Africa’s next wave of innovation will likely emerge not from Lagos or Nairobi but from Kigali, Dakar, or Tunis — offering global investors the chance to discover untapped potential in the continent’s diverse and rapidly-evolving markets.



Late last year, Penelope Terranova posted a call to action on LinkedIn. Her post wasn’t just another entry in the digital ether; it was a rallying cry to experts. She sought professionals skilled in accounting, legal, and business growth to help transform Africa’s overlooked startup ecosystems. The post, which listed 18 priority countries — excluding the continent&#8217;s ‘Big 4’ of Nigeria, Egypt, Kenya, and South Africa — sparked a reaction.



One comment from a Nigerian LinkedIn user encapsulated a common sentiment: &#8220;Coming to Africa and leaving out Africa’s most populous nation and biggest economy, which is Nigeria, is very strange.&#8221;



Terranova responded with a measured explanation. &#8220;The Big 4 capture over 80% of all investment on the continent,&#8221; she wrote. &#8220;That is why they are not in our priority countries to invest in.&#8221;



Her reasoning was clear: Africa’s startup landscape is evolving, but much of the attention — and funding — remains concentrated in a handful of countries.



Initiatives are now on the rise with a mission to bridge that gap, focusing on regions often ignored by mainstream investors.



The Shift To Emerging Markets



This new approach reflects a broader trend. In 2024, startup funding across Africa dropped by 25%, down to $2.2 billion. However, beneath the surface of this contraction, new markets were emerging as hotbeds of innovation.



Ghana and Tanzania led the charge outside the Big 4, securing 26 deals each and raising $67 million and $53 million, respectively.



Senegal and the Ivory Coast, bolstered by regional trade integration and supportive policies, competed for leadership in Francophone West Africa.



In North Africa, the Tunisian Startup Act continued to bear fruit, making the country a leader in deep tech, spanning AI, biotech, and cloud computing, which show promise for global adoption.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2025/01/Emmanuel-Adegboye-Image-supplied-1024x683.jpg" alt="" class="wp-image-64421 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/01/Emmanuel-Adegboye-Image-supplied-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/Emmanuel-Adegboye-Image-supplied-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/Emmanuel-Adegboye-Image-supplied-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/Emmanuel-Adegboye-Image-supplied-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/Emmanuel-Adegboye-Image-supplied-2048x1365.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 &#8220;These regions have an abundance of technical talent, a low cost of living, and proximity to major markets,&#8221;- Emmanuel Adegboye. 
</blockquote>
</div></div>



Emmanuel Adegboye, Head of Madica, a structured investment program for African pre-seed stage companies, highlights the unique advantages of North African markets like Tunisia. &#8220;These regions have an abundance of technical talent, a low cost of living, and proximity to major markets,&#8221; Adegboye notes to FORBES AFRICA.



Morocco, with its robust research and development (R&amp;D) infrastructure and proximity to European markets, remained a magnet for deal activity.



Meanwhile, in East Africa, Rwanda’s innovation-friendly policies and Uganda’s steady investment attraction turned them into rising stars.



Terranova shares with FORBES AFRICA: “Sectorally, fintech remains the clear leader and is likely to remain so, even in untapped markets, as we see the rapid expansion of digital payments, lending platforms, and financial inclusion initiatives. However, other sectors such as agritech, healthtech and edtech are advancing quickly, addressing Africa’s pressing challenges of affordable and scalable solutions in those industries, with AI as a common thread driving innovation across these sectors.’’



Untapped Potential In Underserved Regions



Terranova’s team at Digital Africa focuses on pre-seed and seed-stage startups, the most vulnerable phases in a company’s journey. Their model combines funding with robust support systems: mentorship, tools, and networking opportunities tailored to the unique challenges of operating in underserved markets. In 2024, their investment in media startup Makifaa reportedly marked the only recorded startup deal in Togo.



The impact of this strategy is two-fold. It fosters localized growth, reducing dependency on the Big 4, while also presenting new opportunities for global investors.



“Several countries shine as bright spots for investment,’’ Terranova tells FORBES AFRICA. “Countries possess varying levels of the essential ‘ingredients’ for success, which can enhance or limit the chances of local startups to thrive – such as the quality of the infrastructure, the ease of doing business, the availability of capital, the market depth, or the level of education and availability of talent.’’



Catalyzing Inclusive Innovation



For Adegboye, the approach goes beyond financial investment. “It requires building the ecosystem—strengthening local leaders, providing patient capital, and offering guidance on governance and scalability. This model ensures the long-term sustainability of startups, even in the most challenging markets.’’



Inclusivity is at the heart of Digital Africa’s mission. Gender diversity is a key metric; 50% of its portfolio consists of gender-diverse teams. The Talent4Startups initiative has trained tech professionals, bridging the talent gap for startups. “As a subsidiary of Proparco within the AFD Group and in collaboration with 60+ Startup Support Organizations across the continent, we amplify our reach, including co-investment opportunities, aligning with both financial sustainability and our mission to propel African startups,’’ Terranova explains.



The future of African startups lies not in a few dominant markets but in the collective rise of many. Channeling resources to underserved regions, promoting inclusivity, and investing in early-stage ventures, initiatives are reshaping the narrative.

Businessman working analysis business information.

The Rising Stars In Africa’s Evolving Startup Landscape

As South Africa navigates its first full year under a Government of National Unity, cautious optimism about economic reforms has been tempered by systemic challenges. Can this political arrangement deliver the stability and policy coherence necessary for meaningful growth?



South Africa–the continent’s largest economy–enters 2025 at a crossroads, with the country’s economic outlook striking a balance between cautious optimism and systemic challenges.



The International Monetary Fund (IMF) projects GDP growth at 1.5%, a slight improvement over the 0.8% growth of 2024.



However, some economists remain skeptical about the ability of the newly formed Government of National Unity (GNU) to deliver on the promise of stability and reform, even though initial assessments are somewhat positive.



“The GNU has been well-received by financial markets,” Dawie Roodt, Chief Economist at the Efficient Group tells FORBES AFRICA. “The multiplicity of political parties in governance provides checks and balances on one another.”



Political Realities and Challenges in Governance



Roodt’s guarded optimism is tempered by political realities. While the GNU’s formation has signaled a break from a purely ANC-driven government, ideological divides persist.



Daniel Silke, political economist and director at Political Futures Consultancy, underscores the challenges to FORBES AFRICA.



“There’s still significant political confusion within the ANC as to what policy ideology should dominate. This uncertainty hampers the implementation of any meaningful structural reforms,” he says.



Roodt, however, disagrees: “There’s no policy uncertainty,” he argues. “The ANC’s ideological framework is crystal clear—it’s socialist, developmental, and fundamentally incompatible with modern economic principles.”



Political infighting, largely driven by the ANC’s factions and ideological clashes, threatens the coalition’s effectiveness.



“The battle for leadership within the ANC is already underway ahead of the 2027 elective conference,” Silke says. “This creates an environment where long-term policy coherence is sacrificed for short-term political positioning.”



Roodt echoes these concerns, noting that while financial markets have welcomed the GNU, its stability is far from guaranteed.



“The 2026 local elections could destabilize the coalition,” he warns. “Without a unified policy approach, investor confidence could waver.”



It is not only the ANC under scrutiny. The opposition Democratic Alliance (DA), while often praised for governance in regions like the Western Cape, has also faced challenges, particularly at the metropolitan level.



Infrastructure – The Core to Success or Failure



South Africa’s economic vulnerabilities remain significant. Infrastructure issues—from inefficient ports to aging water systems—continue to stifle growth. While the energy crisis has eased following reforms in 2024, systemic inefficiencies remain.



In 1994, only 76.4% of households reportedly had access to piped water. According to StatsSA, from 2002 to 2023, 87% of households had access to improved water sources, though rural areas still face disparities. Similarly, electricity access rose from 36% in 1994 to almost 9o% in 2023.



Roodt acknowledges its substantial contribution in expanding access to basic services for the vast majority of South Africans.



Youth unemployment remains a pressing issue. With millions of young people excluded from the workforce, South Africa’s demographic dividend risks becoming a liability.



Despite several challenges, sectors like logistics and manufacturing present opportunities.



Silke suggests a two-pronged approach: “In the short term, lower-end manufacturing offers a realistic solution for absorbing unskilled labor. In the long term, comprehensive education reform is essential to build a skilled workforce”.



Roodt concurs but adds a note of caution: “South Africa’s education system is failing to produce graduates equipped for the demands of a modern economy. Without significant improvements, we’ll remain reliant on importing specialist skills, further hampering our ability to compete globally”.



A Nation at a Crossroads



As the nation navigates these challenges, the stakes have never been higher. South Africa stands at a crossroads, its path forward uncertain but crucial to shaping its future.



“The GNU provides an opportunity to reset South Africa’s trajectory,” says Silke. “But this requires a decisive break from outdated ideologies and a commitment to implementing difficult reforms.”



Roodt’s conclusion is more sobering: “Unless we address corruption and inefficiency at all levels of government, our growth will continue to lag behind our potential. South Africa’s future depends on bold, immediate action—and the political will to follow through”.

South African Food Inflation at 14-Year Low

South Africa’s Economy In 2025: Uncertainty In A Pivotal Year

Calling all visionaries, risk-takers and young change-makers; FORBES AFRICA is all set for the 2025 intake!



For drawing up the continent’s most sought-after list of young leaders, we are on the quest for 30 of Africa’s brightest people under the age of 30 in the Business, Technology, Creatives, Sport and Science/Health categories.



Every year, the magazine’s 30 Under 30 listers prove that they are not just about commerce and clout but also about representing their countries and the diverse, heterogeneous continent they want to serve. The class of 2025 should be no different.



From Tyla to Davido, Vimbai Masiyiwa to Alex Mativo, Tatjana Smith to Faith Kipyegon, they have earned their place on the list. If you make the 11th instalment of the FORBES AFRICA 30 Under 30 list, you will join more past honorees such as Elsa Majimbo, Mr. Eazi, Lasizwe, Musa Keys, Lloyd Harris, Sho Madjozi, Bruce Diale, Antonio Depina, Karabo Poppy, Thuso Mbedu, Dr. Esperance Luvindao, Nomzamo Mbatha, Kabza De Small, Burna Boy, Nthabiseng Mosia, Shamim Nabuuma Kaliisa, Sikander Kalla, Nasty C, Chad le Clos, and WizKid.



Our nomination process is rigorous, and those who progress to subsequent rounds will need to provide a police clearance certificate (PCC) or report from your country verifying you have no criminal record, no ongoing disputes or upcoming court cases and that you are a citizen of the country.



As an extra layer of verification, the FORBES AFRICA 30 Under 30 team of curators and editorial research teams will also need a recommendation/reference letter from your financial institution (such as your bank) ensuring you are a legitimate business/brand deploying your funds responsibly. We recommend you contact your financial institution or advisor to prepare for this part of the process.



“For the 11th year, we will sift through the nominations flooding our inboxes to discern the boldest innovators and leaders under the age of 30 in Africa today. They will need to prove what they are doing differently to make the cut as tomorrow’s titans and tycoons pushing the needle of development,” says Renuka Methil, Editor of FORBES AFRICA.



CRITERIA FOR NOMINATIONS AND APPLICATIONS:&nbsp;



Please read the following carefully before applying. APPLICATIONS CLOSE 20 February 2025 17:00 (SAST)



Business and Technology categories&nbsp;



<ol start="1" class="wp-block-list">
<li>Must be an entrepreneur/founder aged 29 or younger as on&nbsp;31&nbsp;March 2025&nbsp;</li>



<li>Should have a legitimate&nbsp;REGISTERED&nbsp;business on the continent&nbsp;</li>



<li>Business/businesses should be two years or older&nbsp;(please ensure you have your audited financial documents for at least two years as well as your company’s registration documents; should you make the second stage, this will be required)&nbsp;</li>



<li>The more innovative the business the better&nbsp;(as it contributes to Africa’s growth story!)&nbsp;</li>



<li>Have you/your company created social impact on the African continent?&nbsp;</li>



<li>The company must be profit-generating&nbsp;</li>



<li>Must employ people in Africa&nbsp;</li>



<li>All applications must be in English&nbsp;</li>
</ol>



Sports category



<ol start="1" class="wp-block-list">
<li>Must be a sports person aged 29 or younger as on 31 March 2025</li>



<li>Must be representing an African team</li>



<li>Should have a proven track-record of no less than two years</li>



<li>Should have significant earnings</li>



<li>Endorsement deals and/or awards of any kind would be a bonus</li>



<li>Entrepreneurship and social impact are a plus, especially if you are a sportsperson applying under the Business/Technology categories. However, the business must abide by the same rules as under Business/Technology.</li>



<li>All applications must be in English</li>
</ol>



Creatives category&nbsp;



<ol start="1" class="wp-block-list">
<li>Must be a creative aged 29 or younger on 31 March 2025&nbsp;</li>



<li>Must be from or based in Africa&nbsp;</li>



<li>Should be making significant earnings&nbsp;</li>



<li>Should have a proven creative record of no less than two years&nbsp;</li>



<li>Awards of any kind would be a bonus&nbsp;&nbsp;</li>



<li>Social media presence will be taken into consideration.&nbsp;</li>



<li>Entrepreneurship and social impact are a plus, especially if you are a creative applying under the Business/Technology categories. However, the business must be legitimate, registered and also two years or older.&nbsp;</li>



<li>All applications must be in English&nbsp;</li>
</ol>



Health/Science categories&nbsp;



<ol start="1" class="wp-block-list">
<li>Must be a creative aged 29 or younger on 31 March 2025&nbsp;</li>



<li>Must be from or based in Africa&nbsp;</li>



<li>Should have a proven track record in the field of health and/or science for no less than two years</li>



<li>Must have social influence and impact&nbsp;</li>



<li>If the nominee is a doctor/professor, please provide us with documentation and a reference letter from the institution where the applicant received a doctorate or Ph.D&nbsp;&nbsp;&nbsp;</li>



<li>Entrepreneurship and social impact are a plus, especially if applying under the Business/Technology categories. However, the business must be legitimate, registered, and also two years or older.&nbsp;</li>



<li>All applications must be in English</li>
</ol>



<a href="https://forbesafrica.typeform.com/Under302025">&gt;&gt;&gt;&gt;&gt;&gt;&gt;&gt;&gt;Click here to apply&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;</a>

under 30_1200 x 900

The 11th Annual List – Call For Nominations To FORBES AFRICA’s 30 Under 30 Class Of 2025

<h2 class="wp-block-heading" id="h-topline"><a href="https://www.forbes.com/sites/mollybohannon/2025/01/21/netflix-is-raising-its-prices---heres-what-to-know/#open-web-0"></a><a href="https://www.forbes.com/sites/mollybohannon/2025/01/21/netflix-is-raising-its-prices---heres-what-to-know/#open-web-0"></a>Topline</h2>



Netflix announced it would be adjusting its pricing for most plans in the United States, Canada, Portugal and Argentina on Tuesday—news that came as the streaming service announced it added almost 19 million new subscribers in the fourth quarter.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



Netflix confirmed it would be “adjusting prices” on most of its plans in its&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2024/q4/FINAL-Q4-24-Shareholder-Letter.pdf" rel="noreferrer noopener" target="_blank">shareholder letter</a>&nbsp;released Tuesday, saying the company “will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix.”



The company’s ad-supported tier will increase one dollar from $6.99 to $7.99, the standard tier will go from $15.49 to $17.99 and the premium tier will increase $2 from $22.99 to $24.99,&nbsp;<a href="https://www.cnbc.com/2025/01/21/netflix-raises-prices.html" rel="noreferrer noopener" target="_blank">CNBC</a>&nbsp;and&nbsp;<a href="https://variety.com/2025/tv/news/netflix-price-hike-ad-plan-2024-1236280428/" rel="noreferrer noopener" target="_blank">Variety</a>&nbsp;reported.



The last time Netflix raised prices in the U.S. was&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/18/netflix-hikes-prices-for-some-plans-as-subscriber-numbers-surge/">October 2023</a>, when some plans saw increases ranging from $2 to $3.



The shareholder letter said its Q4 lineup exceeded its expectations, specifically citing “Squid Game” season two, which it said is on track to become Netflix’s most watched original series season, and its entrance into sports and live events, naming the Jake Paul vs. Mike Tyson as the “most-streamed sporting event ever” and the two Christmas day NFL games as the most-streamed NFL games in history.



Netflix’s share price was up more than 14% in after-hours trading, rising to $995.30 as of 3:20 p.m. EST after closing the day at $869.68.



Forbes has reached out to Netflix to confirm the price increases.



<h2 class="wp-block-heading" id="h-crucial-quote">Crucial Quote</h2>



“When you’re going to ask for a price increase you better make sure you have the goods and the engagement to back it up, and I feel like what we have going into 2025 is just that,” co-CEO Ted Sarandos&nbsp;<a href="https://www.youtube.com/watch?v=vs00OAlxWkY" rel="noreferrer noopener" target="_blank">said</a>&nbsp;in Tuesday&#8217;s earnings interview call. “I definitely feel like the strength of slate has never been better.”



<h2 class="wp-block-heading" id="h-big-number">Big Number</h2>



371.75 billion. That was Netflix’s market capitalization at Tuesday’s close.



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



Netflix offers three&nbsp;<a href="https://help.netflix.com/en/node/24926" rel="noreferrer noopener" target="_blank">paid plans</a>&nbsp;in the U.S.: a standard plan, a standard plan with ads and a premium plan. The standard plan allows for people to watch on two devices at a time in 1080p and download content onto two devices. It also allows people to add one non-household member. The standard plan with ads does not allow the additional member, has ad breaks and limits access to some content available on standard and premium plans. And the premium plan allows for unlimited ad-free watching on four devices at a time in a higher, 4K quality. Premium plans also allow for two non-household members and use Netflix spatial audio. The company introduced the ad-supported plan in 2022 and cracked down on password sharing in 2023, both of which&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/08/20/netflix-stock-hits-record-high-first-since-2021-after-ads-password-crackdown/">helped</a>&nbsp;its subscriber growth. Netflix ended 2024 with 302 million paid members, it revealed in its shareholder letter Tuesday, up from 269.6 million in the first quarter of the year. In 2024 Netflix’s revenue also grew 16% and its operating income exceeded $10 billion for the first time.



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



Netflix has made two Forbes 2025 lists so far: It landed at&nbsp;<a href="https://www.forbes.com/lists/americas-dream-employers/">No. 84</a>&nbsp;on America’s Dream Employers and&nbsp;<a href="https://www.forbes.com/lists/most-trusted-companies/">No. 189</a>&nbsp;on Most Trusted Companies in America.



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/18/netflix-hikes-prices-for-some-plans-as-subscriber-numbers-surge/">Netflix Hikes Prices For Some Plans As Subscriber Numbers Surge</a>&nbsp;(Forbes)



<a href="https://www.wsj.com/business/earnings/netflix-raises-u-s-prices-reports-jump-in-new-subscribers-39430d32" rel="noreferrer noopener" target="_blank">Netflix Raises U.S. Prices, Reports Jump in New Subscribers&nbsp;</a>(The Wall Street Journal)



<a href="https://variety.com/2025/tv/news/netflix-price-hike-2024-1236280428/" rel="noreferrer noopener" target="_blank">Netflix Raising Prices in U.S. Again, Including First Hike on Ad-Supported Tier</a>&nbsp;(Variety)

Video Streaming Platforms Stock Photos

Netflix Is Raising Its Prices — Here’s What To Know

South Africa’s OR Tambo International Airport grapples with a severe jet fuel shortage following a refinery fire, and rushes to prevent February flight disruptions amidst mounting supply chain vulnerabilities.



A reported fire at the National Petroleum Refiners of South Africa (NATREF) refinery on January 4 has ignited a critical jet fuel shortage at OR Tambo International Airport, South Africa’s busiest aviation hub. With current supplies sufficient to last just over seven days, stakeholders are racing against time to prevent flight disruptions in February.



Airports Company South Africa (ACSA) confirmed that OR Tambo currently holds 27.1 million liters of jet fuel. With a daily consumption rate of 3.6 million liters, this reserve will sustain operations only until the week ending February 2. Meeting February’s projected requirement of 97.2 million liters has become a matter of urgency.



&#8220;The airport uses about 3.6 million liters of jet fuel a day, which means there is about 7.6 days of stock on hand until the week ending February 2,&#8221; ACSA stated in a press release last week.



The reopening of the NATREF refinery, which is only scheduled for February 27, leaves a crucial fuel gap in the interim.



In response to the crisis, ACSA has mobilized a collaborative effort with the Fuels Industry Association of South Africa (FIASA), government agencies, and industry stakeholders.



Avhapfani Tshifularo, CEO of FIASA, emphasized in a press release, &#8220;We are facing a challenging situation, but we wish to assure stakeholders that the Fuels Industry Association and its members are committed to maintaining fuel availability and minimizing disruptions.&#8221;



Efforts to mitigate the shortage include prioritizing the movement of imported fuel from Durban to Gauteng via Transnet and increasing rail deliveries from Durban and Matola in Mozambique. Surplus storage capacity at King Shaka International Airport in Durban is being utilized to build reserves. Airlines are implementing measures such as tankering, which involves refueling at alternative airports to conserve OR Tambo’s limited reserves, involving several diversions of flights.



Despite these measures, airlines have raised concerns about restrictions from suppliers, leading to additional fuel stops at alternative airports. Passengers have been advised to prepare for potential delays. &#8220;ACSA recommends allocating extra time for connections, particularly for international flights,&#8221; the operator stated, and that passengers are encouraged to arrive earlier and maintain regular communication with airlines to ensure a seamless travel experience.



February’s fuel security hinges on the success of these contingency plans. FIASA has facilitated the injection of 26,000m³ of jet fuel from Durban, with 9,500m³ scheduled to arrive by January 21. &#8220;Every necessary step is being taken to maintain normal airport operations and ensure the secure and uninterrupted availability of jet fuel at OR Tambo,&#8221; ACSA emphasized.



The coordinated efforts from all parties will determine whether South Africa’s busiest airport is able to avoid disruption, with the coming weeks testing the resilience and adaptability of the aviation sector as it works to keep the skies open.

Airline Passengers As Virus Confirmed In Sub-Saharan Africa

Critical Jet Fuel Shortage In South Africa’s Busiest Airport: A Looming Crisis for February Flights

Following the presidential inauguration of newly-elected Donald Trump in the United States yesterday, SARB Governor Lesetja Kganyago told media in Davos today that the measures that Trump plans to take could lead to the “fragmentation of the global economy”.



“[This] could spur other countries to think that they can justify taking protectionist measures and these measures are negative for global trade. Global trade is the lifeblood of the global economy,” Kganyago told Bloomberg.



Kganyago’s observations comes on the heels of a statement by Trump, before being sworn into office, that he would enact threatened tariffs of as much as 25% on Mexico and Canada by February.



Mexico and Canada are two of America’s top three trade partners, with the U.S. reportedly importing $475 billion worth of goods from Mexico and $418 billion from Canada in 2024.



According to Reuters, when asked by reporters at the White House whether he would impose a universal tariff on all imports into the U.S., Trump reportedly said: &#8220;We may. But we&#8217;re not ready for that yet.&#8221;



The rand in South Africa gained early on Monday as markets awaited Trump&#8217;s inauguration and policy announcements ahead of a week packed with domestic data releases.



Kganyago said that if the measures taken are inflationary, it could slow down the disinflation process that the central banks had so steadfastly worked on since the great inflation of 2022.



“And the risk is then that the accommodation, or should I say, the reduction in the restrictiveness of monetary policy that we had seen over the past year, could then be brought to an abrupt halt,” he added.

Opening Day Of World Economic Forum (WEF) 2025

South African Reserve Bank Governor Warns In Davos That Trump’s Policies May Fragment Global Economy

Standfirst: Africa will be the stage for FIFA World Cup matches for only the second time in the 100-year history of football’s greatest show when Morocco co-host the 2030 tournament with Spain and Portugal.



It follows South Africa’s successful tournament in 2010, when the frowns of a doubting global audience turned to cheers and smiles as the country created a party atmosphere like no other yet seen at a World Cup.



Those glorious four weeks changed perceptions about the country and the continent, and has left a lasting legacy in terms of infrastructure and goodwill, not all of which has been properly utilized in the ensuing 15 years.



It will be Morocco’s turn in five years’ time, though the goalposts have shifted since 2010.



Back then, the World Cup was a 32-team tournament that has since been expanded to 48 sides, a new format that kicks in at the next edition in 2026 when the United States, Canada and Mexico are co-hosts.



Just how many matches Morocco will host in 2030 is still to be determined, but however many, it will not have the same heavy burden on stadia, training facilities and tourism infrastructure that South Africa endured.



Still, the North African nation plans to invest greatly ahead of the tournament, the bulk of which is likely to be played in Spain.



A proposed new 115,000-seater Hassan II Stadium is set to be constructed in Casablanca, which would make it the largest purpose-built stadium in the world. Construction has yet to start.



There is another new 68,700-seater venue proposed for Rabat which is currently under construction.



FIFA, in their wisdom, have announced that the opening three games of the World Cup will be staged in Argentina, Paraguay and Uruguay, as a nod to the centenary celebrations of the first tournament held in the latter in 1930.



That has been criticized by climate campaigners as creating too large a carbon footprint, but once the action shifts to the Iberian Peninsula and Morocco from game number four, it will be a condensed event with simpler travel links.



While this will be Morocco’s moment to shine, it is also a chance for Africa to reaffirm its position in the global game by proving an able and desirable co-host.



With the new 48-team format, there are only so many countries that can be a single host of the tournament. Saudi Arabia will be in 2034 because they can develop the infrastructure they need.



Certainly, within an African context, the co-hosting model looks the most likely when the continent’s next turn comes around in 2050 or 2054.



“The Morocco, Portugal and Spain partnership brings together and unites Africa and Europe through football, and inspires all of us to work together and make the world a better place,” Confederation of African football president Dr Patrice Motsepe said.



He lobbied hard for the tournament in Morocco and while there was no serious opposition to the Bid, he made sure African nations united behind it.



“The 2030 World Cup is a source of immense pride for the entire African continent. This is truly Africa’s World Cup. Morocco has set the standard for Africa. The work (the country) has done serves as a model for sustainable football development across the continent.”



Five years may seem a long way away, but it goes by in the blink of an eye and there is much work to be done by Morocco to be ready for the tournament.



But they will add a different flavor to the Iberian duo, and a welcome dash of North African culture.



Morocco have bid several times before for the World Cup, including losing out to South Africa in 2010, but their time has now come.



They will want to put on a good show primarily for themselves, but also to showcase that African football deserves its place at the top table. It is a moment for the whole continent to celebrate.

2026 FIFA World Cup European Qualifiers draw to be held in Zurich

‘Truly Africa’s World Cup’: Morocco’s 2030 Football Showcase To Be A Celebration For The Entire Continent

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



Big-name billionaires worth a collective $1.2 trillion—including four of the five richest men in the world—attended the inauguration of President Donald Trump Monday morning as many looked to strengthen their relationship with the pro-business president as he takes office.&nbsp;(Follow here for&nbsp;<a href="https://www.forbes.com/sites/saradorn/2025/01/20/trump-inauguration-live-updates-trump-will-return-to-office-in-hours/">Inauguration Day</a>&nbsp;updates.)



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194374953.jpg" alt="" class="wp-image-64393 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194374953.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194374953-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194374953-768x512.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
Donald Trump Jr., Howard Lutnick, Sundar Pichai, Elon Musk, and Doug Burgum attend the inauguration of U.S. President-elect Donald Trump in the U.S. Capitol Rotunda on January 20, 2025 in Washington, DC. Donald Trump takes office for his second term as the 47th President of the United States. (Photo by Kenny Holston-Pool/Getty Images)
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<h2 class="wp-block-heading">Key Facts</h2>



The world’s three wealthiest people attended multiple inauguration morning events:&nbsp;Amazon founder&nbsp;Jeff Bezos&nbsp;(worth $239.4 billion according to Forbes’ estimates), Meta’s&nbsp;Mark Zuckerberg&nbsp;($211.8 billion) and&nbsp;Elon Musk&nbsp;($433.9 billion), the Tesla CEO, world’s richest person and presidential confidant who&nbsp;<a href="https://www.reuters.com/world/us/musk-spent-over-quarter-billion-dollars-help-elect-trump-2024-12-06/" rel="noreferrer noopener" target="_blank">spent</a>&nbsp;over a quarter of a billion dollars to help Trump win November&#8217;s election.



OpenAI CEO&nbsp;Sam Altman&nbsp;($1.1 billion) and Apple CEO&nbsp;Tim Cook&nbsp;($2.2 billion), who donated money to the inauguration, were in the Capitol Rotunda Monday morning, as was billionaire backer&nbsp;Miriam Adelson&nbsp;($31.9 billion) and former Fox News Chairman&nbsp;Rupert Murdoch&nbsp;($22.2 billion).



Bernard Arnault&nbsp;($179.6 billion), the head of the LVMH Moët Hennessy Louis Vuitton luxury empire and the richest person in France, was&nbsp;<a href="https://x.com/elizlanders/status/1881398108179046670?s=46&amp;t=bUTQCdKx4w7TbNWl8KRyJw" rel="noreferrer noopener" target="_blank">at the inauguration</a>&nbsp;with his son, Alexandre.



Mukesh Ambani&nbsp;($98.1 billion), the richest man in India,&nbsp;<a href="https://www.reuters.com/world/us/trumps-inauguration-billionaires-ceos-ambani-zuckerberg-bezos-attend-church-2025-01-20/" rel="noreferrer noopener" target="_blank">reportedly</a>&nbsp;attended inauguration events, and Trump’s friend&nbsp;Phil Ruffin, a Las Vegas casino executive worth $4.7 billion, was also spotted at the Capitol, according to&nbsp;<a href="https://www.nytimes.com/live/2025/01/20/us/trump-inauguration-president/e39d0884-13c3-5d0c-912c-72acfc9cd270?smid=url-share" rel="noreferrer noopener" target="_blank">The New York Times</a>.



Several billionaires and their spouses have been&nbsp;<a href="https://www.forbes.com/sites/saradorn/2024/12/22/the-billionaires-trumps-picked-for-next-administration-elon-musk-tilman-fertitta-and-more/">offered top roles</a>&nbsp;in the Trump administration, including&nbsp;Howard Lutnick&nbsp;(<a href="https://www.forbes.com/sites/danalexander/2024/11/20/the-most-hated-guy-on-wall-street-the-unspoken-story-around-howard-lutnick-trumps-pick-for-commerce-secretary/">$1.5 billion</a>) and&nbsp;Vivek Ramaswamy&nbsp;($1 billion), both of whom were seen at the inauguration.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="594" height="396" src="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194369892.jpg" alt="" class="wp-image-64391" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194369892.jpg 594w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194369892-300x200.jpg 300w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption class="wp-element-caption">(Photo by Kenny Holston-Pool/Getty Images)</figcaption></figure>



Coinbase CEO&nbsp;Brian Armstrong&nbsp;($12.8 billion) was invited to inauguration-related events, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-01-10/openai-meta-uber-ceos-plan-to-attend-trump-inauguration-events" rel="noreferrer noopener" target="_blank">Bloomberg</a>, but hadn’t yet been seen as of the swearing in.



Other billionaires who have been offered jobs in the administration, but their attendance wasn’t confirmed, include&nbsp;Stephen Feinberg&nbsp;($5 billion),&nbsp;Warren Stephens&nbsp;($3.4 billion),&nbsp;Jared Isaacman&nbsp;($1.9 billion),&nbsp;Steve Witkoff&nbsp;($1 billion), Linda McMahon (husband&nbsp;Vince McMahon&nbsp;is worth $3 billion) and Kelly Loeffler (husband&nbsp;Jeff Sprecher&nbsp;is worth $1.1 billion).



Zuckerberg co-hosted a pre-Inaugural Ball&nbsp;<a href="https://puck.news/mark-zuckerberg-is-throwing-an-inauguration-party-for-trump/?_gl=1*17fobxi*_up*MQ..*_ga*OTIwODg3ODI1LjE3MzY5MzkxMjY.*_ga_SEFD191RFM*MTczNjkzOTEyNi4xLjAuMTczNjkzOTEyNi4wLjAuMA.." rel="noreferrer noopener" target="_blank">reception</a>&nbsp;for Trump alongside Adelson,&nbsp;Tilman Fertitta&nbsp;($10.2 billion) and Todd Ricketts, whose father&nbsp;J. Joe Ricketts&nbsp;and family are worth an estimated $4.2 billion.



<h2 class="wp-block-heading">How Much Is Trump Worth?</h2>



Trump&nbsp;himself is worth an estimated $6.7 billion thanks to his stake in Truth Social&#8217;s parent company, his real estate investments and other assets.



<h2 class="wp-block-heading">What Other Billionaires Could Attend?</h2>



Dozens of other billionaires also&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/10/30/kamala-harris-has-more-billionaires-prominently-backing-her-than-trump-bezos-and-griffin-weigh-in-updated/">supported Trump</a>&nbsp;on his road to a second term who haven’t been confirmed as attendees, including&nbsp;Robert “Woody” Johnson&nbsp;($3.3 billion),&nbsp;Elizabeth&nbsp;and&nbsp;Richard Uihlein&nbsp;(each worth $5.9 billion),&nbsp;Roger Penske&nbsp;($6.5 billion) and&nbsp;Timothy Mellon&nbsp;(family was worth $14.1 billion).



<h2 class="wp-block-heading">Did Billionaires Like Musk, Bezos And Zuckerberg Back Trump’s Campaign?</h2>



Some of them did, but others either stayed out of the presidential race or were Trump foes before they started trying to make nice. Zuckerberg’s Meta previously&nbsp;<a href="https://www.forbes.com/sites/jemimamcevoy/2021/01/07/mark-zuckerberg-blasts-trump-and-announces-indefinite-ban-on-presidents-facebook-instagram-accounts/">banned</a>&nbsp;Trump from Instagram and Facebook—and Trump once&nbsp;<a href="https://www.politico.com/news/2024/08/28/trump-zuckerberg-election-book-00176639" rel="noreferrer noopener" target="_blank">threatened</a>&nbsp;to send him to prison—before he fell in line following the election results. Since then, Zuckerberg has&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2024/12/23/ford-will-donate-1-million-fleet-of-vehicles-to-trump-inauguration-latest-company-to-contribute/">donated</a>&nbsp;$1 million to his inaugural fund,&nbsp;<a href="https://www.reuters.com/technology/trump-zuckerberg-meet-mar-a-lago-semafor-reports-2025-01-11/" rel="noreferrer noopener" target="_blank">met with Trump</a>&nbsp;at Mar-A-Lago, made&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2025/01/07/meta-ditches-fact-checks-for-x-style-community-notes-zuckerberg-says-it-will-restore-free-expression/">changes</a>&nbsp;to how its platforms fact-check posts and put Trump’s friend Dana White on Meta’s board. In the leadup to the election, Zuckerberg did not endorse a candidate but did&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-07-19/mark-zuckerberg-calls-donald-trump-badass-without-endorsing-for-president" rel="noreferrer noopener" target="_blank">call</a>&nbsp;Trump’s response to his assassination attempt “badass.” Bezos also has a history of clashing with Trump: Amazon in 2019&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2019/12/09/amazon-blames-trumps-personal-dislike-of-bezos-for-losing-pentagon-jedi-contract/">blamed Trump&#8217;s</a>&nbsp;&#8220;personal dislike&#8221; of Bezos for losing a multibillion-dollar cloud computing contract with the Pentagon, and Trump has been critical of the Bezos-owned Washington Post. Bezos didn’t endorse Trump last year but&nbsp;<a href="https://x.com/JeffBezos/status/1812315786507088370?lang=en" rel="noreferrer noopener" target="_blank">said</a>&nbsp;he “showed tremendous grace and courage under literal fire” following the assassination attempt, and donated $1 million to the inaugural fund. Others have supported him all along. Musk is among Trump’s biggest donors, alongside&nbsp;<a href="https://www.forbes.com/profile/miriam-adelson/?list=rtb/">Adelson</a>, the widow of billionaire Las Vegas Sands CEO Sheldon Adelson, who donated $100 million to the pro-Trump super PAC Preserve America during the election.&nbsp;<a href="https://www.forbes.com/profile/tilman-fertitta/?list=rtb/">Fertitta</a>, owner of the Houston Rockets and Landry’s restaurant group, has been nominated to serve as U.S. ambassador to Italy after the Texas billionaire&nbsp;<a href="https://www.texastribune.org/2024/12/21/donald-trump-tilman-fertitta-ambassador/" rel="noreferrer noopener" target="_blank">hosted a fundraiser</a>&nbsp;for Trump last year. Ricketts, a co-owner of the Chicago Cubs, has been a&nbsp;<a href="https://www.newyorker.com/news/the-political-scene/trump-collides-with-the-world-of-baseball" rel="noreferrer noopener" target="_blank">major fundraiser</a>&nbsp;for Republican politicians and, while he initially fundraised within the party against Trump during his first campaign, he ultimately went on to spearhead pro-Trump fundraising in 2020 and&nbsp;<a href="https://www.chicagobusiness.com/politics/todd-ricketts-attending-trump-campaign-fundraiser" rel="noreferrer noopener" target="_blank">last year</a>.



<h2 class="wp-block-heading">Tangent</h2>



Other corporate leaders planned on attending the inauguration, including Pfizer CEO Albert Bourla and Walmart CEO Doug McMillon, according to the&nbsp;<a href="https://www.wsj.com/politics/policy/donald-trump-inauguration-ceos-business-fundraising-2b0d5086" rel="noreferrer noopener" target="_blank">Wall Street Journal</a>. TikTok CEO Shou Zi Chew attended, after his platform took itself offline Sunday due to a nationwide ban taking effect—and restored service when Trump vowed to delay the ban upon taking office. Other supporters are throwing events around Washington over inauguration weekend,&nbsp;<a href="https://www.wsj.com/politics/policy/donald-trump-inauguration-ceos-business-fundraising-2b0d5086" rel="noreferrer noopener" target="_blank">including</a>&nbsp;an “Inaugural Crypto Ball” that featured Snoop Dogg and a party held by Uber and its CEO&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-01-10/openai-meta-uber-ceos-plan-to-attend-trump-inauguration-events" rel="noreferrer noopener" target="_blank">Dara Khosrowshahi</a>. James Quincey, CEO of Coca-Cola Company, on Tuesday&nbsp;<a href="https://x.com/margomartin/status/1879330618225676448" rel="noreferrer noopener" target="_blank">presented Trump</a>&nbsp;with the &#8220;first ever Presidential Commemorative Inaugural Diet Coke bottle.&#8221; Microsoft, Ford, Google and AI search startup Perplexity also&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/01/09/google-will-donate-another-1-million-to-trumps-record-high-inaugural-fund/">donated $1 million</a>&nbsp;to the inaugural fund.&nbsp;<a href="https://www.wsj.com/politics/policy/donald-trump-inauguration-ceos-business-fundraising-2b0d5086" rel="noreferrer noopener" target="_blank">Ripple</a>, a crypto company, gave $5 million worth of its cryptocurrency to the inaugural committee. Other major donors include Goldman Sachs, Intuit, Toyota, Pharmaceutical Research and Manufacturers of America, General Motors, Bank of America, AT&amp;T and Stanley Black &amp; Decker, the&nbsp;<a href="https://www.wsj.com/business/trump-inauguration-sponsors-large-company-donations-a3cc1b92?mod=article_inline" rel="noreferrer noopener" target="_blank">Journal reported</a>.



<h2 class="wp-block-heading">Big Number</h2>



More than $170 million. That’s how much Trump’s inaugural fund is believed to&nbsp;<a href="https://www.nytimes.com/2025/01/08/us/politics/trump-inauguration-donors.html" rel="noreferrer noopener" target="_blank">have raised,</a>&nbsp;almost three times as much as the $62 million raised by President Joe Biden four years ago and well above the previous record of $107 million, set by Trump&#8217;s 2016 inauguration. Donors who gave $1 million, or raised $2 million from others, were&nbsp;<a href="https://www.wsj.com/business/trump-inauguration-sponsors-large-company-donations-a3cc1b92?mod=article_inline" rel="noreferrer noopener" target="_blank">reportedly given</a>&nbsp;six tickets to a series of events in the days leading up to the inauguration, including a “candlelight dinner” with Trump and Melania Trump and a black-tie ball.

The Inauguration Of Donald J. Trump As The 47th President

Billionaires Worth A Combined $1.2 Trillion Attended Trump’s Inauguration: Here’s Who Was There—From Musk To Bezos

AI on smartphones is redefining how we interact with technology, from quicker search with voice to smarter photo edits and predicting daily needs before we realize them. Plus, with AI’s pattern-learning, a more personalized user experience.



Samsung first introduced AI to the smartphone with the S24 line-up early in 2024, followed by its Z Foldable range mid-year. Subsequently, brands like Apple, Honor, Oppo and Xiaomi have all introduced some level of AI on its devices.



Androids share similar features, powered by Google AI, such as Gemini – a rival to ChatGPT; Circle to Search; Magic Eraser; Photomojis; and protection against spam and scam calls.



Other features per manufacturer include the ability to summarize notes, create bullet points, transcribe audio and turn it into notes, translate text into multiple languages, summarize web articles to bullet points, etc.



Some devices can compose emails, messages, and social media posts using generative AI, all natively. You just explain the message you want to convey and select different tones, such as professional, casual, friendly, and so on, to get the desired results.



A feature worth noting is Circle to Search, an intuitive way to search for anything you see online, even by pausing a video. You simply long-press the home button, circle what’s on your screen, and receive immediate Google results, with follow-up queries.



Apple also offers AI features, but was late to the party when Apple Intelligence rolled out to more English-speaking markets in December 2024, including South Africa, after its U.S. launch at the end of October.



It helps you write; generate images by description with Image Playground or custom emojis; clean up photos by removing unwanted objects; and search intuitively with Siri, which uses ChatGPT when it can’t answer, but asks first if you want ChatGPT to fulfil the request.



You can already use the ChatGPT standalone app, but Apple gives you another layer of privacy when using it through Private Cloud Compute, which deletes your data after the request, whereas ChatGPT uses all your inputs to further train its AI.



AI’s global growth, but Africa’s smartphone decline



AI is revolutionizing industries, with companies and investors pouring billions into research and development across industries like healthcare, finance, entertainment, and consumer technology.



According to a TechCrunch article, the generative AI bubble did not burst in 2024. It reports that investments in generative AI worldwide raised $56 billion from VCs in 2024, from 885 deals. The data was compiled by financial tracker PitchBook for TechCrunch.



That figure is a new record for the segment, when compared to 2023’s total investment of $29.1 billion from 691 deals, it says.



According to the International Data Corporation (IDC)’s five-year forecast for GenAI-capable smartphones, it predicted shipments to reach 234.2 million for 2024, up 363.6% from 50.5 million in 2023, and projects 912 million in 2028.



The IDC predicted total smartphone shipments to grow 5.8% to 1.23 billion units in 2024, up from its previous forecast of 4% growth to 1.21 billion units.



While total and GenAI shipments for the year 2024 is yet to be released, data from research firm Canalys reveals that Africa’s smartphone market grew by 3% year-on-year in Q3 for 2024, reaching 18.4 million units, which it says reflects resilience amid a complex economic landscape.



“South Africa, after six quarters of double-digit growth, saw a sharp 10% decline in shipments as economic uncertainties dampened consumer spending, despite easing inflation and interest rate cuts,” it said.



In the same quarter, Kenya’s shipments also dropped by 10%, whereas Nigeria experienced a 1% growth. North African countries like Egypt saw a 34% growth, but Morocco experienced a 24% decline.



Manish Pravinkumar, Senior Analyst at Canalys for the Middle East and Africa, says the future of Africa’s smartphone market holds immense potential, but significant hurdles remain.



“Feature phones maintained a 55% share of total shipments as of Q3 2024, limiting smartphone expansion. High device taxes continue to hinder growth, posing a dilemma for policymakers between immediate revenue needs and the long-term benefits of broader smartphone adoption,” says Pravinkumar.



“Enhanced smartphone accessibility could drive the development of a robust digital economy, generating sustainable tax revenues over time. Despite these barriers, growing demand for affordable devices, expanding 4G network coverage and innovative financing models, are expected to sustain growth.”



Canalys forecasts a 1% compound annual growth rate for Africa from 2024 to 2028, with 4G remaining the primary driver of new mobile subscriptions over the next five years.



The global race for AI may have started, but Africa is lagging behind.

The Power of AI. Transforming Industries and Customer Service. A Look into the Future. Yellow AI icon processing texts and commands on smart phone. 3D render

AI Boosts Smartphones Globally, But Why Africa Faces Challenges

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



TikTok said Sunday it was “restoring service” to U.S. users, about 14 hours after it abruptly shut itself down minutes before a nationwide ban took effect—a move prompted by President-elect Donald Trump’s promise to halt the ban when he takes office Monday by extending a deadline for China-based ByteDance to sell the app.



<h2 class="wp-block-heading">Timeline</h2>



1:50 p.m. EST, January 19TikTok is now back online for many American users, sending a popup message that states: “Welcome back!” adding, “As a result of President Trump’s efforts, TikTok is back in the U.S.”—though it still does not appear to be available on Apple’s App Store.



1 p.m. EST, January 19Sen. Tom Cotton, R-Ark., who chairs the Senate Select Committee on Intelligence, warned that “any company that hosts, distributes, services or otherwise facilitates communist-controlled TikTok could face hundreds of billions of dollars of ruinous liability” in <a href="https://x.com/SenTomCotton/status/1881038993875140640" target="_blank" rel="noreferrer noopener">a tweet</a> responding to the company’s announcement that it’s restoring the app.



1 p.m. EST, January 19Some TikTok users reported the app has started working again.



12:30 p.m. EST, January 19TikTok <a href="https://x.com/TikTokPolicy/status/1881030712188346459" target="_blank" rel="noreferrer noopener">tweeted</a> it “is in the process of restoring service” and thanked Trump for “providing the necessary clarity and assurance to our service providers that they will face no penalties,” adding the company “will work with President Trump on a long-term solution that keeps TikTok in the United States.”



11:55 a.m. EST, January 19TikTok now greets users with a popup saying it is “working to restore our service in the U.S. as soon as possible”—but the message no longer praises Trump for promising to “work with” the platform, after <a href="https://x.com/mikeisaac/status/1880826325189156936" target="_blank" rel="noreferrer noopener">drawing some criticism</a>.



10:00 a.m. EST, January 19Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113855616848696050" target="_blank" rel="noreferrer noopener">announced</a> he will sign an executive order Monday delaying the TikTok ban and called for the platform to be taken over by a joint venture with U.S. and current owners, also urging companies to prevent TikTok from “going dark” and vowing “no liability” for any tech firms that act before Monday (the law gives Trump the power to extend the ban for up to 90 days if ByteDance is making progress toward a sale).



7:03 a.m. EST, January 19Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113854921940858148" target="_blank" rel="noreferrer noopener">posted</a> to Truth Social: “SAVE TIKTOK.”



12:00 a.m. EST, January 19A nationwide ban on TikTok took effect, formally barring internet service providers and app stores from offering the ultra-popular social media platform.



11:00 p.m. EST, January 18TikTok shut itself down in the United States at some point before 11 p.m. EST, greeting American users with a message that said “you can’t use TikTok for now” due to a “law banning TikTok” set to take effect Sunday—but the platform noted Trump “has indicated that he will work with us on a solution to reinstate TikTok once he takes office.” (Read <a href="https://www.forbes.com/sites/tylerroush/2025/01/18/tiktok-shuts-down-in-us-before-ban-takes-effect-heres-what-to-know/">more here</a>.)



12:30 p.m. EST, January 18Trump <a href="https://www.forbes.com/sites/tylerroush/2025/01/18/trump-says-hell-most-likely-delay-tiktok-ban-for-90-days/">signaled</a> he would “most likely” issue a 90-day extension on the TikTok ban, saying an announcement would “probably” come Monday, though he did not definitively say whether he would do so.



January 17TikTok said in a <a href="https://newsroom.tiktok.com/en-us/tiktokjan-17" target="_blank" rel="noreferrer noopener">statement</a> its service will “be forced to go dark” on Jan. 19 unless the Biden administration—which <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/17/statement-by-white-house-press-secretary-karine-jean-pierre-regarding-tiktok/" target="_blank" rel="noreferrer noopener">said</a> earlier on Friday TikTok “should remain available to Americans” if “under American ownership”—guarantees Apple, Google and other service providers won’t be punished by supporting the app.



January 17The Supreme Court ruled the law does not violate the First Amendment rights of the app and its users, upholding the federal government’s national security argument and leaving TikTok open to a ban on Jan. 19 unless it is sold to an American company.



January 16The Biden administration does not plan to intervene against the law forcing TikTok’s ban or sale by Jan. 19, <a href="https://www.cnn.com/2025/01/16/politics/biden-administration-tiktok-ban/index.html" target="_blank" rel="noreferrer noopener">according to</a> <a href="https://abcnews.go.com/Politics/biden-administration-leave-trump-implement-tiktok-ban/story?id=117753133&amp;cid=social_twitter_abcn" target="_blank" rel="noreferrer noopener">multiple</a> <a href="https://www.bloomberg.com/news/articles/2025-01-16/tiktok-poised-for-reprieve-as-trump-team-pledges-extension?srnd=homepage-asia" target="_blank" rel="noreferrer noopener">outlets</a>, one day after <a href="https://www.nbcnews.com/politics/joe-biden/biden-administration-keep-tiktok-available-us-rcna187902" target="_blank" rel="noreferrer noopener">NBC News</a> reported Biden’s team was “exploring options” on how it can avoid the app being shut down—though <a href="https://abcnews.go.com/Politics/biden-administration-leave-trump-implement-tiktok-ban/story?id=117753133&amp;cid=social_twitter_abcn" target="_blank" rel="noreferrer noopener">ABC reports</a> Biden also won’t take action to enforce the ban against app stores or internet providers.



January 16Schumer <a href="https://www.democrats.senate.gov/news/press-releases/leader-schumer-floor-remarks-urging-an-extension-of-the-tiktok-ban_to-allow-time-for-a-workable-solution--to-protect-americans-livelihoods-and-protect-against-ccp-surveillance" target="_blank" rel="noreferrer noopener">said</a> it is “clear that more time is needed to find an American buyer,” noting Senate Democrats’ failed attempt to <a href="https://x.com/SenateDems/status/1879965995759980830" target="_blank" rel="noreferrer noopener">pass a bill</a> extending the Jan. 19 deadline and urging lawmakers for a solution that keeps TikTok in the U.S. while also protecting Americans’ data privacy (the law banning TikTok unless ByteDance sells the app passed on a bipartisan basis last year).



January 15TikTok CEO Shou Zi Chew is <a href="https://www.forbes.com/sites/siladityaray/2025/01/16/tiktok-ceo-will-reportedly-attend-trumps-inauguration-as-ban-threat-looms/">expected to attend</a> Trump’s inauguration, according to The New York Times.



January 14ByteDance <a href="https://www.forbes.com/sites/dereksaul/2025/01/14/heres-how-much-elon-musk-could-buy-tiktok-for-as-china-reportedly-eyes-deal/">would likely expect</a> $40 billion to $50 billion for the platform’s U.S. operations, Wedbush analyst Dan Ives estimated (other analysts have offered <a href="https://www.forbes.com/sites/phoebeliu/2025/01/15/how-much-billions-tiktok-really-worth-possible-ban/">a range of figures</a> for how much TikTok is worth, depending on whether the deal includes TikTok’s powerful content algorithm).



January 13Chinese government officials have considered selling TikTok’s U.S. operations to Trump-allied billionaire Elon Musk if the Supreme Court does not stop the ban from going through on Jan. 19, reported <a href="https://www.bloomberg.com/news/articles/2025-01-14/china-discusses-sale-of-tiktok-us-to-musk-as-one-possible-option" target="_blank" rel="noreferrer noopener">Bloomberg</a>, citing unnamed people familiar with the matter—though the people noted the deliberations are preliminary and officials prefer to keep TikTok under the ownership of China-based ByteDance (ByteDance told Forbes it “can&#8217;t be expected to comment on pure fiction” when asked about the Bloomberg report).



January 10The Supreme Court heard oral arguments over the law requiring TikTok to be sold to a U.S. company or face a ban, with justices appearing “inclined” to uphold the law after appearing satisfied with its focus on the controversial Chinese ownership of the app’s parent company, according to <a href="https://www.nytimes.com/live/2025/01/10/us/tiktok-ban-supreme-court/supreme-court-tiktok-ban-law?smid=url-share" target="_blank" rel="noreferrer noopener">The New York Times</a>.



January 9Billionaire <a href="https://www.prnewswire.com/news-releases/ahead-of-january-19-deadline-project-liberty-announces-a-formal-offer-to-acquire-tiktok-us-302346575.html" target="_blank" rel="noreferrer noopener">Frank McCourt</a>’s Project Liberty announced a proposal to buy TikTok’s U.S. operations—but not its algorithm—by migrating American users to a locally run digital infrastructure, a deal McCourt <a href="https://www.forbes.com/sites/phoebeliu/2025/01/15/how-much-billions-tiktok-really-worth-possible-ban/">has suggested</a> could be worth $20 billion, with interest from other investors like “Shark Tank” star Kevin O’Leary (it’s unclear whether ByteDance is considering the offer).



January 6O’Leary, part of <a href="https://www.thepeoplesbid.com/about" target="_blank" rel="noreferrer noopener">The People&#8217;s Bid for TikTok</a>, told Fox News’ Martha MacCallum he <a href="https://www.thewrap.com/kevin-oleary-buy-tiktok-shark-tank/" target="_blank" rel="noreferrer noopener">planned to buy</a> the app and that he would need Trump’s help to do so.



January 3The Justice Department asked the Supreme Court to uphold the law forcing the ban or sale of TikTok despite Trump’s <a href="https://www.forbes.com/sites/alisondurkee/2025/01/03/can-trump-stop-tiktok-ban-heres-what-he-can-and-cant-do-if-supreme-court-upholds-law/">support of the app</a>, arguing TikTok has not shown enough to reason to justify a pause of the law’s date of taking effect and that Trump has not presented a viable argument for a pause.



December 27, 2024Trump opposed the potential ban of TikTok in a <a href="https://www.supremecourt.gov/DocketPDF/24/24-656/336151/20241227163400981_2024-12-27%20-%20TikTok%20v.%20Garland%20-%20Amicus%20Brief%20of%20President%20Donald%20J.%20Trump.pdf" target="_blank" rel="noreferrer noopener">court filing</a>, arguing if the Supreme Court intervenes, he could secure a “political resolution” after his Jan. 20 inauguration that would keep the app in the U.S.



December 18, 2024The Supreme Court announced it will review TikTok’s challenge against the federal law that could potentially ban the app, <a href="https://www.forbes.com/sites/alisondurkee/2024/12/18/supreme-court-will-decide-tiktok-bans-fate-as-justices-take-up-case/">scheduling oral arguments</a> for Jan. 10—just days before the law is set to become effective.



December 16, 2024TikTok requested an injunction from the Supreme Court that would <a href="https://www.forbes.com/sites/alisondurkee/2024/12/16/tiktok-asks-supreme-court-to-stop-federal-ban/">block the ban</a> against it until the conservative majority court rules on TikTok’s legality or dismisses the case, saying the pause would “create breathing room for this Court to conduct an orderly review &#8230; before this vital channel for Americans to communicate with their fellow citizens and the world is closed.”



December 16, 2024Chew met with Trump at his Mar-a-Lago estate, according to <a href="https://x.com/kaitlancollins/status/1868761606542524712" target="_blank" rel="noreferrer noopener">CNN</a>, and argued an injunction from the Supreme Court, which was ultimately not granted, would give Trump’s <a href="https://www.washingtonpost.com/business/2024/11/12/trump-tiktok-ban-sale/" target="_blank" rel="noreferrer noopener">TikTok-friendly administration</a> time to comment on the matter.



December 6, 2024The U.S. Court of Appeals for the D.C. Circuit <a href="https://www.forbes.com/sites/alisondurkee/2024/12/06/tiktok-ban-upheld-in-court/">denied TikTok’s petition</a> to review the law against TikTok after the court’s three-judge panel said national security concerns outweigh TikTok’s First Amendment rights, later declining TikTok’s request to halt its ruling upholding the law.



May 14, 2024Eight TikTok users sued the federal government, accusing them of First Amendment violations and calling the ban “<a href="https://www.forbes.com/sites/mollybohannon/2024/05/14/tiktok-users-sue-federal-government-over-potential-ban/">unconstitutionally overbroad</a>.”



May 7, 2024TikTok <a href="https://www.forbes.com/sites/alexandralevine/2024/05/07/tiktok-fights-back-heres-what-you-need-to-know-about-its-suit-against-the-us-government/">filed suit</a> against the federal government, challenging the constitutionality of the ban and arguing the app and its American users were having their First Amendment rights violated.



April 24, 2024President Joe Biden signed the bill requiring TikTok to be sold or banned, provoking a response from the platform, which claimed in a <a href="https://x.com/TikTokPolicy/status/1783149300471525637" target="_blank" rel="noreferrer noopener">statement</a> it “invested billions of dollars to keep U.S. data safe and our platform free from outside influence and manipulation.”



April 23, 2024The Senate <a href="https://www.forbes.com/sites/saradorn/2024/04/23/potential-tiktok-ban-clears-key-senate-vote-part-of-israel-ukraine-taiwan-aid-package/">voted 80-19</a> to pass the bill, which Sen. Maria Cantwell, D-Wash., said was done to “prevent foreign adversaries from conducting espionage, surveillance, maligned operations, harming vulnerable Americans, our servicemen and women, and our U.S. government personnel.”



April 20, 2024The House in an overwhelming <a href="https://www.forbes.com/sites/tylerroush/2024/04/20/house-approves-nationwide-tiktok-ban-heres-what-to-know/">360-58</a> vote passed the legislation against TikTok, with Minority Leader Hakeem Jeffries, D-N.Y., saying in a <a href="https://x.com/nicholaswu12/status/1767910828861174000" target="_blank" rel="noreferrer noopener">statement</a> the legislation was “designed to address legitimate national security and privacy concerns.”

Wildly Popular Social Media App TikTok Unavailable For U.S. Users

TikTok Ban Live Updates: TikTok Back Online For Many Users—As Trump Promises To Delay US Ban

Plus: Booking Holdings’ CEO On Adding AI, Biden Ends With Mostly Good Economic Growth (And One Big Exception), Meta Reorients Policy Before Trump Takes Office, Activist Investors Had A Huge 2024



This is the published version of Forbes’ CEO newsletter, which offers the latest news for today&#8217;s and tomorrow&#8217;s business leaders and decision makers. <a href="https://www.forbes.com/newsletter/ceo">Click here</a> to get it delivered to your inbox every week.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Every CEO has the ambition to lead their company into an exciting new future, both spurring growth and bringing new ideas and expansion to the industry. But, a&nbsp;<a href="https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/getting-fit-for-growth-the-leadership-mindsets-and-behaviors-that-matter" rel="noreferrer noopener" target="_blank">new report from McKinsey</a>&nbsp;found&nbsp;it takes audacious and bold moves to be able to do that—something most CEOs think they are doing but are not. McKinsey identified five actions that can drive long-lasting company growth: Focusing at least 30% of your time on long-term growth, investing in growth initiatives in volatile times, incorporating customer input into business decisions, having a smoothly operating talent planning process, and collecting data and insights to support growth decisions. Less than a third of company leaders are doing any of these actions, with only 8% being confident about talent planning.



It’s not easy to make these bold moves. Leaders who do are focused on the long term and not afraid of failure, the report states. McKinsey writes that it often requires more than 18 months for any of these kinds of decisions to bear fruit. Yet an average of 78% of the executive team’s time is spent on short- to medium-term growth initiatives, which are realized in five years or less. Meanwhile companies prioritizing long-term growth tend to make it through volatile cycles more successfully and with higher revenue growth.



Business leaders also must be willing to try new and untested moves in uncertain times.&nbsp;This is more than just encouraging speedy learning activities over perfect execution—something 79% of all survey respondents said they do to try to gain a first-mover advantage. These new moves for growth need funding, which just three in 10 executives increase when times are volatile. When things are unsettled, McKinsey found that nearly half of companies get through it by focusing on their tactics—like changing prices or adding automation—instead of trying to enter a new market or provide new services in areas with growth potential.



Companies also say they put their customers first, with 64% saying feedback is a top source for growth ideas, but McKinsey found that&nbsp;only 15% consistently incorporate that feedback into their decisions. Just 23% regularly engage with customers to see that their actions and changes deliver value.



As a second Donald Trump administration begins next week,&nbsp;change—and likely volatility—will become the next normal. Policy ideas that could both help and hurt businesses have been floated. What actually becomes a reality, when that happens and how it takes effect are much harder to predict. However, it could be prime time for business leaders to take some of the bold actions McKinsey sees as vital for long-term growth. In uncertain times, audacity could be the best solution.



Figuring out how to use AI in a way that’s useful to customers can be a challenge. Booking Holdings—parent company of Booking.com, Priceline, Kayak, Agoda and OpenTable—has added AI-powered features to help customers plan for travel and dining. I talked to CEO Glenn Fogel about the process, and an excerpt from our conversation is later in this newsletter.



In honor of Martin Luther King Jr. Day next Monday,&nbsp;the regular edition of Forbes CEO will be taking a day off. We’ll be back in your inboxes Monday, January 27.



<h2 class="wp-block-heading" id="h-economic-indicators">ECONOMIC INDICATORS</h2>



Last Friday, the final employment numbers of President Joe Biden’s term were released, and&nbsp;they were much better than expected. According to the Labor Department, the U.S.&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/01/10/december-jobs-report-labor-market-grew-faster-than-expected-as-unemployment-clocks-in-at-41/">added 256,000 jobs</a>&nbsp;in December, beating the economists’ estimates of 153,000 by 67%. These numbers put the national unemployment rate at 4.1%, down a tenth of a percent from November. It was a good report for Biden, and caps off a mostly successful economic term in office,&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/01/10/bidens-final-labor-numbers-lowest-unemployment-since-clinton-marred-by-inflation/">writes&nbsp;Forbes’&nbsp;Derek Saul</a>. The 4.1% unemployment rate—6.7% when Biden took office— is the lowest at the end of a president’s term since Bill Clinton left office in 2001. During Biden’s four years in office, average hourly wages rose 19.6%, from $29.84 to $35.69 now.



But high inflation marred Biden’s economic record, with the consumer price index increasing a total of 20.8% during his term. And while inflation has been calming down this year, reaching 2.7% in November and leading the Federal Reserve to cut interest rates three times in the last quarter of 2024,&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/01/08/federal-reserve-worried-how-trump-tariff-and-immigration-policieswill-impact-inflation-minutes-show/">Fed officials fear</a>&nbsp;that&nbsp;inflation might not be coming down to their 2% target any time soon. Trump has proposed sweeping changes to trade and immigration policy, including enacting tariffs on many U.S. trading partners and deporting illegal immigrants en masse. “The effects of potential changes in trade and immigration policy suggested” restoring 2% inflation “could take longer than previously anticipated,” according to minutes from the mid-December meeting released last week. “Almost all” Fed officials “judged that upside risks to the inflation outlook had increased,” the release stated. Only one interest rate cut is expected to take place in 2025.



The stronger-than-expected job market and the Fed’s cautious stance on rate cuts contributed to an&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/01/10/stocks-drop-after-jobs-report-shows-hot-us-labor-market-heres-why/">overall market selloff</a>&nbsp;on Friday. A booming job market means that&nbsp;the economy is doing well without interest rate cuts to stimulate it. “The Fed cutting cycle is over,” Bank of America economists led by Aditya Bhave wrote in a Friday note to clients, calling the “gangbusters” December jobs report the “straw that broke the camel’s back.”



However,&nbsp;2024 wasn’t all about job growth. According to a report from Challenger, Gray &amp; Christmas, U.S. companies&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2025/01/09/2024-had-most-job-cuts-in-15-years-with-one-exception/">cut 761,358 jobs</a>&nbsp;last year—the most since 2010 (with the exception of Covid pandemic-related job losses in 2020). The tech sector saw the most jobs lost, with a total of 133,988—more than double the number of cuts in the next largest sectors: health care, automotive, services and consumer products.



<h2 class="wp-block-heading" id="h-from-the-headlines">FROM THE HEADLINES</h2>



As Trump prepares to take office, Facebook and Instagram parent company Meta made a series of quick and sweeping changes last week that will likely improve the incoming administration’s view of the company. Last Tuesday, CEO Mark Zuckerberg announced the company&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2025/01/07/meta-ditches-fact-checks-for-x-style-community-notes-zuckerberg-says-it-will-restore-free-expression/">is&nbsp;dropping</a>&nbsp;its independent fact-checking program for posts on its platform. Instead, it will use a self-policing system like X’s community notes, where users can flag posts with incorrect or misleading information that will appear alongside the post. In a video posted on Facebook, Zuckerberg said the move is helping the company get back to its roots, saying the fact-checkers on Meta “have been too politically biased and have destroyed more trust than they have created” by causing “too much censorship” of free speech. Zuckerberg stated in the video that the U.S. election felt like “a cultural tipping point towards, once again, prioritizing speech,” and the change will be “restoring free expression” on Meta’s platforms.



The change, which came as former Republican lobbyist and senior advisor to President George W. Bush Joel Kaplan took over as Meta’s global policy chief,&nbsp;appears to have appeased Trump, who has complained for years that social media platforms moderating or blocking posts with false, misleading and offensive content were censoring conservative speech.&nbsp;<a href="https://www.forbes.com/sites/iainmartin/2025/01/07/meta-blindsided-fact-checkers-with-plan-to-cancel-program-for-community-notes/">Forbes’&nbsp;Iain Martin and Sarah Emerson report</a>&nbsp;that the independent fact-checkers employed by Meta—including news organizations such as&nbsp;USA Today, Reuters Fact Check, AFP and Politifact—were blindsided by the announcement.



Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2025/01/06/zuckerberg-taps-ufc-president-dana-white-to-join-metas-board-of-directors/">also announced</a>&nbsp;last week that&nbsp;Trump ally and UFC President Dana White would join Meta’s board of directors. And on Friday, a company memo announced it was&nbsp;<a href="https://www.forbes.com/sites/conormurray/2025/01/10/these-companies-have-rolled-back-dei-policies-mcdonalds-is-latest-to-abandon-diversity-standards/">ending several programs</a>&nbsp;intended to increase the company’s hiring of diverse candidates and equity and inclusion training programs.



<h2 class="wp-block-heading" id="h-notable-news">NOTABLE NEWS</h2>



In 2024,&nbsp;activist investors were back with a vengeance. A report from Barclays showed record-breaking 243 activist investor campaigns last year,&nbsp;<a href="https://www.forbes.com/sites/jackkelly/2025/01/10/activist-investors-forced-record-number-of-ceos-to-resign-in-2024/">Forbes&nbsp;senior contributor Jack Kelly writes</a>. Nearly half—115—were in the U.S., which saw a 6% increase in investor campaigns over 2023. A record 27 CEOs were ousted last year by activist investor pressure.



Activist investors’ game plans are also changing. More than a quarter of activist campaigns dealt with improving strategy and operations, while just 22% were pushing for M&amp;A activities. Jim Rossman, global head of shareholder advisory at Barclays,&nbsp;<a href="https://www.reuters.com/markets/record-number-activist-investors-joined-shareholder-rebellion-2024-2025-01-02/" rel="noreferrer noopener" target="_blank">told Reuters</a>&nbsp;last year felt almost like a “shareholder revolt. Investors are no longer willing to sit and wait for promised improvements and are saying, ‘We want the companies where we are invested to change right now.’”



<h2 class="wp-block-heading" id="h-tomorrow-s-trends">TOMORROW’S TRENDS</h2>



<h3 class="wp-block-heading" id="h-booking-holdings-ceo-talks-about-bringing-ai-to-trip-planning">Booking Holdings CEO Talks About Bringing AI To Trip Planning</h3>



From its inception, Booking Holdings—owner of travel and planning sites including Booking.com, Priceline, Agoda, Kayak and OpenTable—has been a tech company. It’s added generative AI to its tech stack with AI trip planners on Booking.com and Priceline, detailed search filters to find accommodations that meet a variety of needs and an OpenTable integration in ChatGPT. I talked to CEO Glenn Fogel about how he and his team decided to add these features and how it’s going so far. This conversation has been edited for length, clarity and continuity.



There are many places you could implement generative AI in your company. How did you decide where to start, and what are your priorities for AI?



Fogel:&nbsp;It’s a combination of what the biggest problems are for our partners, our consumers and the people we deal with, and can we solve it now? How much will it cost to solve now? And how much benefit, how much value, will they get from it? That’s kind of our own little algorithm, trying to figure out where to put the resources up.



There’s also where you ask what foundational things do we have to work on right now, so we can solve lots of problems down the road? What kind of data architecture do we need to set up now so that we can build? You need to figure out: What can we achieve right now? What do we need to build as a base foundation for the future? These are the things that we consider as we’re planning out this year’s plan, next year’s plan and the year after. These are all different things that are judgment calls based on data that comes from our customers and our partners and the expert people in our company.



What do customers think in terms of feedback you’ve received? Are people using the AI features?



In terms of good feedback and bad feedback, we’ve gotten both. Sometimes I look at the number and say, ‘Wow, that many people are using it.’ But then I’ll say, ‘Wait, compared to our total percentage of people who are using [the systems], that’s not a big number at all.’ This is early, people are creatures of habit. They know how to use things already, and many people just go to the way they’ve always done it.



In so many new things that come out: Look at people in terms of their social media. They started with one, then a new one came out. ‘But I like this one because I’ve been using this one forever.’ The new one may be better. People are slower to adapt to the new one. I think that for a lot of us, we’re going to have a long gestation before we really get the big ramp up in terms of customer adds.



We’ll [do more to promote] it when I feel that we’ve achieved at a level that I think this really is much better than the way they do it now. One of the things that I don’t want to do is move loyal customers who enjoy the service, have been using us for a long time and love what we do for them, and tell them, ‘Here’s a much better way to do this.’ And they go over there and end up being frustrated by it, and then you lose that trust. So let’s make sure it’s better.



What kind of advice would you give to a CEO that is looking to bring AI into their operations, but isn’t quite sure where to start?



Any time the CEO is thinking about starting something new, [my advice] is bringing in people who will know more than you and get good advice: Does it fit your needs? Is it something that will fit your budget, produce the value you hope to achieve, give you a good ROI compared to other projects you could be doing? What is going to be the cost if you don’t do it? All the natural things.



AI is no different than any project or way to work you will go forward with. The same advice I give anybody about anything is think really hard, plan it out, then think hard about it again.



<h2 class="wp-block-heading" id="h-facts-comments">FACTS + COMMENTS</h2>



The U.S. Supreme Court&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2025/01/10/supreme-court-signals-it-will-uphold-tiktok-ban-live-updates/">heard arguments</a>&nbsp;Friday on whether a law&nbsp;forcing the sale or ban of China-owned social media app TikTok violates the First Amendment. The law is scheduled to go into effect on Sunday.



170 million+:&nbsp;U.S. TikTok users,&nbsp;<a href="https://tiktokeconomicimpact.com/" rel="noreferrer noopener" target="_blank">according to</a>&nbsp;the app



1%:&nbsp;Increase in&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/01/10/meta-stock-rallies-oracle-slides-as-market-reacts-to-tiktok-ban-hearing-at-supreme-court/">Meta’s share price</a>&nbsp;following the hearing, which made many think the law was likely to be upheld



‘Seems like a huge concern for the future of the country’:&nbsp;Justice Brett Kavanaugh said about the government’s concern that China will use TikTok to collect data from U.S. users



<h2 class="wp-block-heading" id="h-strategies-advice">STRATEGIES + ADVICE</h2>



The&nbsp;last two years have seen many advances in AI, both in terms of technology and how it’s being used at companies. Here are&nbsp;<a href="https://www.forbes.com/sites/jodiecook/2024/12/26/predictions-for-ai-in-2025-entrepreneurs-look-ahead/">expert predictions</a>&nbsp;of what will happen in 2025.



How can your small business continue to grow in 2025? Here are <a href="https://www.forbes.com/sites/rohitarora/2024/12/30/10-small-business-new-years-resolutions-for-2025/">10 New Year’s resolutions</a> to help it stay on the right path.

She’s got big plans to run the city

Why It’s Time For Business Leaders To (Actually) Be Bold

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



The Israeli government approved Friday a ceasefire deal to end fighting in Gaza, paving the way for a six-week ceasefire and the release of dozens of hostages held by Hamas on Sunday.



<h2 class="wp-block-heading">Key Facts</h2>



Israeli Prime Minister Benjamin Netanyahu’s office said the government ratified the deal, which came after a six-hour cabinet meeting that ended around 1:00 a.m. on Saturday in Jerusalem, according to&nbsp;<a href="https://apnews.com/live/israel-hamas-ceasefire-updates?taid=678ae61a7adf430001490ee5&amp;utm_campaign=TrueAnthem&amp;utm_medium=AP&amp;utm_source=Twitter" rel="noreferrer noopener" target="_blank">multiple</a>&nbsp;<a href="https://www.theguardian.com/world/live/2025/jan/17/israel-hamas-ceasefire-deal-gaza-live-blog-updates-netanyahu-hostages?CMP=Share_AndroidApp_Other#top-of-blog" rel="noreferrer noopener" target="_blank">outlets</a>.



Israeli airstrikes in Gaza continued overnight into Friday and 113 Palestinians have been killed since the ceasefire and hostage deal was first announced Wednesday evening,&nbsp;<a href="https://www.cbsnews.com/news/israel-security-council-approves-hostage-ceasefire-deal-hamas/" rel="noreferrer noopener" target="_blank">according to</a>&nbsp;the Hamas-run Civil Emergency Service.



Hamas&nbsp;<a href="https://www.reuters.com/world/middle-east/israel-holds-off-approving-gaza-ceasefire-us-says-deal-is-track-2025-01-17/" rel="noreferrer noopener" target="_blank">on Friday said</a>&nbsp;that obstacles surrounding the terms of the agreement— like Netanyahu’s&nbsp;<a href="https://www.timesofisrael.com/liveblog_entry/pms-office-claims-hamas-creating-last-minute-crisis-and-backing-out-of-some-agreements/" rel="noreferrer noopener" target="_blank">claims</a>&nbsp;Hamas had backed out of parts of the deal—were resolved.



The three-stage ceasefire plan&nbsp;<a href="https://www.reuters.com/world/middle-east/israel-holds-off-approving-gaza-ceasefire-us-says-deal-is-track-2025-01-17/" rel="noreferrer noopener" target="_blank">will see</a>&nbsp;Hamas release 33 Israeli hostages, including all women, children and men over 50, and Israel will release all Palestinian women and children under 19 detained in Israeli jails within the first six-week phase.



The deal could also ease hostilities in the Middle East, where the&nbsp;<a href="https://www.reuters.com/world/middle-east/yemens-houthis-continue-attacks-if-gaza-ceasefire-breached-2025-01-16/" rel="noreferrer noopener" target="_blank">war has spread</a>&nbsp;to include Iran and its proxies, including Lebanon&#8217;s Hezbollah and Yemen&#8217;s Houthis.



<h2 class="wp-block-heading">What Do We Know About The Ceasefire Deal?</h2>



On Wednesday evening, U.S. officials confirmed to the Associated Press that the ceasefire agreement was reached after a last-minute dispute was resolved. Qatar’s prime minister, Mohammed bin Abdulrahman Al Thani,&nbsp;<a href="https://www.nytimes.com/live/2025/01/15/world/israel-hamas-cease-fire-deal-gaza/e52b4e9d-9716-5a82-9dc3-adaf98840b7b?smid=url-share" rel="noreferrer noopener" target="_blank">said</a>&nbsp;the first phase of the deal will take 42 days and involve Israeli forces moving away from populated areas and 33 hostages being returned from Gaza. President Joe Biden said in a press conference Wednesday afternoon that American hostages would be released during the first phase. Biden also said the deal will “halt the fighting in Gaza (and) surge much needed-humanitarian assistance to Palestinian civilians,” and noted the agreement was the result of extreme pressure on Hamas and “dogged and painstaking American diplomacy.” Biden said the plan is similar to the one he&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2024/05/31/israel-offered-hamas-a-new-cease-fire-proposal-biden-says/">introduced</a>&nbsp;last May, and he is “deeply satisfied this day has” come, noting there was no way for this war to end other than with a hostage deal. Biden also acknowledged the “hell” Palestinians have gone through, saying, “too many innocent people have died, too many communities have been destroyed.”



<h2 class="wp-block-heading">Crucial Quote</h2>



“WE HAVE A DEAL FOR THE HOSTAGES IN THE MIDDLE EAST. THEY WILL BE RELEASED SHORTLY. THANK YOU!” Trump&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/113833442957238587" rel="noreferrer noopener" target="_blank">posted on Truth Social</a>&nbsp;just after noon on Wednesday, confirming the deal. Members of Trump’s team have been involved in talks, including his incoming Middle East advisor Steve Witkoff.



<h2 class="wp-block-heading">Was Trump Involved In The Israel-Hamas Ceasefire Deal?</h2>



Trump’s team&nbsp;<a href="https://www.cnn.com/2024/12/10/politics/gaza-israel-hamas-ceasefire-biden-trump-backing/index.html" rel="noreferrer noopener" target="_blank">worked alongside</a>&nbsp;Biden’s administration in its final push for a ceasefire, and members of Trump’s team were reportedly involved in talks, including his incoming Middle East advisor Steve Witkoff. The president-elect said&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/113833531533520804" rel="noreferrer noopener" target="_blank">on Truth Social</a>&nbsp;Wednesday his national security team, via Witkoff, “will continue to work closely with Israel and our Allies to make sure Gaza NEVER again becomes a terrorist safe haven.” Trump said in the post the agreement “could have only happened as a result of” him winning office in November, saying it “signaled to the entire World that my Administration would seek Peace and negotiate deals to ensure the safety of all Americans, and our Allies.” In his press conference Wednesday, Biden said that while his administration negotiated the terms of the ceasefire, it will be up to the Trump administration to ensure it’s implemented, saying they’re handing “the next team a real opportunity for a brighter future in the Middle East” and he hopes they take it. Biden added he directed his team to “coordinate closely” with Trump’s incoming administration to ensure “they’re all speaking with the same voice.” One diplomat&nbsp;<a href="https://www.washingtonpost.com/world/2025/01/15/israel-war-gaza-ceasefire-hostages-news-hamas/#link-RO4YL25X2ZB6DJP3TWPCCUIFTE" rel="noreferrer noopener" target="_blank">told The Washington Post</a>&nbsp;Trump’s influence put added pressure on Israel and Hamas to reach an agreement, noting it was “the first time there has been real pressure on the Israeli side to accept a deal.”



<h2 class="wp-block-heading">Surprising Fact</h2>



When Biden was leaving his press conference, a reporter asked whether he or Trump should get credit for the deal, to which he said: “Is that a joke?” before leaving.



<h2 class="wp-block-heading">Key Background</h2>



Hamas attacked Israel on Oct. 7, 2023, killing more than 1,000 people and taking about 240 people hostage, prompting a massive Israeli invasion of the Gaza Strip. The two sides have been in a nearly-constant war since then. There was a brief pause in fighting in November 2023 when Hamas and Israel agreed on a temporary ceasefire in which about 100 hostages were released, but they have not been able to agree to terms of another ceasefire in the last year. Since the Oct. 7 attack, more than 45,000 Palestinians have been killed, according to the Gaza Health Ministry, and a&nbsp;<a href="http://www.forbes.com/sites/siladityaray/2024/06/12/hamas-and-israel-accused-of-war-crimes-in-un-commissioned-report/">report</a>&nbsp;by a United Nations-created commission accused both Israel and Hamas of committing war crimes and violating international law. As the war has gone on, Israel has also faced&nbsp;<a href="https://www.nytimes.com/live/2024/05/10/world/israel-gaza-war-hamas-rafah" rel="noreferrer noopener" target="_blank">mounting criticisms</a>&nbsp;from other countries, including the U.S., for not allowing enough&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2024/06/16/israel-says-it-will-pause-daytime-fighting-near-gaza-border-to-allow-humanitarian-aid/">aid</a>&nbsp;into the Gaza Strip and for not taking adequate measures to avoid harming civilians.



<h2 class="wp-block-heading">Big Number</h2>



98. That’s how many hostages officials believe remain in Gaza, and about 60 are expected to still be alive,&nbsp;<a href="https://www.washingtonpost.com/world/2025/01/15/israel-war-gaza-ceasefire-hostages-news-hamas/" rel="noreferrer noopener" target="_blank">The Washington Post</a>&nbsp;reported.



<h2 class="wp-block-heading">When Does The Ceasefire Take Effect?</h2>



The first phase of the ceasefire will begin on Sunday, Jan. 19. Biden said as part of the first phase, negotiations will continue as to what the future of Gaza will look like.



<h2 class="wp-block-heading">Further Reading</h2>



<a href="https://www.forbes.com/sites/mollybohannon/2025/01/07/trump-warns-all-hell-will-break-out-if-hamas-doesnt-return-hostages-by-inauguration/">Trump Warns ‘All Hell Will Break Out’ If Hamas Doesn’t Return Hostages By Inauguration</a>&nbsp;(Forbes)



<a href="https://apnews.com/live/israel-hamas-ceasefire-updates#00000194-6b63-ddb2-afb6-fffb740b0000" rel="noreferrer noopener" target="_blank">Live updates: Israel and Hamas agree to a ceasefire in Gaza, multiple officials say&nbsp;</a>(Associated Press)

Israeli Prime Minister Netanyahu Visits Berlin

Israel Government Approves Gaza Ceasefire And Hostage Deal

Generative AI has revolutionized content creation, from narratives to images. Central to many of these models is maximum likelihood estimation (MLE), which allows systems to learn from large datasets by finding patterns that maximize the probability of producing outputs that resemble the data. While effective in generating realistic content, MLE struggles when tasked with rare or underrepresented information.



This limitation became clear in a recent interaction I had with ChatGPT. When asked, “Who is Tshianeo Marwala?” the AI responded, “Tshianeo Marwala is the wife of Professor Tshilidzi Marwala.” However, Tshianeo Marwala is my grandmother, not my spouse. This mistake occurred because MLE- based systems prioritize statistically common relationships — in this case, public figures are more frequently associated with spouses rather than grandparents.



MLE’s reliance on frequent patterns introduces significant challenges when dealing with uncommon data, and this issue is compounded by AI systems’ dependence on centralized sources like Wikipedia. While a valuable resource, Wikipedia’s gaps in coverage, particularly around marginalized groups and global perspectives, restrict the diversity of information AI systems can learn from. This reliance on concentrated sources exacerbates biases, limiting AI’s ability to represent underrepresented voices accurately.



MLE works by selecting parameters that maximize the likelihood of observed data. It is highly effective when dealing with frequent data patterns but less so when dealing with rare or complex relationships. For example, generative AI trained on datasets that frequently discuss public figures and their spouses will naturally associate these roles more often than other family connections. Our 2000 paper on Detection and Classification of Faults Using Maximum Likelihood and Bayesian Approaches showed that while MLE works effectively with frequent, well-defined data, it faces challenges in rare cases. Similarly, in generative AI, MLE handles common information well but tends to make errors with rare or less frequent data.



MLE can also stifle innovation by focusing on the most common patterns, sidelining rare ideas that could lead to breakthroughs. In fields where creativity and uniqueness are essential — such as product design and content creation — this narrowing effect could lead to homogenization rather than diversity. When AI systems converge too much on common patterns, they fail to explore the fringes of probability distributions where novel ideas often reside.



When AI systems rely on data from centralized platforms like Wikipedia or mainstream news outlets, they reflect the biases of these sources. Generative AI will excel at reproducing dominant perspectives but struggle to represent underrepresented or niche knowledge, such as indigenous cultures or less-documented traditions.



This systemic bias limits the AI’s ability to reflect the full spectrum of human experience accurately.



In my grandmother’s case, ChatGPT’s error highlights a broader challenge in AI’s ability to handle complex, less-represented relationships. If a system is trained predominantly on data that overrepresents certain groups or patterns, it will likely misinterpret rare information, perpetuating existing biases.



Beyond limiting diversity, MLE can amplify societal biases present in training data. AI models will reinforce these patterns if a dataset disproportionately represents certain genders, ethnicities, or regions.



To overcome these limitations, we must develop generative AI systems that synthesize information from diverse sources rather than rely on a few centralized platforms. This would enable AI to capture inclusive insights better and improve the accuracy of underrepresented data.



Generative AI must also continually adapt to new information, ensuring its output reflects the latest knowledge. As data generation accelerates, AI systems must effectively filter, assess, and integrate new information. By doing so, AI models can remain relevant, nuanced, and reflective of evolving contexts.



Researchers are exploring alternatives to MLE to address these challenges. One promising approach is reinforcement learning, which allows AI to learn through feedback and adjust based on incentives, improving accuracy and diversity. This method, though not without challenges, can help ensure that rare data is better represented. Another solution is data augmentation, where the training data is enriched with synthetic or curated examples of underrepresented information. This technique helps AI systems learn from a more diverse set of inputs, resulting in more accurate outputs.



Collaboration between AI developers and experts in underrepresented fields is also critical. Such interdisciplinary partnerships ensure that AI systems are not solely reliant on statistical likelihood but incorporate a broader range of knowledge and experiences. In conclusion, while MLE has played a vital role in generative AI, it has notable limitations. Addressing them is essential for ensuring AI systems are fair, inclusive, and accurate. Moving beyond MLE requires both technical innovation and a commitment to diversity. By designing AI systems that synthesize knowledge from distributed sources and continuously update with new information, we can create more adaptive models that are representative of the full breadth of human knowledge and experience.

Business people and engineers studying artificial intelligence brain

Expert-Speak: Not All Perfect (Yet)/The Limitations Of Representing Rare Information In Generative AI

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



The cancer burden in the United States is shifting towards women and younger people, a new American Cancer Society&nbsp;<a href="https://acsjournals.onlinelibrary.wiley.com/doi/10.3322/caac.21871" rel="noreferrer noopener" target="_blank">study</a>&nbsp;released Thursday shows, with disease rates in one group—women aged 50 to 64—surpassing those of men for the first time.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



Cancer rates in women under 50 have soared when compared to their male counterparts, the study shows, and are now 82% higher than the rates seen in men, up from 51% in 2002.



The shift can be partially blamed on increasing trends for breast and thyroid cancers, the study says, which make up almost half of all cancers in people under 50 and mostly impact women.



At the same time, rates of common cancers like melanoma, non-Hodgkin lymphoma and prostate are decreasing in men under 50.



The lifetime probability of being diagnosed with an invasive cancer is now only slightly higher for men (39.9%) than for women (39%), the research shows, much lower than the 1.6% higher chance men had of being diagnosed than women in 1992.



The cancer burden is also shifting by age—new diagnoses in adults aged 65 and older decreased from 61% in 1995 to 59% in 2021, while people aged 50 to 64 and people younger than 50 saw increases in the cancer patient population.



Cancer rates are also on the rise among adolescents aged 15 to 19, but have declined in children ages 14 and below, while mortality rates for both groups have dropped significantly (by 63% and 70%, respectively) since 1970.



Overall, the cancer mortality rate declined by 34% between 1991 and 2022 in the United States, but incidents rates continue to rise in common cancers like breast, pancreatic, uterine corpus, melanoma, liver and some oral cancers.



<h2 class="wp-block-heading" id="h-surprising-fact">Surprising Fact</h2>



Among those younger than 65 years, lung cancer incidence was higher in women than in men in 2021 for the first time ever, the study shows.



<h2 class="wp-block-heading" id="h-big-number">Big Number</h2>



2,041,910. That&#8217;s how many cancer diagnoses are expected in 2025, according to the American Cancer Society. An estimated 988,660 of those cases will be in women, 294,220 of which are expected to die. Roughly 323,900 men are expected to die of cancer in 2025.



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



The study also looked at cancer inequalities by race. Native Americans see rates of kidney, liver, stomach and cervical cancers two to three times higher than white people, and Black people are twice as likely to die of prostate, stomach and uterine corpus cancers when compared to white people. Black people are also 50% more likely to die from cervical cancer, which is preventable, the American Cancer Society says.

Breast ultrasound exam

More Women And Young People Are Getting Cancer Than Before, New Report Shows

As FRELIMO’s candidate takes office under tight security and allegations of electoral fraud, opposition boycotts, youth-led protests, and mounting socioeconomic pressures reflect a nation at a crossroads.



Yesterday’s inauguration ceremony in Maputo marked a pivotal moment in Mozambique’s fraught political landscape, as Daniel Chapo assumed the Presidency amid allegations of electoral fraud and heavy security measures.



The Mozambique Liberation Front (FRELIMO) faced intense scrutiny following reports of ballot-tampering and intimidation in last year’s election. At least eight people were reportedly killed by security forces during protests surrounding the inauguration, while a local civil society group has said more than 300 people have been killed in clashes with security forces since October.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GhameTOWYAIEt7y-1024x1024.jpg" alt="" class="wp-image-64363" style="width:659px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GhameTOWYAIEt7y-1024x1024.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GhameTOWYAIEt7y-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GhameTOWYAIEt7y-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GhameTOWYAIEt7y-768x768.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GhameTOWYAIEt7y.jpg 1280w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Daniel Chapo (Image courtesy of X) </figcaption></figure></div>


Chapo’s ascent to power continues despite months of legal challenges and widespread public outrage. According to independent political analyst Marisa Lourenço in an interview with FORBES AFRICA, institutional domination by FRELIMO left opponents little room to maneuver once the official results were certified.



“FRELIMO controls the Electoral Commission and the courts,” she says, adding, “so there aren’t any other legal or formal avenues to continue to challenge the results.”



A Bloody Backdrop to a Presidential Inauguration



 Chapo’s inauguration took place under tight security in Maputo’s Independence Square, following general elections held on October 9, 2024. Observers, both local and international, raised alarms over alleged irregularities in the voting process.



Opposition parties, including the Mozambican National Resistance (RENAMO) and the Democratic Movement of Mozambique (MDM), boycotted the ceremony, while upstart party, Podemos chose a more qualified acceptance by taking parliamentary seats.



Public sentiment has been notably tense, with many citizens accusing FRELIMO of corruption and authoritarian methods.



Background on the 2024 General Elections



The stakes were high when the country went to the polls, given Mozambique’s economic challenges and FRELIMO’s decades in power. RENAMO brought its own legacy of conflict with FRELIMO, while MDM sought to bolster its influence. Podemos emerged as a fresh alternative for many voters.



Independent candidate Venâncio Mondlane claimed a majority of votes, labeling the official results a “theft of the people’s will”.



Complaints, tampering and intimidation characterized the post-election landscape. The Constitutional Court introduced minor adjustments to Chapo’s vote share and reallocated a few parliamentary seats but did not address deeper systemic grievances.



Opposition Reaction and Legal Recourse



 Mondlane’s insistence that he won—bolstered by viral social media videos—added to the nationwide protests, which escalated after his lawyer was killed under suspicious circumstances. RENAMO and MDM announced boycotts of parliament, citing what they viewed as blatant electoral fraud. However, the promise of parliamentary influence and financial benefits prompted Podemos to accept its seats on January 13.



“They have more money and power to gain in accepting the situation than if they continue to oppose it,” observes Lourenço.



The Constitutional Court’s validation of the results effectively closed any formal channels for renewed litigation.



Efforts to Rebuild Trust



Though Chapo’s final tally was marginally reduced, many citizens saw it as a superficial measure that failed to dispel deep-rooted skepticism.



Furthermore, high unemployment and pervasive corruption has disproportionately affected younger Mozambicans, who have played a visible role in recent protests. Many reject FRELIMO’s liberation-era credentials.



“They also tired very quickly of main opposition RENAMO and were key to the success of Podemos,” says Lourenço, illustrating the generational shift.



Calls for job creation and anti-corruption measures have intensified, and observers have reportedly warned of potential radicalization if grievances remain unanswered.



Government Response and Long-Term Implications



Chapo’s presidency so far suggests FRELIMO will prioritize stability and security control. Human rights advocates have also condemned the use of live ammunition on protesters.



“FRELIMO under former president Filipe Nyusi has become much more draconian, and so is likely to continue to clamp down on dissent,” Lourenço states.



Rising inflation, frequent public-sector strikes, and a potential exodus of skilled workers loom large. FRELIMO’s closer ties to authoritarian governments could further strain relations with democratic neighbors and investors.



“This election has been a turning point,” Lourenço comments. “It has shown just how far FRELIMO will go to protect itself.”



Civic organizations also continue to demand electoral reforms, media freedoms, and more decisive anti-corruption measures.



“Mozambique’s political future looks fraught with clashes between a rigid ruling party and a largely disillusioned population,” says Lourenço.



“While immediate post-inauguration tensions might recede, the deeper issues—corruption, inequality, youth disenfranchisement—will keep re-emerging until they’re adequately addressed.”

Tag: News Letter

FORBES AFRICA SOCIAL MEDIA