🎬”Schemes”

February 20, 2025

Good morning. Remember that asteroid that had a 1.2% chance of colliding with the Earth on December 22, 2032? On Tuesday, NASA upgraded the odds from a 1-in-83 chance to a 1-in-32 chance of a strike, or 3.1%, the highest probability yet.

*Cue in another “end of the world” prediction.

— Obafemi Ayomide, Geraldine Ndzomo.

CURRENCIES

Currency exchange rates against the US Dollar as of market close. Here’s what these numbers mean

FASHION
Nike is teaming up with Skims to win back women

Kevin Mazur/Skims via Getty Images

Nike is hoping that Kim Kardashian can help it rebound faster than a basketball. The struggling activewear giant is partnering with Kardashian’s shapewear brand to launch NikeSkims this spring in a rare partnership that aims to bring together Nike’s expertise in “innovation” and “sport science” with Skims’s “obsession for the female form.”

Despite bringing in CEO Elliott Hill last year to revitalize the brand, Nike’s struggled to bounce back from a historic slump: Sales were down 8% last quarter, and the stock has lost more than 25% of its value in the last year. Nike is betting that Skims—and Kim—will boost its stock with a key demographic it’s been losing:

  • Nike recorded ~$8.5 billion in revenue from female apparel last year, compared to ~$21 billion from male apparel. It estimates that 40% of customers are women.

  • The company continues to lose market share to competitors like Lululemon and new, flashy companies that cater to women, like Alo and Vuori.

  • In Africa, Nike has struggled to compete with the resurgence of Puma, the German athletic and fashion brand represented by Afrobeat stars; Davido and Wizkid.

It’s good for Skims, too. Although extremely popular in the US, Skims has a relatively skirmish presence in Africa. The brand is only available in South Africa through the Skims website and designated Dolce and Gabbana stores. Nike will help bring the brand, which has a mighty but relatively small audience, to a mass African market. -OA.

DIGITS
Longer than the Earth’s circumference

James Luvu

If you haven’t heard, this AI thing is kind of a big deal. Such a big deal, in fact, that Meta announced it’s building a 50,000 km (~31,000 miles) subsea cable connecting the US and India to foster AI innovation. That’s about 20% longer than the circumference of the Earth.

The venture, which Meta is calling Project Waterworth in case you forgot what the sea is made of, will cost many billions of dollars and is expected to be complete by the end of the decade, Business Insider reported. According to Meta, These subsea cables account for 95% of intercontinental internet traffic, and bigger and stronger ones are necessary to support the AI-enhanced future.

SHOWER THOUGHTS

“An entrepreneur makes big plans for people who have smaller plans than they do.”

NEWS
Round the continent

Frances Mao/BBC

  • Archaeologists in Egypt have announced the discovery of the first Pharaoh’s tomb in 100 years. It belonged to King Thutmose II.

  • Nigeria is suing crypto exchange, Binance for $81.5 billion in what it refers to economic losses due to the exchange’s operations.

  • Chad is considering sending troops and military assistance to DR Congo in support of its ongoing fight against M23 rebels.

  • Uganda has discharged the last eight patients who were recovering from Ebola, effectively ending the outbreak in the country.

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