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



<p>“The Night Agent” was the most viewed title on Netflix during the first half of 2023, the company announced Tuesday, giving its first sweeping&nbsp;<a href="https://about.netflix.com/en/news/what-we-watched-a-netflix-engagement-report" target="_blank" rel="noreferrer noopener">report</a>&nbsp;on viewership numbers beyond its weekly Top 10 list following demands from viewers and Hollywood writers for more transparency.</p>



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



<p>“The Night Agent,” which came out on March 23, came out on top with 812.1 million hours viewed between January and June of this year.</p>



<p>Season two of “Ginny &amp; Georgia,” season one of Korean drama “The Glory,” season one of “Wednesday” and “Queen Charlotte: A Bridgerton Story”&nbsp;<a href="https://about.netflix.com/en/news/what-we-watched-a-netflix-engagement-report" target="_blank" rel="noreferrer noopener">rounded out</a>&nbsp;the top five shows in terms of viewing hours during the first half of 2023.</p>



<p>The report, called “What We Watched: A Netflix Engagement Report,” was presented as a simple spreadsheet with four columns, showing the title, the release date, whether the title was available worldwide and the viewing hours, and is the first time Netflix is sharing viewership details after years of declining to share them with anyone, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-12-12/netflix-releases-viewer-data-on-every-show-film-for-first-time" target="_blank" rel="noreferrer noopener">reported</a>.</p>



<p>Over 60% of Netflix original titles released during the first half of this year made the platform’s weekly Top 10 lists, which show the 10 most viewed shows and films of the week, but not viewership numbers, Netflix&nbsp;<a href="https://about.netflix.com/en/news/what-we-watched-a-netflix-engagement-report" target="_blank" rel="noreferrer noopener">said</a>, showing that the platform’s originals are popular among viewers as writers for streaming services demand additional residuals if their shows are successful.</p>



<p>Non-English titles generated 30% of all viewing hours globally, the company&nbsp;<a href="https://about.netflix.com/en/news/what-we-watched-a-netflix-engagement-report" target="_blank" rel="noreferrer noopener">said</a>, and Netflix original titles released before this year appeared to have “staying power,” Netflix said, such as “All Quiet on the Western Front,” which came out in October 2022, but generated 80 million viewing hours in the first half of 2023.</p>



<p>Forbes Daily: Get our best stories, exclusive reporting and essential analysis of the day’s news in your inbox every weekday.Sign Up</p>



<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<p>Netflix co-CEO Ted Sarandos&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-12-12/netflix-releases-viewer-data-on-every-show-film-for-first-time" target="_blank" rel="noreferrer noopener">told reporters</a>&nbsp;the lack of transparency over viewership data caused “mistrust over time” with writers and other creatives, and that people have asked for more details on what audiences are watching “over the last 16 years of streaming.”</p>



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



<p>Viewership numbers could explain why Netflix decides to cancel shows, as it has been previously&nbsp;<a href="https://www.wired.co.uk/article/netflix-originals-cancelled-oa-altered-carbon-sense8" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;the streaming service renews or cancels shows based on viewership and other data points, including how many accounts watch only one episode of a series, how many subscribers finish an entire season and the total amount of subscribers who watch a series.</p>



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



<p>Hollywood writers launched a five-month strike that started this summer, demanding more compensation from streaming platforms through higher wage floors, the regulation of mini-rooms (or&nbsp;<a href="https://variety.com/2023/tv/news/writers-guild-contract-negotiation-mini-room-1235568173/" target="_blank" rel="noreferrer noopener">smaller</a>&nbsp;writers rooms that pay less), additional money from streaming residuals and transparency over viewership for their shows, the Wall Street Journal<em>&nbsp;</em><a href="https://www.wsj.com/business/media/hollywood-writers-reach-agreement-with-studios-streamers-to-end-strike-57fb5dd" target="_blank" rel="noreferrer noopener">reported</a>. Writers, studios and streamers reached a tentative agreement in September that included a success-based residual in which writers for TV series and films on streaming services can receive a bonus if 20% or more of a streaming service’s U.S.-based subscribers watch the show within three months of its release,&nbsp;<a href="https://www.hollywoodreporter.com/business/business-news/how-wga-streaming-residual-will-work-1235602660/" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Hollywood Reporter.</p>



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



<p><a href="https://www.forbes.com/sites/siladityaray/2023/09/25/wga-and-studios-reach-exceptional-tentative-deal-to-end-writers-strike/?sh=4da6b38f1eb5">Hollywood Writers And Studios Reach ‘Exceptional’ Tentative Deal To End Strike</a>&nbsp;(Forbes)</p>



<p><a href="https://www.wired.co.uk/article/netflix-originals-cancelled-oa-altered-carbon-sense8" target="_blank" rel="noreferrer noopener">Why Netflix keeps cancelling your favourite shows after two seasons</a> (Wired)</p>


Watching Netflix On iPad

This Show Topped Netflix Viewership Earlier This Year—And It Might Not Be What You Think


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



<p>Teens are using social media at rates as high as ever, with the majority using YouTube, TikTok, Snapchat and Instagram and nearly half of teens saying they are online “almost constantly,” though Snapchat slightly overtook Instagram this year, according to a new Pew Research Center&nbsp;<a href="https://www.pewresearch.org/internet/2023/12/11/teens-social-media-and-technology-2023/" target="_blank" rel="noreferrer noopener">survey</a>&nbsp;of teens and technology.</p>



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



<p>The 46% of teens—13- to 17-year-olds—who said they’re online “almost constantly” is the same as&nbsp;<a href="https://www.pewresearch.org/internet/2022/08/10/teens-social-media-and-technology-2022/" target="_blank" rel="noreferrer noopener">last year</a>, though the number has almost doubled since 2014, when just 24% of teens said they were online “almost constantly.”</p>



<p>There wasn’t much overall change in social media usage between this year and last, as Youtube beat out TikTok as the dominant social media platforms, used by 93% and 63% of teens, respectively.</p>



<p>Snapchat moved above Instagram in 2023, with 60% of teens saying they use Snapchat and 59% using Instagram, compared to 62% using Instagram and 59% using Snapchat last year, and 52% on Instagram and just 41% on Snapchat in 2014-2015.</p>



<p>Social media usage differs slightly by gender, with teen girls being more likely to constantly use TikTok and Snapchat than boys, though constant usage of YouTube, Instagram and Facebook are fairly similar across gender lines, Pew reported.</p>



<p>Pew polled just under 1,500 teenagers for the survey in September and October, with a margin of error of 3.2 percentage points.</p>



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



<p>BeReal, the newest social media platform included on Pew’s poll, is the only platform that white teens were more likely to use than Black or Hispanic teens. TikTok was used by 80% of Black teens, as opposed to 70% of Hispanic teens and almost 60% of white teens, and more Black teens reported using X, formerly known as Twitter, than white or Hispanic teens.</p>



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



<p>58%. That’s how many teens use TikTok daily. Of those, 17% described their TikTok usage as “almost constant,” and 32% said they use it several times a day. Hispanic teens are most likely to be using TikTok constantly, with almost one in three Hispanic teens reporting they’re almost constantly on the app compared to one in five Black teens and one in 10 white teens.</p>



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<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



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



<p>Facebook is no longer dominating social media for teens. In 2014-2015, 71% of teens used Facebook compared to the 33% who reported using it now. The same can be said for X, formerly known as Twitter, which has seen usage drop from 33% to 20% over the same time period. However, teens in lower-income households are using Facebook more than their peers: 45% of teens in households making less than $30,000 annually reported using Facebook, compared with 27% of those in households that make at least $75,000 annually. And Instagram—which is owned by Facebook parent Meta—still remains broadly popular. Instagram, along with most major social media platforms, has faced a deluge of criticism in recent years about how it protects teenage users.</p>


Midsection of teenager using phone while sitting with friends by cobbled street

Snapchat Overtakes Instagram In Teen Usage—But YouTube And TikTok Still Win, New Poll Finds


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



<p>The International Olympic Committee on Friday confirmed that Russian and Belarusian citizens will be able to compete in the 2024 Olympics in Paris as individual neutral athletes, prohibited from sporting the flag or colors of their countries or backing the war in Ukraine—after some IOC officials suggested the Ukraine invasion could lead to an all-out ban.</p>



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



<p>The Russian and Belarusian teams remain prohibited, and state officials will not be invited to the Games,&nbsp;<a href="https://olympics.com/ioc/news/strict-eligibility-conditions-in-place-as-ioc-eb-approves-individual-neutral-athletes-ains-for-the-olympic-games-paris-2024" target="_blank" rel="noreferrer noopener">the IOC confirmed on Friday</a>.</p>



<p>In addition to a ban on Russian and Belarusian flags, anthems and colors, the IOC also said that athletes or support personnel who actively support the war in Ukraine will be prohibited.</p>



<p>In its press release, the committee says it took into account “the view of the overwhelming majority of athletes not to punish fellow athletes for the actions of their government.”</p>



<p>Like all Olympic athletes, the “Individual Neutral Athletes” will have to sign the “Conditions of Participation” ahead of the 2024 games in Paris, which commits them to respect “the peace mission of the Olympic Movement.”</p>



<p>“Only a very limited number of athletes” will ultimately be eligible to participate under the “strict eligibility” conditions the IOC has laid out, the international organization claims.</p>



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



<p>Following Russia’s invasion of Ukraine in 2022, Olympics officials hinted at&nbsp;<a href="https://www.reuters.com/lifestyle/sports/russia-belarus-athletes-may-face-paris-2024-ban-iocs-reedie-2022-07-12/" target="_blank" rel="noreferrer noopener">an all-out ban</a>&nbsp;from the 2024 Olympics for both Russia and its ally Belarus. In March, however, the IOC first laid the groundwork for Friday’s decision, recommending that international sports federations allow Russian and Belarusian athletes to return to competition and announcing its intention to explore a pathway for them to compete in the 2024 games. At the time, the organization&nbsp;<a href="https://olympics.com/ioc/news/ioc-issues-recommendations-for-international-federations-and-international-sports-event-organisers" target="_blank" rel="noreferrer noopener">said</a>&nbsp;that it “feels deeply for the Ukrainian people” but it “cannot prevent wars and conflicts” nor “address all the political and social challenges in our world.” Despite Friday’s announcement, Russian and Belarusian athletes will still likely be barred from competing in the 2024 Games’ biggest sport area, track and field. World Athletics, the international governing body for track and field, has maintained an all-out ban on Russia and Belarus since the war began, and has previously signaled its<a href="https://www.nbcsports.com/olympics/news/russia-track-and-field-ban-suspension-olympics-2024-paris" target="_blank" rel="noreferrer noopener">&nbsp;“unlikely”</a>&nbsp;to reverse that ban.</p>



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



<p>Russia’s invasion of Ukraine, and the subsequent debate over its future in the Olympics, came just months before the country’s two-year ban from international sports due to its state-sponsored doping ring at the Sochi Olympics was&nbsp;<a href="https://www.washingtonpost.com/sports/olympics/2022/11/29/russia-doping-ban-wada/" target="_blank" rel="noreferrer noopener">set to expire.</a></p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>How Ukraine responds. After the board’s March announcement that it was working on a pathway for Russian and Belarusian athletes to compete, Ukrainian officials threatened to&nbsp;<a href="https://olympics.com/ioc/news/ioc-issues-recommendations-for-international-federations-and-international-sports-event-organisers" target="_blank" rel="noreferrer noopener">boycott the Games.</a></p>



<h2 class="wp-block-heading" id="h-chief-critics">CHIEF CRITICS</h2>



<p>On X, Ukrainian Minister of Foreign Affairs Dmytro Kuleba&nbsp;<a href="https://twitter.com/DmytroKuleba/status/1733165492762804381" target="_blank" rel="noreferrer noopener">condemned the IOC’s decision</a>, claiming that the organization “essentially gave Russia the green light to weaponize the Olympics.” He argued that Russia “will use every Russian and Belarusian athlete as a weapon in its propaganda warfare.” Meanwhile, Russian sports minister Oleg Matytsin called the Olympics’ continued restrictive policies on Russian athletes “discriminatory.” “They are damaging the Olympic Games themselves, and not Russian sport,” he said in comments reported by&nbsp;<a href="https://www.barrons.com/news/russia-says-ioc-rules-for-russian-athletes-discriminatory-c4c65786" target="_blank" rel="noreferrer noopener">Agence France Presse</a>.</p>



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



<p>11. That’s how many Individual Neutral Athletes have qualified for the games so far. That includes eight Russians and three Belarusians, the IOC said. So far, more than 60 Ukrainians have qualified.</p>


Landscape Projects For Beijing 2022 Winter Olympics Upgraded

Russians Can Compete In 2024 Olympics Despite Ukraine War—But Only As Neutral Athletes


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



<p>The first “Grand Theft Auto VI” trailer shattered the record for YouTube’s most-viewed trailer launch of all-time on Monday, according to YouTube, raking in more than 93 million views in 24 hours.</p>



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



<p>The GTA VI trailer, which was&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/12/04/grand-theft-auto-vi-trailer-finally-drops-after-years-of-anticipation-and-leak-on-x/?sh=4b02bf0e7198">released prematurely</a>&nbsp;by Rockstar Games due to a leak, became YouTube’s most-viewed trailer launch ever in addition to setting a view record for a non-music video debut, according to a statement from the video platform.</p>



<p>The 90-second trailer, which also broke a Guinness World Record for most viewed video game reveal on YouTube in 24 hours, has more than 123 million views as of Thursday and is still YouTube’s No. 1 trending video after being published Monday.</p>



<p>The views brought in by the trailer don’t come as a surprise given the&nbsp;<a href="https://twitter.com/RockstarGames/status/1730587560726892883?s=20" target="_blank" rel="noreferrer noopener">announcement post</a>&nbsp;for the trailer posted last week on X, formerly known as Twitter, racked up 2 million likes and well over 150 million views.</p>



<p>Some details of GTA VI’s setting, main characters and story were revealed in the trailer, confirming a range of leaks and theories that floated online for the past few years.</p>



<p>YouTube creators have generated more than 250 million views off videos related to GTA VI, according to YouTube.</p>



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



<p><a href="https://ir.take2games.com/static-files/08f13511-2824-4d6e-9571-c857636f7ca6" target="_blank" rel="noreferrer noopener">190 million</a>. That’s the number of “Grand Theft Auto V” units sold in the game’s 10-year lifespan, making it the third-best-selling video game of all-time behind Tetris (No. 1) and Minecraft (No. 2).</p>



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



<p>The “Grand Theft Auto” franchise is a powerhouse in gaming and has set numerous records across its eight game series. The franchise’s most recent installment, GTA V, released in 2013 and has maintained an online multiplayer base ever since. Despite Rockstar Games updating GTA V’s multiplayer feature, players have clamored for another installment for more than three years. GTA VI, which will release in 2025, was subject to leaks and theories that gave information on the upcoming video game. One leak caused by a&nbsp;<a href="https://twitter.com/RockstarGames/status/1571849091860029455?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1571849091860029455%7Ctwgr%5Ed08388a58d881d13cb040dff021339d47726c990%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.ign.com%2Farticles%2Fgta-6-everything-we-know-news-leaks-and-pre-trailer-intel" target="_blank" rel="noreferrer noopener">network intrusion</a>&nbsp;last year revealed two of the game’s main characters as well as its setting, both of which were confirmed by the GTA VI trailer this week.</p>



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



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/12/04/grand-theft-auto-vi-trailer-finally-drops-after-years-of-anticipation-and-leak-on-x/?sh=4b02bf0e7198">‘Grand Theft Auto VI’ Trailer Finally Drops After Years Of Anticipation—And Leak On X</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/dereksaul/2023/11/14/grand-theft-auto-hype-sends-take-two-stock-to-2023-high/?sh=64cb175541f7">‘Grand Theft Auto’ Hype Sends Take-Two Stock To 2023 High</a>&nbsp;(Forbes)</p>


In this photo illustration, the Grand Theft Auto VI (GTA 6)

‘Grand Theft Auto VI’ Breaks Record For YouTube’s Most-Viewed Trailer Launch Ever


<p>How’s this for irony? Slack, whose workplace messaging app has at some point prompted many employees to feel the tug of responding after hours, has a warning: People who feel obligated to work after hours also tend to be less productive.</p>



<p>New&nbsp;<a href="https://slack.com/blog/news/the-surprising-connection-between-after-hours-work-and-decreased-productivity" target="_blank" rel="noreferrer noopener">survey data</a>&nbsp;from Slack’s&nbsp;<a href="https://slack.com/resources/collections/workforce-lab" target="_blank" rel="noreferrer noopener">Workplace Lab</a>, which queried some 10,000 desk-based employees, found that people who log off at the end of the work day reported 20% higher productivity scores than those who feel the pressure to work after hours. Unsurprisingly, those who felt the need to log on after hours reported twice the work-related stress and burnout levels as their unplugged peers. (Those who chose to work late by choice, meanwhile, whether for scheduling reasons or because of personal ambitions, reported no downsides.)</p>



<p>The survey results—a continuation of Slack’s&nbsp;<a href="https://www.forbes.com/sites/jenamcgregor/2022/10/20/as-economic-concerns-rise-executives-are-reporting-record-high-stress-and-defaulting-to-old-office-habits/?sh=28ebb5c5594c">Future Forum research</a>, which was widely cited throughout the pandemic—comes at the end of a year when many CEOs, all in the name of greater productivity, have been pushing a do-more-with-less mentality and&nbsp;<a href="https://www.forbes.com/sites/jenamcgregor/2023/08/19/the-war-over-work-from-home-the-data-ceos-and-workers-need-to-know/?sh=208cb2aa6afa">return-to-office mandates</a>&nbsp;that have many workers frustrated by workplace distractions and longer hours spent commuting. But in effect, such efforts could be making productivity worse.</p>



<p>“The conventional wisdom for productivity has always been if you want to produce more, just work more,” says Christina Janzer, senior vice president of research and analytics and the head of Slack’s Workforce Lab, which does research and experiments about improving ways of working. “This is our opportunity to myth-bust. More hours don’t necessarily mean better productivity.”</p>



<p>Janzer admits that while Slack has do-not-disturb settings, status updates and scheduled send tools, “there’s still more work for us to do to encourage them and make them more visible.” Still, it’s ultimately “up to the company and the team and the culture to really establish those ground rules,” she says.</p>



<p>Slack’s survey comes from self-reported answers rather than specific measures of study participants’ productivity or their number of work hours. It found that those who felt obligated to work after hours were 50% more likely to say they have too many competing priorities than those who work traditional hours; meanwhile, employees who worked longer hours reported similar daytime efficiency to those who worked a typical schedule, suggesting managers aren’t doing enough to prioritize work and prevent a sense of overload, Janzer says. For many organizations, the latest data shows “there’s a really big opportunity for managers to play a bigger role in helping people prioritize and take the time that they spend at work and make it time well spent,” says Janzer.</p>



<p>The survey also found that desk workers reported a “goldilocks zone” of four hours a day as an ideal amount of time for focused work, and that more than two hours of meetings is the point at which they feel overburdened. Meanwhile, half of desk workers surveyed said they rarely or never take breaks during the work day.</p>



<p>The survey’s finding about long hours and productivity is hardly new. Academic research has long shown that beyond a certain point, extra hours can lead to productivity declines. A 2014&nbsp;<a href="https://docs.iza.org/dp8129.pdf" target="_blank" rel="noreferrer noopener">study</a>, for instance, found that employee output falls sharply after a 50-hour work-week, and then falls precipitously after 55 hours. A Boston University&nbsp;<a href="https://hbr.org/2015/08/the-research-is-clear-long-hours-backfire-for-people-and-for-companies" target="_blank" rel="noreferrer noopener">study</a>&nbsp;of consultants, meanwhile, found that managers couldn’t tell the difference between those who actually worked 80 hours a week and those who pretended to do so. Then there’s&nbsp;<a href="https://www.who.int/news/item/17-05-2021-long-working-hours-increasing-deaths-from-heart-disease-and-stroke-who-ilo" target="_blank" rel="noreferrer noopener">research</a>&nbsp;from the World Health Organization, which concludes that working 55 or more hours per week is associated with an estimated 35% higher risk of a stroke and a 17% higher risk of dying from heart disease.</p>



<p>Yet at a time when hybrid work arrangements and an influx of technology allows people to rethink the patterns and practices of work, it’s a reminder that there are alternatives to simply pushing longer hours to get more out of people. “Productivity is not linear,” says Janzer, noting that 75% of survey respondents said they experience a productivity slump in the afternoons between 3 and 6 pm. “There’s these opportunities to really think about how people are spending and structuring their day.”</p>



<p>Slack’s survey also found that those who reported the most productivity were more likely to say they used time management strategies like blocking time for specific tasks, only checking email at specific times and setting timers to keep themselves focused. Slack is experimenting with some productivity tools itself: Recently, Janzer’s team had a “speedy meetings week” where it halved the length of all meetings—all 30-minute slots were scheduled for 15, for instance—to see how much time was really required. The company also has “maker weeks” twice each quarter, in which meetings are temporarily lifted from the calendar to rethink which ones work and which don’t.</p>



<p>“It’s a great forcing function,” Janzer says. “You’re able to really accomplish a lot from a productivity standpoint. But the second thing is it forces you to work in different ways. What you thought had to be a 30-minute meeting you realize actually [could] be an asynchronous post in Slack.” Or, as many have noted, an email.</p>


Tired Black man, sleeping and burnout from working at night by office desk suffering stress or overworked. Exhausted African American male asleep on table by computer for long work hours at workplace

Feel Pressure To Work After Hours? You May Be Less Productive, Not More.

Untitled design (36)

The World’s Most Powerful Women


<h2 class="wp-block-heading" id="h-topline"><a href="https://policies.google.com/privacy" target="_blank" rel="noreferrer noopener"></a>TOPLINE</h2>



<p>Global carbon emissions reached another record high in 2023—even after both the U.S. and E.U. cut fossil fuel emissions, according to a recently published study.</p>



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



<p>This year’s global carbon emissions from fossil fuels are projected to total 36.8 billion tonnes—a 1.1% rise from 2022, according to a study published by&nbsp;<a href="https://globalcarbonbudget.org/" target="_blank" rel="noreferrer noopener">Global Carbon Budget</a>.</p>



<p>The report, compiled by an international team of climate researchers from more than 90 universities, determined that time is “running out fast” to avoid the worst impacts from climate change.</p>



<p>The global rise comes even after a sizable reduction in emissions from the European Union and the United States, decreasing by 7.4% and 3% respectively.</p>



<p>However, emissions from India are projected to increase by 8.2%, and emissions from China are expected to rise by 4%.</p>



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



<p>According to the Global Carbon Budget, emissions have largely plateaued in the last 10 years. The world did not see a significant increase compared to 2022, which also saw emissions increase by 1%. However, experts say this stabilization will not be enough to ensure emissions breach the 1.5ºC threshold—after which the earth will experience irreversible damage from climate change. The Global Carbon Budget now estimates that there is a 50% chance the world will exceed the 1.5C threshold in just seven years.</p>



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



<p>Professor Corinne Le Quéré of the University of East Anglia’s School of Environmental Sciences said the annual changes are “not profound or widespread enough” to deter climate change. “All countries need to decarbonise their economies faster than they are at present to avoid the worse impacts of climate change,” Le Quéré said.</p>



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



<p>The study was released as the UN’s annual climate conference, COP28, takes place in the United Arab Emirates. COP28 president-delegate Sultan Al Jaber, the CEO of the UAE’s state-run oil and alternative energy companies, has faced steep criticism since the conference began. Last week, <a href="https://www.forbes.com/sites/zacharyfolk/2023/12/01/cop28-advisory-board-member-resigns-over-reports-uae-used-climate-talks-to-push-fossil-fuels/?sh=480addf4a37e">leaked memos</a> appeared to show Al Jaber was using the conference to pursue more oil and natural gas deals. On Sunday, comments Al Jaber made at a SHE Changes Climate summit on November 21 attracted further criticism. “There is no science out there, or no scenario out there, that says that the phase-out of fossil fuel is what’s going to achieve 1.5C,” Al Jaber said, in remarks first reported on by the <a href="https://www.theguardian.com/environment/2023/dec/03/back-into-caves-cop28-president-dismisses-phase-out-of-fossil-fuels" target="_blank" rel="noreferrer noopener">Guardian</a>. The COP28 president’s beliefs seem to directly conflict with the UN’s stated position on meeting the threshold. “The science is clear: the 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels,” UN Secretary General Antonio Guterres said in an address at COP28. “Not reduce. Not abate. Phase out.”</p>


Reports Indicate 2016 Was Hottest Year On Record

Global Carbon Emissions Reached Another Record High In 2023, Study Suggests


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



<p>An uptick of mycoplasma pneumonia cases in children has caused outbreaks in Ohio, Massachusetts, China and Denmark, though officials say they aren’t connected or linked to a “new or novel” virus.</p>



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



<p>The illness is caused by a bacteria called “mycoplasma pneumoniae,”<em>&nbsp;</em>and results in typically mild respiratory infections, though the illness can progress into a serious lung infection that calls for hospitalization,&nbsp;<a href="https://www.cdc.gov/pneumonia/atypical/mycoplasma/index.html" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.</p>



<p>Mycoplasma pneumonia is sometimes dubbed “<a href="https://www.vinmec.com/en/news/health-news/general-health-check/what-does-a-white-chest-x-ray-indicate/#:~:text=A%20white%20lung%20or%20white,be%20detected%20and%20treated%20promptly." target="_blank" rel="noreferrer noopener">white lung pneumonia</a>” due to white patches caused by the disease that present on the lungs during X-rays.</p>



<p>The Warren County Health District in Ohio released a&nbsp;<a href="https://warrenchd.com/wp-content/uploads/2023/11/WCHD-Media-Release-Update-2.pdf" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;Thursday indicating a pneumonia outbreak that began in August has affected at least 145 children between the ages of three and 14.</p>



<p>“Mycoplasma pneumoniae”<em>&nbsp;</em>was among the specimens at fault, along with “streptococcus pneumoniae” and adenovirus, which all cause pneumonia and other respiratory illnesses, the WCHD indicated in a separate&nbsp;<a href="https://warrenchd.com/wp-content/uploads/2023/11/WCHD-media-release-pneumonia-112923-004-1.pdf" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;released Wednesday.</p>



<p>The WCHD said the increase of pneumonia cases is not linked to a “new or novel” respiratory illness, but rather a spike in normal pediatric cases, and stated the outbreak isn’t related to any other outbreaks statewide, nationally or globally.</p>



<p>Massachusetts is also <a href="https://www.westernmassnews.com/2023/11/29/doctors-seeing-increase-walking-pneumonia-rsv-cases-kids/" target="_blank" rel="noreferrer noopener">reporting</a> an outbreak of pediatric “<a href="https://www.lung.org/blog/what-is-walking-pneumonia#:~:text=%22Walking%20pneumonia%22%20is%20a%20non,common%20bacterium%20called%20Mycoplasma%20pneumonia." target="_blank" rel="noreferrer noopener">walking pneumonia</a>” cases—which refers to mild pneumonia infection often caused by “mycoplasma pneumoniae”—as well as an uptick in other respiratory illnesses like respiratory syncytial virus.</p>



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



<p>Mycoplasma pneumonia has also been spreading in China and Denmark. Researchers from Denmark’s Statens Serum Institute have&nbsp;<a href="https://www.ssi.dk/aktuelt/nyheder/2023/der-er-epidemi-med-mycoplasmainfektioner-ogsaa-kendt-som-kold-lungebetaendelse" target="_blank" rel="noreferrer noopener">stated</a>&nbsp;mycoplasma pneumonia infections have reached epidemic status in the country. The spike began during the summer, but quickly increased over the past five weeks. Over 540 cases were reported last week—triple the number of cases reported in mid-October. Chinese officials reported during a health conference in November there has been an uptick in respiratory illnesses since mid-October,&nbsp;<a href="https://www.who.int/emergencies/disease-outbreak-news/item/2023-DON494" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the World Health Organization. However, they blamed this surge on the lifting of Covid restrictions and said it was linked to known illnesses, like Covid, RSV, the flu and mycoplasma pneumonia. WHO echoed China’s sentiments,&nbsp;<a href="https://www.who.int/emergencies/disease-outbreak-news/item/2023-DON494" target="_blank" rel="noreferrer noopener">saying</a>&nbsp;though the surge is early in the typical flu season, it’s not unexpected due to the removal of Covid restrictions in the country. Republican lawmakers&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/30/cdc-director-says-respiratory-illnesses-in-china-not-caused-by-new-virus/?sh=61bcf670722b">grilled</a>&nbsp;CDC director Mandy Cohen on Thursday about China’s trustworthiness in reporting the surge in infections. Rep. Cathy McMorris Rodgers (R-Wash.) likened the surge and the alleged lack of information from China to “a troubling parallel to 2020,” in reference to the early days of the Covid pandemic. Cohen said the rise in cases isn’t linked to a “new or novel” virus, but instead due to respiratory illnesses like mycoplasma pneumonia, an explanation in line with China and WHO.</p>



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



<p>Mycoplasma infection is most common in the fall and late summer, and though anyone can get infected, it mainly affects children and younger adults,&nbsp;<a href="https://www.health.ny.gov/diseases/communicable/mycoplasma/fact_sheet.htm#:~:text=Typical%20symptoms%20include%20fever%2C%20cough,mild%20and%20rarely%20requires%20hospitalization)." target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the New York State Department of Health. Usual symptoms include sore throat, sneezing, coughing, runny nose, wheezing, headache, ear infection and chest soreness, a&nbsp;<a href="https://www.ncbi.nlm.nih.gov/books/NBK430780/" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in StatPearls reports. Symptoms typically last for a few days but can stretch for more than a month, and they usually begin between two to three weeks following exposure. Though most infections are mild, they can lead to severe complications like lung abscess, respiratory failure, fluid buildup in the lungs and pus in the lungs. There are no vaccines to prevent mycoplasma infection, but it can be treated with antibiotics as it is a bacterial infection, unlike Covid and the flu.</p>



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



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/30/cdc-director-says-respiratory-illnesses-in-china-not-caused-by-new-virus/?sh=61bcf670722b">CDC Director Says Respiratory Illnesses In China Not Caused By New Virus</a>&nbsp;(Forbes)</p>



<p><a href="https://www.who.int/emergencies/disease-outbreak-news/item/2023-DON494" target="_blank" rel="noreferrer noopener">Upsurge of respiratory illnesses among children-Northern China</a> (The World Health Organization)</p>


Shot of little african-american boy  being vaccinated on her arm by a pediatrician at doctor’s office.

What Is Mycoplasma Pneumonia? Dubbed ‘Walking Pneumonia’ Or ‘White Lung Pneumonia’ And Linked To Pediatric Outbreaks In Ohio And Massachusetts


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



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



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



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



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



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



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



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



<p>Forbes Daily: Get our best stories, exclusive reporting and essential analysis of the day’s news in your inbox every weekday.Sign Up</p>



<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



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



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



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



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



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



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



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



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



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



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



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


Popular Streaming Services Photo Illustrations

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


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



<p>Israel and Hamas on Thursday agreed to extend an ongoing temporary ceasefire by an additional day, just minutes before it was set to expire, a move that will allow for continued negotiations on the release of more hostages from Gaza in exchange for Palestinians held in Israeli prisons.</p>



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



<p>The extension was announced by the&nbsp;<a href="https://twitter.com/MofaQatar_EN/status/1730096017763107245" target="_blank" rel="noreferrer noopener">Qatari Foreign Ministry</a>—which is mediating discussions between the two sides—just minutes before the ceasefire agreement was set to expire at 7 a.m. local time.</p>



<p>The extended truce maintains the same conditions both sides had agreed to previously where Hamas will release at least 10 Israeli hostages every day in exchange for 30 Palestinian prisoners.</p>



<p>Qatari officials said efforts for permanent ceasefire agreement are still ongoing.</p>



<p>The Israeli Prime Minister’s office said it has already informed the relatives of hostages who are expected to be released on Thursday, with&nbsp;<em>Haaretz</em>&nbsp;<a href="https://www.haaretz.com/israel-news/2023-11-30/ty-article-live/12-israelis-four-thai-nationals-released-from-hamas-captivity-in-gaza/0000018c-1e28-db78-adcc-be7c50fb0007?liveBlogItemId=720471109&amp;htm_source=site&amp;htm_medium=button&amp;htm_campaign=live_blog_item#720471109" target="_blank" rel="noreferrer noopener">reporting</a>&nbsp;that the list could include eight women and children.</p>



<p><em>This is a developing story</em>.</p>


Two-Day Truce Extension Promises Release Of More Israeli Hostages And Palestinian Prisoners

Israel-Hamas Ceasefire Extended By One More Day Minutes Before It Was Set To Expire


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



<p>Shein, a China-based company that dominates the fast-fashion industry, has confidentially filed to go public, the <a href="https://www.wsj.com/business/fast-fashion-giant-shein-files-to-go-public-30a97410?mod=business_lead_story" target="_blank" rel="noreferrer noopener">Wall Street Journal</a> and <a href="https://www.cnbc.com/2023/11/27/shein-files-for-us-ipo-as-fast-fashion-giant-looks-to-expand-its-global-reach.html" target="_blank" rel="noreferrer noopener">CNBC</a> reported Monday.</p>



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



<p>Shein will be working with Goldman Sachs, JPMorgan Chase and Morgan Stanley as underwriters on the offering, the Wall Street Journal reported.</p>



<p>The initial public offering could happen as soon as 2024, people with knowledge of the matter told CNBC and the Journal.</p>



<p>Last year Shein was valued at $100 billion—worth more than the combined value of two of its fast-fashion competitors, Zara and H&amp;M, according to previous Forbes <a href="https://www.forbes.com/sites/janeho/2022/11/09/founder-of-fast-fashion-phenomenon-shein-joins-ranks-of-chinas-richest-after-new-fundraising/?sh=10f1cb782bc7">reporting</a>—though Bloomberg reported the value <a href="https://www.bloomberg.com/news/articles/2023-11-07/shein-targets-up-to-90-billion-valuation-in-us-ipo-sources-say?embedded-checkout=true#xj4y7vzkg" target="_blank" rel="noreferrer noopener">dropped</a> to between $50 billion and $60 billion this year as higher interest rates and an uncertainty cloud the market.</p>



<p>Shein declined to comment to Forbes.</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR</h2>



<p>Earlier this month, people familiar with Shein’s IPO intentions&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-11-07/shein-targets-up-to-90-billion-valuation-in-us-ipo-sources-say?embedded-checkout=true#xj4y7vzkg" target="_blank" rel="noreferrer noopener">told</a>&nbsp;Bloomberg the company hopes to get a valuation of around $80 billion or $90 billion before going public, which would be one of the largest initial public offerings ever.</p>



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



<p>An IPO has long been rumored for Shein, which was founded in 2008 and quickly gained ground in the fast-fashion field. It’s known for selling trendy clothes that target Gen Z buyers with dirt cheap prices, regularly offering products for under $10. The company has faced its fair share of controversy and has regularly been criticized for relying on cotton produced with forced labor in China’s Xinjiang region. Earlier this year, 16 state attorneys general formally asked the Securities and Exchange Commission to not allow Shein to go public until it can prove the company doesn’t use forced labor, CNBC&nbsp;<a href="https://www.cnbc.com/2023/08/30/shein-faces-scrutiny-over-forced-labor-before-ipo.html" target="_blank" rel="noreferrer noopener">reported</a>. Shein is also under investigation by a House committee scrutinizing China, and a&nbsp;<a href="https://selectcommitteeontheccp.house.gov/media/press-releases/select-committee-releases-interim-findings-shein-temu-forced-labor" target="_blank" rel="noreferrer noopener">report</a>&nbsp;from June said Shein and Temu—another fast fashion company—“raise serious concerns about the continued presence of products made with forced labor contaminating American imports.” Shein has denied that it uses forced labor, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-10-24/us-lawmaker-seeks-investigation-that-could-bar-shein-apparel" target="_blank" rel="noreferrer noopener">reported</a>.</p>



<h2 class="wp-block-heading">FORBES VALUATION</h2>



<p>We estimate <a href="https://www.forbes.com/profile/chris-xu/?sh=237275327aa4">Sky Xu</a>, founder and CEO of Shein, to be worth $11.2 billion as of Monday evening, making him the 166th wealthiest person in the world. He was also listed at No. 19 on Forbes’ <a href="https://www.forbes.com/lists/china-billionaires/?sh=4cbb22262d43">China’s Richest list</a>, published earlier this month.</p>



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



<p>An IPO has long been rumored for Shein, which was founded in 2008 and quickly gained ground in the fast-fashion field. It’s known for selling trendy clothes that target Gen Z buyers with dirt cheap prices, regularly offering products for under $10. The company has faced its fair share of controversy and has regularly been criticized for relying on cotton produced with forced labor in China’s Xinjiang region, home to the Uyghur population. Earlier this year, 16 state attorneys general formally asked the Securities and Exchange Commission to not allow Shein to go public until it can prove the company doesn’t use forced labor, CNBC&nbsp;<a href="https://www.cnbc.com/2023/08/30/shein-faces-scrutiny-over-forced-labor-before-ipo.html" target="_blank" rel="noreferrer noopener">reported</a>. Shein is also under investigation by a House committee scrutinizing China, and a&nbsp;<a href="https://selectcommitteeontheccp.house.gov/media/press-releases/select-committee-releases-interim-findings-shein-temu-forced-labor" target="_blank" rel="noreferrer noopener">report</a>&nbsp;from June said Shein and Temu—another fast fashion company—“raise serious concerns about the continued presence of products made with forced labor contaminating American imports.” Shein has denied that it uses forced labor, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-10-24/us-lawmaker-seeks-investigation-that-could-bar-shein-apparel" target="_blank" rel="noreferrer noopener">reported</a>.</p>


Trending Apps Photo Illustrations

Shein Reportedly Files For IPO Amid Fast-Fashion Surge


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



<p>Israel released 39 Palestinians it was holding in its Ofer prison in the occupied West Bank on Friday as part of a deal for the release of Israeli hostages Hamas took during its Oct. 7 attack—the Palestinians released were mostly teenage boys and women, a vast majority had not yet been convicted of a crime and many had been imprisoned for years.</p>



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



<p>Seventeen of the released Palestinian prisoners are minors and, of those 17, 15 are boys and two were girls, while the remaining 22 are adult women,&nbsp;<a href="https://www.aljazeera.com/news/2023/11/24/who-were-the-palestinian-prisoners-israel-released-on-friday" target="_blank" rel="noreferrer noopener">Al Jazeera</a>&nbsp;reported.</p>



<p>Israel holds 2,200 Palestinians in detention under its controversial “administrative detention” policy that Israel says is a counter-terrorism measure it uses against people who plan to commit future offenses, according to the AP.</p>



<p>The released prisoners include Iyas Khatib, 17, the son of a U.N. aid worker who was put in “administrative detention” last year based on secret evidence without being publicly charged of a crime or put on trial, the&nbsp;<a href="https://apnews.com/article/palestinians-israel-prisoner-exchange-hostage-92545883b1fef86fb9b34549b7deca58" target="_blank" rel="noreferrer noopener">Associated Press</a>&nbsp;reported.</p>



<p>The prisoners also include Marah Bakeer, 24, who was a 16-year-old high school student in occupied East Jerusalem when Israeli forces shot at and arrested her for allegedly trying to stab an Israeli officer, an accusation Bakeer and her family deny,&nbsp;<a href="https://www.aljazeera.com/news/2023/11/25/family-celebrates-return-of-free-palestinian-prisoner-marah-bakeer" target="_blank" rel="noreferrer noopener">Al Jazeera</a>&nbsp;reported.</p>



<p>The 39 are part of a list of 300 Palestinians Israel said it was considering releasing as part of its deal with Hamas—some on the list were held on minor charges like throwing stones (though some were held on charges as serious as attempted murder), less than a quarter of them were convicted of a crime and most were being held on remand while awaiting a trial, the <a href="https://www.bbc.com/news/world-middle-east-67522703" target="_blank" rel="noreferrer noopener">BBC</a> reported.</p>



<p>Other common offenses the prisoners have been accused of include threatening security officers, entering Israel illegally without a permit, supporting terrorism and associating with hostile or unknown organizations,&nbsp;<a href="https://www.aljazeera.com/news/2023/11/24/who-were-the-palestinian-prisoners-israel-released-on-friday" target="_blank" rel="noreferrer noopener">Al Jazeera</a>&nbsp;reported.</p>



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



<p>The released prisoners were being held in Israel’s Ofer prison, which is situated in the occupied West Bank near its western border north of Jerusalem. Israeli forces began using it in 2002 and it has since housed scores of Palestinian detainees, according to the&nbsp;<a href="https://www.addameer.org/content/offer-prison" target="_blank" rel="noreferrer noopener">Addameer</a>&nbsp;Prisoner Support and Human Rights Association, a Palestinian non-governmental organization. The Israeli military court system is designed to prosecute Palestinians that violate its various military orders in occupied Palestinian territory, according to Addameer. Human rights groups allege that Israel’s military court system rules Palestinains guilty 99% of the time, according to the&nbsp;<a href="https://www.bbc.com/news/world-middle-east-67528844" target="_blank" rel="noreferrer noopener">BBC</a>. Addammer points to other perceived issues with the military court and Israeli prison systems, including that Israeli officers, despite being required to interrogate prisoners in their native language, allegedly often&nbsp;<a href="https://www.addameer.org/israeli_military_judicial_system/military_courts" target="_blank" rel="noreferrer noopener">get them to sign</a>&nbsp;statements in Hebrew they don’t understand and that prison officials allegedly&nbsp;<a href="https://www.addameer.org/key_issues/medical_negligence" target="_blank" rel="noreferrer noopener">deliberately don’t provide</a>&nbsp;prisoners with necessary medical care.</p>



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



<p>750,000. That’s how many Palestinians have at one point been in an Israeli jail since 1967, according to estimates from human rights groups, the&nbsp;<a href="https://apnews.com/article/palestinians-israel-prisoner-exchange-hostage-92545883b1fef86fb9b34549b7deca58" target="_blank" rel="noreferrer noopener">AP</a>&nbsp;reported.</p>



<h2 class="wp-block-heading">NEWS PEG</h2>



<p>The release of the Palestinian prisoners was part of&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/11/22/what-to-know-about-the-israel-hamas-hostage-deal/?sh=64f13bfe5845">an agreement</a>&nbsp;between Israel and Hamas that ended weeks of ferocious fighting between the two. That fighting began Oct. 7 after Hamas crossed the border of northern Gaza into Israel, killing around 1,200 and taking 240 hostage in a bloody attack. Israel responded with frequent airstrikes and a ground military incursion into Gaza. More than 14,500 people have been killed in Gaza since Israel declared war, according to the Hamas-controlled Health Ministry. On Friday,&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2023/11/24/temporary-ceasefire-takes-effect-in-gaza/?sh=2c11d07321a5">fighting paused</a>&nbsp;as part of a temporary cease-fire. As part of the cease-fire deal, Hamas agreed to release some of the hostages it took on Oct. 7, and Israel agreed to free some of its Palestinian prisoners. Along with the 39 released Palestinians, 13 Israeli hostages were released Friday. The pause in fighting—which is set to last four days, but could be extended if both sides come to further agreement—allowed trucks carrying humanitarian aid to enter Gaza.</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR</h2>



<p>More Palestinian prisoners and Israeli hostages to be released. Israel has promised to release 150 Palestinian prisoners and Hamas agreed to release 50 hostages. All of those are expected to be released by the end of the four-day cease-fire. However, even more could ultimately be released soon. As part of the deal, Israel agreed to continue the pause in fighting one more day for each additional 10 hostages released by Hamas.</p>



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



<p>The newly freed Palestinian minors’ names are Yousef Mohammad Mustafa Ata, Qusai Hani Ali Ahmad, Jibreel Ghassan Ismail Jibreel, Mohammad Ahmad Suleiman Abu Rajab, Ahmad Nu’man, Ahmad Abu Na’im, Baraa Bilal Mahmoud Rabee, Aban Iyad Mohammad Said Hammad, Moataz Hatem Moussa Abu Aram, Iyas Abdul Qader Mohammad Khatib, Hazma Laith Khalil Othman Othman, Mohammad Mahmoud Ayoub Dar Darwish, Jamal Khalil Jamal Barahmeh, Jamal Yousef Jamal Abu Hamdan, Mohammad Anis Saleem Tarabi, Abdul Rahman Abdul Rahman Suleiman Rizq, Zeina Raed Abdou and Noor Mohammad Hafez al-Tahir, according to&nbsp;<a href="https://www.aljazeera.com/news/2023/11/24/who-were-the-palestinian-prisoners-israel-released-on-friday" target="_blank" rel="noreferrer noopener">Al Jazeera</a>. The adults’ names are Rawan Nafez Mohammad Abu Matar, Marah Joudat Moussa Bakeer, Malak Mohammad Yousef Suleiman, Amani Khaled Nu’man Hasheem, Nihaya Khader Hussein Sawan, Fayrouz Fayez Mahmoud al-Baw, Tahreer Adnan Mohammad Abu Suriya, Falasteen Fareed Abdul Latif Najm, Walaa Khaled Fawzi Tanja, Maryam Khaled Abdul Majid Arafat, Asil Muneer Ibrahim al-Tayti, Azhar Thaer Bakr Assaf, Raghd Nashat Salah al-Fanni, Fatima Nu’man Ali Badr, Rawda Moussa Abdul Qader Abu Ujaima, Sara Ayman Abdul Aziz Abdullah al-Suweisa, Fatima Ismail Abdul Rahman Shahin, Samira Abdul Harbawi, Samah Bilal Abdul Rahman Souf, Fatima Bakr Moussa Abu Shalal, Hanan Saleh Abdullah al-Barghouthi and Fatima Nasr Mohammad Amarnah, according to Al Jazeera.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/11/24/heres-what-to-know-about-the-hostages-released-from-gaza/?sh=4800c2e1aff7">Here’s What To Know About The Hostages Released From Gaza</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/11/24/first-hostages-released-amid-temporary-israel-hamas-ceasefire/?sh=1c663278e9fe">First Hostages Released Amid Temporary Israel-Hamas Ceasefire</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/alisondurkee/2023/11/24/temporary-ceasefire-takes-effect-in-gaza/?sh=2c11d07321a5">Temporary Ceasefire Takes Effect In Gaza</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/anafaguy/2023/11/22/what-to-know-about-the-israel-hamas-hostage-deal/?sh=64f13bfe5845">What To Know About The Israel-Hamas Hostage Deal</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/siladityaray/2023/11/23/israeli-forces-reportedly-arrest-director-of-gazas-largest-hospital/?sh=28e410055505">Israeli Forces Reportedly Arrest Director Of Gaza’s Al-Shifa Hospital</a>&nbsp;(Forbes)</p>


Gilad Shalit Swap Deal

Israel Released 39 Palestinian Prisoners: Here’s What We Know About Them


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



<p>Two unnamed players from Netflix’s “Squid Game: The Challenge” are threatening to sue the streaming giant and the game show’s producers over claims they experienced hypothermia and nerve damage while shooting the show, according to&nbsp;<a href="https://deadline.com/2023/11/squid-game-the-challenge-contestants-threaten-injury-lawsuit-1235635675/" target="_blank" rel="noreferrer noopener">Deadline</a>, which cited British personal injuries firm Express Solicitors.</p>



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



<p>Express Solicitors said in a statement the contestants are seeking compensation for the alleged injuries suffered while filming in the U.K. early this year.</p>



<p>The injuries were allegedly sustained while the contestants played the “Red Light, Green Light” game, which tasks players with crossing a field of play and having to suddenly stop their advances anytime an announcer says “red light.”</p>



<p>Express Solicitors told Deadline the contestants were left with injuries “after spending time being stuck in painful stress positions in cold temperatures.”</p>



<p>The lawsuit threat comes several months after Netflix acknowledged that three players required medical attention while filming at a former Royal Air Force base in Bedford.</p>



<p>A spokesperson for the show confirmed to Deadline that no lawsuit has been filed by any of the contestants.</p>



<p>Express Solicitors did not immediately respond to Forbes’ request for comment.</p>



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



<p>$4.56 million. That’s the cash prize for the show, which currently has five out of 10 episodes out on Netflix and will be won by one of its 456 contestants.</p>



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



<p>“We have sent letters of claim on behalf of contestants injured in this show,” Daniel Slade, chief executive officer at Express Solicitors, said in&nbsp;<a href="https://www.expresssolicitors.co.uk/blog/express-solicitors-in-the-news#news1" target="_blank" rel="noreferrer noopener">a statement</a>. “From what we’ve been told they pushed the boundaries of safety in the name of entertainment.”</p>



<p>Forbes Daily: Get our best stories, exclusive reporting and essential analysis of the day’s news in your inbox every weekday.Sign Up</p>



<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



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



<p>The show’s contestants called out the show this year in an interview with&nbsp;<a href="https://variety.com/2023/tv/global/netflix-squid-game-reality-show-frozen-inhumane-welfare-1235511809/" target="_blank" rel="noreferrer noopener">Variety</a>, saying the shooting conditions were “absolutely inhumane and had nothing to do with the game.” Contestants weren’t paid to participate in the show and were reportedly told the shoot would take about two hours to complete, though some players participated for nearly seven hours. The shoot also took place during a cold snap in the U.K., when temperatures dropped to 32 degrees fahrenheit and contestants collapsed, according to Variety, which reported cold and fatigue had hit players who dealt with eight hours of prep time before the game started. The game show is based on the South Korean dystopian drama, Squid Game, which raked in&nbsp;<a href="https://www.cnet.com/culture/entertainment/netflix-squid-game-is-even-bigger-than-you-thought-2-billion-hours-big/" target="_blank" rel="noreferrer noopener">more than 1.5 billion&nbsp;</a>of streaming hours from users and became one of Netflix’s most popular shows of all time.</p>



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



<p><a href="https://deadline.com/2023/11/squid-game-the-challenge-contestants-threaten-injury-lawsuit-1235635675/" target="_blank" rel="noreferrer noopener">‘Squid Game: The Challenge’ Contestants Threaten Lawsuit After Claiming They Suffered Hypothermia &amp; Nerve Damage During Filming</a>&nbsp;(Deadline)</p>



<p><a href="https://variety.com/2023/tv/global/netflix-squid-game-reality-show-frozen-inhumane-welfare-1235511809/" target="_blank" rel="noreferrer noopener">Inside Netflix’s ‘Squid Game’ Reality Show Disaster: ‘The Conditions Were Absolutely Inhumane’</a> (Variety)</p>


Opening Of Gamescom In Cologne

‘Squid Game: The Challenge’ Players Threaten Netflix With Lawsuit Over Alleged Injuries


<p><strong>The Himalayan Kingdom quietly spent millions building its own bitcoin mining operation. Now, using satellite imagery, <em>Forbes</em> has uncovered the secret locations of the world’s largest state-owned mines.</strong></p>



<p>Dozens of shipping containers lie hidden behind a hillside south of Thimphu, the Himalayan capital of Bhutan, one of the world’s most isolated nations. Inside, millions of dollars of bitcoin mining machines work unceasingly to amass the valuable currency that now fascinates the country’s monarch — and his kingdom. Under the reign of Jigme Khesar Namgyel Wangchuck, the “Dragon King,” Bhutan has been quietly transformed into a crypto Shangri-La with its government dedicating land, funding and energy to operations like these, which it hopes will avert a looming economic crisis.</p>



<p>But Bhutanese officials have never disclosed the location or scope of these facilities. And when it became the first country to have founded a sovereign bitcoin mine approximately four years ago, few outside of Bhutan knew. Its government only began commenting on its digital asset investments after&nbsp;<a href="https://www.forbes.com/sites/iainmartin/2023/04/15/the-tiny-kingdom-of-bhutan-secretly-held-millions-of-dollars-in-cryptocurrency/"><em>Forbes</em>&nbsp;first reported details</a>&nbsp;of its multi-million-dollar portfolio earlier this year, which were exposed by the bankruptcies of fallen crypto lenders BlockFi and Celsius, with whom it had banked significant holdings.</p>



<p>Now, <em>Forbes</em> has identified the sites of what appear to be four mines run by the Thunder Dragon kingdom, based on sources with knowledge of Bhutan’s crypto investments and confirmed through satellite imagery from Planet Labs, Satellite Vu and Google Earth. They show long rectangular mining units, data center cooling systems and high capacity power lines and transformers that run from Bhutan’s hydroelectric plants to the sites. They have never been publicly disclosed.</p>



<p>One facility — the pilot location for Bhutan’s bitcoin mining efforts, a source said — was built near Dochula Pass, an area that holds cultural and political significance for its 108 memorial shrines dedicated to fallen Bhutanese soldiers. Planet Labs and Google Earth satellite imagery indicate that earthmoving began on the site in 2020 with construction appearing to have finished in late 2022. Aerial views show a cluster of green and white-roofed mining units enclosed by miles of forest. Though just steps from a busy highway, Google Street View suggests it is completely hidden from unknowing passersby. A second source told&nbsp;<em>Forbes</em>&nbsp;that the ground has been leveled along this stretch of road to provide additional cover for the site.</p>



<p>A second mine is located near Trongsa, a town east of Thimphu and ancestral seat of the current Wangchuck dynasty. A third is situated in the heavily forested district of Dagana, near a middle school that caters to children in the rural community.</p>



<p>What appears to be the kingdom’s fourth and largest mine sits on the bones of a contentious — and failed — $1 billion government megaproject called “<a href="https://www.nationalcouncil.bt/assets/uploads/docs/acts/2014/Bhutan_Education_City_Act_2012_eng9th.pdf" target="_blank" rel="noreferrer noopener">Education City</a>,” an effort to establish an international center “for education and knowledge” in Bhutan. The mine runs alongside the country’s first paved road, Phuentsholing-Thimphu national highway, but is concealed behind mountainous terrain. Only transformers and power lines betray the fact that a bitcoin mine now occupies the site. Historical satellite imagery shows that its construction began around December 2021, coinciding with the import of $193 million in “processing units,” according to customs data from the Ministry of Finance. The imports were appended with the same tariff code used by bitcoin mining hardware companies.</p>



<p>Bhutan had pitched the&nbsp;<a href="https://www.nationalcouncil.bt/assets/uploads/docs/acts/2014/Bhutan_Education_City_Act_2012_eng9th.pdf" target="_blank" rel="noreferrer noopener">Education City</a>&nbsp;project to its citizens as a means to secure their future amid rising youth unemployment,&nbsp;<a href="https://kuenselonline.com/migration-of-bhutanese/" target="_blank" rel="noreferrer noopener">surging emigration numbers</a>&nbsp;and brain drain. Roughly 1.5% of Bhutan’s population&nbsp;<a href="https://www.reuters.com/world/asia-pacific/bhutans-jobs-woes-drive-an-exodus-australia-2023-07-28/" target="_blank" rel="noreferrer noopener">emigrated last year</a>&nbsp;to Australia alone, many seeking job opportunities and better pay. In Bhutan, the minimum wage is set at just $45 per month and approximately 12% of its population lives below the poverty line, according to local newspaper&nbsp;<a href="https://kuenselonline.com/labour-ministry-reviewing-the-national-minimum-daily-wage/" target="_blank" rel="noreferrer noopener"><em>Kuensel</em></a>.</p>



<p>Education City was supposed to change that. In 2009, Bhutan’s government paid consulting firm McKinsey &amp; Co. some $9 million to help design a $1 billion &#8220;world-class regional hub for health, education, finance, ICT services.&#8221; Nestled between the confluence of two rivers, the 1,000-acre campus would be a beacon of the country’s experimental Gross National Happiness economic model, and a higher ed hub for Asia. It was to host satellites of some of the most prestigious universities in the world, as well as R&amp;D facilities, laboratories, hotels and event centers. And according to the Bhutanese government, it would promote &#8220;Brand Bhutan,&#8221; creating a &#8220;green and sustainable economy,&#8221; &#8220;culturally and spiritually sensitive industries&#8221; and a &#8220;knowledgeable society.&#8221;</p>



<p>It did none of those things. Plagued by political scandals, mismanagement and innumerable delays, Education City was scrapped in 2014. But left behind were roads, bridges, a water supply and, crucially, power lines — building blocks for a bitcoin mine.</p>


<div class="wp-block-image">
<figure class="aligncenter is-resized"><img decoding="async" src="https://imageio.forbes.com/specials-images/imageserve/655cdfb1f26e45135e0fe07a/Infrastructure-consistent-with-that-of-a-bitcoin-mine-in-the-rural-region-of-Dagana-/0x0.jpg?format=jpg&amp;width=1440" alt="Infrastructure consistent with that of a bitcoin mine in the rural region of Dagana. " style="width:750px;height:auto"/><figcaption class="wp-element-caption">Infrastructure consistent with that of a bitcoin mine in the rural region of Dagana.&nbsp;<small>IMAGE © PLANET LABS PBC</small></figcaption></figure></div>


<p>The kingdom’s sovereign investing arm, Druk Holdings &amp; Investment (DHI), confirmed the mines’ existence. “Sites for bitcoin-mining related facilities in Bhutan have been selected based on the logistical needs of the operations such as power supply and a variety of other factors,” it told&nbsp;<em>Forbes</em>&nbsp;through an outside communications firm. It declined to comment on their locations, however, stating that “DHI does not disclose commercially sensitive details of its operations.”</p>



<p>Bitcoin was a Hail Mary addition to Bhutan’s economic masterplan. The kingdom’s finances have long been underpinned by tourism revenues and the export of a massive surplus of hydropower to its neighbor India. But the Covid pandemic tanked the&nbsp;<a href="https://jp.reuters.com/article/bhutan-tourism-environment-climate-idAFL8N3A93GD#:~:text=In%202019%2C%20before%20the%20pandemic,earn%20the%20country%20foreign%20exchange." target="_blank" rel="noreferrer noopener">$88.6 million</a>&nbsp;annual revenue the country collected from $65-a day visa fees, requiring an urgent course correction. According to multiple sources, Bhutanese government officials began holding talks with bitcoin miners and suppliers sometime in 2020.</p>



<p>DHI, which oversees Bhutan’s bitcoin operations, told local newspaper&nbsp;<a href="https://thebhutanese.bt/dhi-confirms-that-it-is-mining-digital-assets/" target="_blank" rel="noreferrer noopener"><em>The Bhutanese</em></a>&nbsp;that it “entered the mining space” when the cryptocurrency’s price was $5,000 (it was last valued at this level in April 2019 but is now worth $36,000). Bhutan’s own import data and satellite imagery suggest that its operations truly ramped up in 2020. In May, when&nbsp;<em>Forbes</em>&nbsp;asked DHI to confirm that timing, a spokesperson for the fund would say only that a series of bitcoin investments were made “in a period in 2019.” They added that DHI was “currently net positive in our digital asset position.”&nbsp;<a href="https://www.cnbc.com/2022/12/23/bitcoin-price-calls-in-2022-how-the-market-got-it-wrong.html" target="_blank" rel="noreferrer noopener">Bitcoin’s price collapsed</a>&nbsp;from $69,000 in November 2021 to under $17,000 last December.</p>



<p><a href="https://thebhutanese.bt/bitcoin-powers-a-50-hike-for-public-servants/" target="_blank" rel="noreferrer noopener"><em>The Bhutanese</em></a>&nbsp;reported in June that DHI was planning to sell down its bitcoin stockpile to fund a 50% salary hike for government officials worth $72 million, as Bhutan faces an economic and political crisis with a trade deficit running down its&nbsp;<a href="https://thebhutanese.bt/bitcoin-powers-a-50-hike-for-public-servants/" target="_blank" rel="noreferrer noopener">hard currency reserve</a>&nbsp;to just $689 million. (This will cover just 14 months of imports while the country’s constitution requires 12 months of reserves.)</p>



<p>Several sources inside Bhutan told&nbsp;<em>Forbes</em>&nbsp;that the mines are now an open secret, though neither the Bhutanese government nor DHI have formally disclosed their existence. In emails to&nbsp;<em>Forbes</em>, DHI has consistently declined to comment on the scope or financing of its cryptocurrency regime.</p>



<p>DHI, which also operates the nation’s flagship airline, hydroelectric power plants and a cheese factory, does not provide any breakdown of revenues or investment in bitcoin mining in its annual accounts beyond noting it had raised foreign currency bonds to fund the project. Bhutan’s Ministry of Finance has been equally quiet. Outside academics and insiders who specialize in monitoring global bitcoin activity told&nbsp;<em>Forbes</em>&nbsp;that the country’s mining activities remain a conundrum. DHI claimed that it was “not involved in decisions as to the use of funds that DHI pays out to the Government.”</p>



<p>But the kingdom left a breadcrumb trail. Trade data accessed through the Observatory of Economic Complexity, an open source platform that visualizes global trade patterns, indicates that more than $220 million in chips used for bitcoin mining were shipped from China to Bhutan between 2021 and 2022. DHI declined to answer questions about them, citing “NDAs with contractual parties.” And Bhutan’s Ministry of Energy data reveals a massive 63% spike in power usage by industry in 2022.</p>


<div class="wp-block-image">
<figure class="aligncenter is-resized"><img decoding="async" src="https://imageio.forbes.com/specials-images/imageserve/655cdf7af7758dcd00342f24/Green-roofed-units-in-Trongsa--the-ancestral-seat-of-the-Wangchuck-dynasty-/0x0.jpg?format=jpg&amp;width=1440" alt="Green-roofed units in Trongsa, the ancestral seat of the Wangchuck dynasty." style="width:728px;height:auto"/><figcaption class="wp-element-caption">Green-roofed units in Trongsa, the ancestral seat of the Wangchuck dynasty.<small>IMAGE © PLANET LABS PBC</small></figcaption></figure></div>


<p>Meanwhile, Bhutan, which has for years sold off surplus energy to India, has massively ramped up imports, purchasing $20.7 million worth of electricity in 2023, according to&nbsp;<a href="https://kuenselonline.com/growing-domestic-demand-cuts-electricity-export-revenue-by-27-percent/" target="_blank" rel="noreferrer noopener"><em>Kuensel</em></a>. Government officials&nbsp;<a href="https://kuenselonline.com/growing-domestic-demand-cuts-electricity-export-revenue-by-27-percent/" target="_blank" rel="noreferrer noopener">recently</a>&nbsp;warned that this bill would balloon to $72 million over the coming winter with imports needed for five months to cover demand.</p>



<p>The Asian monsoon season means that Bhutan has always experienced droughts when its hydropower plants stand largely idle for three months, requiring it to import electricity from India’s largely coal-powered grid. Bhutan’s investment in bitcoin mining has, however, hinged on reliable access to cheap and clean energy.</p>



<p>“Bhutan prioritises power supply for domestic consumption. Industry and business — including projects related to bitcoin mining — are accorded lower priority,” DHI’s spokesperson said. In the winter months when hydropower generation typically decreases, “mining activity may be shut down subject to electricity availability.”</p>



<p>However, the four state-owned mines&nbsp;<em>Forbes</em>&nbsp;believes it has identified might not even be Bhutan’s largest. In 2022, the country entered a partnership with Singaporean bitcoin mining giant, Bitdeer, which made Bhutan the seat of its Asian expansion. In March,&nbsp;<a href="https://www.planet.com/stories/gedu-XyMPiYu4g" target="_blank" rel="noreferrer noopener">Bitdeer broke ground</a>&nbsp;on a mine in the southern town of Gedu, according to satellite imagery from Planet Labs, bringing 100 megawatts (MW) online in August, the company said. DHI, which owns Bhutan’s national power company, will be supplying electricity to the site. Bitdeer disclosed in a July update that it was already running 11,000 miners and had ordered an additional 15,000 machines. When completed, the 600 MW facility will consume more energy than the rest of the nation,&nbsp;<a href="https://asia.nikkei.com/Economy/Bhutan-puts-Bitcoin-mining-plan-in-motion-to-power-up-economy" target="_blank" rel="noreferrer noopener"><em>Nikkei</em></a>&nbsp;reported.</p>



<p>Recently, Bitdeer staff have been approaching investors at industry conferences such as Mining Disrupt for a $500 million “<a href="https://www.bloomberg.com/news/articles/2023-05-03/bhutan-plans-500-million-fund-for-bitcoin-btc-and-crypto-mining-in-himalayas" target="_blank" rel="noreferrer noopener">green crypto mining</a>” fund. DHI&nbsp;<a href="https://asia.nikkei.com/Economy/Bhutan-puts-Bitcoin-mining-plan-in-motion-to-power-up-economy" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;it will support 300 to 400 jobs and a new computing sector in Bhutan — echoing the country’s moonshot pitch for the defunct Education City. Bitdeer CEO Matt Linghui Kong told Forbes in a statement that the company is “getting a lot of interest” in the fund and is currently in negotiations with multiple investors who it declined to name.</p>



<p>The new fund and jobs could be desperately needed, with the Asian Development Bank forecasting that Bhutan’s economy would slow to 4.6% this&nbsp;<a href="https://kuenselonline.com/bhutans-economy-to-slow-down-to-4-6-percent-this-year-adb/" target="_blank" rel="noreferrer noopener">year</a>. The government’s own economists called for economic reforms and budget cuts to stave off a&nbsp;<a href="https://kuenselonline.com/bhutans-economy-to-slow-down-to-4-6-percent-this-year-adb/" target="_blank" rel="noreferrer noopener">financial crisis</a>.</p>



<p>For now, Bhutan’s appetite for blockchain-based solutions seems undimmed by these challenges. Earlier this month, on the king and queen’s 12th wedding anniversary, it unveiled an experimental&nbsp;<a href="https://kuenselonline.com/bhutan-national-digital-identity-application-launched-in-thimphu/" target="_blank" rel="noreferrer noopener">decentralized digital identity app</a>. Its first test subject and digital citizen? The crown prince.</p>



<p><em>With additional reporting and satellite imagery analysis by&nbsp;</em><a href="https://www.stimson.org/ppl/eyler/" target="_blank" rel="noreferrer noopener"><em>Brian Eyler</em></a><em>, a senior fellow at the Stimson Center and director of its Southeast Asia Program and its Energy, Water, and Sustainability Program.</em></p>


Bhutan

Bhutan Built A Bitcoin Mine On The Site Of Its Failed ‘Education City’


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



<p>Israel and Hamas have reached a deal in which around 50 hostages being held by Hamas will be released to Israel, according to&nbsp;<a href="https://www.cnn.com/middleeast/live-news/israel-hamas-war-gaza-news-11-21-23/h_2ae5a4fa82ac4a7db0fd2a21acbd1581" target="_blank" rel="noreferrer noopener">multiple</a>&nbsp;<a href="https://www.nbcnews.com/news/world/live-blog/israel-hamas-war-live-updates-rcna126110" target="_blank" rel="noreferrer noopener">reports</a>, while fighting will pause for four days—marking the first major agreement between the two sides since Hamas’ Oct. 7 attack.</p>



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



<p>News of the deal broke Tuesday night after Israel’s cabinet accepted the highly anticipated agreement.</p>



<p>The four-day pause in fighting will be the first pause longer than&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/11/09/israel-agrees-to-4-hour-daily-pauses-in-fighting/?sh=2359b2cb7028">four hours</a>&nbsp;that Israel has agreed to since the fighting escalated in early October.</p>



<p>Israel will let 300 aid trucks a day cross from Egypt into Gaza as part of the deal, according to&nbsp;<a href="https://www.axios.com/2023/11/21/israel-hamas-hostage-ceasefire-deal-imminent" target="_blank" rel="noreferrer noopener">Axios</a>.</p>



<p>Israel did not state whether the deal will involve the release of Palestinian prisoners, but&nbsp;<a href="https://www.nbcnews.com/news/world/live-blog/israel-hamas-war-live-updates-rcna126110" target="_blank" rel="noreferrer noopener">NBC News</a>&nbsp;reported some 150 Palestinians held by Israel could be released under the agreement.</p>



<p>Because the deal was approved Tuesday, the hostages may not be released until Thursday to allow a 24-hour judicial review period, the&nbsp;<a href="https://www.nytimes.com/live/2023/11/21/world/israel-hamas-gaza-war-news" target="_blank" rel="noreferrer noopener">New York Times reported</a>&nbsp;Tuesday, before the deal was announced.</p>



<p>Prime Minister Benjamin Netanyahu’s office hinted at the deal Tuesday,&nbsp;<a href="https://twitter.com/IsraeliPM_heb/status/1726956351681953872" target="_blank" rel="noreferrer noopener">announcing</a>&nbsp;Israel’s war cabinet, security cabinet and government would all have meetings Tuesday night “in light of the developments on the issue of freeing the hostages.”</p>



<p>At the start of one of Tuesday night’s meetings, Netanyahu said he asked President Joe Biden to help improve the hostage deal to “include more hostages for a lower cost,”&nbsp;<a href="https://twitter.com/BarakRavid/status/1727058670025068637" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to an Axios reporter.</p>



<p>Qatar and the U.S. have both helped in negotiations between Hamas and Israel, working for weeks to help arrange a hostage release and potential break in fighting,&nbsp;<a href="https://www.cnn.com/2023/11/21/world/israel-hamas-hostages/index.html" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to CNN.</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>Israel suggested a pause in fighting could continue beyond four days, saying in a statement, “The release of every additional ten hostages will result in one additional day in the pause,” according to the&nbsp;<a href="https://www.theguardian.com/world/live/2023/nov/21/israel-hamas-war-live-updates-hamas-leader-haniyeh-truce-ceasefire-talks-gaza-qatar-latest-news" target="_blank" rel="noreferrer noopener">Guardian</a>.</p>



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



<p>“The war continues, the war will continue until we achieve all of our goals: to eliminate Hamas, to return all our hostages, to ensure that the day after Hamas, Gaza will no longer be a threat to Israel,” Netanyahu said Tuesday before one of the meetings to approve the deal, CNN&nbsp;<a href="https://www.cnn.com/middleeast/live-news/israel-hamas-war-gaza-news-11-21-23#h_9558fc152576df835f09a9ba305283de" target="_blank" rel="noreferrer noopener">reported</a>.</p>



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



<p>More than 240. That’s how many hostages have been held by Hamas since Oct. 7. Over the last six weeks of fighting, Hamas has released just four hostages back to Israel—including a mother and daughter and&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/10/23/two-more-hostages-released-by-hamas-reports-say/">two elderly</a>&nbsp;Israeli women—and Israel&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/10/30/israel-says-forces-free-soldier-taken-hostage-by-hamas-as-gaza-ground-invasion-continues/?sh=6672480c4ddf">freed one hostage</a>&nbsp;during a ground operation. According to the Israeli Defence Forces, at least two hostages held by Hamas, 65-year-old Yehudit Weiss and 19-year-old soldier&nbsp;<a href="https://www.bbc.com/news/world-middle-east-67414353" target="_blank" rel="noreferrer noopener">Noa Marciano</a>, have been&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/16/idf-says-israeli-hostage-found-dead-outside-gazas-al-shifa-hospital/?sh=77921f022526">found dead</a>. Weiss was discovered last week near Al-Shifa hospital, which has been a major battleground over the last week. Hamas claimed Marciano died in an Israeli airstrike on Nov. 9,&nbsp;<a href="https://www.bbc.com/news/world-middle-east-67414353" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the BBC.</p>



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



<p>Getting hostages returned who were taken in the Oct. 7 Hamas attack on Israel has been a priority of Israel and the U.S. Of the approximately 240, it’s estimated that about 10 hostages are Americans, <a href="https://abcnews.go.com/International/biden-believes-deal-close-free-hostages-gaza/story?id=105040105#:~:text=The%20administration%20said%20that%2010,to%20be%20among%20the%20hostages." target="_blank" rel="noreferrer noopener">according</a> to ABC News, including a 3-year-old toddler who is believed to be the youngest American held. Over the weekend, U.S. officials said negotiations between Israel, Hamas and the U.S. were “closer than (they had) been perhaps at any point,” and leaders from <a href="https://www.reuters.com/world/middle-east/white-house-says-israel-hamas-hostage-deal-closer-than-before-2023-11-21/" target="_blank" rel="noreferrer noopener">Hamas</a> and <a href="https://twitter.com/MofaQatar_EN/status/1726960818233765975" target="_blank" rel="noreferrer noopener">Qatar</a> both made similar claims Tuesday. Israel has also faced increasing calls from international leaders for a cease-fire as the death toll in Gaza has continued drastically rising. Netanyahu and other Israeli leaders had previously signified they were open to a multi-day pause, <a href="https://www.washingtonpost.com/world/2023/11/21/israel-hamas-war-gaza-news-palestine/" target="_blank" rel="noreferrer noopener">according</a> to the Washington Post, but continued to say they wouldn’t agree to a cease-fire unless all hostages were released. As of Tuesday, the Hamas-run Health Ministry <a href="https://www.nbcnews.com/news/world/live-blog/israel-hamas-war-live-updates-rcna126110" target="_blank" rel="noreferrer noopener">estimated</a> more than 13,000 people have died since the conflict began. In Israel, an <a href="https://www.nytimes.com/2023/11/12/world/middleeast/israel-death-toll-hamas-attack.html#:~:text=Israel%20revised%20its%20official%20estimated,Ministry%20said%20on%20Friday%20night." target="_blank" rel="noreferrer noopener">estimated</a> 1,200 have died—the majority of whom were killed in the initial Hamas attack last month.<a href="https://www.forbes.com/sites/mollybohannon/"></a></p>


Author: Forbes

FORBES AFRICA SOCIAL MEDIA