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



<p>Ukraine has agreed to an immediate, 30-day ceasefire proposal brokered by the United States, according to a&nbsp;<a href="https://www.president.gov.ua/en/news/spilna-zayava-za-pidsumkami-zustrichi-delegacij-ukrayini-ta-96553" target="_blank" rel="noreferrer noopener">joint statement</a>&nbsp;from the two countries, though Russia has yet to accept the deal as it continues its three-year invasion of Ukraine.</p>



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



<p>The ceasefire can be extended if Ukraine and Russia agree to additional terms, the statement said, noting Russia has not yet accepted the ceasefire deal.</p>



<p>The U.S. will immediately remove its pause on intelligence sharing and security assistance for Ukraine, according to the statement, about a week after the White House suspended intelligence that primarily aided Ukrainian attacks within Russian territory.</p>



<p>Secretary of State Marco Rubio&nbsp;<a href="https://x.com/ABC/status/1899528838717043133" rel="noreferrer noopener" target="_blank">told reporters</a>&nbsp;Tuesday after peace talks with Ukrainian officials in Saudi Arabia “we’ll take this offer now to the Russians and we hope that they’ll say yes… the ball is now in their court.”</p>



<p>The U.S. and Ukraine also agreed to quickly reach an agreement on a mineral deal that was stalled last month after President Donald Trump and Ukrainian President Volodymyr Zelenskyy engaged in a widely broadcast&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">argument in the Oval Office</a>&nbsp;that soured diplomatic relations and led to the Trump administration’s&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/03/04/zelenskyy-wants-to-make-things-right-as-us-cuts-off-assistance/">pause on military aid</a>&nbsp;for Ukraine.</p>



<h2 class="wp-block-heading" id="h-what-we-don-t-know">What We Don’t Know</h2>



<p>The specific terms of the ceasefire and what concessions, if any, Ukraine or Russia will have to make for the deal to go through. Zelenskyy has said Ukraine needs to be in a “<a href="https://www.forbes.com/sites/antoniopequenoiv/2025/02/28/zelenskyy-stands-his-ground-in-first-interview-since-fiery-trump-meeting-not-sure-that-we-did-something-bad/?ctpv=xlrecirc">strong position</a>” within a peace deal and that lasting security guarantees are needed.</p>



<h2 class="wp-block-heading" id="h-chief-critic">Chief Critic</h2>



<p>Former U.S. National Security Advisor John Bolton told&nbsp;<a href="https://x.com/AmbJohnBolton/status/1899227444776743288" rel="noreferrer noopener" target="_blank">CBC News Network</a>&nbsp;on Tuesday that it is a “big mistake to insist that Ukraine agree to a ceasefire,” warning that a ceasefire along the frontlines could turn into the new Russian-Ukrainian border. “The result will be that Russia’s aggression will have been vindicated,” he said. Russia has control of eastern Ukrainian cities such as Melitipol, Mariupol, Donetsk, Bakhmut and Luhansk, according to&nbsp;<a href="https://www.bbc.com/news/world-europe-60506682" rel="noreferrer noopener" target="_blank">BBC</a>, which noted a smaller Russian offensive has taken shape in northern Ukraine as well.</p>



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



<p>Relations between the Trump administration and Zelenskyy have been rocky in the leadup to the ceasefire proposal. Trump began trying to broker a peace deal between Ukraine and Russia last month, with his administration holding talks with the latter country without any Ukrainian delegates present. Zelenskyy said Ukraine would not accept a peace deal created without Ukrainian participation, also alleging Trump had fallen for Russian disinformation as the U.S. president called him a “<a href="https://www.forbes.com/sites/maryroeloffs/2025/02/19/trump-zelensky-feud-trump-calls-zelensky-a-dictator--after-ukraines-president-criticizes-him-amid-russia-talks/">dictator</a>” who “has done a terrible job” handling Russia’s invasion. Trump and Zelenskyy verbally sparred in the Oval Office late last month, when the two were prepared to come to the table to sign a mineral deal that would allocate proceeds from Ukraine’s mineral resources to a joint fund with the U.S. as a means of providing the U.S. payback for the billions in military support it has provided Ukraine in the last few years. Tensions between Trump and Zelenskyy have slightly eased in recent days, with the Ukrainian president saying “it is time&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/03/04/zelenskyy-wants-to-make-things-right-as-us-cuts-off-assistance/">to make things right</a>” after the U.S. pulled military support from Ukraine and Trump remaining optimistic a peace deal could still be completed.</p>



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



<p><a href="https://www.forbes.com/sites/mollybohannon/2025/03/04/zelenskyy-wants-to-make-things-right-as-us-cuts-off-assistance/">Zelenskyy Wants To ‘Make Things Right’ As U.S. Cuts Off Assistance</a>&nbsp;(Forbes)</p>



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<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2025/02/28/zelenskyy-stands-his-ground-in-first-interview-since-fiery-trump-meeting-not-sure-that-we-did-something-bad/?ctpv=xlrecirc">Zelenskyy Stands His Ground In First Interview Since Fiery Trump Meeting: &#8216;Not Sure That We Did Something Bad&#8217;&nbsp;</a>(Forbes)</p>



<p><a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">Trump, Zelenskyy, Vance Face Off In Oval Office Shouting Match—Here’s Everything They Said&nbsp;</a>(Forbes)</p>


EU Leaders Emergency Summit On Defense And Ukraine

Ukraine Agrees To 30-Day Ceasefire Proposal—But Russia Hasn’t Accepted Yet


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



<p>The Centers for Disease Control and Prevention—which falls under the purview of Health and Human Services Secretary Robert F. Kennedy Jr.—is planning to study potential connections between vaccines and autism,&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/us-cdc-plans-study-into-vaccines-autism-sources-say-2025-03-07/" rel="noreferrer noopener" target="_blank">Reuters</a>&nbsp;reported Friday, a link Kennedy has controversially pushed in the past.</p>



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



<p>Two unnamed sources familiar with the matter told Reuters of the planned study, though it was unclear whether Kennedy, a&nbsp;<a href="https://www.forbes.com/sites/saradorn/2025/02/13/rfk-jrs-health-secretary-confirmation-live-updates-senate-confirms-trumps-pick-mcconnell-votes-no/">known-vaccine skeptic</a>&nbsp;who has pushed the conspiracy that autism is linked to vaccination, is involved.</p>



<p>The CDC’s page on&nbsp;<a href="https://www.cdc.gov/autism/faq/index.html" rel="noreferrer noopener" target="_blank">frequently asked questions</a>&nbsp;about autism—which was last updated on Nov. 5, 2024—states that, “to date, the studies continue to show that vaccines are not associated with” autism spectrum disorder.</p>



<p>There have been a&nbsp;<a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC5789217/" rel="noreferrer noopener" target="_blank">number</a><a href="https://www.mayoclinichealthsystem.org/hometown-health/speaking-of-health/autism-vaccine-link-debunked" rel="noreferrer noopener" target="_blank">&nbsp;of scientific</a><a href="https://autismsciencefoundation.org/autism-and-vaccines/" rel="noreferrer noopener" target="_blank">&nbsp;studies</a>&nbsp;done in the past that have shown no connection between vaccination and autism, but 20 years ago, Kennedy emerged as the most prominent figure pushing the conspiracy.</p>



<p>Forbes has reached out to the CDC for comment.</p>



<h2 class="wp-block-heading" id="h-what-has-kennedy-said-about-vaccines">What Has Kennedy Said About Vaccines?</h2>



<p>Kennedy’s stance that vaccines may cause autism, along with his other stances on the safety of various&nbsp;<a href="https://www.forbes.com/sites/conormurray/2024/11/06/heres-what-an-rfk-jr-health-role-in-a-trump-administration-could-look-like-vaccine-skepticism-fluoride-ban/">vaccinations</a>, has been slammed by health experts and organizations who argue he is spreading long-discredited theories. Kennedy was among the most well-known public figures spreading the theory for years: In 2005, he&nbsp;<a href="https://www.factcheck.org/2023/08/scicheck-what-rfk-jr-gets-wrong-about-autism/" rel="noreferrer noopener" target="_blank">published</a>&nbsp;a later-retracted article claiming a preservative used to prevent vaccine vial contamination was tied to childhood neurological disorders—a theory that CDC experts have&nbsp;<a href="https://www.cdc.gov/vaccine-safety/about/thimerosal.html#:~:text=Does%20thimerosal%20cause%20autism%3F,link%20between%20thimerosal%20and%20autism." rel="noreferrer noopener" target="_blank">long rejected</a>. He also cites a decades-old CDC study when alleging vaccines are tied to autism, despite one of the authors of the study saying it gave no conclusion on a potential connection, according to&nbsp;<a href="https://www.factcheck.org/2023/08/scicheck-what-rfk-jr-gets-wrong-about-autism/" rel="noreferrer noopener" target="_blank">FactCheck.org</a>. Kennedy has also falsely stated as recently as last year that there are no adults “with full-blown autism,” repeating that belief when he appeared on Joe Rogan’s&nbsp;<a href="https://open.spotify.com/episode/3DQfcTY4viyXsIXQ89NXvg" rel="noreferrer noopener" target="_blank">podcast</a>&nbsp;last summer. His claims were questioned heavily by lawmakers during his confirmation hearings. During the hearings, Kennedy said he was not “anti-vaccine” but is “pro-safety,” though he&nbsp;<a href="https://abcnews.go.com/Health/rfk-jr-questioned-rising-autism-rates-experts-gets/story?id=118648320" rel="noreferrer noopener" target="_blank">refused</a>&nbsp;to say there is no link between autism and vaccines. In October, before he was appointed to lead HHS, Kennedy said in a&nbsp;<a href="https://x.com/RobertKennedyJr/status/1845995741833011374" rel="noreferrer noopener" target="_blank">post on X</a>&nbsp;he is “not going to take anyone&#8217;s vaccines away from them. I just want to be sure every American knows the safety profile, the risk profile, and the efficacy of each vaccine.”</p>



<h2 class="wp-block-heading" id="h-what-has-trump-said-about-autism-and-vaccines">What Has Trump Said About Autism And Vaccines?</h2>



<p>Since being elected, Trump has discussed the rise in autism rates—which many experts believe is linked to more frequent diagnoses—and said in a post on&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/113946130240319294" rel="noreferrer noopener" target="_blank">Truth Social</a>&nbsp;“something’s really wrong. We need BOBBY!!!” referring to Kennedy. In his joint address to Congress on Tuesday, Trump cited the rise in autism in children and said, “we’re going to find out what it is, and there’s nobody better than Bobby and all of the people that are working with you.” In 2014, Trump weighed in more specifically on the conspiracy that vaccines cause autism, saying in a&nbsp;<a href="https://x.com/realDonaldTrump/status/449525268529815552?lang=en" rel="noreferrer noopener" target="_blank">post on X</a>: “Healthy young child goes to doctor, gets pumped with massive shot of many vaccines, doesn&#8217;t feel good and changes &#8211; AUTISM. Many such cases!”</p>



<h2 class="wp-block-heading" id="h-have-autism-rates-been-increasing">Have Autism Rates Been Increasing?</h2>



<p>Yes, autism diagnoses have been on the rise. The CDC reported in 2020 that&nbsp;<a href="https://www.cdc.gov/mmwr/volumes/72/ss/ss7202a1.htm?s_cid=ss7202a1_e&amp;ACSTrackingID=USCDC_921-DM101985&amp;ACSTrackingLabel=This%20Week%20in%20MMWR%20-%20Vol.%2072%2C%20March%2024%2C%202023&amp;deliveryName=USCDC_921-DM101985" rel="noreferrer noopener" target="_blank">1 in 36</a>&nbsp;children were diagnosed with autism, an increase from from&nbsp;<a href="https://www.cdc.gov/autism/data-research/index.html" rel="noreferrer noopener" target="_blank">1 in 150</a>&nbsp;two decades earlier. Researchers maintain there are no trusted scientific studies that show a connection between vaccines and autism, and the&nbsp;<a href="https://beta.cdc.gov/vaccine-safety/about/autism.html#cdc_vaccine_special_topics_cause_impact-vaccines-do-not-cause-autism" rel="noreferrer noopener" target="_blank">CDC says</a>&nbsp;there have been nine agency-funded or conducted studies that have shown no link between thimerosal-containing vaccines and autism. Rather, researchers say the increase can be attributed to things including more awareness, more parents having children at a later age and increased risk factors like exposure to toxic chemicals and viral infections during pregnancy, The New York Times&nbsp;<a href="https://www.nytimes.com/2024/12/23/health/what-causes-autism.html" rel="noreferrer noopener" target="_blank">reported</a>.</p>



<h2 class="wp-block-heading" id="h-where-did-the-theory-that-vaccines-cause-autism-originate">Where Did The Theory That Vaccines Cause Autism Originate?</h2>



<p>A since-retracted 1998 medical study from Andrew Wakefield hypothesized there could be a connection between the measles, mumps and rubella vaccine and the development of autism. The paper was discredited by health experts, retracted and Wakefield lost his medical license for acting “dishonestly and irresponsibly” while conducting research,&nbsp;<a href="https://abcnews.go.com/Health/rfk-jr-questioned-rising-autism-rates-experts-gets/story?id=118648320" rel="noreferrer noopener" target="_blank">ABC News</a>&nbsp;reported.</p>



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



<p>On Wednesday, Trump’s pick to lead the National Institutes of Health indicated he was open to funding new studies looking into potential links between vaccines and autism. Dr. Jay Bhattacharya&nbsp;<a href="https://www.statnews.com/2025/03/05/trump-nih-nominee-jay-bhattacharya-confirmation-research-on-vaccines-autism/" rel="noreferrer noopener" target="_blank">said</a>&nbsp;in his confirmation hearing that he’s “convinced” there is not a link between the MMR vaccine and autism, but would “support a broad scientific agenda based on data to get an answer” to why the rate of children being diagnosed with autism is increasing.</p>



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



<p><a href="https://www.reuters.com/business/healthcare-pharmaceuticals/us-cdc-plans-study-into-vaccines-autism-sources-say-2025-03-07/" rel="noreferrer noopener" target="_blank">Exclusive: US CDC plans study into vaccines and autism, sources say</a>&nbsp;(Reuters)</p>



<p><a href="https://www.forbes.com/sites/saradorn/2025/02/13/rfk-jrs-health-secretary-confirmation-live-updates-senate-confirms-trumps-pick-mcconnell-votes-no/">RFK Jr. Live Updates: Senate Confirms Trump’s HHS Pick—McConnell Votes ‘No’</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/conormurray/2024/11/06/heres-what-an-rfk-jr-health-role-in-a-trump-administration-could-look-like-vaccine-skepticism-fluoride-ban/">Here’s What An RFK Jr. Health Role In A Trump Administration Could Look Like: Vaccine Skepticism, Fluoride Ban</a>&nbsp;(Forbes)</p>



<p><a href="https://www.statnews.com/2025/03/05/trump-nih-nominee-jay-bhattacharya-confirmation-research-on-vaccines-autism/" target="_blank" rel="noreferrer noopener">NIH nominee is &#8216;convinced&#8217; vaccines don&#8217;t cause autism, but won&#8217;t rule out more studies on the issue</a> (Stat News)</p>


CDC Headquarters

CDC Plans Large Study On Long-Debunked Connection Between Vaccines And Autism, Report Says


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



<p>Ukrainian President Volodymyr Zelenskyy said in a statement posted on social media he and Ukraine are still committed to working with President Donald Trump and “it is time to make things right,” one day after Trump announced a pause on military aid to Ukraine after Zelenskyy’s contentious visit to the White House.</p>



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



<p>Zelenskyy said in the X&nbsp;<a href="https://x.com/ZelenskyyUa/status/1896948147085049916" rel="noreferrer noopener" target="_blank">statement</a>&nbsp;Ukraine does not want “an endless war” and is ready to “come to the negotiating table as soon as possible to bring lasting peace closer.”</p>



<p>Zelenskyy’s statement was posted just before 11 a.m. EST Tuesday, less than one day after Trump&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/03/04/trump-freezes-ukraine-aid-after-confrontation-with-zelenskyy/">ordered a pause</a>&nbsp;on all military aid for Ukraine amid its ongoing war with Russia until he felt Ukraine’s leaders “demonstrate a good-faith commitment to peace,”&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-03-03/trump-pauses-military-aid-to-ukraine-after-clash-with-zelenskiy?srnd=homepage-americas" rel="noreferrer noopener" target="_blank">Bloomberg</a>&nbsp;reported.</p>



<p>The pause in aid came days after Zelenskyy, Trump and Vice President JD Vance had a&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">heated exchange</a>&nbsp;in the Oval Office in which American leadership criticized Zelenskyy for a lack of gratitude and Trump threatened he was “gambling with World War III.”</p>



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



<p>“Our meeting in Washington, at the White House on Friday, did not go the way it was supposed to be,” Zelenskyy said in the statement. “It is regrettable that it happened this way. It is time to make things right. We would like future cooperation and communication to be constructive.”</p>



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



<p>$66.5 billion. That’s about how much&nbsp;<a href="https://www.state.gov/bureau-of-political-military-affairs/releases/2025/01/u-s-security-cooperation-with-ukraine#:~:text=To%20date%2C%20we%20have%20provided,invasion%20of%20Ukraine%20in%202014." rel="noreferrer noopener" target="_blank">U.S. aid</a>&nbsp;and military assistance has been sent to Ukraine since its war with Russia began in February 2022.</p>



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



<p>Russia invaded Ukraine more than three years ago and the countries have been warring since, with the U.S. and European countries largely backing Ukraine against President Vladimir Putin’s Russia. But Trump was critical of former President Joe Biden’s support of Ukraine, and regularly said throughout his presidential campaign the war would not have begun had he been president at the time Russia invaded Ukraine. Trump&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/02/28/trump-threatens-zelensky-during-tense-live-meeting-make-a-deal-or-were-out/">met with Zelenskyy</a>&nbsp;last week in the White House for the signing of a minerals deal that would see Ukraine put some proceeds from its state-owned mineral resources to a jointly owned fund with the U.S. as a way to pay the U.S. back for its support during the war, but the meeting devolved into a shouting match in which Trump&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">told</a>&nbsp;Zelenskyy he and Ukraine “don’t have the cards” to beat Russia without U.S. support. Zelenskyy left the White House without signing the deal, and the meeting drew criticism from Democrats who&nbsp;<a href="https://x.com/atrupar/status/1895593439854547343" rel="noreferrer noopener" target="_blank">said</a>&nbsp;Trump’s behavior made the U.S. look weak.</p>



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



<p>After the meeting between Zelenskyy and Trump, European leaders announced increased efforts to support Ukraine and end the war with Russia. U.K. Prime Minister Keir Starmer said the U.K., France and other countries were committed to keeping aid flowing to Ukraine, finding a path to lasting peace and developing a “coalition of the willing” to defend Ukraine, the&nbsp;<a href="https://www.bbc.com/news/articles/c9vygkzkkrvo" rel="noreferrer noopener" target="_blank">BBC</a>&nbsp;reported. Starmer also&nbsp;<a href="https://apnews.com/article/ukraine-britain-zelenskyy-europe-starmer-trump-russia-b980170ead74a1a7914c565f14ee6cc9" rel="noreferrer noopener" target="_blank">pledged</a>&nbsp;$2 billion to Ukraine to fund defense missiles.</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">What To Watch For</h2>



<p>Trump’s response to Zelenskyy’s statement.</p>



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



<p><a href="https://www.forbes.com/sites/mollybohannon/2025/03/04/trump-freezes-ukraine-aid-after-confrontation-with-zelenskyy/">Trump Freezes Ukraine Aid After Confrontation With Zelenskyy</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">Trump, Zelenskyy, Vance Face Off In Oval Office Shouting Match—Here’s Everything They Said</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/tylerroush/2025/02/28/trump-threatens-zelensky-during-tense-live-meeting-make-a-deal-or-were-out/">Trump-Zelenskyy Talks End Early After Trump Threatens Him In Tense Live Meeting: ‘Make A Deal Or We’re Out’</a>&nbsp;(Forbes)</p>



<p></p>


President Trump Hosts Ukrainian President Zelensky At The White House

Zelenskyy Wants To ‘Make Things Right’ As U.S. Cuts Off Assistance


<p><strong>Trump’s second term may unleash a new wave of acquisitions, and mid-cap stocks could be in the crosshairs of acquirers.</strong></p>



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



<p>T<strong>he stock market</strong> surged higher following Donald Trump’s election win earlier last year as Wall Street celebrated the new business-friendly administration and the more lenient regulatory environment it is expected to bring.</p>



<p>Under the Biden administration, dealmaking has been sluggish due in part to an aggressive antitrust approach from the Federal Trade Commission headed up by Chair Lina Khan. A year-and-a-half Federal Reserve rate hiking campaign also slowed the pace of deals. Trump, however, has made it no secret that he wants to overhaul government departments, and once he takes office in January, a change in the FTC seems like it will be among his first orders of business. Plus, the Fed started cutting rates in September.</p>



<p>Dealmakers and corporate lenders are expecting a second Trump term to usher in a new era of merger and acquisition activity, while Wall Street now expects that under Trump, stalled deals like the Kroger-Albertsons grocery merger could get the green light.</p>



<p>Recent interest rate cuts from the Federal Reserve have lowered the cost of capital for companies to do deals, particularly those involving debt. The dollar-volume of M&amp;A activity in 2025 will rise 20%, compared to a 15% decline this year, says Goldman Sachs’ chief U.S. equity strategist, David Kostin.</p>



<p>“A tidal wave of tech M&amp;A and overall deal activity could now be on the horizon with Trump in the White House,” says analyst Dan Ives at Wedbush.</p>



<p>Public company CEOs have also lauded what they see as a more favorable outlook for dealmaking. Warner Bros. Discovery CEO David Zaslav told analysts on a call earlier this month that the new Trump administration would be beneficial for business consolidation.</p>



<p>Andrew Peck, co-chief investment officer at $43 billion Baron Capital, predicts that sectors like healthcare, consumer staples and especially technology—where larger companies are sitting on big cash piles—are ripe for M&amp;A activity. CFRA Chief Investment Strategist Sam Stovall agrees about healthcare and consumer staples but adds to the list depressed sectors like industrials and materials. Bank of America says that just about any company with positive cash flow, above-average sales growth and low debt levels are takeover candidates.</p>



<p>Mid-caps, which range in market capitalization from about $2 billion to $10 billion, have been the stock market’s sweet spot since the turn of the century, with the S&amp;P Midcap 400 Index posting total returns 39% higher than both the large cap S&amp;P 500 Index and Russell 2000 Small Cap Index. An investment of $10,000 in May 2000 in the MDY exchange traded fund that tracks the S&amp;P 400 has mushroomed into a value of $92,260. By comparison, $10,000 invested in the SPY, which mirrors the S&amp;P 500, and IWM, which tracks the Russell 2000, grew into $65,560 and $66,430, respectively.</p>



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



<p><strong><abbr>F</abbr>orbes decided to hunt</strong>&nbsp;for acquisition candidates among under-the-radar mid-cap stocks by selecting companies appealing to potential acquirers interested in both growth and value.</p>



<p>In screening for top targets in the growth category,&nbsp;<em>Forbes</em>&nbsp;used the following metrics: Companies with a market range of between $2 billion and $15 billion, closely approximating the typical range for mid-cap stocks. These companies are big enough to exert competitive pressure on larger cap companies in their industry, spurring takeover interest. They are also small enough to be easily digestible for larger companies, and for private equity firms and Warren Buffett-style investors in search of well-run businesses that produce consistent and rising cash flows. There are more than 10,000 private equity firms globally and according to an S&amp;P Global report earlier this year, they are sitting on a record $2.6 trillion in dry powder.</p>



<p>For our mid-cap growth candidates, we required stocks to have more than a 7% increase in current-year earnings per share and revenue. We also required a return on invested capital (ROIC) of at least 15%, a calculation used to determine how well a company allocates money to profitable projects or investments. For the value category, we additionally required shareholder yield of greater than 4% but dropped the requirement for 7% current year growth in earnings per and revenue.</p>



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



<p>On<strong>both lists&nbsp;</strong>we also considered enterprise value divided by earnings before interest, taxes, depreciation, and amortization—a metric widely used by acquiring firms that looks at the amount of cash flow generated if you were to buy all of a company’s stock and assume all of its debt. Finally, we then ranked both lists by ROIC and took the 10 stocks ranking highest in that metric.</p>



<p>Top of both the growth and value lists was Dropbox, the $8.5 billion (market capitalization) cloud storage company. Though shares are down some 7% this year, Dropbox boasted an impressive 55.6% return on invested capital, meaning that management has had a good track record of investing in profitable projects.</p>



<p>On our value list, the top performers were all in the consumer staples sector, though their share prices have largely been flat this year. These include retailer Bath &amp; Body Works, department store chain Dillard’s and footwear brand Crocs, which boasted a 37%, 28% and 26% return on invested capital, respectively.</p>



<p>The top targets in our growth list, meanwhile, include the likes of home service plan provider Frontdoor, radiopharmaceutical company Lantheus Holdings and clothing retailer Abercrombie &amp; Fitch. Many of these stocks have seen share prices jump higher in 2024 on the back of solid earnings growth: Lantheus is up 20% while Abercrombie &amp; Fitch and Frontdoor have both risen more than 50%.</p>



<p>“Regulatory shifts may open doors but won&#8217;t fundamentally change what makes a good deal good, and while a potential administration change could ease regulatory scrutiny, factors like higher interest rates could offset any surge in deal activity,” cautions Kurt Havnaer, manager of the Jensen Quality Mid Cap (JNVIX) mutual fund. “Looking ahead, acquirers will likely remain selective, focusing on deals that create tangible shareholder value through revenue synergies, market expansion, and operational efficiencies.</p>



<figure class="wp-block-image"><img decoding="async" src="https://sync.graph.bluecava.com/ds.png?p=4cb3430d-9dfd-11ef-a5fe-4201ac100015&amp;segment=forbeseval" alt=""/></figure>


Donald Trump Campaigns For President In Raleigh, North Carolina

Wall Street Expects A Dealmaking Boom Under Trump. These 20 Stocks Are Prime Targets


<p><strong><abbr>E</abbr>li Lilly</strong>&nbsp;is&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/eli-lilly-bets-big-weight-loss-pill-with-550-million-inventory-stockpile-2025-02-20/" rel="noreferrer noopener" target="_blank">stockpiling massive quantities</a>&nbsp;of an oral weight-loss drug that’s at least a year from launch, with total&nbsp;<a href="https://www.sec.gov/Archives/edgar/data/59478/000005947825000067/lly-20241231.htm" rel="noreferrer noopener" target="_blank">“pre-launch inventory”</a>&nbsp;of nearly $550 million at Dec. 31, 2024, according to its 10-K financial statements released last week.</p>



<p>The unusual move represents a massive bet on a new once-daily pill for weight loss called orforglipron, at a time when GLP-1 drugs from Lilly and its competitor Novo Nordisk have taken the market by storm. Lilly’s tirzepatide drugs, Zepbound for obesity and Mounjaro for diabetes, both of which are administered by injection, accounted for $5.4 billion in revenue in the fourth quarter alone.</p>



<p>Orforglipron showed good results in a phase 2 trial published in the&nbsp;<em>New England Journal of Medicine</em>&nbsp;in June 2023. The highest dose of the drug resulted in&nbsp;<a href="https://investor.lilly.com/news-releases/news-release-details/lillys-phase-2-results-published-new-england-journal-medicine" rel="noreferrer noopener" target="_blank">14.7% weight loss after 36 weeks</a>&nbsp;for people who were obese or overweight. Lilly has begun stage 3 research, and CEO Dave Ricks said last month that the drug could receive FDA approval&nbsp;<a href="https://fortune.com/well/article/eli-lilly-weight-loss-pill-orforglipron-glp1-2026/" rel="noreferrer noopener" target="_blank">as early as next year.</a></p>



<p>“The level of excitement here is high,” Patrik Jonsson, Lilly’s president of cardiometabolic health, told&nbsp;<em>Forbes&nbsp;</em>in an interview at the J.P. Morgan healthcare conference in January. “This could potentially be game-changing when it comes to reaching more patients across the globe.”</p>



<p>Oral medications, after all, don’t require the cold-chain storage and transportation that injectables do, and they’re less complicated to manufacture. They’re also more appealing to patients, especially those who have needle phobias.</p>



<p>What the easier production and distribution means for the price of orforglipron when it hits the market remains to be seen. On Tuesday, Lilly began selling higher doses of Zepbound in the U.S. at a&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/lilly-launches-higher-dose-vials-weight-loss-drug-150-less-than-injector-pen-2025-02-25/" rel="noreferrer noopener" target="_blank">discount of $150</a>&nbsp;compared to the injector pen versions, Reuters reported. Then, on Wednesday, it said that it would&nbsp;<a href="https://www.cnbc.com/2025/02/26/eli-lilly-to-invest-27-billion-in-new-us-manufacturing.html" rel="noreferrer noopener" target="_blank">invest $27 billion</a>&nbsp;in four new U.S. manufacturing plants.</p>



<p>Research firm Coherent Market Insights estimates the global GLP-1 market at $25 billion in 2024 and forecasts that it will&nbsp;<a href="https://www.biospace.com/press-releases/glp-1-receptor-agonist-market-worth-55-70-billion-by-2031-coherent-market-insights" rel="noreferrer noopener" target="_blank">surpass $55.7 billion by 2031.</a></p>



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<h2 class="wp-block-heading" id="h-cellino-inks-a-deal-to-build-a-stem-cell-foundry-at-mass-general"><strong>Cellino Inks A Deal To Build A Stem Cell Foundry At Mass General</strong></h2>



<p><strong><abbr>F</abbr>or more than a decade</strong>, biotech researchers have been exploring the possibility of regenerating damaged parts of the body as a way to treat degenerative diseases such as Parkinson’s and type 1 diabetes. One of the most promising technologies to do so are induced pluripotent stem cells (iPSCs), which can be programmed to turn into basically any kind of cell.</p>



<p>The catch: making these cells is a labor-intensive process that can cost millions of dollars to produce tissue for just one patient. Biotech startup Cellino, cofounded in 2017 by CEO and&nbsp;<a href="https://www.forbes.com/pictures/5bda143431358e5b43352bd7/marinna-madrid-28-nabiha/"><em>Forbes&nbsp;</em>30 Under 30 alumna Nabiha Saklayen,</a>&nbsp;is now one step closer to scaling iPSC manufacturing. It’s building its first foundry at Massachusetts General Brigham’s Gene and Cell Therapy Institute. Cellino has raised a total of $100 million in venture funding at a valuation of $140 million as of January 2022, according to Pitchbook.</p>



<p>The foundry will use the automated systems that Cellino has developed (<a href="https://www.forbes.com/sites/alexknapp/2024/09/10/this-startup-aims-to-regenerate-damaged-tissues-with-the-help-of-ai-and-lasers/">read more about the tech here</a>) to generate iPSCs from patients’ blood or skin cells on-site. The company estimates that use of the foundry, which is set to go online next year, could reduce costs by a factor of ten. More importantly, a scalable, consistent process will make it easier to manufacture new treatments that can go through the clinical trial process and eventually be commercialized, CEO Saklayen told&nbsp;<em>Forbes</em>.</p>



<p>“With high quality cells, we can start to see what the readout is in patients and know how potent the medicine is,” she said. “That’s hard to tell if the manufacturing isn’t standardized. So that’s what I’m really excited about.”</p>



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<h2 class="wp-block-heading" id="h-biotech-and-pharma"><strong>BIOTECH AND PHARMA</strong></h2>



<p>Last December, the FDA&nbsp;<a href="https://www.fda.gov/news-events/press-announcements/fda-approves-first-mesenchymal-stromal-cell-therapy-treat-steroid-refractory-acute-graft-versus-host" rel="noreferrer noopener" target="_blank">approved</a>&nbsp;Mesoblast’s drug Ryoncil, which is the first time a mesenchymal stromal cell (MSC) therapy has received a green light from the agency. MSCs are adult stem cells found in bone marrow that can turn into different types of cells. Ryoncil is used to treat children with severe graft-versus-host disease (GVH) following a stem cell transplant, which is typical for leukemia patients. It’s also the first approved treatment for children with this disease who don’t respond to steroids.</p>



<p>Mesoblast CEO Silviu Itescu told&nbsp;<em>Forbes</em>&nbsp;last week that the company plans to begin commercial sales of the drug this quarter, with the remaining obstacles being setting pricing with payers and shipping product to hospital. “We have inventory for at least the next couple of years for children with acute GVH,” he said. The company is also pursuing clinical trials for adults with GVH as well as for the use of its stem cell products for children with severe Crohn&#8217;s disease, he said.</p>



<p>The publicly traded company’s shares are down 21% so far this year, at a recent $16.</p>



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<h2 class="wp-block-heading" id="h-digital-health-and-ai"><strong>DIGITAL HEALTH AND AI</strong></h2>



<p>AI biotech startup Genesis Therapeutics&nbsp;<a href="https://www.businesswire.com/news/home/20250220803826/en/Incyte-and-Genesis-Therapeutics-Announce-Strategic-AI-focused-Research-Collaboration" rel="noreferrer noopener" target="_blank">entered</a>&nbsp;an agreement with pharmaceutical company Incyte to use Genesis’ AI drug discovery platform, GEMS, to discover small molecule drug candidates against two undisclosed targets. Under the terms of the arrangement, Incyte will pay Genesis $30 million upfront and up to $295 million in milestones per target over the course of the collaboration, plus royalties. Incyte, which has a $14 billion market cap, focuses on oncology, immunology and dermatology and other unmet needs. This is the third deal for Genesis since September, following similar collaborations with pharmaceutical company Gilead and AI powerhouse Nvidia.</p>



<p>“We found it was a really natural fit to combine GEMS and its ability to drug challenging targets with some of the needs Incyte had for some of its pipeline programs,” Genesis CEO Evan Feinberg told&nbsp;<em>Forbes</em>, adding that another reason he wanted to work with Incyte is its “track record of pioneering completely new areas of medicine.”</p>



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<h2 class="wp-block-heading" id="h-medtech"><strong>MEDTECH</strong></h2>



<p>Medical device maker Medtronic (market cap $116 billion) gained FDA approval for a new&nbsp;<a href="https://www.medtechdive.com/news/Medtronic-DBS-BrainSense-Parkinsons-FDA-approval/740757/" rel="noreferrer noopener" target="_blank">self-adjusting deep brain stimulation device</a>&nbsp;for people with Parkinson’s disease, a nervous system disorder that affects movement. The BrainSense Adaptive device works similarly to a cardiac pacemaker, but for the brain, using a surgically implanted neurostimulator to transmit electrical signals to the specific areas of the brain affected by the disease. Medtronic said that the approval was the first for an adaptive deep brain stimulation device for Parkinson’s, and that it would be the largest ever commercial rollout of a brain-computer interface technology. Some 1 million people in the U.S. have been diagnosed with the debilitating neurological disorder.</p>



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<h2 class="wp-block-heading" id="h-public-health-and-hospitals"><strong>PUBLIC HEALTH AND HOSPITALS</strong></h2>



<p>Measles keeps spreading in West Texas. There are now&nbsp;<a href="https://www.cnn.com/2025/02/25/health/measles-texas-cases/index.html" rel="noreferrer noopener" target="_blank">124 confirmed cases,</a>&nbsp;most of them in West Texas where the outbreak began. The West Texas outbreak is the&nbsp;<a href="https://www.pbs.org/newshour/show/west-texas-measles-outbreak-spreads-amid-vaccine-hesitancy-in-some-communities" rel="noreferrer noopener" target="_blank">largest the state has seen in 30 years,</a>&nbsp;and highlights the difficulties convincing people to get vaccines in the current environment. A&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2025/02/26/texas-measles-outbreak-first-death-reported-as-over-120-infected/">first death from the disease</a>&nbsp;was reported on Wednesday morning. A separate, potentially related, measles outbreak in New Mexico has now grown to nine cases. The outbreak has also spurred parents who’d previously chosen not to vaccinate children to&nbsp;<a href="https://www.nbcnews.com/health/health-news/texas-measles-outbreak-grows-parents-vaccinate-rcna193637" rel="noreferrer noopener" target="_blank">change their minds</a>.</p>



<p>Plus:&nbsp;<a href="https://www.forbes.com/sites/katiejennings/2021/10/12/meet-the-sudanese-doctor-who-turned-nurse-staffing-on-its-head/">Healthcare hiring unicorn Incredible Health</a>&nbsp;is expanding from nurses to technicians, a workforce that makes up 60% of all healthcare workers and is now facing a shortage. The San Francisco-based startup will also go beyond hospitals to home health organizations and ambulatory care centers. Incredible Health,&nbsp;<a href="https://www.forbes.com/sites/amyfeldman/2021/10/12/next-billion-dollar-startups-2021/">an alum of the 2021 Forbes Next Billion-Dollar Startups list,</a>&nbsp;has placed more than 1 million nurses in 1,500 hospitals across the country since it launched in 2017. It has been testing hiring of technicians in nine states, including California, New York and Texas, and plans to complete the national rollout by year end.</p>



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<h2 class="wp-block-heading" id="h-deal-of-the-week"><strong>DEAL OF THE WEEK</strong></h2>



<p>Eikon Therapeutics, which is developing a pipeline of drugs to treat cancer, announced&nbsp;<a href="https://www.eikontx.com/news/eikon-therapeutics-secures-350-7-million-series-d-to-advance-clinical-stage-programs-and-future-pipeline/" rel="noreferrer noopener" target="_blank">it has raised</a>&nbsp;$350 million, bringing its total funding to more than $1.1 billion. The Hayward, Calif.-based company, which was worth $3.7 billion before the latest investment, according to PitchBook, declined to disclose its new valuation. Eikon plans to use the new funds to support the ongoing development of its drug candidates, which target advanced melanoma as well as brain, ovarian, breast, prostate and pancreatic cancer. To facilitate its drug development, the company uses its own&nbsp;<a href="https://www.forbes.com/sites/alexknapp/2022/01/06/this-startup-raised-over-500-million-to-find-better-drugs-with-nobel-prize-winning-microscopes/">advanced fluorescent microscopy technology</a>, which enables it to observe how different substances interact on the cellular level in real time. Eikon CEO Roger Perlmutter was previously head of R&amp;D at Merck.</p>



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



<h2 class="wp-block-heading" id="h-what-we-re-reading"><strong>WHAT WE’RE READING</strong></h2>



<p>A newly discovered coronavirus in bats&nbsp;<a href="https://www.nature.com/articles/d41586-025-00503-7" rel="noreferrer noopener" target="_blank">has the potential to spill over</a>&nbsp;into humans using the same pathway as the virus that causes Covid-19.</p>



<p><a href="https://www.forbes.com/sites/amyfeldman/2025/02/20/this-ceo-became-a-billionaire-by-trying-to-bring-back-the-woolly-mammoth/">Billionaire Colossal Biosciences CEO</a>&nbsp;Ben Lamm sees uses for human health in efforts to resurrect the woolly mammoth.</p>



<p>At least three DOGE employees&nbsp;<a href="https://www.wired.com/story/doge-is-inside-the-national-institutes-of-health-nih/" rel="noreferrer noopener" target="_blank">have access to&nbsp;</a>the National Institutes of Health’s systems that control finance, budget and procurement.</p>



<p>How&nbsp;<a href="https://www.nytimes.com/2025/02/24/health/dr-oz-medicare-finances-conflicts.html" rel="noreferrer noopener" target="_blank">Dr. Oz’s millions collide with Medicare</a>, including as a relentless promoter of controversial private Medicare Advantage insurance plans for older Americans.</p>



<p><a href="https://www.nbcnews.com/health/health-news/fda-rehires-staff-medical-devices-division-mass-layoffs-rcna193501" rel="noreferrer noopener" target="_blank">FDA rehires staff</a>&nbsp;to its medical devices division after mass layoffs by Elon Musk’s DOGE. Meanwhile, the new administrator in charge of the FDA’s food division appears to have&nbsp;<a href="https://www.vanityfair.com/news/story/food-safety-donald-trump-jr-kyle-diamantas-hunting-buddy" rel="noreferrer noopener" target="_blank">no relevant experience</a>&nbsp;beyond hunting with Donald Trump Jr.</p>



<p><a href="https://www.grubstreet.com/article/bird-flu-crescent-duck-farm-doug-corwin-long-island.html?origSession=D250225bemIKt3OSACQ4UVJI%2FXSXx3Mv2q6AsYYvGKfm92CLFQ%3D&amp;_gl=1*1yjo6ki*FPAU*NDQ1NDkyOTg1LjE3NDA1MDQ1MDI.*_ga*MTYzNjUxMjM4OC4xNzQwNTA0NTAx*_ga_DNE38RK1HX*MTc0MDUwNDUwMS4xLjEuMTc0MDUwNDU1NC4wLjAuOTU3NzI1OTA2*_fplc*Wkp5NFh0JTJCZHQ3cjNybnFnRXp0RDA2alVvWXVjejJWREZSVjdxZzNJUUdCTGFFSTlFNFdFaUtHQmpFVTclMkJaQnplRlNkTkVjN0ZPdU95YVFHa0d3dk16OGxXd1JNZGthN0xQaFZSRTVQUXhZVCUyQkQ2R3RjQ3ElMkZKa2pKM3FjM3clM0QlM0Q." rel="noreferrer noopener" target="_blank">Bird flu wiped out</a>&nbsp;Doug Corwin’s century-old Long Island duck farm, forcing him to cull the entire 100,000 flock.</p>



<p>Two people, one in Wyoming and one in Ohio, have been&nbsp;<a href="https://www.theguardian.com/us-news/2025/feb/24/bird-flu-hospitalizations-wyoming-ohio" rel="noreferrer noopener" target="_blank">hospitalized</a>&nbsp;with avian flu.</p>



<p>New research finds that hormone therapy&nbsp;<a href="https://www.scientificamerican.com/article/transgender-youth-have-better-emotional-health-after-taking-hormones-new/" rel="noreferrer noopener" target="_blank">significantly improves</a>&nbsp;the emotional health of young transgender people.</p>



<p>Health clinic workers brush up on constitutional protections for their patients as&nbsp;<a href="https://kffhealthnews.org/news/article/california-health-clinics-immigration-raids-trump-constitutional-rights/?utm_campaign=KHN%3A%20First%20Edition&amp;utm_medium=email&amp;_hsenc=p2ANqtz-_PHm1EgQV5IFp-ZPdE0o5DQu7-uyQDe8A5XyGfJW5DfWXtePxvtJB7OXmVMT9PJMDISwEK6RFmV5AxsHlTOnI9JipW2w&amp;_hsmi=348996172&amp;utm_content=348996172&amp;utm_source=hs_email" rel="noreferrer noopener" target="_blank">immigration raids loom.</a></p>


Indianapolis – April 2016: Eli Lilly and Company V

Eli Lilly Has Stockpiled Nearly $550 Million Of Its Next Obesity Drug


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



<p>Ukrainian President Volodymyr Zelenskyy said he is ready to sign a stalled minerals deal with the United States in a&nbsp;<a href="https://x.com/ZelenskyyUa/status/1895793386990551336" rel="noreferrer noopener" target="_blank">thread on X</a>&nbsp;on Saturday, in which he also urged the United States to stand strongly behind Ukraine amid its war with Russia, one day after his meeting with President Donald Trump and Vice President JD Vance devolved into a near-shouting match.</p>



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



<p><a href="https://x.com/ZelenskyyUa/status/1895793386990551336" rel="noreferrer noopener" target="_blank">Zelenskyy said</a>&nbsp;he is grateful to Trump and Congress for bipartisan support for Ukraine throughout its three-year invasion by Russia, acknowledging “tough dialogue” without mentioning his contentious Friday White House meeting with Trump and Vance.</p>



<p>The&nbsp;<a href="https://x.com/ZelenskyyUa/status/1895793627164471777" rel="noreferrer noopener" target="_blank">Ukrainian president said</a>&nbsp;he is ready to sign the minerals deal—which he and Trump&nbsp;<a href="https://www.reuters.com/world/trump-zelenskiy-did-not-sign-minerals-deal-white-house-says-2025-02-28/" rel="noreferrer noopener" target="_blank">did not sign</a>&nbsp;after their meeting Friday—but said the deal is not enough, stating a “ceasefire without security guarantees is dangerous for Ukraine” and “Ukrainian people need to know that America is on our side.”</p>



<p>“I want the U.S. to stand more firmly on our side,”&nbsp;<a href="https://x.com/ZelenskyyUa/status/1895794114622615757" rel="noreferrer noopener" target="_blank">Zelenskyy said</a>,&nbsp;<a href="https://x.com/ZelenskyyUa/status/1895794247791755302" rel="noreferrer noopener" target="_blank">stating</a>&nbsp;Ukraine’s relationship with the United States is “historic and solid bond between our peoples” that extends beyond Trump and himself.</p>



<p>Zelenskyy said it is “understandable the U.S. might look for dialogue with Putin,” but frequently warned of Russia throughout his X thread, calling the country “the enemy” and stating Putin cannot be trusted to uphold a ceasefire.</p>



<p>Zelenskyy’s tweet thread comes one day after he posted thanks to many foreign leaders for reaffirming their support for Ukraine after his meeting with Trump, including German Chancellor&nbsp;<a href="https://x.com/ZelenskyyUa/status/1895574049960706075" rel="noreferrer noopener" target="_blank">Olaf Scholz</a>, Swedish Prime Minister&nbsp;<a href="https://x.com/ZelenskyyUa/status/1895574466580861106" rel="noreferrer noopener" target="_blank">Ulf Kristersson</a>, European Parliament President&nbsp;<a href="https://x.com/ZelenskyyUa/status/1895574887684874478" rel="noreferrer noopener" target="_blank">Roberta Metsol</a>&nbsp;and European Commission President&nbsp;<a href="https://x.com/ZelenskyyUa/status/1895577227255013664" rel="noreferrer noopener" target="_blank">Ursula von der Leyen</a>.</p>



<h2 class="wp-block-heading">What Happened At Zelenskyy’s White House Meeting?</h2>



<p>Zelenskyy visited the&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/02/28/trump-threatens-zelensky-during-tense-live-meeting-make-a-deal-or-were-out/">White House</a>&nbsp;Friday to discuss the minerals deal with the United States, but his visit was cut short and the signing called off after a talk with Trump and Vance in the Oval Office grew increasingly tense and verged on a&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">shouting match</a>&nbsp;between the three leaders. When Vance suggested the path to peace should be through engaging in diplomacy, Zelenskyy questioned the vice president: “What kind of diplomacy, JD, (are you) speaking about?” stating Putin is an unreliable partner in a potential cease-fire deal. Vance then called Zelenskyy “disrespectful” for trying to “litigate this in front of the American media” and questioned whether Zelenskyy had thanked the United States for its support. Trump entered the argument after Zelenskyy said “everybody has problems. Even you, but you have nice ocean and don’t feel now, but you’ll feel it in the future,” telling Zelenskyy: “Don’t tell us what we’re gonna feel,” adding the Ukrainian president he is “gambling with World War III.” Trump later told Zelenskyy: “You’re either gonna make a deal or we are out.”</p>



<h2 class="wp-block-heading">What Are The Details Of The Ukraine Minerals Deal?</h2>



<p>Trump has framed the minerals deal with Ukraine as necessary for repayment for military aid provided to Ukraine during its war with Russia. The&nbsp;<a href="https://www.cnn.com/2025/02/26/europe/ukraine-us-mineral-resources-deal-explained-intl-latam/index.html" rel="noreferrer noopener" target="_blank">terms of the deal</a>&nbsp;would reportedly establish a “reconstruction investment fund,” to which half the revenue from Ukraine’s state-owned natural resources projects would go. Zelenskyy has pushed for the deal to include greater security guarantees for Ukraine, though&nbsp;<a href="https://www.theguardian.com/us-news/2025/feb/25/trump-zelenskyy-ukraine-minerals-deal" rel="noreferrer noopener" target="_blank">Trump has said</a>&nbsp;he would look for greater security for Ukraine “later on.” Trump initially demanded $500 billion from Ukrainian minerals from the deal, which Zelenskyy rejected, prompting Trump to call him a “dictator” in a tense war of words.</p>



<h2 class="wp-block-heading">What Minerals Does Ukraine Possess?</h2>



<p>Ukraine’s Ministry of Environmental Protection and Natural Resources says the country has Europe’s number-one graphite, lithium, titanium and uranium reserves, which are crucial for producing batteries, armor, defense materials and nuclear fuel. Partnering with Ukraine to source these minerals could reduce the United States’&nbsp;<a href="https://www.theguardian.com/world/2025/feb/17/what-are-ukraines-critical-minerals-and-why-does-trump-want-them" rel="noreferrer noopener" target="_blank">reliance on China</a>&nbsp;and Russia to import these minerals.</p>



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



<p><a href="https://www.forbes.com/sites/mollybohannon/2025/02/28/trump-zelenskyy-vance-face-off-in-oval-office-shouting-match-heres-everything-they-said/">Trump, Zelenskyy, Vance Face Off In Oval Office Shouting Match—Here’s Everything They Said</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/tylerroush/2025/02/28/trump-threatens-zelensky-during-tense-live-meeting-make-a-deal-or-were-out/">Trump-Zelenskyy Talks End Early After Trump Threatens Him In Tense Live Meeting: ‘Make A Deal Or We’re Out’</a>&nbsp;(Forbes)</p>


Zelenskyy Says He’ll Sign Minerals Deal And Urges US To ‘Stand More Firmly’ For Ukraine After Oval Office Clash


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



<p>The price of bitcoin dropped below $80,000 Friday, its lowest level since last November, amid a crypto selloff that has wiped out nearly all of the token’s post-election gains as concerns mount about the economic impact of President Donald Trump’s tariffs.</p>



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



<p>The price of bitcoin, the world’s most valuable cryptocurrency, stood at $78,949 early on Friday—after falling more than 8.5% over the past 24 hours.</p>



<p>In the past seven days, bitcoin’s price has plummeted nearly 20%.</p>



<p>Bitcoin’s slump comes amid a wider crypto market selloff, with the price of Ether—the second most valuable token by market cap—dropping more than 11% in the past 24 hours to around $2,100.</p>



<p>The price of the Ripple Labs-linked XRP, Binance’s BNB and Solana’s SOL have tanked 9.2%, 7.3% and 9% respectively in the past day.</p>



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



<p>27.3%. That is how much the price of bitcoin has dropped since it hit an all-time high of $109,114 on Jan. 20, the day of President Donald Trump’s inauguration.</p>



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



<p>The crypto market selloff comes on the backdrop of a major crypto exchange hack and concerns about the economic impact of Trump’s tariffs. Last week, hackers managed to steal Ether holdings worth nearly $1.5 billion from the exchange Bybit—the largest ever cryptocurrency heist. On Wednesday, the FBI&nbsp;<a href="https://www.ic3.gov/PSA/2025/PSA250226" rel="noreferrer noopener" target="_blank">accused</a>&nbsp;North Korea-backed hacker groups, TraderTraitor and the Lazarus Group, of carrying out the theft. The agency said the hackers were “proceeding rapidly and have converted some of the stolen assets to Bitcoin and…It is expected these assets will be further laundered and eventually converted to fiat currency.”</p>



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



<p>Trump’s official meme coin,&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/01/19/donald-trump-launches-trump-meme-coin-token-exceeds-12-billion-market-cap/">launched</a>&nbsp;just days before his inauguration, has also continued its downward slide amid the market wide rout. On Friday, the price of the $TRUMP meme coin fell to $11.30—a nearly 15% drop in the past 24 hours and 85% below its all-time high of around $75. The token peaked just two days after its official launch, with $TRUMP’s market cap briefly crossing $15 billion, but its price has steadily declined since then. The $TRUMP launch appeared to spur other world leaders to boost similar meme tokens. Earlier this month, Argentinian President Javier Milei promoted $LIBRA token, causing its market cap to surge to $4 billion, before early backers began dumping their holdings. The following crash in LIBRA’s price, which appeared to resemble a pump-and-dump scheme, has triggered lawsuits against the Argentine leader. In a similar move, the president of the Central African Republic—one of Africa’s poorest nations—launched a CAR meme token to raise his country’s profile. The coin’s value has slumped by more than 97% since its launch.</p>



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



<p><a href="https://www.forbes.com/sites/siladityaray/2025/02/25/bitcoin-slips-below-90000-down-nearly-20-from-trumps-inauguration-day-all-time-high/">Bitcoin Slips Below $90,000—Down Nearly 20% From Trump’s Inauguration Day All-Time High</a>&nbsp;(Forbes)</p>


Bitcoin on digital circuit board and graph

Bitcoin Slumps Below $80,000 As Crypto Rout Wipes Nearly All Post-Election Gains


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



<p>“Emilia Pérez” star Selena Gomez, billionaire media mogul Oprah Winfrey and Oscar winner Halle Berry are among the stars slated to present at the 97th Academy Awards on Sunday evening, though Harrison Ford is no longer slated to present after receiving a&nbsp;<a href="https://variety.com/2025/film/news/harrison-ford-no-longer-presenting-oscars-1236324484/" rel="noreferrer noopener" target="_blank">shingles</a>&nbsp;<a href="https://www.hollywoodreporter.com/movies/movie-news/harrison-ford-isnt-presenting-2025-oscars-shingles-diagnosis-1236151499/" rel="noreferrer noopener" target="_blank">diagnosis</a>&nbsp;Friday.</p>



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



<p>In keeping with Oscars tradition, the four&nbsp;<a href="https://press.oscars.org/news/oscarr-winners-robert-downey-jr-cillian-murphy-davine-joy-randolph-and-emma-stone-return" rel="noreferrer noopener" target="_blank">acting winners</a>&nbsp;from last year’s ceremony—Emma Stone, Cillian Murphy, Da’Vine Joy Randolph and Robert Downey Jr.—will all return to the Dolby Theatre stage to present this year.</p>



<p>Stars from some of this year’s nominated movies will present, including Selena Gomez (“Emilia Pérez”), Margaret Qualley (“The Substance”), Lily-Rose Depp (“Nosferatu”), Elle Fanning (“A Complete Unknown”), Joe Alwyn (“The Brutalist”) and Bowen Yang (“Wicked”)—as well as Zoe Saldaña, who is nominated for Best Supporting Actress for “Emilia Pérez.”</p>



<p>Past Oscar winners and nominees who are set to present include Halle Berry, Ana de Armas, Penélope Cruz, Whoopi Goldberg, Scarlett Johansson, John Lithgow, Goldie Hawn, Sterling K. Brown, Andrew Garfield, Samuel L. Jackson and billionaire Oprah Winfrey.</p>



<p>Other celebrities who will present include Willem Dafoe, Ben Stiller, Amy Poehler, June Squibb, Connie Nielsen, Gal Gadot, Dave Bautista, Alba Rohrwacher and Rachel Zegler.</p>



<h2 class="wp-block-heading" id="h-will-the-oscars-use-the-fab-5-presentations-this-year">Will The Oscars Use The “fab 5” Presentations This Year?</h2>



<p>Academy CEO Bill Kramer and President Janet Yang&nbsp;<a href="https://variety.com/2025/film/news/oscars-remove-original-song-performances-1236282452/" rel="noreferrer noopener" target="_blank">announced</a>&nbsp;last month the “Fab 5” presentation—in which five previous Oscar winners honor each nominee in a given category one-by-one before presenting the award—would return for this year’s ceremony, though they did not specify which categories they would be for. The “Fab 5” presentation was used last year in the acting categories, in which previous winners, including Best Actress winners Jennifer Lawrence, Charlize Theron, Sally Field, Michelle Yeoh and Jessica Lange gave tributes to nominees Lily Gladstone, Annette Bening, Emma Stone, Sanda Hüller and Carey Mulligan, respectively.&nbsp;<a href="https://variety.com/2025/film/news/netflix-emilia-perez-oscar-campaign-karla-sofia-gascon-scandal-1236296776/" rel="noreferrer noopener" target="_blank">Variety reported</a>, citing anonymous sources, the “Fab 5” presentations will not be used in acting categories this year, and that the Academy made this decision before Best Actress nominee Karla Sofía Gascón&nbsp;<a href="https://www.forbes.com/sites/conormurray/2025/02/05/emilia-prez-director-disavows-karla-sofa-gascns-tweets-and-slams-actress-for-playing-the-victim-all-the-films-controversies-explained/">ignited controversy</a>&nbsp;over resurfaced tweets in which she made disparaging remarks about Islam, diversity at the Oscars and George Floyd. Variety reported the “Fab 5” presentation will instead be used in the Best Director category and several other unspecified categories.</p>



<h2 class="wp-block-heading" id="h-when-are-the-oscars">When Are The Oscars?</h2>



<p>The Academy Awards will air at 7 p.m. EST/4 p.m. PST on Sunday, March 2. The ceremony will broadcast live on ABC and will stream live on Hulu for the first time.</p>



<h2 class="wp-block-heading" id="h-who-is-nominated-at-the-oscars">Who Is Nominated At The Oscars?</h2>



<p>“Emilia Pérez,” a&nbsp;<a href="https://www.forbes.com/sites/conormurray/2025/02/05/emilia-prez-director-disavows-karla-sofa-gascns-tweets-and-slams-actress-for-playing-the-victim-all-the-films-controversies-explained/">controversial</a>&nbsp;musical about a Mexican cartel leader who undergoes a gender transition, leads the&nbsp;<a href="https://www.forbes.com/sites/conormurray/2025/01/23/oscar-nominations-2025-announced-emilia-prez-leads-with-13-nods-the-brutalist-and-wicked-get-10/">nomination tally</a>&nbsp;with 13 total. “Wicked” and “The Brutalist” follow with 10 each. Those three films, as well as “Anora,” “Conclave,” “A Complete Unknown,” “Dune: Part Two,” “I’m Still Here,” “Nickel Boys” and “The Substance,” are nominated for Best Picture, the ceremony’s biggest prize.</p>



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



<p><a href="https://www.forbes.com/sites/conormurray/2025/01/23/oscar-nominations-2025-announced-emilia-prez-leads-with-13-nods-the-brutalist-and-wicked-get-10/">Oscar Nominations 2025 Announced: ‘Emilia Pérez’ Leads With 13 Nods, ‘The Brutalist’ And ‘Wicked’ Get 10</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/conormurray/2024/11/15/conan-obrien-will-host-2025-oscars-heres-why-that-might-mean-fewer-trump-jokes/">Conan O’Brien Will Host 2025 Oscars—Here’s Why That Might Mean Fewer Trump Jokes</a>&nbsp;(Forbes)</p>



<figure class="wp-block-image"><img decoding="async" src="https://sync.graph.bluecava.com/ds.png?p=4cb3430d-9dfd-11ef-a5fe-4201ac100015&amp;segment=forbeseval" alt=""/></figure>


31st Annual Screen Actors Guild Awards – Show

Who’s Presenting At The Oscars? Harrison Ford Drops Out—As Selena Gomez, Oprah Winfrey And More Will Reveal Academy Award Winners


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



<p>Artificial intelligence powerhouse OpenAI announced its latest chat model Thursday, starting a limited roll out of GPT-4.5, which OpenAI chief Sam Altman called a “giant” and “expensive” model that “feels like talking to a thoughtful person.”</p>



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



<p>OpenAI called GPT-4.5 its “largest and most knowledgeable model yet” in a&nbsp;<a href="https://cdn.openai.com/gpt-4-5-system-card.pdf" rel="noreferrer noopener" target="_blank">document</a>&nbsp;summarizing the new chatbot, saying user interaction with it feels more natural.</p>



<p>OpenAI said the new model features a broader knowledge base, better emotional intelligence and improved contextual understanding, noting the improvements make it well-suited for problem-solving, writing and programming tasks.</p>



<p>The new model supposedly has fewer hallucinations— a common euphemism for when AI models produce inaccurate or misleading results.</p>



<h2 class="wp-block-heading" id="h-how-powerful-is-gpt-4-5">How Powerful Is Gpt-4.5?</h2>



<p>GPT-4.5 has more than 10 times the amount of computational efficiency of GPT-4, according to the document, which means it takes less time and resources to solve a problem.</p>



<h2 class="wp-block-heading" id="h-who-can-use-gpt-4-5">Who Can Use Gpt-4.5?</h2>



<p>GPT-4.5 is only available to users subscribed to ChatGPT Pro, a $200 per month plan that gives users the highest level of access to OpenAI’s products. Altman said in a&nbsp;<a href="https://x.com/sama/status/1895203654103351462" rel="noreferrer noopener" target="_blank">tweet</a>&nbsp;OpenAI wanted to launch the new model on the ChatGPT Plus and ChatGPT Pro plans simultaneously, but could not due to a shortage of graphics processing units needed to support such a rollout. Altman added OpenAI will add tens of thousands of GPUs next week, allowing for GPT-4.5 to become available on the ChatGPT Plus plan, which is $20 per month.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">Forbes Valuation</h2>



<p>We estimate Altman’s net worth at&nbsp;<a href="https://www.forbes.com/profile/sam-altman/">$1.1 billion</a>, a figure established through the CEO’s investments in Reddit, Stripe and fusion power company Helion.</p>



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



<p>The release of GPT-4.5 comes a little less than two years after OpenAI launched GPT-4 and just a few weeks after the company revealed “<a href="https://www.forbes.com/sites/antoniopequenoiv/2025/01/23/openais-operator-what-we-know-about-new-ai-assistant-capable-of-ordering-groceries-making-reservations/">Operator</a>,” an AI assistant designed to carry out tasks on the internet for users like grocery orders, ticket purchases and lecture downloads. OpenAI is also eyeing a funding round that could double its value to an eye-popping $340 billion. The funding round, if completed, would place OpenAI’s valuation far above competitors like the Elon Musk-owned xAI (valued at roughly $50 billion) and Amazon-backed AI firm Anthropic, which valued at $18 billion and is reportedly in talks for a funding round that would boost its valuation to $60 billion.</p>



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



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2025/01/30/openai-eyeing-funding-round-that-would-double-its-value-report-says/">OpenAI Eyeing Funding Round That Would Double Its Value, Report Says</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2025/01/23/openais-operator-what-we-know-about-new-ai-assistant-capable-of-ordering-groceries-making-reservations/">OpenAI’s ‘Operator’: What We Know About New AI Assistant Capable Of Ordering Groceries, Making Reservations</a>&nbsp;(Forbes)</p>


In this photo illustration a Open AI logo is displayed on a

OpenAI Debuts GPT-4.5—What We Know About The Latest ChatGPT Model


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



<p>Actor Gene Hackman and his wife Betsy Arakawa were found dead in their New Mexico home, local law enforcement said Thursday, as officials—who referred to their deaths as “suspicious”—reported finding Arakawa with pills scattered on a nearby counter.</p>



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



<p>Hackman, 95, Arakawa, 64, and one of their dogs, a German shepherd, were found dead when police entered their home for a welfare check at about 1:45 p.m. local time Wednesday, Sante Fe County Sheriff’s Office spokesperson Denise Womack-Avila told Forbes.</p>



<p>No one else was inside the home and no foul play is suspected, according to the sheriff’s office.</p>



<p>Deputies were sent to Hackman’s home just outside of Santa Fe after a concerned neighbor called about the couple, the sheriff’s office told local TV affiliate&nbsp;<a href="https://www.kob.com/news/top-news/actor-gene-hackman-wife-found-dead-in-santa-fe-home/" rel="noreferrer noopener" target="_blank">KOB</a>, and Sheriff Adan Mendoza&nbsp;<a href="https://www.nytimes.com/2025/02/27/us/gene-hackman-wife-dead-new-mexico.html" rel="noreferrer noopener" target="_blank">told</a>&nbsp;the New York Times an associate of Hackman and his family placed an emergency call after they discovered their bodies.</p>



<p>Two alive dogs were also found within the home, Mendoza said.</p>



<p>Hackman was found on the floor in the home’s mud room—a space where shoes are left before entering a house—while Arakawa was found lying on her side in a bathroom, where unspecified pills were scattered on a nearby counter by an opened prescription bottle,&nbsp;<a href="https://abcnews.go.com/US/actor-gene-hackman-wife-found-dead-home-sheriff/story?id=119242578" rel="noreferrer noopener" target="_blank">according&nbsp;</a>to ABC News, citing a search warrant affidavit.</p>



<h2 class="wp-block-heading" id="h-what-was-gene-hackman-s-cause-of-death">What Was Gene Hackman’s Cause Of Death?</h2>



<p>Details about how Hackman and Arakawa died were not disclosed, but the search warrant affidavit&nbsp;<a href="https://www.nytimes.com/2025/02/27/us/gene-hackman-wife-dead-new-mexico.html" rel="noreferrer noopener" target="_blank">reportedly</a>&nbsp;said their deaths were “suspicious enough in nature to require a thorough search and investigation” because of “circumstances surrounding” the scene. Elizabeth Jean Hackman, Hackman’s daughter,&nbsp;<a href="https://www.tmz.com/2025/02/27/gene-hackman-family-suspects-carbon-monoxide-poisoning-death/" rel="noreferrer noopener" target="_blank">told</a>&nbsp;TMZ that while law enforcement is unsure about their cause of death, she believes they likely died from carbon monoxide poisoning. Both the Santa Fe City Fire Department and the New Mexico Gas Company found no signs of carbon monoxide leaks within the home, ABC News reported. The search warrant affidavit also indicated Hackman appeared to have fallen suddenly and both he and Arakawa—whose body showed signs of decomposition—“showed obvious signs of death.”</p>



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



<p>2. That is the total number of Academy Awards Hackman won in his career, including “Best Actor” for his leading role in the 1971 action and crime drama “The French Connection” and “Best Supporting Actor” for his work in the 1993 western “Unforgiven.” In total, Hackman was nominated for an Oscar five times.</p>



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



<p>Director Francis Ford Coppola, who directed Hackman in the 1974 film ‘The Conversation,”&nbsp;<a href="https://www.threads.net/@francisfordcoppola/post/DGkjPl-xAEx?xmt=AQGzLsFSfidFMp1QIdylndCN6DGhgrBLZ6zfeXzs1n01Unc" rel="noreferrer noopener" target="_blank">paid tribute to the actor</a>&nbsp;on Threads, saying: “The loss of a great artist, always cause for both mourning and celebration: Gene Hackman a great actor, inspiring and magnificent in his work and complexity. I mourn his loss, and celebrate his existence and contribution.” On X, Edgar Wright&nbsp;<a href="https://x.com/edgarwright/status/1895036854472450072" rel="noreferrer noopener" target="_blank">hailed</a>&nbsp;Hackman as “The greatest…” Star Trek actor George Takei&nbsp;<a href="https://x.com/GeorgeTakei/status/1895044356848918793" rel="noreferrer noopener" target="_blank">tweeted</a>: “We have lost one of the true giants of the screen. Gene Hackman could play anyone, and you could feel a whole life behind it. He could be everyone and no one, a towering presence or an everyday Joe.”</p>



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



<p>Hackman, an actor who starred in films from the 1960s until his retirement in the early 2000s,&nbsp;<a href="https://www.nytimes.com/1989/03/19/magazine/hollywood-s-uncommon-everyman.html" rel="noreferrer noopener" target="_blank">reportedly</a>&nbsp;met Arakawa in the mid-1980s as she worked at a California gym. Arakawa, a classically trained pianist from Hawaii, moved in with Hackman just outside of Sante Fe near the Rocky Mountains. They built a new 2,300-square-foot home in 2000 with a market value of just over $1 million, the Associated Press&nbsp;<a href="https://apnews.com/article/gene-hackman-found-dead-f6c106e92987aeaaab7b35c1b956a5c8" rel="noreferrer noopener" target="_blank">reported</a>. Hackman, who largely remained out of the public eye since his retirement, had three children—including Elizabeth Hackman—with his ex-wife Faye Maltese, who died in 2017. He was airlifted to a hospital after he was hit by a car in 2012, though he&nbsp;<a href="https://www.nbcnews.com/pop-culture/pop-culture-news/gene-hackman-hit-car-flna1c9379797" rel="noreferrer noopener" target="_blank">suffered</a>&nbsp;only minor injuries.</p>



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



<p><a href="https://www.santafenewmexican.com/news/local_news/sheriff-gene-hackman-wife-found-dead-in-santa-fe-home-no-foul-play-suspected/article_2ea8855a-f4b8-11ef-b501-73232a2b5213.html" rel="noreferrer noopener" target="_blank">Sheriff: Gene Hackman, wife found dead in Santa Fe home; no foul play suspected</a>&nbsp;(Santa Fe New Mexican)</p>



<p><a href="https://www.hollywoodreporter.com/movies/movie-news/gene-hackman-dead-french-connection-actor-95-893902-1236148755/" target="_blank" rel="noreferrer noopener">Gene Hackman, Oscar-Winning Star of ‘The French Connection,’ Dies at 95</a> (The Hollywood Reporter)<a href="https://www.forbes.com/sites/siladityaray/"></a></p>


GettyImages-104892858w

Actor Gene Hackman And His Wife Found Dead With Pills Scattered Nearby, Police Say


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



<p>Hunter Schafer, a transgender actress best known for her role on the HBO drama “Euphoria,” posted a&nbsp;<a href="https://x.com/PopBase/status/1892978350223769938" rel="noreferrer noopener" target="_blank">video</a>&nbsp;to her TikTok story stating she had to renew her stolen passport, but the passport she received lists her sex as male, which she said was due to President Donald Trump’s executive order defining a person’s gender as either male or female based on what was assigned at birth.</p>



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



<p>Schafer said her new passport says “male” despite her selecting “female” while filling out paperwork, and she said all of her previous forms of identification, including passports and driver’s licenses, have said female.</p>



<p>Schafer cited the&nbsp;<a href="https://travel.state.gov/content/travel/en/passports/passport-help/sex-marker.html" rel="noreferrer noopener" target="_blank">Bureau of Consular Affairs</a>, the agency that issues passports, which says on its website it will “only issue passports with an M or F sex marker that match the customer&#8217;s biological sex at birth” and will no longer use the “X” marker for nonbinary people, citing Trump’s day-one executive order that defines sex as either male or female assigned at birth.</p>



<p>The actress criticized the Trump administration, stating she is “never going to stop being trans” and “a letter on a passport can’t change that.”</p>



<p>Schafer said she didn’t post the video to receive consolation, citing her “privilege as a celebrity trans woman who is white,” but to call awareness to “other trans women who this might also be happening to.”</p>



<h2 class="wp-block-heading" id="h-what-did-trump-s-executive-order-do">What Did Trump’s Executive Order Do?</h2>



<p>On the first day of his second presidential term, Trump issued an&nbsp;<a href="https://www.whitehouse.gov/presidential-actions/2025/01/defending-women-from-gender-ideology-extremism-and-restoring-biological-truth-to-the-federal-government/" rel="noreferrer noopener" target="_blank">executive order</a>&nbsp;titled, “Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government.” The order directed federal agencies to recognize “two sexes, male and female,” which “are not changeable and are grounded in fundamental and incontrovertible reality.” The order specifies passports, as well as other forms of government-issued identification, must reflect sex assigned at birth. The order also prohibits federal funds from being used to “promote gender ideology,” which it defines as “the idea that there is a vast spectrum of genders that are disconnected from one’s sex.” Trump has issued other executive orders targeting trans people, including one that&nbsp;<a href="https://www.nbcnews.com/nbc-out/out-politics-and-policy/trump-executive-order-transgender-military-dei-rcna189470" rel="noreferrer noopener" target="_blank">prohibits trans people</a>&nbsp;from serving in the military, and another that&nbsp;<a href="https://www.nbcnews.com/nbc-out/out-politics-and-policy/trump-executive-order-ban-trans-women-sports-rcna190767" rel="noreferrer noopener" target="_blank">bars trans women</a>&nbsp;from participating in women’s sports.</p>



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



<p>“I don’t give a f— that they put a M on my passport. It doesn’t change really anything about me or my transness, however, it does make life a little harder,” Schafer said, adding she will likely have to out herself as trans to border patrol agents when she travels.</p>



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



<p>Trump’s executive order preventing gender markers from being changed on passports has already faced&nbsp;<a href="https://apnews.com/article/gender-affirming-care-lawsuit-transgender-19-97965f9f1b2fb070dcacdb744c2f03c8" rel="noreferrer noopener" target="_blank">legal challenges</a>. A group of transgender people, represented by the&nbsp;<a href="https://www.aclu.org/cases/orr-v-trump" rel="noreferrer noopener" target="_blank">American Civil Liberties Union</a>, filed a lawsuit in the U.S. District Court in Boston earlier this month alleging the policy discriminates against individuals based on sex and transgender status and infringes First Amendment rights to free speech and expression.</p>



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



<p><a href="https://www.nytimes.com/2025/02/07/us/transgender-americans-lawsuit-trump-passports.html" rel="noreferrer noopener" target="_blank">Transgender Americans Challenge Trump’s Passport Policy in Court</a>&nbsp;(New York Times)</p>



<p><a href="https://apnews.com/article/trump-order-transgender-nonbinary-passport-dd7d25350afea024c0a9de1011174e2c" rel="noreferrer noopener" target="_blank">The US stopped allowing passport gender marker changes. Here are some of the people affected</a>&nbsp;(Associated Press)</p>


2025 Film Independent Spirit Awards  – Arrivals

Trans Actress Hunter Schafer Says Her Passport Now Lists Her Sex As Male After Trump Executive Order


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



<p>Nearly a decade after releasing her most recent album “Anti,” billionaire pop star and beauty mogul Rihanna hinted at her long-awaited new music in an interview with Harper’s Bazaar, stating she’s been in the studio for eight years but finally had the realization about what she wants her new album to sound like.</p>



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



<p>Rihanna told&nbsp;<a href="https://www.harpersbazaar.com/culture/art-books-music/a63741955/rihanna-motherhood-music-dior-campaign-interview-2025/" rel="noreferrer noopener" target="_blank">Harper’s Bazaar</a>&nbsp;she “just came to that realization” of the direction for her new music, stating she finally “cracked the code” and is “feeling really good about this.”</p>



<p>She said her new music is “not going to be anything that anybody expects” and will not be “commercial or radio digestible,” stating it is “where my artistry deserves to be right now.”</p>



<p>The singer acknowledged she has “kept saying this over the years,” referring to the ongoing nine-year wait for a new album since she released “Anti” in 2016.</p>



<p>Rihanna debunked rumors that have circulated that the new album would be reggae music, calling the rumor “way off” and stating her new music has “no genre.”</p>



<p>She alluded to pressure she feels to get the new music right after such a long hiatus, telling Harper’s Bazaar she has to show fans “the worth in the wait” and that she “cannot put up anything mediocre.”</p>



<p>Rihanna, however, did not provide any details on a timeline or a title for the new album.</p>



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



<p>Fans, yearning for new music, have lamented the lengthy wait for Rihanna’s upcoming ninth album, which does not yet have a name but is referred to by fans as “R9.” She hasn’t released an album since January 2016, when “Anti” topped the charts. The wait is uncharacteristically long for Rihanna, who released seven albums between 2005 and 2012, garnering 14 No. 1 hit singles on the Billboard Hot 100. She made a brief return to music in 2023, writing and singing “Lift Me Up” for the film “Black Panther: Wakanda Forever,” which earned her an Oscar nomination. During her hiatus from music, Rihanna started a relationship with rapper A$AP Rocky, with whom she has two children.</p>



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



<p>Rihanna has acknowledged the long wait for her album—but she also sometimes trolls her fans, like when she wore a shirt that said “<a href="https://www.forbes.com/sites/conormurray/2024/06/11/rihanna-starting-over-on-long-delayed-new-album-and-denies-retiring-despite-viral-rumors/">I’m Retired</a>” last year. The shirt went viral, and some fans feared she was serious, but she later denied in an interview that she was retired. In 2020, the singer told&nbsp;<a href="https://www.etonline.com/rihanna-talks-new-fenty-line-and-antagonizing-her-fans-about-upcoming-album-exclusive-141150" rel="noreferrer noopener" target="_blank">Entertainment Tonight</a>: “I like to antagonize my fans a little bit. Well, they antagonize me, too! So, they get it right back.” She also posted a video to&nbsp;<a href="https://www.instagram.com/badgalriri/reel/B6Ybc0snGw9/" rel="noreferrer noopener" target="_blank">Instagram</a>&nbsp;in 2019 of a dog jumping up and down, captioned: “me listening to ‘R9’ by myself and refusing to release it.”</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">Forbes Valuation</h2>



<p>Rihanna is worth $1.4 billion, according to&nbsp;<a href="https://www.forbes.com/profile/rihanna/">Forbes estimates</a>. Much of her net worth comes from the value of Fenty Beauty, her popular cosmetics brand, which she co-owns with French luxury goods conglomerate LVMH. She also owns a 28% stake in Savage X Fenty, her lingerie and loungewear brand. Rihanna is the world’s&nbsp;<a href="https://www.forbes.com/sites/conormurray/2024/10/08/taylor-swift-becomes-worlds-richest-female-musician-heres-who-is-right-behind-her/">second-richest female musician</a>, only behind Taylor Swift, who passed Rihanna when her net worth reached $1.6 billion last year.</p>



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



<p><a href="https://www.harpersbazaar.com/culture/art-books-music/a63741955/rihanna-motherhood-music-dior-campaign-interview-2025/" rel="noreferrer noopener" target="_blank">Rihanna Is the People’s Pop Star</a>&nbsp;(Harper’s Bazaar)</p>


Apple Music Super Bowl LVII Halftime Show – Press Conference

Rihanna Says She Finally ‘Cracked The Code’ On Long-Awaited New Album


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



<p>Pope Francis had a restful night Saturday, the Vatican said Sunday morning, after the 88-year-old leader of the Catholic Church suffered a respiratory crisis, putting him in critical condition following his week-long hospitalization for a lung infection.</p>



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



<p>“The night passed quietly, the pope rested,” The Vatican said in a brief statement early Sunday, as quoted by the&nbsp;<a href="https://apnews.com/article/vatican-pope-pneumonia-06324d49846f26a24acec1da5fc74ab2" rel="noreferrer noopener" target="_blank">Associated Press</a>.</p>



<p>It then followed up later Sunday saying Francis is conscious and tests are still being conducted on him, and he is also receiving supplemental oxygen.</p>



<p>The Vatican said Saturday Francis suffered a “long asthmatic respiratory crisis,” days after he was hospitalized for pneumonia.</p>



<p>Francis “continue[d] to be alert” Saturday, but was more ill than he was Friday, the Vatican said.</p>



<p>Francis has also received blood transfusions following tests that indicated a condition associated with anemia, the AP reported, and&nbsp;<a href="https://apnews.com/article/pope-francis-pneumonia-hospital-b211a400c4cedc1f419d932447cfc189" rel="noreferrer noopener" target="_blank">doctors expect</a>&nbsp;he will remain hospitalized through the next week.</p>



<p>The pope’s medical team previously said Friday his condition is not life-threatening, but that he is “not out of danger.”</p>



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



<p>The Vatican released an Angelus&nbsp;<a href="https://www.vatican.va/content/francesco/en/angelus/2025/documents/20250223-angelus.html" rel="noreferrer noopener" target="_blank">statement</a>&nbsp;from Pope Francis on Sunday, in which the pope remarked on the upcoming third anniversary of the war in Ukraine and thanked the public for their messages of support about his hospital stay, asking people to “pray for me.” “I am confidently continuing my hospitalization at the Gemelli Hospital, carrying on with the necessary treatment; and rest is also part of the therapy!” Pope Francis said, as translated by The Vatican. “I sincerely thank the doctors and health workers of this hospital for the attention they are showing me and the dedication with which they carry out their service among the sick.”</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">What To Watch For</h2>



<p>A more detailed update on Francis’ condition is expected later Sunday.</p>



<h2 class="wp-block-heading" id="h-what-do-we-know-about-the-pope-s-health">What Do We Know About The Pope’s Health?</h2>



<p>The pope has pneumonia in both lungs, as well as bacterial, viral and fungal infections, according to his&nbsp;<a href="https://apnews.com/article/pope-francis-pneumonia-hospital-b211a400c4cedc1f419d932447cfc189" rel="noreferrer noopener" target="_blank">doctors</a>. His doctors have given him supplemental oxygen when necessary, and they are treating him with a drug therapy they say Francis is responding to. Doctors also prescribed Francis “absolute rest,” and several of his public events have been canceled. Doctors have said the primary threat to Francis’ health would be the onset of sepsis, a serious condition that could arise from pneumonia complications, though Francis has not shown signs of sepsis so far.</p>



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



<p>Francis, 88, has led the church as pope for 12 years since his election in 2013. Francis has been hospitalized several times in recent years, including one hospital stay in July 2021 for a narrowing of his large intestine, and another in 2023 for bronchitis. Francis has chronic bronchitis and a history of respiratory issues.</p>



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



<p><a href="https://apnews.com/article/pope-francis-pneumonia-hospital-b211a400c4cedc1f419d932447cfc189" rel="noreferrer noopener" target="_blank">Pope Francis isn’t out of danger but his condition isn’t life-threatening, medical team says</a>&nbsp;(Associated Press)</p>


Vatican Pool Images 2024

Pope Francis Had Restful Night After Reports Of Critical Condition


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



<p>Apple announced Wednesday a new addition to its iPhone 16 series, debuting the iPhone 16e to customers, who will soon be able to pre-order the lower-cost model that includes some of the bells and whistles of Apple’s latest iPhone lineup.</p>



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



<p>The iPhone 16e will be available for pre-order Friday and launch on Feb. 28, according to&nbsp;<a href="https://www.apple.com/newsroom/2025/02/apple-debuts-iphone-16e-a-powerful-new-member-of-the-iphone-16-family/" rel="noreferrer noopener" target="_blank">Apple</a>, which said the phone would deliver fast performance and “breakthrough battery life” at a more affordable price than other iPhone 16 models.</p>



<p>The iPhone 16e will be powered by the same A18 chip found in the more expensive iPhone 16 base model and has the same 6.1-inch screen the base model has.</p>



<p>The new phone has a 48 megapixel camera system and can shoot video at 4k resolution at 60 frames per second.</p>



<p>The product will also feature Apple Intelligence, the phonemaker’s artificial intelligence tool limited to the iPhone 15 and 16 lineups.</p>



<h2 class="wp-block-heading" id="h-how-much-does-the-iphone-16e-cost">How Much Does The Iphone 16e Cost?</h2>



<p>The iPhone 16e starts at $599 for its 128 gigabyte model, making it $200 cheaper than the base iPhone 16 model. The 256 GB iPhone 16e is priced at $699, while the 512 GB version is $899.</p>



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



<p>Apple has typically released affordable versions of its iPhones through its iPhone SE lineup, which featured smaller displays, lightning ports for charging and lower-performing chips. The iPhone 16e’s release also comes just five months after the release of the iPhone 16 lineup, bucking Apple’s trend of yearly iPhone releases. The tech giant reported $69.1 billion in&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/01/30/apple-earnings-preview-record-results-expected-with-china-ai-concerns-in-focus/">iPhone sales last quarter</a>, falling short of Wall Street estimates by nearly $2 billion. Apple’s sales in China also came up $2.4 billion short of expectations during the quarter, generating $18.5 billion in the country dominated by the Huawei and Xiaomi smartphone brands. However, Apple managed 4% year-over-year sales growth and 10% net profit growth.</p>



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



<p><a href="https://www.forbes.com/sites/dereksaul/2025/01/30/apple-earnings-preview-record-results-expected-with-china-ai-concerns-in-focus/">Apple Earnings: Record Results Even As iPhone, China Sales Fall Short Of Forecasts</a>&nbsp;(Forbes)</p>


Economy And Business In Poland

Apple Announces Lower-Cost iPhone Launching This Month


<p><a href="https://www.forbes.com/"></a><a href="https://www.forbes.com/search/"></a><a href="https://www.forbes.com/"></a><a href="https://www.forbes.com/"></a><a href="https://www.forbes.com/sites/johnhyatt/"></a><strong>Nigerian billionaire Aliko Dangote broke his government’s oil monopoly by building the largest petroleum refinery in Africa. So far, only he has reaped the rewards.</strong></p>



<p><strong><abbr>A</abbr>liko Dangote takes a deep breath,</strong>&nbsp;before reflecting on the odyssey of building Africa’s largest oil and gas refinery. “This is a very, very big relief,” says Dangote, who is speaking with&nbsp;<em>Forbes&nbsp;</em>via video conference from an office space at the refinery. Between remarks, the tycoon waves away employees off-screen vying for his attention. “It is actually removing something off my chest,” he continues, as if speaking with his therapist. “Because nobody ever gave us the chance to prove this through.”</p>



<p>After 11 years, $23 billion in investment and innumerable headaches, the Dangote Refinery finally began operating last year. Located on a sprawling 6,200-acre campus in Nigeria’s Lekki Free Zone about an hour outside Lagos, the refinery processed around 350,000 barrels of crude per day (b/d) in the second half of 2024. In January, it processed 500,000 b/d. At full capacity, which is expected next month – a whopping 650,000 b/d – the Dangote Refinery will be the seventh largest refinery in the world by production and the biggest in Africa. Its adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertilizer producer.</p>


<div class="wp-block-image">
<figure class="aligncenter"><img decoding="async" src="https://imageio.forbes.com/specials-images/imageserve/67afbd80ac49904e68ea108d/web-Dangote-8x10-cover-02-2025/1960x0.jpg?height=888&amp;width=711&amp;fit=bounds" alt="web-Dangote-8x10-cover-02-2025"/></figure></div>


<p>Dangote’s refinery is already impacting global energy markets. Imports of gasoline into Nigeria are on pace for an eight-year low, affecting the European refiners that traditionally sold to Nigeria, according to energy intelligence firm Vortexa. And thanks to the refinery, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, cleaning fluids) and fuel oil,&nbsp;<a href="https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/112224-feature-refiners-brace-for-margin-pain-as-nigerias-dangote-refinery-scales-up" rel="noreferrer noopener" target="_blank">according to</a>&nbsp;S&amp;P Global.</p>



<p>With his project coming to fruition, Dangote is now worth an estimated $23.8 billion—almost double what he was worth last year. (He insists he&#8217;s even richer). Already Africa’s wealthiest person, the 67-year-old Nigerian moves back into the ranks of the top 100 richest since 2018, according to&nbsp;<em>Forbes’&nbsp;</em>Real-Time Billionaires List.</p>



<p>It seemed not long ago that Dangote’s refinery might never come on line. In late 2023, some observers expressed doubt the plant would even work. Even once operations began early last year, Dangote struggled to source crude oil from the Nigerian National Petroleum Corporation (NNPC), Nigeria’s all-important state-owned oil company, threatening the project’s financial viability.</p>



<p>Dangote says the refinery is part of a larger mission: He wants to make Nigeria, one of the world’s largest producers of crude, into a producer of refined petroleum products to allow it to compete with European refineries and supply gasoline to Nigerians. Prior attempts by the Nigerian government to build and operate large-scale refineries ended in failure, leaving Nigerian consumers and businesses reliant on petrol imports, mostly from Europe. Until recently a fuel subsidy kept gasoline affordable for consumers, but the program has strained Nigeria’s finances and been mired in corruption allegations. Billions of dollars were siphoned off by regulators and middlemen over a period of decades in a scheme that disincentivized maintenance of state-owned refineries, many of which sit idle or in a state of disrepair. “The advent of the Dangote Refinery is transformative for the dynamics of Nigeria&#8217;s energy market,” says Clementine Wallop, an Africa analyst at Horizon Engage, a geopolitical consulting firm.</p>



<p>Dangote wants to provide a blueprint for industrialization across Africa. “We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” he says. Africa has been “a mere dumping ground for finished products,” Dangote argues, and his refinery represents “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”</p>



<p>In Nigeria, that hasn’t happened yet. In fact, gas prices have increased 60% in the African nation over the last six months as Dangote’s refinery has ramped up production, according to market intelligence firm Trading Economics. (And that’s before accounting for the country’s inflation, which was 29% in December.) The driver of these cost increases is the elimination of Nigeria’s fuel subsidy, which President Bola Tinubu cut after assuming office in May 2023. Doing so was made possible because of the hope of Dangote’s refinery, but it didn’t last long. The subsidy was quickly reinstated after petrol prices tripled. Tinubu slashed the subsidy again last summer, causing prices to skyrocket a second time. Nigerians are especially sensitive to gas prices, as many businesses and households depend on fuel-powered generators, given the country’s unreliable electric grid. Protesters have taken to the streets of Lagos and other cities to vent their frustrations about increasing gas prices.</p>



<p>Dangote blames the state-owned Nigerian National Petroleum Company (or NNPC), which oversaw Nigeria’s fuel subsidy and which both produces crude and sells refined petrol products. Initially, the NNPC agreed to acquire a 20% stake in Dangote’s refinery with an upfront payment of $1 billion, but later trimmed its stake to about 7% and demanded some of its money back. The NNPC also committed to supply Dangote with 300,000 barrels of crude oil per day, but has failed to fulfill its obligation. The NNPC did not respond to a request for comment.</p>



<p>In September, Dangote sued the NNPC in an attempt to block it from continuing to import and sell refined petrol products, citing a 2021 law requiring domestic producers of crude to supply enough oil to local refineries to meet domestic demand. (That case remains ongoing). The NNPC&nbsp;<a href="https://www.cnbcafrica.com/media/6363746461112/naira-crude-deal-dangote-refinery-receives-first-supply-from-nnpcl/" rel="noreferrer noopener" target="_blank">began</a>&nbsp;supplying Dangote’s refinery with crude in October, but&nbsp;<a href="https://www.youtube.com/watch?v=f2RyMMLkmX8" rel="noreferrer noopener" target="_blank">said</a>&nbsp;last month that it may reduce its allocation. Dangote is unsparing in his criticism of the organization, which he says is part of his country’s “oil mafia.”</p>



<p>“The oil mafia are more deadly than the one in drugs, because with the oil mafia there are so many people that are involved,” says Dangote. “You might be wining and dining with them, but these are the guys that are really the masters of moving things around.” An anti-graft commission raided Dangote’s office a year ago, but he insists that he’s on good terms with President Tinubu. “We have an extremely, very good relationship. I’ve known him for a very long time,” he says.</p>



<p>While Nigerians are upset with economic conditions, most are not mad at Dangote. “He is seen in most parts of Nigeria as a hero,” says Zainab Usman, director of the Africa Program at the Carnegie Endowment for International Peace. “He is seen as a real industrialist who builds things.”</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2025/02/GettyImages-1257252382.jpg" alt="" class="wp-image-64691" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/02/GettyImages-1257252382.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/02/GettyImages-1257252382-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/02/GettyImages-1257252382-768x512.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><strong><em>Stack towers and pipework at the Dangote Industries Ltd. oil (Photographer: Benson Ibeabuchi/Bloomberg via Getty Images)</em></strong></figcaption></figure>



<p>Born in 1958 to a wealthy family of traders in the city of Kano, Dangote always had ambition. He began his business career on the school playground at age 8 when he parlayed his allowance into a small-time confectionary venture. &#8220;I would use it to buy sweets, and I would give them to some people to sell, and they would bring me the profit,&#8221; Dangote&nbsp;<a href="https://www.forbes.com/sites/abrambrown/2015/03/04/the-little-known-15-billion-empire-of-africas-richest-man/">told</a><em>&nbsp;Forbes&nbsp;</em>back in 2015. After studying business at AlAzhar University in Cairo, he established an import-export trading venture in Lagos with the help of a $500,000 loan from an uncle. Political connections helped the young entrepreneur win “exclusive import rights in sugar, cement, and rice,” said a State Department cable unearthed by WikiLeaks.</p>



<p>In the late 1990s, Nigeria’s rulers began promoting domestic industry as the country transitioned from years of military rule into a democracy. Dangote capitalized on the change, securing tax incentives to build a sugar mill, flour refinery and cement factory. The cement business has been especially lucrative, generating gross margins of over 60% most years. (Prior to the opening of the refinery, publicly-traded Dangote Cement, of which Dangote owns 86%, accounted for the largest piece of his fortune.) As his empire grew, Dangote maintained goodwill with successive regimes, in large part because of his conglomerate’s focus on consumers. “I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” says Chika Ezeanya, a professor of African studies at Soka University of America. “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”</p>



<p>When Dangote first announced his refinery in 2013, his plan was to build the plant in southwest Nigeria. Dangote bought refinery technology from Honeywell UOP, a division of the American conglomerate, and brought in engineers from Engineers India Ltd., a state-backed engineering consulting firm, to help design the massive plant. His longtime lieutenant, Edwin Devakumar, a former World Bank engineer, was put in charge. The projected cost was around $10 billion. “It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”</p>



<p>After three years of delays due to disputes with local officials, Dangote abandoned his plans to build on the original site. He forked over $100 million to Nigeria’s government to acquire land in its current location outside of Lagos, but due to that site’s swampy conditions, he had to dredge 65 million cubic meters of sand and construct a port to move it all. Along the way, construction displaced&nbsp;<a href="https://www.theguardian.com/global-development/article/2024/jun/03/lagos-nigeria-dangote-industrial-complex-refinery-fertiliser-plant#:~:text=7%20months%20old-,'There%20is%20nowhere%20to%20fish%20any%20more'%3A%20life%20in,of%20Nigeria's%20biggest%20industrial%20complex&amp;text=On%20the%20outskirts%20of,with%20floodlights%20and%20security%20cameras." rel="noreferrer noopener" target="_blank">thousands of people</a>, prompting local backlash. Then Covid hit, delaying and complicating the schedule. “I can spend the whole day telling you about these challenges,” Dangote sighs.</p>



<p>The costs accumulated—in part because Dangote kept insisting on making the refinery bigger than originally planned. He took out $5.5 billion in bank loans and sold off 3% stakes in his cement business to Dubai’s investment corporation and an Australian sovereign wealth fund in 2013 for about $300 million apiece; he later sold off other slices to private equity firm Gateway Partners and others for undisclosed sums. An intercompany loan for $10 billion from his holding company – which owns his cement, flour and sugar businesses – helped fund the refinery&#8217;s years of cost overruns. The total tab of nearly $23 billion was more than double initial projections.</p>



<p>The refinery still has about $3 billion in outstanding debt. In August, Fitch downgraded its rating on the publicly traded bonds due to “significant deterioration in the group&#8217;s liquidity position” following the refinery’s under-utilization last year due to lack of crude, as well as the plummeting value of Nigeria’sNaira, which has lost over 70% of its value against the dollar since June 2023 when Nigeria’s, central bank floated the currency. Dangote says that liquidity is not a problem, and that the refinery is sufficiently dollarized (meaning that his foreign customers pay in U.S. dollars) to withstand the Naira&#8217;s devaluation.</p>



<p>Facing these challenges, Dangote is determined to make the refinery a success. He has set up a family office in Dubai and his three daughters work for the family business in various capacities, yet most of his focus is still firmly in Nigeria, not on succession planning. The billionaire says that he still spends a lot of his time at his refinery, meeting with engineers and managers. Plus there are more challenges ahead—including building a subsea pipeline to transport natural gas from the Niger Delta to Lagos, and doubling output at the refinery’s fertilizer plant. He also says he wants to take the refinery public in the next year or two.</p>



<p>“I’ve been fighting battles all my life,” Dangote says, “and I have not lost one yet.</p>


Author: Forbes

FORBES AFRICA SOCIAL MEDIA