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Chapter 1: What recent developments are shaping Africa's economic landscape?
A new chapter in global growth is being written and much of it is happening in Africa.
Africans need to invest. There are deals to be done and business to be won.
I'm Jennifer Zabasaja. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future.
The digitalization of Africa is going to power its growth.
Creating the world of something like HIV is possible. Population growth is so enormous in Africa.
Listen to Next Africa on Apple, Spotify or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Charles Capel.
And I'm Caroline Hipker.
SpaceX has made history with the biggest stock market listing of all time. The Elon Musk-led company has raised $75 billion with shares priced at $135 each. At that price, SpaceX is worth about $1.77 trillion, making it one of the world's most valuable public companies. Including employee stock awards and options, the valuation rises to roughly $1.8 trillion.
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Chapter 2: How did SpaceX achieve the largest stock market listing in history?
According to calculations by the Bloomberg Billionaires Index, Musk's net worth will jump to about $970 billion after taking into account SpaceX's offering price. Already the world's richest person at $135 a share, his stake, including options, is worth $688 billion. And a successful showing in public markets Friday could tip the scales into making him a trillionaire.
His wealth will boom even further if he meets performance-based conditions. However, hitting those targets would require out-of-this-world performance. The company's market cap would need to reach $7.5 trillion. SpaceX would also have to deliver a significant number of space-based data centres. And last but not
no means least, establish a permanent human colony on Mars with at least one million inhabitants. In London, Tom McKenzie. Still very much on planet Earth for Bloomberg Radio.
Well, I wonder whether the current and former employees at SpaceX will keep their feet on the ground as we know so many of them will become millionaires and the early investors like Founders Fund and Anderson Horowitz. Let's see. Anyway, let's move on, shall we? There is a bit of breaking news today to think about. So, this is on the UK economy. So, we've got the April GDP figure.
We see a contraction of 0.1% month-on-month interest. In April now, that matches the forecast overall for the February to April quarter, GDP rising 0.7% month on month. We know that the UK has done particularly well at the start of this year. The big question is whether that can continue over the rest of the year. Often we see a pop in economic growth in Britain.
And sticking with the UK, Defence Secretary John Healey has resigned from Keir Starmer's government, dramatically weakening the Prime Minister's authority. Healey was joined by Junior Defence Minister Al Khans and two ministerial aides in stepping down in a row over how to fund increased defence spending. The resignations plunge the administration into a fresh crisis.
Bloomberg's James Walcock has more.
It's arguably the most damning accusation a defence secretary can make, saying the Prime Minister isn't able to keep Britain safe. John Healey was seen as a loyal ally of Starmer, but he has grown frustrated the government hasn't been able to find the cash needed to boost defence spending. In his resignation letter, he pointed to Keir Starmer's very own speech in Munich earlier this year.
Time and again, leaders have looked the other way. only rearming when disaster is upon them.
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Chapter 3: What are the implications of SpaceX's valuation for investors?
Premosh Dolan speaking there to Bloomberg. Yesterday, the ECB also boosted its forecast for consumer price gains this year and next, while lowering projections for economic growth. President Christine Lagarde warned that inflation is broadening through the eurozone, requiring policymakers to step in.
And those are our top stories for you this morning. Looking at the markets, we see a sudden pullback in the KOSPI. It's still up by 5%, but had seen an even bigger gain earlier this morning. We are expecting SpaceX's shares to pop at the open when they start trading on the NASDAQ, but currently NASDAQ futures. are actually down, still in the red, about a tenth of 1%.
European stock futures up by 1.6% this morning. This as oil prices have pulled back significantly. We're down by 2.1% for Brent crude futures, trading at $88.45. The barrel looking at benchmark treasury yields moving higher just a fraction of 4.46%. We did get that ECB rate hike, of course, yesterday. The question now is about July. Those are the markets.
That's News When You Want It with Bloomberg News Now. I'm Charles Capel.
And I'm Caroline Hepka and this is Bloomberg.
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My fellow Americans, this is Liberation Day.
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