among the cutting-edge applications being developed and deployed.

The Data Advantage and Research Powerhouse
China’s vast population gives it a critical advantage: access to massive datasets that help train AI algorithms more effectively. This data advantage, combined with a thriving academic and research community, makes China a breeding ground for AI advancements. Chinese scholars now lead the world in AI-related publications and patents.

Global AI Giants and Startups Leading Innovation
Major Chinese companies such as Tencent, Baidu, Alibaba, and ByteDance, alongside a wave of innovative startups, are spearheading the country’s AI revolution. These firms are developing world-class AI technologies and exporting them globally, further enhancing China’s influence in emerging technologies.

Geopolitical Implications and Growing Tensions
China’s dominance in AI may provoke growing tensions with Western countries. The potential for China to offer advanced AI solutions at lower costs raises concerns about fair competition. Western governments and enterprises may pressure China to standardize pricing and enforce ethical AI usage.

Privacy, Regulation, and the Future of AI Auditing
As Chinese AI technologies continue to expand globally, concerns about privacy and transparency have grown. According to SAS Vice President, there is a critical need for regulation, particularly around auditing AI systems to safeguard user privacy. The current challenge lies in finding effective methods to evaluate the fairness, accountability, and security of these systems.

 A Race That’s Far From Over
While China leads in many areas of AI development, the global conversation around ethics, regulation, and cross-border standards is only beginning. As researchers and companies continue refining their models, the world watches how China’s AI ambitions will shape not just its future—but that of the entire digital age.