<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Hours after Elon Musk told companies to &#8220;go f***&#8221; themselves for pulling their advertisements from X over concerns about antisemitism—and called out Disney CEO Bob Iger by name—a group of right-wing users on the social media platform have called for Disney+ subscribers to cancel their accounts.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<a href="https://twitter.com/CollinRugg/status/1730227884957040938" target="_blank" rel="noreferrer noopener">Multiple</a>&nbsp;<a href="https://twitter.com/realmichaelseif/status/1730275154805068020" target="_blank" rel="noreferrer noopener">right-wing</a>&nbsp;<a href="https://twitter.com/ChayaRaichik10/status/1730296643872792752" target="_blank" rel="noreferrer noopener">accounts</a>&nbsp;on X, the platform formerly known as Twitter, called on subscribers to Disney’s streaming service Disney+ to cancel their subscriptions, with the X account End Wokeness&nbsp;<a href="https://twitter.com/EndWokeness/status/1730218208324395011" target="_blank" rel="noreferrer noopener">posting</a>&nbsp;instructions for cancellation with the caption: “Stop giving money to people that hate you.”



Those calls follow Disney’s decision earlier this month to&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=3f0da76a34fb">suspend its advertising</a>&nbsp;on the social media platform, joining a growing list of companies including Apple, IBM, Lionsgate and Xfinity, following the release of a scathing report that found advertisements on X alongside pro-Nazi posts, and after Musk endorsed a post&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=7e010cc14020">widely condemned</a>&nbsp;as antisemitic.



Disney’s decision to stop running ads on X could cost the social media platform millions of dollars, while X users’ calls for a boycott of Disney+ would have to reach many of its&nbsp;<a href="https://www.forbes.com/sites/tonifitzgerald/2023/08/09/new-record-for-disney-sheds-117-million-subscribers-password-crackdown-coming/?sh=5fe4d2b51d7b">146 million</a>&nbsp;subscribers (as of August) to have an equivalent effect.



Speaking at the New York Times’ DealBook Summit on Wednesday, Musk&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/29/elon-musk-says-advertisers-that-have-left-x-shouldnt-come-back/?sh=1f7dc21b10c0">accused advertisers</a>&nbsp;that left the platform of “blackmailing” him with money and crudely told them to “go f**k themselves,” while addressing Iger in the crowd, saying, “hi Bob.”



Iger, also speaking at the summit,&nbsp;<a href="https://www.youtube.com/watch?v=8pSxx1e5n34" target="_blank" rel="noreferrer noopener">said</a>&nbsp;he has “a lot of respect for Elon and what he’s accomplished,” but took exception with Musk’s endorsement of the post on X, saying: “By him taking the position that he took in quite a public manner, we just felt that the association with that position and Elon Musk and X was not necessarily a positive one for us.”



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<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



X could lose as much as $75 million in lost advertising revenue due to more than a dozen companies including Airbnb, Coca-Cola, Disney, IBM, Microsoft and Xfinity pulling out, the New York Times&nbsp;<a href="https://www.nytimes.com/2023/11/24/business/x-elon-musk-advertisers.html" target="_blank" rel="noreferrer noopener">reported</a>.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



IBM became one of the first in a string of high-profile advertisers to&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/11/16/ibm-suspends-advertising-on-x-after-ads-appear-near-pro-nazi-posts/?sh=17f133ce6a4d">suspend its ads</a>&nbsp;on the platform this month, after a report from left-wing watchdog Media Matters for America found advertisements for the company—as well as Apple, Oracle and Xfinity—appeared near neo-Nazi posts and posts praising Adolf Hitler. Musk suggested the watchdog went out of its way to achieve the result, claiming the finding represented a wildly different experience from that of a typical user. X Corp. later&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/18/elon-musk-threatens-thermonuclear-lawsuit-against-group-reporting-antisemitic-x-posts-appearing-near-ads/?sh=27c854462b13">filed a defamation lawsuit</a>&nbsp;against Media Matters. Musk also came under fire after he&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=648123644020">shared</a>&nbsp;a post on X in which a user claimed “Jewish communities have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them,” an argument Musk called “the actual truth.” The White House also&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=4990834c1ea5">condemned</a>&nbsp;that post, issuing a statement calling the claim an “abhorrent promotion of antisemitic and racist hate.” Musk on Wednesday apologized for the post and&nbsp;<a href="https://www.theverge.com/2023/11/29/23981771/musk-says-the-antisemitic-post-was-a-mistake" target="_blank" rel="noreferrer noopener">admitted</a>&nbsp;it was “one of the most foolish, if not the most foolish, thing I’ve done” on the platform.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



$7.2 billion. That’s how much Disney spent on advertisements in fiscal year 2022, surpassing its advertising budget in 2021 ($5.5 billion) and 2020 ($4.7 billion).



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



Disney became the latest in a wave of major companies to draw the ire of right-wing critics largely online. Earlier this year, Bud Light drew&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/20/far-right-pundits-are-slamming-companies-including-nike-adidas-and-ford-for-lgbtq-outreach-as-pride-month-nears/?sh=64d1685f76d0">massive pushback</a>&nbsp;among right-wingers, including pundits Candace Owens and Ben Shapiro, after the beer brand launched a partnership with transgender TikTok star Dylan Mulvaney. Fast food chain Chick-fil-A also came under fire after right-wing online circles expressed outrage over its hiring of a director of diversity, equity and inclusion in 2021, while Adidas faced right-wing pushback for a marketing campaign that included trans-inclusive swimwear. Target additionally faced right-wing blowback online for an LGBTQ Pride product line. In response to the criticism, Target&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/24/target-removes-pride-items-after-conservative-firestorm-sparking-criticism-from-lgbtq-groups/?sh=18e16e20e512">pulled</a>&nbsp;items from that line in late May, just a week before the start of Pride month, claiming in a statement that threats and criticism it received over the products were “impacting our team members’ sense of safety and well-being,” though the move also sparked pushback in LGBTQ circles over claims the company caved to right-wing blowback.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/29/elon-musk-says-advertisers-that-have-left-x-shouldnt-come-back/?sh=1f7dc21b10c0">Elon Musk Says Advertisers That Have Left X Shouldn’t Come Back</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=3f0da76a34fb">Apple And Disney Pull X Ads After Musk’s Promotion Of Antisemitic Post—Joining These Other Companies</a> (Forbes)

Popular Streaming Services Photo Illustrations

Disney Vs. Musk: Right-Wing X Users Push For Disney+ Cancellations As Disney Pulls Ads

The strain is concerning for entrepreneurs who highlight the challenges posed by exchange rate volatility and call for sustainable solutions amid fluctuating policies and economic dynamics.



The Nigerian naira is facing continuous strain on the foreign exchange (FX) market, reaching ₦1,145 per dollar on the parallel market, a slight dip from ₦1,140 on Monday.



Two pivotal policies, implemented since President Bola Tinubu&#8217;s inauguration on May 29, have significantly influenced Nigeria&#8217;s economic landscape. The immediate cessation of the fuel subsidy on the inauguration day and the naira unification on June 14 marked a departure toward a free-floating system by the Central Bank of Nigeria (CBN).



Under this system, deposit money banks (DMBs) and forex market dealers are allowed to engage in unrestricted buying and selling of currency at market-determined rates. This shift signifies a move away from the previous multiple forex regime to a more flexible approach.



The naira experienced a period of depreciation, plummeting to ₦1,310 in October on the parallel market. However, it briefly rebounded to ₦960 in early November. While the naira is demonstrating signs of appreciation at the investors and exporters (I&amp;E) window, the parallel market remains a preferred choice for urgent business transactions due to its ease of accessibility. This preference intensifies the pressure on the naira.



When requesting foreign currency in Nigerian banks, certain regulatory documents are necessary for Form A, including Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees, and medical fees. Additionally, Form Q applications for Small and Medium Enterprises (SMEs) may entail a rigorous and time-consuming process which takes days.



At the Autonomous Foreign Exchange Market (NAFEM), the naira was quoted at ₦830.97 on Tuesday, an appreciation from ₦847.55 quoted on Monday, as reported by data from the Financial Markets Dealers Quotations (FMDQ).



The official market witnessed a peak spot rate of ₦1,120 per dollar and a lower rate of ₦701 on Friday. The daily FX market turnover surged by 23.60 percent to $157.78 million on Friday from the $127.65 million recorded on Thursday, reflecting the dynamic nature of the foreign exchange landscape in Nigeria.



Exporters like Oluwaseun Obilana are expressing deep concern over the implications for their businesses.



Obilana, a player in Nigeria&#8217;s export industry, voices his apprehension about the continuous strain on the national currency as exporters rely on stable exchange rates for international trade.



Emphasizing the challenges this poses for exporters, Obilana states to FORBES AFRICA, &#8220;The volatility in the exchange rate is affecting our ability to plan and price our products competitively in the global market. It adds uncertainty to our operations and erodes the profitability of our businesses.&#8221;



He adds: &#8220;A weaker naira not only impacts pricing but also raises the cost of importing raw materials and machinery crucial for manufacturing and production. This, in turn, could have cascading effects on the overall economy.&#8221;



The CBN has been grappling with measures to stabilize the exchange rate, implementing various policies to address the challenges faced in the FX market. However, the recent fluctuations indicate the persistence of underlying issues that continue to pose a threat to the stability of the national currency.



Obilana calls for more sustainable solutions to ensure the stability of the naira.



Nigerian investor Moses Adeolubodun highlights the need for a comprehensive strategy to address the challenges facing the naira.



&#8220;The consistent depreciation of the naira is a cause for concern and demands urgent attention from relevant authorities. A resilient and stable currency is crucial for investor confidence and economic growth,&#8221; Adeolubodun tells FORBES AFRICA.



He also attributes the recent fluctuations to a variety of factors, including global economic uncertainties, fluctuating oil prices, and domestic challenges. Nigeria, being an oil-dependent economy, is particularly susceptible to the volatility of oil markets. &#8220;The recent trend has put additional pressure on policymakers to explore more effective solutions.&#8221;



Adeolubodun emphasizes the importance of collaborative efforts between the government and the private sector to devise sustainable strategies. &#8220;We need a holistic approach that addresses both short-term challenges and establishes a foundation for long-term stability,&#8221; he states.

Naira Value Plunges on Street Amid ‘Stampede’ for Dollars

FX Pressure Persists As Nigerian Naira Hits ₦1,145 Per Dollar On Parallel Market

Exploring the rich history of the Luangwa Valley in Zambia and the role of chieftaincy in the political and social fabric of the country.



Driving past a sign that said ‘Chief Kakumbi’s Own Palace’ every day for over a week inside the game management area of one of the premier wildlife conservation areas in Zambia, the South Luangwa National Park, made me curious about its presence.



A bit of investigation opened me up to a deeper understanding of Zambian chieftaincy and its role in the political and social fabric of the country. At the lodge where I was staying, everyone hailed from the Kunda tribe for whom Chief Kakumbi was the paramount chief. Yet the locals spoke a dialect of Bantu found among the Bisi ethnic group of the Congo.



I immediately set about questioning senior members of the local Mfuwe village about their migration from the Congo into the Luangwa Valley (part of Northern Rhodesia prior to the 1960s) only to receive anecdotal stories of a migration in the 18th century. While the Kunda were a large majority of the people living in the districts surrounding the park, two other tribes, the Chikunda and Ngoni, were also present as minorities. When they spoke, I could hear a significant di-ference in their dialects, so I set about researching the history of these three tribes who were not endemic to the area.



I soon determined that it was enslavement and internecine warfare that caused large migrations into the Luangwa Valley. The valley had been unpopulated due to its inability to support livestock with a high density of carnivores and because of the sleeping sickness disease. The Luangwa River flows into the Zambezi River where a plethora of land, gold, ivory, and enslaved people, among other things, incentivized the Portuguese crown to colonize the surrounding areas at that time, including what is now Mozambique and parts of Malawi. In the absence of a colonial army, Portuguese landlords hired individuals who voluntary sold themselves for economic survival and collectively they became the Chikunda.



These armies could be over 20,000-strong which helped the Portuguese subjugate local villages.



Utilizing the Chikunda warriors, the Portuguese raided nearby villages for the enslaved individuals and ivory to sell to Swahili and Arab traders from Zanzibar.



The Kunda moved to the Luangwa Valley in the early 18th century after local tribal warfare among the Bisi people of the Luba 



Kingdom of the Congo. The Kunda settled in a harsh area without the ability to raise livestock in the Luangwa Valley. Their peace was short-lived as they too were enslaved. This led the Kunda to disperse all over the Luangwa Valley for safety. As the Portuguese colonies crumbled in the 20th century, the Chikunda formed alliances with the Kunda and settled in the valley.



The militarization of the region of today’s KwaZulu-Natal in South Africa by Shaka Zulu, whose quest to consolidate his empire in the late 19th century, forced Ngoni residents of



Swaziland to flee north into the Luangwa Valley, thereby putting pressure on the already-settled Kunda and Chikunda. The Ngoni were fierce warriors and soon started raiding both Chikunda and Kunda villages for enslaved people, which was the main economic driver at the time. The Kunda, who were primarily pastoralists, appointed the Chikunda as mercenaries to protect them.



With the arrival of the British and the formation of Northern Rhodesia and the Nyasaland colony, the war with Ngoni people was won by the British, and tribal peace declared in Northern Rhodesia.



With independence obtained from the British in 1964, the new country of Zambia was born, made from parcels of Northern Rhodesia and Nyasaland, the former name for colonial Malawi.



Today, the constitution of Zambia provides substantial powers to the tribal chiefs, numbering over 241, in the matters of land utilization and local law. Thus, Chief Kakumbi of the Kunda and Chief Jumbe of the Ngoni people who own vast tracts of land along the South Luangwa National Park these days assist in game management, sustainable development and in the mediation of disputes and conflicts among the residents.



My attempt to meet Chief Kakumbi one Saturday – the day he meets with his people in the palace – narrowly failed since he had to attend a parliamentary meeting in Lusaka, Zambia’s capital. My purchase of a chicken, a traditional gift taken by new visitors, did not make it to his kitchen. A casual sign by the roadside revealed so much of the rich history of the Zambezi valley, where the great explorer David Livingstone began missions and later exposed and campaigned against enslavement, and the darkest chapter of humanity.

1-RAM_1742

Chief Specialties: The Rich History Of Zambia’s Luangwa Valley

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



X Corporation will file a “thermonuclear” lawsuit against a media watchdog that claimed advertisements for several companies—including Apple and Disney, among others—appeared by antisemitic posts on X, Elon Musk said Saturday, following decisions from several major companies to pause ads on Musk’s social media platform.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1725771191644758037?s=46&amp;t=vx29-32gzBE_H5suNoiKjQ" target="_blank" rel="noreferrer noopener">said</a>&nbsp;a lawsuit will be filed Monday the “split second court opens” against Media Matters for America, a left-wing watchdog, after Musk suggested Media Matters “posted a story that completely misrepresented the real experience on X.”



Media Matters used an alternate account to curate posts and advertising that appeared on the account’s timeline, Musk claims, in an effort to “manipulate the public and advertisers.”



Once the account’s feed was “curated,” Media Matters “repeatedly refreshed” the account’s timeline to find “a rare instance of ads serving next to the content they chose to follow,” Musk alleges.



Media Matters&nbsp;<a href="https://www.mediamatters.org/twitter/musk-endorses-antisemitic-conspiracy-theory-x-has-been-placing-ads-apple-bravo-ibm-oracle" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;earlier this week that ads for major firms—including Apple, Bravo, IBM, Oracle and Xfinity—were appearing next to content that supported Adolf Hitler and the Nazi Party.



IBM said Thursday&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/11/16/ibm-suspends-advertising-on-x-after-ads-appear-near-pro-nazi-posts/?sh=5a48a3a66a4d">it was pulling ads</a>, while companies like&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=418431934fb3">Apple, Disney and Lionsgate</a>&nbsp;followed suit Friday.



Media Matters did not immediately respond to a request for comment from Forbes.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



X, formerly known as Twitter, has also reinstated several accounts for far-right extremists “as part of its creator ad revenue sharing program,” the watchdog claims. The report followed&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">comments</a>&nbsp;from Musk, who endorsed another user’s claims that Jewish communities objecting to antisemitism show “hatred against whites,” which Musk said was the “actual truth.” The user also appeared to endorse a conspiracy theory that was&nbsp;<a href="https://www.theatlantic.com/ideas/archive/2023/11/elon-musks-disturbing-truth/676019/" target="_blank" rel="noreferrer noopener">shared</a>&nbsp;by Robert Bowers, who killed 11 people at Pittsburgh’s Tree of Life synagogue in 2018, the&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/07/13/pittsburgh-synagogue-shooting-jury-finds-gunman-eligible-for-death-penalty/?sh=766a0c161afe">deadliest</a>&nbsp;attack on Jewish people in U.S. history. Musk was widely&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">condemned</a>&nbsp;for his comments,&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=2e363a011ea5">including</a>&nbsp;in a statement from the White House that said Musk’s post was an “abhorrent promotion of antisemitic and racist hate.”



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



Musk earlier this week also&nbsp;<a href="https://twitter.com/elonmusk/status/1724934935943979269?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1724934935943979269%7Ctwgr%5E9f715cc15d83469cd22b35d1b6fda5bdde5015a6%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2023-11-16%2Felon-musk-calls-anti-semitic-post-on-x-the-actual-truth" target="_blank" rel="noreferrer noopener">criticized</a>&nbsp;the Anti-Defamation League, the Jewish civil rights group that Musk claims “unjustly attacks the majority of the West, despite the majority of the West supporting the Jewish people and Israel.” Musk accused the group of pushing “de facto anti-white racism.” Musk previously blamed the ADL for X’s 60% decline in ad revenue, claiming the organization had been urging advertisers to pull out of the platform.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">Elon Musk Condemned After Calling Antisemitic Post ‘Actual Truth’</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=1c723e1a34fb">Apple And Disney Pull X Ads After Musk’s Promotion Of Antisemitic Post — Joining These Other Companies</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=2e363a011ea5">White House Condemns Musk Over ‘Abhorrent Promotion Of Antisemitic And Racist Hate’</a>&nbsp;(Forbes)

Tesla Officially Opens Gruenheide Gigafactory

Elon Musk Threatens ‘Thermonuclear’ Lawsuit Against Group Reporting Antisemitic X Posts Appearing Near Ads

Founder and creative director, Daniel Diyepriye has a goal in mind – to build a brand that will stand out amongst the rest. And while his start in the designer clothing business wasn’t conventional, he knows exactly where his journey is going to take him next.



The African luxury fashion segment is expected to reach $1 billion in 2023, according to market research company Statista. Jeremy Nel, Managing Director of South African-based luxury marketing firm, Luxury Brands, reportedly estimates that there are over 160,000 millionaires in Africa with a combined spending power of about $700 billion. These millionaires want the very best and are willing to spend top dollar when it comes to fashion.



“Louis Vuitton just got a market cap of $500 billion and Shell’s market cap is nowhere near that. Imagine a world where African luxury becomes a lot more lucrative than oil? That would completely transform the African continent and that is why I want to be a big player in this space,” says Daniel Diyepriye, founder and creative director of what he hopes to be Africa’s first luxury fashion house, Daniel Diyepriye.



Diyepriye is not wrong. With the over-reliance on oil and gas by most African countries, especially Nigeria, its largest economy, he may actually be on to something.



The eponymous brand, which launched just before Covid-19 wreaked havoc all over the world, pays homage to the legacy of his late father who epitomized elegance and class. He passed away during the pandemic following complications from a stroke he suffered when Diyepriye was just 14 years old.



Back then, the dream was not fashion but simply, finding a way to support his mother, who was now the primary caretaker of her paralyzed husband and their three children.



“I dropped out of university in my first year. I had to make money for the family and I felt that I had to take the responsibility to provide. I thought it was going to be five or six years before I made money from what they were teaching me in university and I could not wait that long,” recalls Diyepriye.



That is when he became a serial entrepreneur. At first, he took over a modelling agency called Lethal Model Management when he was 21 years old. He then moved on to buying and selling sneakers before transitioning into a car rental business, which he still manages today. The business focuses on renting smart cars for under a pound an hour.



“The name of the company is called SmartMove Car [Hire]. We took some investment, and we run a membership model. Sainsbury’s backed us and allowed us to put our cars in their parking lots so customers can take the car from one Sainsbury’s [store] to the other. But I needed to make a business that could scale because the problem with car rental companies is that when all your cars are rented out, you stop making money,” says Diyepriye.



After the death of his father in 2019, Diyepriye and his brother – who, sadly, also passed away last year due to a heart condition – decided that a luxury fashion business would be the best way to honor him.



“I got my flair from my dad. He used to always wear nice suits. The heritage is to honor my father and it means everything we do has to honor who he was, from the quality of our products and everything we say as a brand,” says Diyepriye.



His eureka moment for his signature brand, coincidentally, also came from his father.



“Me and my dad used to play with jigsaw [puzzles] and he always used to tell me that the jigsaw relates to patience, attention to detail and trying to see the bigger picture. I had an epiphany one day that it would be really cool to put a jigsaw on a bag. And that is what has become our signature look.”



Diyepriye taught himself design and learned how to use all the software applications he needed to make his creations come to life, in order to bootstrap the company and grow it organically.



With the help of influencers to get the word out, the brand was launched with £10,000 ($12,000) he made from his car rental business. Soon after launching, Diyepriye made the decision to focus on the United States (US) market due to the volume of orders they received from there.



“Till date, we have done about $500,000 in revenue and a lot of that money has gone back into the brand. The first tackle for us was validating luxury to say that this bag is luxury regardless of who it is made by. We use materials that fast fashion brands won’t and can’t use,” he says.



As far as Diyepriye is concerned, most of the founders spearheading European luxury fashion houses are men but when it comes to Africa, there is no one male fashion mogul dominating the luxury fashion scene. His goal is to take advantage of this first-mover position and evolve his brand into the Daniel Diyepriye Group, where similar to the LVMH family, he will also be able to launch and acquire other ancillary brands to become a billion-dollar fashion house.



Like many sectors in Africa, technology is providing a platform for the luxury fashion industry to leapfrog archaic infrastructure and scale rapidly. As a result, online stores and social media have provided a platform for the Diyepriye brand to carve out its presence in the industry in the space of only three years. With that in mind, who knows what the future might hold?

Daniel Diyepriye; image supplied

The Mission To Become Africa’s Luxury Fashion House

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Pfizer shares tumbled again Monday, continuing the pharmaceutical giant’s struggles tied to declining demand for its Covid-19 products&nbsp;and essentially wiping out the entirety of the firm’s peak pandemic gains.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Pfizer stock slipped 1.6% to $28.96, closing at its lowest share price since March 26, 2020.



After notching record overall revenue and profits in 2022, Pfizer’s luck has run out so far in 2023, reporting a 42% decline through the year’s first nine months and reporting its first quarterly loss since 2019 in its October 31 earnings report.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



$170 billion. That’s how much market capitalization Pfizer has lost since December 2021.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Including dividends, Pfizer has posted a -40% return on investment this year, the 15th-steepest loss of any S&amp;P 500 company. Other pharmaceutical stocks which soared during early development and adoption of Covid treatments have also flailed, including Moderna (down about 80% from its 2021 peak), BioNTech (down about 70% from 2021 peak) and Johnson &amp; Johnson (down nearly 20% from 2021 high). Pfizer’s recent plunge came after the company&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/10/16/vaccine-stocks-including-pfizer-moderna-biontech-and-novavax-slide-amid-plummeting-demand/?sh=5cda962f7099">slashed</a>&nbsp;sales guidance for October 16, with sales for its vaccine down 70% year-over-year and Paxlovid revenues down 95%. Pfizer “finally threw in the towel on the potential for reinvigorated” demand for its two primary Covid products, UBS analyst Colin Bristow wrote in a note to clients last month.



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



It’s not all doom and gloom for pharmaceutical stocks, though the balance of power has shifted. Drug makers Eli Lilly and Novo Nordisk have both climbed more than 70% over the last 12 months as their respective weight loss medications surge in popularity, and the two are now the most valuable pharmaceutical companies in the world by market cap. Pfizer, which was more valuable than both Eli Lilly and Novo Nordisk at the end of 2021, is now worth less than half of each firm.

Vaccinations at Egoli Township as Omicron Cases Spread

Pfizer Stock Hits 3-Year Low—Down 50% From 2021 Peak

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Greenpeace is facing a major new legal threat in the form of a $2.1 million lawsuit from oil giant Shell,&nbsp;<a href="https://www.reuters.com/sustainability/climate-energy/shell-sues-greenpeace-21-million-after-boarding-oil-vessel-2023-11-09/" target="_blank" rel="noreferrer noopener">multiple outlets</a>&nbsp;<a href="https://www.theguardian.com/business/2023/nov/09/shell-sues-greenpeace-over-fossil-fuel-protest-in-north-sea" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;Thursday, after the environmental advocacy group’s protestors occupied a floating oil platform in January in what one spokesperson called an “unlawful and extremely dangerous” stunt.



Greenpeace activist Yeb Saño holds aloft a flag on a rib after attempting to board a Shell oil&nbsp;&#8230; [+]GETTY IMAGES



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



U.K.-based Shell filed a claim against Greenpeace UK and Greenpeace International in London&#8217;s High Court alleging the&nbsp;<a href="https://www.theguardian.com/environment/2023/jan/31/greenpeace-protesters-board-shell-platform-bound-for-shetland" target="_blank" rel="noreferrer noopener">occupation</a>&nbsp;of a floating oil production vessel by protesters earlier this year cost the company money in shipping delays and forced it to hire extra security,&nbsp;<a href="https://www.reuters.com/sustainability/climate-energy/shell-sues-greenpeace-21-million-after-boarding-oil-vessel-2023-11-09/" target="_blank" rel="noreferrer noopener">Reuters</a>&nbsp;reported.



Shell has asked the court to stop any future protests on the company’s infrastructure at sea or in port, according to the&nbsp;<a href="https://www.theguardian.com/business/2023/nov/09/shell-sues-greenpeace-over-fossil-fuel-protest-in-north-sea" target="_blank" rel="noreferrer noopener">Guardian</a>, and threatened to file further claims on behalf of contractors that could be worth as much as $8.6 million.



Greenpeace has accused Shell of trying to silence any legitimate protests of its fossil fuel operations, but Shell has said the lawsuit is focused only on protests at sea and is designed partly to protect the safety of protesters.



A spokesperson for Shell said in an email to&nbsp;Forbes&nbsp;that the protest was &#8220;unlawful and extremely dangerous.&#8221;



In a&nbsp;<a href="https://www.greenpeace.org/international/press-release/63522/shell-hits-greenpeace-with-intimidation-lawsuit-threatening-8-6m-damages-claim-and-protest-ban-to-silence-climate-demands/" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;posted to its website Thursday, Greenpeace called the lawsuit an attempt “to silence growing dissent over moves by Shell’s chief executive” and said Shell has offered to settle for $1.4 million if Greenpeace vows to never again stage a protest “at its infrastructure” at sea or in port.



Greenpeace said it would only comply with the request if Shell &#8220;agreed to stop wrecking the climate&#8221; and comply with a Dutch court order to reduce its emissions by 45% by 2030.



Greenpeace activists hold a billboard during a protest outside Shell headquarters amid the companies&nbsp;&#8230; [+]CHRIS J RATCLIFFE FOR GREENPEACE VIA GETTY IMAGES



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<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



“The right to protest is fundamental and we respect it absolutely. But it must be done safely and lawfully,” Shell’s statement reads. “Shell and its contractors are entitled to recover the significant costs of responding to Greenpeace’s dangerous actions.”



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Climate activists used ropes to hoist themselves onto a floating production storage and offloading vessel from inflatable boats they used to chase the Shell ship. The protestors boarded the vessel just north of the Canary Islands and rode it for 13 days,&nbsp;<a href="https://www.greenpeace.org/international/press-release/63522/shell-hits-greenpeace-with-intimidation-lawsuit-threatening-8-6m-damages-claim-and-protest-ban-to-silence-climate-demands/" target="_blank" rel="noreferrer noopener">according to Greenpeace</a>. No arrests were made. The vessel was bound for the not-yet-operational Penguins oil and gas field in the North Sea, and protestors were imploring the company to stop drilling for new oil and gas and &#8220;instead take responsibility for causing climate breakdown.” The Penguins platform is the first new northern North Sea project for Shell in 30 years and&nbsp;<a href="https://www.shell.com/about-us/major-projects/penguins.html" target="_blank" rel="noreferrer noopener">is expected</a>&nbsp;to yield 45,000 barrels of oil per day.



Greenpeace activists hang a banner on July 24, 2014 in front of a Shell gas station in Santiago,&nbsp;&#8230; [+]AFP VIA GETTY IMAGES



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



$39.9 billion. That&#8217;s how much money&nbsp;<a href="https://www.cnbc.com/2023/02/02/shell-earnings-oil-giant-reports-record-annual-profits.html#:~:text=Shell%20reported%20adjusted%20earnings%20of,2021%20profit%20of%20%2419.29%20billion." target="_blank" rel="noreferrer noopener">Shell reported in adjusted earnings&nbsp;</a>in 2022, more than double its 2021 profit of $19.29 billion.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



This isn’t the first time Shell and Greenpeace have butted heads. The two famously faced off back in 1995 when the oil company, known at the time as Royal Dutch Shell, proposed it would get rid of its decommissioned rig called the Brent Spar <a href="https://www.greenpeace.org/international/story/47744/brent-spar-the-sea-is-not-a-dustbin/" target="_blank" rel="noreferrer noopener">by sinking it</a> in the North Atlantic Ocean. Greenpeace activists occupied the tanker for three weeks and organized a boycott of service stations worldwide while claiming the vessel Shell was trying to sink had 5,500 tons of oil on board. The estimate was vastly higher than what Shell claimed and what later proved to be true—Greenpeace ultimately issued an apology. Shell withdrew its plan to sink the Brent Spar. Greenpeace later successfully protested Shell&#8217;s <a href="https://www.greenpeace.org/international/story/7022/you-did-it-shell-abandons-arctic-drilling/" target="_blank" rel="noreferrer noopener">2006 plan</a> to drill for oil in the Arctic. Two years ago, Greenpeace was involved in a <a href="https://www.reuters.com/business/energy/shell-wins-court-case-start-seismic-surveys-offshore-south-africa-2021-12-03/" target="_blank" rel="noreferrer noopener">failed attempt</a> to stop the company from looking for oil in humpback whale breeding grounds on South Africa&#8217;s coast.

Shell Posts Quarterly Profits

Shell Sues Greenpeace For $2 Million After Protest On Moving Oil Platform — The Latest Clash Between The Two

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Starlink internet satellites will be made accessible to aid organizations in Gaza, according to a Saturday <a href="https://x.com/elonmusk/status/1718224153474388433?s=20" target="_blank" rel="noreferrer noopener">post</a> from SpaceX CEO Elon Musk, as the region continues to experience Israeli bombardments amid a <a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/gaza-experiences-communications-blackout-as-israel-expands-ground-force-activity/?sh=507ea9da7774">communications blackout</a> that began Friday.


<div class="wp-block-image">
<figure class="alignleft size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="733" src="https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1358883297.jpg" alt="" class="wp-image-53654" style="aspect-ratio:1.3969986357435198;width:528px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1358883297.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1358883297-300x215.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1358883297-768x550.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"> (Photo by Theo Wargo/Getty Images for TIME)</figcaption></figure></div>


<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Musk pledged Starlink connectivity support for “internationally recognized aid groups” and the United Nations in&nbsp;<a href="https://x.com/elonmusk/status/1718224153474388433?s=20" target="_blank" rel="noreferrer noopener">two</a>&nbsp;<a href="https://x.com/elonmusk/status/1718225344568668417?s=20" target="_blank" rel="noreferrer noopener">posts</a>&nbsp;on X, formerly known as Twitter.



Musk initially responded to a&nbsp;<a href="https://x.com/DrLoupis/status/1717960271895883898?s=20" target="_blank" rel="noreferrer noopener">post</a>&nbsp;that called for Starlink support in Gaza, saying it&nbsp;<a href="https://x.com/elonmusk/status/1718206478283133105?s=20" target="_blank" rel="noreferrer noopener">wasn’t clear</a>&nbsp;who had the authority for ground links in Gaza and that SpaceX had not received a request from any terminals in the region, which are required on the ground to receive the satellite internet service.



Musk has also faced calls to extend internet access to civilians and journalists documenting the situation in Gaza.



The posts come less than a day after the Gaza Strip was hit with&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/gaza-experiences-communications-blackout-as-israel-expands-ground-force-activity/?sh=507ea9da7774">major communications disruptions</a>, causing multiple humanitarian agencies such as the Red Crescent, the World Health Organization and the United Nations International Children&#8217;s Emergency Fund to lose contact with their medical teams and workers.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



The communications collapse in Gaza occurred Friday, when telecommunications company Paltel told the&nbsp;<a href="https://apnews.com/article/israel-palestinians-gaza-airstrikes-region-e41b5b12e8cdf9db62395314d9a782b6?taid=653bf435d6113200015b4286&amp;utm_campaign=TrueAnthem&amp;utm_medium=AP&amp;utm_source=Twitter" target="_blank" rel="noreferrer noopener">Associated Press</a>&nbsp;that Israeli bombardments in Gaza caused “a complete disruption of all communication and internet services.” Amid the disruption, Rear Adm. Daniel Hagari, a spokesman for the Israeli military, said on Friday that ground forces were expanding activity in Gaza, in a tweet translated by&nbsp;<a href="https://www.cnbc.com/2023/10/27/israel-hamas-war-updates-and-latest-news-on-gaza-conflict.html" target="_blank" rel="noreferrer noopener">CNBC</a>. An Israeli ground invasion of Gaza has been widely anticipated in the three weeks since Hamas launched an attack on Israel, starting the ongoing war. Mark Regev, senior adviser to Israeli Prime Minister Benjamin Netanyahu, told MSNBC on Friday night that Hamas would “feel our wrath tonight,” a statement followed up by a constant bombardment at the Israel-Gaza border as the Israeli military forces&nbsp;<a href="https://apnews.com/article/israel-palestinians-gaza-airstrikes-region-e41b5b12e8cdf9db62395314d9a782b6?taid=653bf435d6113200015b4286&amp;utm_campaign=TrueAnthem&amp;utm_medium=AP&amp;utm_source=Twitter" target="_blank" rel="noreferrer noopener">ramped up ground operations</a>.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



More than 8,000. That’s how many people have died on both sides of the Israel-Hamas conflict, according to the&nbsp;<a href="https://apnews.com/article/israel-hamas-war-death-toll-numbers-injured-5c9dc40bec95a8408c83f3c2fb759da0" target="_blank" rel="noreferrer noopener">Associated Press</a>. The Palestinian death toll streaked past 7,000 this week, according to the Hamas-controlled Palestinian Health Ministry in Gaza. Some 1,400 Israelis were reportedly killed in Hamas’ attack.



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<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/gaza-experiences-communications-blackout-as-israel-expands-ground-force-activity/?sh=6383a8ce7774">World Health Organization Loses Contact With Gaza Staff Amid Communications Blackout&nbsp;</a>(Forbes)



<a href="https://apnews.com/article/israel-palestinians-gaza-airstrikes-region-e41b5b12e8cdf9db62395314d9a782b6?taid=653bf435d6113200015b4286&amp;utm_campaign=TrueAnthem&amp;utm_medium=AP&amp;utm_source=Twitter" target="_blank" rel="noreferrer noopener">Israel steps up air and ground attacks in Gaza and cuts off the territory’s communications</a> (AP)



<a href="https://www.forbes.com/sites/antoniopequenoiv/"></a>

Israeli attacks continue on the 22nd day in Gaza

Elon Musk Says Starlink Will Support ‘Recognized’ Aid Groups In Gaza

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



The diabetes drug Mounjaro will be tested alongside an experimental treatment to study how to maintain muscle mass while losing weight, according to an announcement Thursday—after earlier studies suggested some other increasingly popular weight-loss drugs may cause people to lose lean muscle mass. 



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



BioAge Labs will co-administer its muscle loss drug azelaprag with Mounjaro to treat obesity as part of a clinical trial in partnership with Mounjaro maker Eli Lilly’s development arm, Chorus, the two companies said in a&nbsp;<a href="https://www.businesswire.com/news/home/20231026896677/en/BioAge-Labs-Announces-Plans-for-Phase-2-Trial-of-First-in-Class-Apelin-Receptor-Agonist-BGE-105Azelaprag-Co-Administered-With-Tirzepatide-for-Treatment-of-Obesity-in-Collaboration-With-Lilly%E2%80%99s-Chorus-Organization" target="_blank" rel="noreferrer noopener">joint statement</a>&nbsp;Thursday.



Early preclinical studies showed administering both azelaprag and Mounjaro—known generically as tirzepatide—in obese mice increased the total weight loss from Mounjaro, and led to “normalized body composition” and decreased glucose levels without an “appreciable decrease” in calorie intake, both companies said.



Kristen Fortney, chief executive of California-based BioAge, said administering azelaprag with Mounjaro “may help promote healthier weight loss.”



The trial is expected to begin in mid-2024, BioAge said.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Azelaprag is a drug that mimics the activity of apelin, a substance that is released through the body after exercise, according to BioAge. Apelin also helps to regulate metabolism and promote muscle regeneration. The drug could “significantly” prevent muscle atrophy among older adults, according to one&nbsp;<a href="https://www.businesswire.com/news/home/20221205005201/en/BioAge-Announces-Positive-Topline-Results-for-BGE-105-in-Phase-1b-Clinical-Trial-Evaluating-Muscle-Atrophy-in-Older-Volunteers-at-Bed-Rest" target="_blank" rel="noreferrer noopener">clinical trial</a>&nbsp;by BioAge in December involving 227 people age 65 or older.&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/01/31/diabetes-drug-mounjaro-expected-to-be-approved-for-weight-loss-soon-what-to-know-and-how-it-compares-to-similar-drugs/?sh=111cc0ea477a">Mounjaro</a>—manufactured by Eli Lilly—is a glucagon-like peptide-1 (GLP-1) receptor agonist, or a drug used to treat diabetes and weight loss, similar to the popular drugs Ozempic and Wegovy. Mounjaro has not been approved by the Food and Drug Administration for weight loss, though&nbsp;<a href="https://www.advisory.com/daily-briefing/2022/10/14/weight-loss-drugs" target="_blank" rel="noreferrer noopener">some doctors</a>&nbsp;prescribe the drug for off-label use for weight loss in patients who don’t have type two diabetes, like Ozempic.



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



A&nbsp;<a href="https://www.nejm.org/doi/suppl/10.1056/NEJMoa2032183/suppl_file/nejmoa2032183_appendix.pdf" target="_blank" rel="noreferrer noopener">clinical trial</a>&nbsp;of semaglitude—the active ingredient in weight-loss drugs Ozempic and Wegovy—indicated it could result in nearly as much loss of lean muscle as pounds of fat. Participants lost about 15 pounds of lean muscle on average, compared with 23 pounds of fat during a 68-week trial. The average age of participants was 52.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



41.9%. That’s the percentage of adults age 60 or older in the U.S. who are obese,&nbsp;<a href="https://www.cdc.gov/obesity/data/adult.html#:~:text=Obesity%20affects%20some%20groups%20more%20than%20others&amp;text=The%20obesity%20prevalence%20was%2039.8,adults%20aged%2060%20and%20older." target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/ariannajohnson/2023/01/31/diabetes-drug-mounjaro-expected-to-be-approved-for-weight-loss-soon-what-to-know-and-how-it-compares-to-similar-drugs/?sh=111cc0ea477a">Diabetes Drug Mounjaro Expected To Be Approved For Weight Loss Soon: What To Know And How It Compares To Similar Drugs</a>&nbsp;(Forbes)



<a href="https://www.bloomberg.com/news/articles/2023-10-26/shredding-fat-without-muscle-is-lilly-s-next-weight-loss-target?utm_campaign=socialflow-organic&amp;utm_content=business&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-business" target="_blank" rel="noreferrer noopener">Shedding Fat Without Losing Muscle Is Lilly’s Next Weight-Loss Target</a> (Bloomberg)<a href="https://www.forbes.com/sites/tylerroush/"></a>

Drug “Wegovy

New Trial Will Test Whether Weight Loss Drugs Can Work Without Shedding Muscle Mass

Nigeria&#8217;s minister Wale Edun announced the country is to chair World Bank&#8217;s African Governors&#8217; Forum, marking a diplomatic and economic shift, emphasizing unity for an energy transition, with potential global impact and investor interest in sustainable development. This revelation has stirred excitement, particularly among the business and investment community.



Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has revealed that Nigeria has been granted the role of chairing the African Governors&#8217; Forum of the World Bank.



Edun reportedly disclosed this recently on the sidelines of the 2023 World Bank/ International Monetary Fund (IMF) annual meetings in Marrakech, one of the four imperial cities of Morocco.



He emphasized the opportunity that comes with Nigeria&#8217;s chairmanship, urging African leaders to rally behind a collective push for a fair and just energy transition, stressing the importance of a unified African voice to secure better deals for the continent.



This appointment signals a paradigm shift for Nigeria, marking the first time in 60 years the country will lead the African Governors&#8217; Forum of the World Bank based on the established rotation system. The forum operates on a rotation system, typically adhering to the alphabetical order of African countries.



While Nigeria&#8217;s turn for chairmanship is slated for 2026, Edun&#8217;s assertion of a special appointment suggests a unique diplomatic move. The flexibility in rotation principles allows nations to adapt to prevailing exigencies, showcasing a willingness among African countries to collaborate for the greater good.



The forum serves as a platform for African nations to present a united front, articulating both individual and collective interests during the annual IMF and World Bank meetings. The chairman&#8217;s tenure, traditionally one year, can be extended based on group consensus, showcasing the adaptability of the forum to evolving dynamics. This contrasts with the previous tenure of two years, altered in 2013 to foster a more responsive and dynamic leadership structure.



This revelation has stirred excitement, particularly among the business and investment community. According to analysts, as Nigeria assumes this influential position within the World Bank&#8217;s framework, the eyes of the international community will be on the country to observe how it utilizes this opportunity to contribute to the economic advancement of not just Nigeria but the entire African region.



Nigerian analyst Kolawole Oyebola expresses optimism about the potential benefits for Nigeria&#8217;s economic landscape.



Oyebola emphasizes the significance of Nigeria&#8217;s chairmanship in fostering stronger economic collaboration across the African continent.



He tells FORBES AFRICA: &#8220;This presents a unique opportunity for Nigeria to play a pivotal role in shaping policies that address the diverse economic challenges faced by African nations. The chairmanship signifies not only a recognition of Nigeria&#8217;s economic prowess but also a responsibility to lead initiatives that can drive sustainable development.&#8221;



The analyst underscores the importance of leveraging this position to advocate for policies that stimulate economic growth, alleviate poverty, and address pressing issues such as infrastructure development and access to finance. Oyebola adds, &#8220;Nigeria&#8217;s leadership in the African Governors&#8217; Forum provides a platform to influence decisions that can positively impact the lives of millions across the continent.&#8221;



However, he also highlights the challenges that come with such a role, urging the government to navigate diplomatically and collaborate effectively with other member nations. &#8220;Effective communication and consensus-building will be crucial in ensuring that the forum becomes a catalyst for meaningful change.&#8221;



Moses Adeolubodun, a Nigerian investor, anticipates the impact of Nigeria&#8217;s new leadership position. &#8220;This is a significant milestone for Nigeria and reflects the country&#8217;s growing influence on the global economic stage,&#8221; Adeolubodun tells FORBES AFRICA.



Adeolubodun notes that such leadership roles can enhance Nigeria&#8217;s image as a key player in the international financial landscape, potentially attracting more foreign investment. &#8220;Investors are likely to view this as a positive signal, indicating a stable and proactive approach to economic governance,&#8221; he explains.



While acknowledging the challenges ahead, Adeolubodun expresses confidence in Nigeria&#8217;s ability to leverage this opportunity for the benefit of the entire African continent.

Image courtesy Ministry of Finance, Nigeria

Nigeria Takes Helm Of World Bank’s African Governors’ Forum

<h2 class="wp-block-heading alignwide has-text-align-center" id="h-south-africa-music-conductor">South Africa | Music conductor </h2>



<h4 class="wp-block-heading has-text-align-center" id="h-social-media-net-worth-instagram-5-8k-twitter-5-3k-facebook-824-tiktok-688">SOCIAL MEDIA NET WORTH Instagram: 5.8K Twitter: 5.3K Facebook: 824 TikTok: 688</h4>



Words and Curation:&nbsp;Chanel Retief|Art Director: Lucy Nkosi |&nbsp;Photography: Katlego Mokubyane&nbsp;Photography Assistant:&nbsp;Sbusiso Sigidi Studio: NewKatz Studio, Johannesburg|&nbsp;Videographer: @astro.vn |&nbsp;CNBC Africa Videographer:&nbsp;Thabo Mathebula|&nbsp;Video Editor:&nbsp;Chanel Retief|&nbsp;Styling: Bontlefeela Mogoye and Wanda Baloyi |&nbsp;Outfits supplied by: Kworks Design; Imprint South Africa; House of Suitability; LSJ Designs|&nbsp;Hair &amp; Makeup:&nbsp;Makole Made



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<blockquote class="wp-block-quote has-text-align-center">
“She [Alicia Keys] is the one who actually picked me. She had five options. So it wasn&#8217;t because I was a pretty look or whatever. She was like, ‘Listen, there is just something about you&#8221;
</blockquote>



POWER. THAT IS THE WORD that comes to mind, as Pitse walks on to the set with her conducting baton for the photoshoot for this feature. Hailed the youngest African woman orchestra owner, conductor, classical music arranger, producer, musician, and curator of intimate musically inspired/influenced spaces and experiences, it’s not difficult to see why. 



However, this has not come easy. 



“You&#8217;ve seen me, I&#8217;m quite tiny,” Pitse laughs. “You get into this industry where you see all these groot manne (big men) and they&#8217;ve been in the industry and the business for so long. So the question you always get is ‘What are you doing here?’ There&#8217;s always that thing where I have to prove myself more than I should, and I always have to walk on stage or into spaces, or even at just rehearsals, being over-prepared.”



Serenade Magazine noted in a 2022 article that the average proportion of women in orchestras is still less than 50% while the number of female conductors is barely 10% of the total.



“Historically, in the orchestra space, you would find that not a lot of women have even the first seat. You won&#8217;t really have a female concertmaster, or even a female conductor,” Pitse adds. “It&#8217;s a very tough industry, because like I&#8217;m saying, you have to know more than what you are actually required to. So, there&#8217;s always someone who&#8217;s checking you and often it’s a guy who&#8217;s checking to see if [you] are who you say you are.”



Born and raised in the rich and colorful City of Tshwane, it was in the vibrant streets of South Africa’s capital city that Pitse first discovered and developed her deep love for music. With a family active in the Salvation Army, she soon found her way to its famous brass band, where she learned to play the English horn, trumpet, flugelhorn, and cornet.



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<iframe loading="lazy" title="Meet Cover Star: Ofentse Pitse &quot;My Dream Was Always to Break Barriers&quot;" width="500" height="281" src="https://www.youtube.com/embed/Q8k4BjLnXvo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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“My grandparents were always at church and subsequently so was my mother. I had to learn something to just make sure that whenever she&#8217;s having a meeting, I&#8217;m doing something at the same time,” Pitse adds. “The trumpet became my first love in my introduction to music.”



From the Salvation Army straight to one of Netflix’s biggest shows, Queen Charlotte: A Bridgerton Story.



Grammy award-winning artist Alicia Keys wanted to celebrate the 20th anniversary of her song If I Ain&#8217;t Got You, so Netflix created a 74-piece global orchestra made up entirely of women of color to perform a rendition for the show. At the orchestra’s helm was Pitse.



“She [Keys] is the one who actually picked me. She had five options. So it wasn&#8217;t because I was a pretty look or whatever. She was like, ‘Listen, there is just something about you, and from what I&#8217;ve seen and what I&#8217;ve heard, you are so dynamic’.” Although it felt exciting to have Keys co-sign her, Pitse felt a lot of pressure to perfect this as it was a song the world had marveled over for 20 years



“We were recording the music video and in between a take, the camera guys were switching cameras. I was standing on a step in front and [Keys] was at the grand piano on my left. She then started playing the diary and when I looked to my left, she was intentionally looking at me as she was playing.



<blockquote class="wp-block-quote has-text-align-center">
“OFENTSE KNOWS WHERE SHE HAS COME FROM, AND SHE CERTAINLY KNOWS WHERE SHE IS HEADING – ALL THE WAY TO THE STARS.”
<cite>—Adam Howard, South African music composer</cite></blockquote>



“And now she&#8217;s playing the diary and I&#8217;m looking at her and we are jamming to that diary. And it was such a special moment because I think at that moment, it meant so much to us that we were finally doing this. We were finally here [as an all-female orchestra]. When she stepped away from the piano and we were having our whispering chat, she said to me ‘Listen, we did this’… and that was amazing.”



Adam Howard, award-winning South African music composer and supervisor, describes Pitse as a visionary.



“I think Ofentse’s view of what an orchestra is and can be is just what is needed in a sometimes stagnant and closed classical world. Her passion is palpable and her work ethic second to none. There is a powerful African saying, umuntu ngumuntu ngabantu, which means a person is a person through our relationships with other people. Ofentse knows this. She knows where she has come from, and she certainly knows where she is heading – all the way to the stars,” says Howard.



When Pitse entered the industry, her main goal was always “to break barriers” so that classical music could be propelled into popular culture, something that became evident when she did the Netflix special.



“I&#8217;ve always tried to fuse the world of the very mainstream and sacred world of classical music with the mainstream world of pop,” Pitse adds. “That is also something I continuously want to do and create more access [to] so if people can see that orchestra is actually not so boring, they will want to be a part of this world.”



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Meet Cover Star: Ofentse Pitse “MY DREAM WAS ALWAYS TO BREAK BARRIERS”

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



An outdoor concert and dance party in a rural area near the Gaza-Israel border turned into tragedy Saturday, when many attendees were killed or taken hostage by Hamas militants from the Gaza Strip, adding to hundreds of Israeli casualties in the unprecedented attack.



<h2 class="wp-block-heading">KEY FACTS</h2>



About 260 bodies were recovered from the festival grounds, though it’s expected the toll will rise, a spokesperson for ZAKA, an Israeli non-governmental rescue and recovery organization, told&nbsp;<a href="https://www.nbcnews.com/news/world/music-festival-revelers-israeli-desert-became-victims-hamas-militants-rcna119394" target="_blank" rel="noreferrer noopener">multiple</a>&nbsp;<a href="https://apnews.com/article/israel-palestinians-gaza-hamas-rockets-airstrikes-tel-aviv-ca7903976387cfc1e1011ce9ea805a71" target="_blank" rel="noreferrer noopener">outlets</a>&nbsp;Sunday.



The SuperNova Festival—which celebrated the Jewish holiday Sukkot—took place in the Negev Desert near Urim, a kibbutz about 13 miles from the Gaza Strip.



Attendees&nbsp;<a href="https://www.cnn.com/2023/10/07/middleeast/israel-gaza-fighting-hamas-attack-music-festival-intl-hnk/index.html" target="_blank" rel="noreferrer noopener">told</a>&nbsp;CNN that once they heard the gunshots early Saturday morning they tried to flee, but cars were at a standstill and gunmen were still shooting, so some ran into nearby forests and hid.



One attendee described the scene to&nbsp;<a href="https://www.mako.co.il/news-military/2023_q3/Article-f88c2856ee80b81026.htm?Partner=interlink" target="_blank" rel="noreferrer noopener">local media</a>&nbsp;as “four-five hours of a horror movie” and another described hearing sirens before the gunshots started, saying there were gunmen in every direction shooting at the concert-goers.



One festival-goer called it a “battlefield,” telling Israeli newspaper&nbsp;<a href="https://www.haaretz.com/israel-news/2023-10-07/ty-article/.premium/survivors-of-massacre-at-israeli-outdoor-rave-describe-battlefield/0000018b-0a85-dae9-adcb-abbfa4990000" target="_blank" rel="noreferrer noopener">Haaretz</a>&nbsp;they saw gunmen firing from all directions and burnt-out cars on the street.



“Everyone just started running in all directions,” attendee Eliav Klein&nbsp;<a href="https://www.nbcnews.com/news/world/music-festival-revelers-israeli-desert-became-victims-hamas-militants-rcna119394" target="_blank" rel="noreferrer noopener">told</a>&nbsp;NBC News, adding his friend jumped off a 25-foot cliff; Klein estimated there were thousands at the festival, though there is not yet an official count of attendees.



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Some attendees were seen in social media videos being taken hostage by militants—CNN&nbsp;<a href="https://www.cnn.com/2023/10/07/middleeast/israel-gaza-fighting-hamas-attack-music-festival-intl-hnk/index.html" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;the details of a viral video in which an Israeli woman and her boyfriend were shown being kidnapped, and the woman’s family has since&nbsp;<a href="https://www.bbc.com/news/world-middle-east-67047034" target="_blank" rel="noreferrer noopener">confirmed</a>&nbsp;to BBC they believe she was taken hostage.



Jake Marlowe, a 26-year-old British man who was working security at the festival, is missing and hasn’t been heard from since Saturday, when he texted his mother about the attack, Sky News&nbsp;<a href="https://news.sky.com/story/british-citizen-jake-marlowe-missing-after-hamas-attack-on-music-festival-in-israel-says-embassy-12979858#:~:text=A%20British%20citizen%20is%20missing,the%20festival%20in%20southern%20Israel" target="_blank" rel="noreferrer noopener">reported</a>.



<h2 class="wp-block-heading">CRUCIAL QUOTE</h2>



“We are doing the best we can to help the security forces, maintaining constant contact with them and are positioned in the area taking part in searches in order to locate the missing,” Nova Festival said in a Hebrew&nbsp;<a href="https://www.facebook.com/TRIBEofNOVA/" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;on social media translated by CNN, adding they “share the sorrow” of the missing and killed.



<h2 class="wp-block-heading">BIG NUMBER</h2>



1,100. That’s at least how many Israeli and Palestinian people have died since Hamas fighters entered Israel on Saturday. The Israeli death toll is past 700,&nbsp;<a href="https://twitter.com/IsraelMFA/status/1711091937514492031?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1711091937514492031%7Ctwgr%5E82081fcc6e897c4ff5356e244afd539a6f0eb034%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.nytimes.com%2Flive%2F2023%2F10%2F08%2Fworld%2Fisrael-gaza-attack-hamas-news" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Israel Foreign Ministry, and the Palestinian Ministry of Health&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/10/08/americans-taken-hostage-in-hamas-attack-on-israel-as-death-toll-passes-1000/?sh=28673215239b">said</a>&nbsp;there were about 413 Palestinians who had been killed.



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



On Saturday, Gaza-based militant group Hamas launched an attack on Israel from&nbsp;<a href="https://www.wsj.com/world/middle-east/barrage-of-rockets-fired-at-israel-from-gaza-strip-d5b2f05f" target="_blank" rel="noreferrer noopener">air, land and sea</a>, with militants crossing the Gaza Strip border into southern Israel while Hamas fired rockets toward Israeli cities, leading to one of the worst attacks on Israel in decades. The festival grounds were reportedly one of the first places gunmen attacked, capturing and killing civilians. Throughout Saturday night into Sunday, residents of Gaza faced Israeli airstrikes, while sirens to warn of potential attacks rang through the night in Israel. The Israeli military is widely expected to launch a large-scale counterattack on Gaza: Israeli Prime Minister Benjamin Netanyahu&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/10/07/israel-vows-mighty-vengeance-unprecedented-hamas-attack-leaves-at-least-200-dead/?sh=e0f214d688dd">said</a>&nbsp;the scale of the attack “has never been seen in Israel,” and vowed to “take mighty vengeance for this black day.” Hamas military commander Mohammed Deif called the attack the “day of the greatest battle to end the last occupation on earth,”&nbsp;<a href="https://www.cnbc.com/2023/10/07/israel-declares-state-of-war-alert-after-surprise-hamas-attack.html" target="_blank" rel="noreferrer noopener">multiple</a>&nbsp;<a href="https://www.jpost.com/middle-east/article-762052" target="_blank" rel="noreferrer noopener">outlets</a>&nbsp;reported. Throughout Sunday, death and injury tolls have&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/10/08/americans-taken-hostage-in-hamas-attack-on-israel-as-death-toll-passes-1000/?sh=28673215239b">continued to rise</a>&nbsp;and more information about hostages has been released, as well. Hamas has controlled the Gaza Strip since 2007, after Israeli forces withdrew from the occupied territory two years prior, and the narrow, densely populated coastal territory has remained under an Israeli and Egyptian blockade since then, with occasional flare-ups between Hamas and Israel’s military.

Israeli airstrikes continue in Gaza

At Least 260 Killed At Israeli Music Festival In Hamas Attack—Attendees Describe ‘Horror Movie’

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



The Food and Drug Administration gave&nbsp;<a href="https://www.fda.gov/vaccines-blood-biologics/coronavirus-covid-19-cber-regulated-biologics/novavax-covid-19-vaccine-adjuvanted#:~:text=Novavax%20COVID-19%20Vaccine%2C%20Adjuvanted%20is%20available%20under%20emergency%20use,years%20of%20age%20and%20older" target="_blank" rel="noreferrer noopener">emergency use authorization</a>&nbsp;on Tuesday to Novavax’s new Covid vaccine designed to target the coronavirus’ dominant XBB sublineage, which is fueling a spike in cases, hospitalizations and deaths across the country.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



At&nbsp;<a href="https://www.ama-assn.org/delivering-care/public-health/updated-covid-vaccine-who-should-get-it-and-when-it-will-be-available" target="_blank" rel="noreferrer noopener">$130</a>&nbsp;a dose, the vaccine was approved for those 12 years and older—for those already vaccinated with any vaccine, one dose can be given at least two months after a person’s last Covid shot, and two doses administered three months apart can be given to the unvaccinated.



Novavax’s approval follows the&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/09/11/fda-approves-new-covid-vaccines-to-target-latest-strains/?sh=1be38e906e09">approval</a>&nbsp;of Moderna and Pfizer-BioNTech’s monovalent vaccines targeting new coronavirus variant, which were also given emergency use authorization last month by the FDA for those six months and older.



This comes after the agency&nbsp;<a href="https://www.fda.gov/media/169591/download?attachment" target="_blank" rel="noreferrer noopener">encouraged</a>&nbsp;Moderna, Pfizer and Novavax to create new monovalent vaccines that target the XBB lineage, which makes up the majority of the variants circulating in the U.S.



The Novavax vaccine&nbsp;<a href="https://ir.novavax.com/press-releases/US-CDC-and-Advisory-Committee-Recommend-Use-of-Authorized-and-Approved-2023-2024-Monovalent-XBB-COVID-19-Vaccines" target="_blank" rel="noreferrer noopener">received approval</a>&nbsp;from an advisory committee of the Centers for Disease Control and Prevention last month, though it still awaits approval from the agency’s director.



This is the first time since the shots were commercialized that they won’t be free, and both&nbsp;<a href="https://apnews.com/article/science-health-business-covid-medicare-1a5d65356ebc7b5bc76524ae99deb55e" target="_blank" rel="noreferrer noopener">Pfizer</a>&nbsp;and&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/moderna-expects-price-its-covid-vaccine-about-130-us-2023-03-20/" target="_blank" rel="noreferrer noopener">Moderna</a>&nbsp;estimate their shots will cost between $110 and $130 a dose.



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Though most insurance companies are expected to cover the cost of Covid boosters, the CDC’s&nbsp;<a href="https://www.hhs.gov/about/news/2023/07/13/cdc-launch-bridge-access-program-fall-2023-provide-free-covid-19-vaccines-treatments-uninsured-underinsured-adults.html" target="_blank" rel="noreferrer noopener">Bridge Program</a>&nbsp;is set to launch this fall, providing Covid vaccine coverage to the uninsured.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Covid-related deaths and hospitalizations have increased since the start of the summer and are expected to keep rising as fall and winter kick into gear. Deaths increased by 8% between September 17 and September 23, and hospitalizations stood at 19,079 during this period, according to the CDC’s most recent data. EG.5, or the “Eris” variant—part of the XBB lineage—is the dominant strain in the U.S., making up 29.4% of all cases between September 17 and September 30. As of June, the XBB omicron subvariants made up 95% of all Covid cases in the U.S., according to an FDA&nbsp;<a href="https://www.fda.gov/media/169591/download?attachment" target="_blank" rel="noreferrer noopener">report</a>. The existing bivalent boosters offer about 50% protection against XBB variants in most adults and about 33% protection in those 65 years and older, according to a January&nbsp;<a href="https://www.cdc.gov/mmwr/volumes/72/wr/mm7205e1.htm?s_cid=mm7205e1_w" target="_blank" rel="noreferrer noopener">study</a>&nbsp;conducted by the CDC. Moderna&nbsp;<a href="https://investors.modernatx.com/news/news-details/2023/Moderna-Clinical-Trial-Data-Confirm-Its-Updated-COVID-19-Vaccine-Generates-Robust-Immune-Response-in-Humans-Against-Widely-Circulating-Variants/default.aspx" target="_blank" rel="noreferrer noopener">said</a>&nbsp;its new booster may be effective at protecting against the Eris variant, Novavax&nbsp;<a href="https://www.cnbc.com/2023/08/22/covid-novavax-vaccine-eris-variant.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;its shot provided a broad immune response against Eris in small animals and Pfizer&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/pfizers-updated-covid-shot-effective-against-eris-variant-mice-study-2023-08-17/" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;its new shot protected against the variant when tested on mice. Because the current bivalent boosters don’t specifically protect against XBB, some experts&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/08/21/new-covid-boosters-expected-this-fall-why-some-doctors-suggest-holding-off-on-getting-your-next-booster-until-then/?sh=447d21af438b">recommend</a>&nbsp;waiting until the new monovalent boosters release before getting an updated shot.



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



An earlier round of updated Covid boosters provided additional protection against previous variants, but only&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#vaccination-states-jurisdictions" target="_blank" rel="noreferrer noopener">17%</a>&nbsp;of the U.S. has received at least one booster.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



A new Covid variant called BA.2.86, or “Pirola,” is a descendant of the BA sublineage and has begun circulating in the U.S. Although there aren’t enough cases for it to appear on the CDC’s variant tracker, the World Health Organization has&nbsp;<a href="https://twitter.com/WHO/status/1692255671687794902" target="_blank" rel="noreferrer noopener">labeled</a>&nbsp;it as a variant under monitoring. This is because Pirola has 36 more&nbsp;<a href="https://slides.com/jbloom/new_2nd_gen_ba2_variant?ftag=YHF4eb9d17#/3" target="_blank" rel="noreferrer noopener">mutation spikes</a>&nbsp;than XBB.1.5—the dominant strain in the U.S. earlier this year—and 34 additional mutations compared to BA.2. Pirola isn’t a descendant of the XBB sublineages, so there may be concern they won’t protect against Pirola. However, Moderna&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/09/06/modernas-updated-covid-vaccine-is-effective-against-pirola-variant-as-concern-over-new-strain-grows/?sh=3f334501a06c">said</a>&nbsp;Wednesday its new booster provided an 8.7-fold increase in neutralizing antibodies against Pirola in its clinical trial.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.nbcnews.com/health/health-news/fda-green-light-new-covid-boosters-early-friday-rcna103379" target="_blank" rel="noreferrer noopener">FDA could green light new Covid boosters as early as Friday</a>&nbsp;(NBC)



<a href="https://www.forbes.com/sites/roberthart/2023/09/06/modernas-updated-covid-vaccine-is-effective-against-pirola-variant-as-concern-over-new-strain-grows/?sh=3f334501a06c">Moderna’s Updated Covid Vaccine Is Effective Against Pirola Variant—As Concern Over New Strain Grows</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/08/21/new-covid-boosters-expected-this-fall-why-some-doctors-suggest-holding-off-on-getting-your-next-booster-until-then/?sh=447d21af438b">New Covid Boosters Expected This Fall: Why Some Doctors Suggest Holding Off On Getting Your Next Booster Until Then</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/09/01/its-ok-to-get-your-covid-flu-and-rsv-shots-at-the-same-time-experts-say/?sh=486139df3099">It’s Okay To Get Your Covid, Flu And RSV Shots At The Same Time, Experts Say</a>&nbsp;(Forbes)

FDA Approves Novavax’s New Covid Vaccine Designed To Protect Against The Latest Strain

&#8216;Sustained crisis’. I came across this terminology in a Harvard Business Review article recently, and it immediately struck a chord with my struggles running my company and also with what I see in the world around me.



The Covid-19 pandemic was a global crisis that came out of the blue, and we were all in it together. It did not matter which country we lived in or what our backgrounds were. It was a common fight.



But post-pandemic, we are dealing with a world that has become economically volatile for varying reasons, and it is becoming clearer that each country will first protect its own people and its own interests. Likewise, it has hit the interdependence of certain structures with a fragility like never before. And this has not abated since 2020.



For countries that are largely donor-dependent for their development needs and for humanitarian aid spending, vulnerabilities have increased. The aid narrative comes with its own politics and interests.



Several studies point to the fact that foreign aid is not as generous as it used to be.



In 2022, Ukraine accounted for a large chunk of foreign aid. And now many donor countries are facing pressures of their own from the post Covid-19 economic downturn to geopolitical vulnerabilities and political instabilities that have persisted over a long time.



Developing economies struggle with unsustainable debt burdens, rising food costs and liquidity crises. It is estimated by the World Bank that 7% of the world’s population will still be living in poverty by 2030.



For entrepreneurs in many countries, the ecosystem has changed significantly. Inflation persists and markets continue to shrink. Doing business has become costlier and more complex and negotiating the scale of challenges more difficult.



With increased advanced technological interface in business operations, the ecosystem demands a different resilience that government and business leaders must adopt and adapt to at a faster pace.



The common man is forced to navigate his needs confronted with higher prices, declining savings, more borrowing and employment loss. 



In Nepal, where I am, the middle- and lower-income demographic is struggling with job cuts, unpaid salaries, cutdown on consumer expenditure and access to loans. There is a relentless outflow of Nepali youth entering the international labor market. The country’s central bank macroeconomic report shows that in the first 10 months of the current fiscal year, the government has issued permits for over 660,000 Nepalis to work abroad. This number excludes Nepalis going to India for work and the migration of students. 



When young people see no future to build their lives in their country, it hurts the productivity and pride of the nation; but there is nothing to hold them back.



A crisis response is effective within a contained timeframe but when there is a prolonged state of crisis, the response needs to be inspired by a wider and more inclusive approach.



I ask what then is the lifeblood that will enable countries to navigate what is now a sustained crisis? Can countries do it alone?



Does this mark the departure of multilateralism? Why are the terms ‘deglobalization’ and ‘dedollarization’ increasingly making the rounds of panel discussions and economic reports?



The lifeblood perhaps lies in our ability to pause, reflect and continue. I believe that sustained crisis can only be overcome by sustained action. However, action must come from deeper values of integrity, innovation and compassion in the unfolding world order. It requires leaders – government and business – to be focused, flexible and decisive. Economic growth and social progress must be given equal emphasis. It requires citizens across the world to be more aware about their choices and actions. This is, perhaps, each one’s obligation and opportunity to create a meaningful world.



A writer-photographer from Nepal who keeps the values of freedom and compassion at the core of her work

Kathmandu, city view

‘Sustained Crisis Can Only Be Overcome By Sustained Action’

Hydrogen powered fuel-cell electric vehicles (FCEVs) are extremely rare. BMW plans to bring a small fleet of iX5 Hydrogen cars to South Africa in 2024 to gauge interest with government representatives, thought leaders and potential customers. We got a sneak preview of the car at the IAA Mobility 2023 show in Munich.



The world’s largest hydrogen-powered mining vehicle was launched in South Africa by multi-national mining company Anglo American in 2022. The prototype mine haul hybrid truck uses 2MW of hydrogen fuel cells to carry 290-tonnes, designed specifically for mining conditions at Mogalakwena Mine, the world’s largest platinum mine, in the country’s Limpopo province.



At the launch, President Cyril Ramaphosa called it a historic event not because of the impressive piece of machinery, but for being the “genesis of an entire ecosystem powered by hydrogen”.



“This is a gigantic leap for South Africa’s hydrogen future economy,” said Ramaphosa.



Fast forward to the Festival of Motoring in Johannesburg in August this year, when BMW showcased a unique vehicle flown in from its global fleet: an iX5 Hydrogen vehicle.



The display drew lots of attention from visitors. Peter van Binsbergen, the head of BMW Group South Africa, said there were many discussions locally about just energy transition, and with its trial fleet of the vehicle, it would contribute to the development of the hydrogen economy.



“I feel that a country like South Africa, and indeed a continent like Africa, has the ideal conditions to be a leader in generating green hydrogen for industrial and automotive applications,” said van Binsbergen.



In partnership with the South African government and other entities, Anglo American conducted a hydrogen valley feasibility study to identify three potential hubs in the cities of Johannesburg and Durban, and in Limpopo, to integrate hydrogen into the country’s economy.



It is reportedly estimated that the hydrogen valley concept could add between $4 billion to $9 billion to South Africa’s Gross Domestic Product by 2050 and create between 14,000 to 30,000 direct and indirect jobs per year.



Meanwhile, BMW plans to bring a small fleet of iX5 Hydrogen cars to South Africa in 2024 to gauge interest with government representatives, thought leaders and potential customers.



The German auto maker is due to make an announcement soon regarding an agreement with two large South African multinationals to work together to use hydrogen as an energy source.



Speaking to FORBES AFRICA ahead of the IAA Mobility 2023 show in Munich in September, Dr Jürgen Guldner, general program manager of hydrogen technology at the BMW Group, says the future of energy is electric.



“Electricity produced from solar, wind, and hydropower will be the backbone of our energy system, versus today where we produce energy from coal, gas, oil, and a little bit from the sun,” says Guldner.



Electricity has a few issues that can be solved with hydrogen, he explains; the main one being how difficult it is to store electricity over a long period of time. “You have to use something like hydrogen as a gas for chemical component molecules instead of electrons to store energy over longer periods of time, like several months.”



The feedback from BMW customers is that not all are 100% happy with a battery electric vehicle; they want to be emission-free but prefer to drive like they currently do without worrying about charging, he says.



“Hydrogen does exactly this; a hydrogen car is an electric car – the only difference is the energy is stored as hydrogen and not as electricity in a battery.”



The iX5 hydrogen prototype that FORBES AFRICA had access to briefly in Munich showcased the vehicles fitted with two 700-bar tanks that contain 6kg of hydrogen in total, which can be operated in any weather condition. The eDrive’s peak power battery can supply additional power boost on top of the electric energy from the fuel cell system.



The iX5 is based on the current BMW X5, has a total output of 296kW and a range of 504km without refueling the tanks. It can go from 0-100km/h in under six seconds, and has a top speed of 185km/h.



Hydrogen powered fuel-cell electric vehicles (FCEVs) are extremely rare, with only 15,391 units sold globally in 2022, representing 0.02% of global passenger sales when compared to the 10.5 million battery electric vehicles (BEVs) sold in 2022. In Japan alone, there was a huge drop in sales, from 2,440 vehicles sold in 2021, vs. 844 in 2022.



These stats were shared by BloombergNEF Electric Vehicle Outlook 2023 report, which said figures were so low that it could not make future projections: “We are not able to make a long-term outlook for passenger FCVs while sales are so low, show limited momentum and are highly concentrated in a few markets and models.”



There are two mass-produced hydrogen vehicles on sale today: the Toyota Mirai and the Hyundai Nexo. Upcoming FCEV models include the BMW iX5, Honda CR-V, Hyundai Staria, Kia Carnival, and Toyota GR Yaris H2.



While the industry is still an experimental one, there are concerns from scientists about the lack of data on hydrogen leaks and the potential harm they could cause, according to Reuters, which may cause a blind spot for the nascent industry. It said at least four studies concluded that hydrogen loses its environmental edge when it seeps into the atmosphere.



Despite this, the European Commission’s proposed REPowerEU plan aims to produce 10 million tons (MT) of renewable hydrogen and 10MT of imported renewable hydrogen by 2030, as part of achieving climate neutrality by 2050.

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