The Nigerian naira has plummeted, alarming experts who suggest to us measures that may be used to address the situation.



The Nigerian naira has reached an all-time low, with the exchange rate hitting ₦1,005 to $1 in the parallel market, according to FORBES AFRICA&#8217;s latest findings.



This depreciation represents a drop from around ₦900 per dollar at the beginning of September.



Observers say the lack of intervention from the Central Bank of Nigeria (CBN) this month has allowed the naira&#8217;s value to plummet in the parallel market.



The recent decision by President Bola Tinubu to unify exchange rates in Nigeria led to the CBN&#8217;s move towards a free-floating system, allowing deposit money banks (DMBs) and foreign exchange market dealers to freely buy and sell forex at market-determined rates. This shift marked a transition from the previous multiple forex regime to a more flexible approach, implemented on June 14.



Dr Olayemi Cardoso, who was recently nominated and confirmed as the 12th Governor of the CBN, emphasized the importance of economic growth during his confirmation by the Nigerian Senate.



&#8220;Our feeling is that in identifying the important issues with economic growth, we believe very strongly that size matters,&#8221; said Cardoso. He highlighted the administration&#8217;s goal of achieving $1 trillion-GDP within eight years and underscored the need for stability in various economic indices.



But Iheakanwah Felix Arinzeh, a financial expert and doctor of business administration, expresses his concerns to FORBES AFRICA: &#8220;The current rate of over ₦1,000 to a dollar at the FX parallel market is a sign of the lack of confidence in the Nigerian economy.&#8221;



Arinzeh points out that the parallel market rate is typically higher due to the premium people are willing to pay for dollars to safeguard their savings and make international investments. &#8220;The fact that this rate has reached over ₦1,000 suggests that many Nigerians are losing faith in the naira, seeking ways to hedge their financial security.&#8221;



The consequences of this decline are multifaceted. It makes importing goods and services more expensive, eroding the value of savings and, according to Arinzeh, is likely to lead to higher inflation and operational challenges for businesses, especially those already struggling.



Arinzeh emphasizes that Nigerians&#8217; reliance on the parallel market for foreign exchange stems from disruptions in the official supply of foreign exchange through the CBN.



&#8220;Factors contributing to the naira&#8217;s decline include global currency shortages exacerbated by events like the Ukraine war, Nigeria&#8217;s high debt levels, and overreliance on oil exports.&#8221;



To combat these challenges, Arinzeh proposes a series of measures, such as &#8220;addressing the underlying causes of the FX shortage, including declining oil exports, rising imports, and capital flight&#8221;.



He also suggests &#8220;public education about the dangers of round-tripping and parallel market activities” and adds: “Offering incentives, such as tax breaks, to encourage businesses to use official FX channels. A crackdown on corruption within the FX market. Transparent communication of the government&#8217;s plans to stabilize the naira and address FX shortages.&#8221;



Kelvin Emmanuel, an economist, highlights the situation of the naira to FORBES AFRICA, stating, &#8220;The drop of the naira above 1,000, and the quotes seen on exchange traded platforms for currency futures at ₦1,200, explain the pressure on the spot markets to provide the liquidity the market requires for various critical financial transactions, including Form A, M, Q, matured (commercial) Letters of Credit, capital remittances, and dividend remittances.&#8221;



Emphasizing the impact of a growing parallel-market premium, one trend Emmanuel points out is the pressure on the spot markets, &#8220;exacerbated by the fact that the attempted liberalization of the foreign exchange (FX) markets has not removed the ban placed on 41 items; 0.40 cents of every $1 moves from the I&amp;E window to the parallel market&#8221;.



Emmanuel proposes several short-term solutions to address the crisis, including the government raising an intra-Central Bank loan, converting foreign direct investment pledges into certificates of capital import, or seeking assistance from the International Monetary Fund (IMF).



He stresses the urgency of resolving the outstanding forwards, stating: &#8220;Considering how sensitive Nigeria’s supply chain is, and the shocks that a falling naira portends to key imports in food and energy, it’s important that the outstanding forwards are sorted out immediately.&#8221;

Nigeria  High Resolution Economy Concept

Naira Hits Historic Low At ₦1,005 To $1 In Parallel Market, Raising Concerns Amid Economic Challenges

Zoleka Mandela, granddaughter of South Africa&#8217;s first democratically-elected President Nelson Mandela and his second wife Winnie Mandela, passed away on Monday evening after a long battle with cancer.



The family released a statement saying she was surrounded by friends and family and that “recent scans revealed significant disease progression including fibrosis in the lungs as well as several emboli”.



The author and global activist had always been open about her illness and treatment on social media (specifically on Instagram).



In a feature for FORBES WOMAN AFRICA in 2014, Mandela spoke about her string of personal tragedies and her thoughts when she received news of her diagnosis: “My father’s older sister had died from breast cancer. So I thought I was going to die.” Undergoing reconstructive surgery, she said she considered her scars “battle wounds”.



On September 5 this year, she celebrated her “last day of chemo” in an Instagram post. “[I am] finally back home…” she said.



The Nelson Mandela Foundation also released a statement mourning the loss of a “beloved grandchild of Mum Winnie and Madiba”.



“When her inspiring memoir When Hope Whispers was published, she graciously signed copies for all our staff and ran a leadership session for the staff around the book,” the foundation said on Tuesday.



“Zoleka was a tireless activist for healthcare and justice. Her work in raising awareness about cancer prevention and her unwavering commitment to breaking down the stigma surrounding the disease will continue to inspire us all.”



The feature in the October/November 2014 issue of FORBES WOMAN AFRICA aptly captured her sparkling personality and indomitable strength.



#RestInPower!

0000214570

Zoleka Mandela, Activist And Nelson Mandela’s Granddaughter, Passes Away Aged 43

President Bola Tinubu recently rang the closing bell at the NASDAQ stock market, signaling a new era of opportunities for foreign investment in Africa&#8217;s economic powerhouse. We spoke exclusively with Scott Eisner, President of the US Chamber of Commerce’s US-Africa Business Center.



In New York recently, President Bola Tinubu of Nigeria rang the closing bell at NASDAQ, continuing his efforts to attract foreign direct investment into the country.



Tinubu was accompanied by Nigerian business leaders, governors, ministers, and officials from the Nigerian Stock Exchange (NSE), as the event took place on the sidelines of the 78th session of the United Nations General Assembly UNGA).



In an exclusive interview with FORBES AFRICA, Scott Eisner, President of the US Chamber of Commerce&#8217;s US-Africa Business Center, commended Tinubu&#8217;s efforts to attract foreign capital into Nigeria.



Surrounded by the bustling atmosphere of the famous stock exchange, NASDAQ, ranked as the second-largest in the world, the Nigerian leader seized the opportunity to highlight the investment potential in Africa&#8217;s economic powerhouse.



He conveyed his enthusiasm for bringing Nigeria to the global stage and assured potential investors that Nigeria was a secure destination for their capital.



&#8220;It&#8217;s a great honor for me to be here. I am happy to bring Nigeria to your doorsteps, and I am honored that we are here today with a thriving Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria; there is immense opportunity in Nigeria where you can invest your money without fear,&#8221; Tinubu declared.



He underlined his government&#8217;s commitment to addressing long-standing challenges and impediments, such as restoring and unifying the foreign exchange rate market, ensuring stability, and making it easier for new investors to bring their capital into Nigeria with confidence.



&#8220;You&#8217;re free to invest and withdraw your money. I count on you to invest in Nigeria,&#8221; Tinubu emphasized.



Eisner, a prominent advocate for strengthening economic ties between the US and African nations, stressed the importance of Tinubu&#8217;s participation in the NASDAQ event. &#8220;The United States is one of Nigeria&#8217;s largest trading partners and a significant foreign investment source. In light of this, President Tinubu&#8217;s participation in the NASDAQ bell-ringing ceremony presented an opportunity to strengthen economic ties between the two nations. The ceremony served as a symbol of cooperation and collaboration between the United States and Nigeria, emphasizing the importance of maintaining a mutually beneficial partnership. Both countries can achieve more significant economic growth and prosperity by working together to enhance trade and investment relations,&#8221; he tells FORBES AFRICA.



According to Eisner, Tinubu&#8217;s participation has significantly bolstered the relationship between the US and Nigeria&#8217;s business communities. &#8220;This development is expected to pave the way for greater collaboration and increased investment between the nations.&#8221;



He further emphasized the potential benefits of increased collaboration between the two nations, including growth in the technology sector, enhanced agricultural trade, improved infrastructure, increased manufacturing, and more significant investment.



&#8220;Moreover, it can facilitate technology transfer between the two continents, helping African businesses adopt new technologies and enhance productivity. Finally, the event can promote cultural exchange between Africa and the United States, building understanding and respect between these two cultures. Overall, the presence of the Nigerian president at NASDAQ can have significant long-term benefits across Africa, making it a noteworthy event with the potential to drive positive change,&#8221; says Eisner.



Following the closing bell ceremony, the Nigeria-US Executive Business Roundtable provided a platform for President Tinubu to assure prospective investors of Nigeria&#8217;s attractiveness. He underscored that Nigeria&#8217;s unique combination of a burgeoning youthful population and a rapidly growing economy made it an unparalleled investment opportunity.



US Deputy Secretary of the Treasury, Wally Adeyemo, who had just returned from a visit to Nigeria, praised Tinubu&#8217;s reforms and efforts to boost confidence among global investors. &#8220;Nigeria is proving to be a new frontier for investment. We will encourage our companies from our end as those reforms continue to deepen,&#8221; Adeyemo stated.



The resulting collaborations are expected to create jobs, drive economic growth, and improve the quality of life for citizens in both countries, while also having a positive impact across Africa.

Image supplied

‘Symbol Of Cooperation And Collaboration’: US Chamber Expert On Nigeria President’s Participation In NASDAQ Bell-Ringing Ceremony

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



Sold out iPhone 15 pre-orders and long queues in cities around the world signaled the launch of Apple’s latest iPhone Friday—more than a month after the company reported its <a href="https://www.theguardian.com/technology/2023/aug/03/apple-revenues-fall-third-straight-quarter#:~:text=Apple%20boss%20Tim%20Cook%20announced,fell%201.4%25%20to%20%2481.8bn." target="_blank" rel="noreferrer noopener">third straight quarter</a> of declining sales.



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



Lines formed in&nbsp;<a href="https://x.com/KateKozuch/status/1705186743106916842?s=20" target="_blank" rel="noreferrer noopener">New York</a>,&nbsp;<a href="https://www.khaleejtimes.com/uae/iphone-15-in-uae-long-queues-of-buyers-at-dubai-mall-apple-store-barricaded" target="_blank" rel="noreferrer noopener">Dubai</a>,&nbsp;<a href="https://x.com/Reuters/status/1705260668356567522?s=20" target="_blank" rel="noreferrer noopener">Shanghai</a>&nbsp;and other cities for the launch of the iPhone 15, which features camera upgrades, new colors and USB-C charging among other subtle changes from the previous model.



Apple CEO Tim Cook made an&nbsp;<a href="https://x.com/tim_cook/status/1705258046681686288?s=20" target="_blank" rel="noreferrer noopener">appearance</a>&nbsp;at one of the launches in New York, where several customers waited in line hours prior to the opening of Apple&#8217;s Fifth Avenue store.



Reservations for in-store pickups have sold out quickly, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-09-22/apple-s-iphone-15-goes-on-sale-in-test-of-holiday-resurgence" target="_blank" rel="noreferrer noopener">Bloomberg</a>, which reported online orders for the highest-end iPhone 15 models won’t reach customers in several countries until at least mid-November—an indication of high demand.



Apple is in its most drawn out sales slump since 2016, according to&nbsp;<a href="https://www.theguardian.com/technology/2023/aug/03/apple-revenues-fall-third-straight-quarter#:~:text=Apple%20boss%20Tim%20Cook%20announced,fell%201.4%25%20to%20%2481.8bn." target="_blank" rel="noreferrer noopener">The Guardian</a>,&nbsp;with the company reporting last month its third straight quarter of revenue declines, with third quarter sales falling 1.4% to $81.1 billion over the last year.



Analysts expect the company to break the slump next quarter with slight revenue growth, the&nbsp;<a href="https://www.wsj.com/articles/apple-aapl-q3-earnings-report-2023-46673f8f" target="_blank" rel="noreferrer noopener">Wall Street Journal</a>&nbsp;reported.



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



Apple shares closed up more than 0.49% at $174.79 Friday as the tech giant’s stock continues to trade up more than 39% since the start of the year.



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



<a href="https://www.cnbc.com/2023/08/04/apple-shares-slide-after-it-reports-decreased-hardware-revenue.html" target="_blank" rel="noreferrer noopener">$39.7 billion</a>. That’s how much revenue Apple’s iPhone brought in for the company in the third quarter.



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



We estimate Cook to be worth&nbsp;<a href="https://www.forbes.com/profile/tim-cook/?sh=2a64b4273ea4">$1.9 billion</a>, a sum of wealth bolstered by hundreds of millions of dollars’ worth of Apple shares he’s sold over the years.



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



Declines in iPhone sales are the main culprit behind Apple’s minor slump, as the product typically makes up about half of the company’s total sales. The June period is typically the&nbsp;<a href="https://www.cnn.com/2023/08/03/tech/apple-earnings-third-quarter/index.html#:~:text=iPhone%20revenue%20came%20in%20at,revenue%20was%20down%20nearly%2020%25." target="_blank" rel="noreferrer noopener">slowest quarter</a>&nbsp;of the year for Apple. The company usually reveals its new iPhone models in September after consumers have held out on phone upgrades until the new models hit the market. However, June was the same month Apple surpassed&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/06/30/apple-hits-3-trillion-market-value-and-could-soar-another-800-billion/?sh=2af94dd852b1">$3 trillion</a>&nbsp;in market value, making it the first company ever to reach past the mark. Apple is worth nearly as much as Tesla, Meta, Berkshire Hathaway, UnitedHealth and Visa—firms in the top 10 of America&#8217;s most valuable companies—<a href="https://www.forbes.com/sites/dereksaul/2023/06/30/apple-hits-3-trillion-market-value-and-could-soar-another-800-billion/?sh=2af94dd852b1">combined</a>.



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



<a href="https://www.forbes.com/sites/gordonkelly/2023/09/01/apple-iphone-15-pro-max-ultra-design-camera-display-price-new-iphone-release/?sh=267597b442b0">Apple Analyst Details iPhone 15, iPhone 15 Pro Design, Display, Camera, Color Changes</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/davidphelan/2023/09/18/iphone-15-pro-max-serious-problem-highlighted-by-apple-insider-iphone-16-pro-leak/?sh=70265fd72faa">iPhone 15 Pro Max Serious Problem Highlighted By Apple Insider</a>&nbsp;(Forbes)

iPhone15 On Sale in Chongqing

iPhone 15 Global Debut Marked By Long Lines And Consumer Hype As Apple Looks To Turn Around Sales Slump

South Africa remains resolute in hosting the AGOA summit despite prior tensions with the US. The upcoming event, slated for November, signifies renewed commitment to strengthen trade ties. South Africa&#8217;s call for a decade-long AGOA extension underscores the pivotal role this partnership plays in fostering economic growth and cooperation.



South Africa is set to host the African Growth and Opportunity Act (AGOA) Summit later this year, despite recent diplomatic tensions between the country and the United States (US). In June this year, US legislators called for the relocation of the summit due to controversy surrounding alleged arms shipments to Russia by South Africa. Cleared of any wrongdoing by an internal judicial panel, the US has reaffirmed its commitment to shared growth with South Africa.



“The AGOA Forum is an opportunity for the United States to build upon the success of the Africa Leaders’ Summit and further our economic partnership with AGOA countries,” stated US Ambassador Katherine Tai in a statement announcing this year&#8217;s summit from Washington.



South African President Cyril Ramaphosa not only celebrated the country&#8217;s hosting of the summit but also called for the renewal of the agreement for another decade. The current format of AGOA is set to expire in 2025. Emphasizing the importance of South Africa-US relations, Ramaphosa declared: &#8220;The US remains a very important economic partner in trade and investment, with great potential to further expand economic ties,&#8221; in a press release.



AGOA currently benefits eligible sub-Saharan countries by providing access to US markets for several thousand products, including duty-free access for some exports. South Africa continues to be the largest exporter in the agreement, generating approximately $2.7 billion in revenue for the country as of 2021, primarily from vehicles, jewelry, and metals.



The controversy surrounding the visit of a Russian ship, the Lady R, docking at a South African military base in December 2022, led to the politicization of the AGOA agreement by bipartisan representatives in the US. However, a subsequent South African investigation cleared the country of exporting arms to Russia as part of the incident, resulting in a restored commitment by representatives of both countries to mend strained relations.



The AGOA summit, scheduled for early November in South Africa, will bring together key delegations from all member countries, regional economic entities, as well as representatives from the private and public sectors. The goal is to strengthen trade and economic ties between the US and sub-Saharan Africa.



The summit will also feature a ‘Made in Africa’ exhibition, specifically focused on demonstrating regional value chains on the continent.



“AGOA has helped promote the export of African goods to the United States, and we believe there is scope to deepen its impact on African industrialization,&#8221; said South Africa&#8217;s Minister of Trade and Industry, Ebrahim Patel, reaffirming Ramaphosa&#8217;s commitment to extending the deal. &#8220;Extending it beyond 2025 will promote inward investment in Africa and support our efforts to increase growth through the African Continental Free Trade Area (AfCFTA), which will cover 54 countries and 1.4 billion people.”

Untitled design (33)

Renewed Commitment: South Africa To Host AGOA Summit Amid Calls for Extension

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



Adidas CEO Bjorn Gulden <a href="https://youtu.be/YdWtvbkSJlY?feature=shared&amp;t=876" target="_blank" rel="noreferrer noopener">said</a> in a recent podcast interview that he doesn’t think rapper Ye, formerly known as Kanye West, “meant what he said” about Jewish people last year, adding he doesn’t think Ye is “a bad person, it just came across that way.”



<h3 class="wp-block-heading" id="h-key-facts">KEY FACTS</h3>



When asked about what happened with Adidas and Ye on&nbsp;In Good Company, a podcast from Norges Bank Investment Management, Gulden recognized the artist made some statements that weren’t “that good,” leading Adidas to break the contract.



But Gulden, who was not yet&nbsp;<a href="https://www.adidas-group.com/en/media/news-archive/press-releases/2022/bjorn-gulden-become-ceo-adidas-ag/#:~:text=The%20Supervisory%20Board%20of%20adidas,and%20CEO%20of%20adidas%20AG." target="_blank" rel="noreferrer noopener">leading</a>&nbsp;the company at the time of the controversy, also offered praise for Ye, saying he’s “one of the most creative people in the world, both in music and … street culture.”



Gulden called the Yeezy shoe line one of the “most successful collabs” in history; it cost Adidas $440 million in sales in the first quarter of this year alone to discontinue the Yeezy line,&nbsp;<a href="https://www.adidas-group.com/en/media/news-archive/press-releases/2023/adidas-reports-revenues-on-prior-year-level-in-the-first-quarter/" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the sportswear company.



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



Last October, Ye spouted antisemitic comments, conspiracy theories and criticized Black Lives Matter in a number of interviews and public appearances, leading to broken business relationships, his&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2022/10/08/musk-welcomes-kanye-west-back-to-twitter-after-hes-blocked-by-instagram-over-apparent-antisemitic-post/?sh=7ee386ca50da">removal</a>&nbsp;from social media platforms and widespread criticism. At the start of the month, Ye had models at his fashion show in Paris wear “White Lives Matter” shirts, a term that’s associated with a neo-Nazi group. Just days later, he took to X—formerly known as Twitter—to claim he was going to go “death con 3 on Jewish people.” He said it wasn’t antisemitic for him to tweet that because “black people are actually Jew also,” and his account was&nbsp;<a href="https://www.forbes.com/sites/carlieporterfield/2022/10/09/twitter-deletes-kanye-west-post-about-jewish-people/?sh=f9375e1302f7">locked</a>. Ye also repeatedly made comments that the Anti-Defamation League said use “age-old anti-Semitic myths about Jewish greed and power and control of the entertainment industry.” Ye said he didn’t regret his remarks, but did apologize for the “death con 3” comment on&nbsp;Piers Morgan Uncensored. In November, NBC News&nbsp;<a href="https://www.nbcnews.com/news/us-news/kanye-west-ye-settlement-anti-semitic-jewish-hitler-nazis-allegations-rcna54485" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;people who previously worked with Ye said he made several pro-Hitler and pro-Nazi remarks as far back as 2018. In addition to Adidas, Gap, Balenciaga, Vogue and JP Morgan Chase all&nbsp;<a href="https://www.businessinsider.com/kanye-west-companies-cutting-ties-adidas-gap-balenciaga-vogue-tweet-2022-10" target="_blank" rel="noreferrer noopener">broke ties</a>&nbsp;with the artist. The essential collapse of his business empire caused Ye to&nbsp;<a href="https://www.forbes.com/sites/lisettevoytko/2023/04/05/heres-why-kanye-west-dropped-off-the-forbes-billionaires-list/?sh=369e75cd1866">lose his billionaire status</a>.



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



“When you work with third parties that could happen and it’s part of the game,” Gulden said on the podcast. “That can happen with an athlete, it can happen with an entertainer, so it’s part of the business.”



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



$565 million. That’s how much Adidas made in May when it opted to sell the unsold Yeezy shoes that were left over after the company stopped working with Ye. The sale of Yeezy inventory helped Adidas reduce its projected operating loss for the year from $775 million to $598.56 million, the company&nbsp;<a href="https://www.adidas-group.com/media/filer_public/4d/5f/4d5fbc81-6eee-4e9e-b21d-1f9247d3aff6/adidasag_q22023_pre-announcement_final_en.pdf" target="_blank" rel="noreferrer noopener">said</a>.



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



We estimate Ye’s net <a href="https://www.forbes.com/profile/kanye-west/?sh=4cef8adb56f1">worth at $400 million</a>—a fraction of his $2 billion estimated net worth last year.

adidas + KANYE WEST New Partnership Announcement

Adidas CEO: Kanye West Didn’t Mean Antisemitic Comments, Isn’t A Bad Person

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



Six Palestinians were killed by Israeli forces and dozens more injured during three separate incidents in the occupied West Bank and Gaza Strip over the past 24 hours, the Palestinian Ministry of Health told <a href="https://www.cnn.com/2023/09/20/middleeast/israeli-military-palestinians-intl/index.html" target="_blank" rel="noreferrer noopener">CNN</a>—incidents that come during a controversial meeting between Israeli Prime Minister Benjamin Netanyahu and U.S. President Joe Biden.



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



Four people died and over 30 were injured when the Israeli military invaded the Jenin refugee camp Tuesday evening and exchanged fire with Palestinian militants,—Israel claims the Palestinian militants fired first—CNN reported, citing the ministry and an anonymous witness, who said that electricity was knocked out from the camp for some time.



The Israeli Defense Forces said in a statement that troops entered the camp as part of “counterterrorism activity” and claimed that “armed gunmen opened fire” at them before they returned fire.



Meanwhile, on Tuesday afternoon, a Palestinian man was killed and several others were injured when Israeli forces fired across the Gaza border fence at protesters who had been holding regular protests along the border for the past week; the earlier protests had, at times, turned violent, with protesters throwing explosive devices and burning tires as well as occasionally firing guns at Israeli guards.



The IDF said in a statement, “hundreds of rioters gathered in a violent riot adjacent to the security fence in the Gaza Strip…a number of explosive devices were activated by the rioters.”



On Wednesday morning, a Palestinian man was killed by Israeli military who entered the Aqabat Jaber refugee camp in Jericho.



Israeli forces said they were attempting to apprehend 10 wanted suspects when explosive devices were hurled at them and they returned fire.



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



The West Bank and the Gaza strip have been under military occupation by Israel since 1967. The West Bank has been embroiled by nearly daily violence throughout 2023, spurred by nightly raids from Israeli forces, putting the region on track for its bloodiest year since 2005. Notably, in July, Israel&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/06/19/5-palestinians-die-in-the-conflicts-most-ferocious-fighting-in-years/?sh=5e3671687ab2">struck</a>&nbsp;the refugee camp in Jenin—the same one that saw four people die on Tuesday—with gunfire, armored bulldozers and at least one Apache helicopter, the first time a helicopter gunship had been used in the conflict since the second Palestinian uprising around two decades ago. That fighting lasted 10 hours, killed five and injured 91.



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



The violence unfolded while Israel’s leader Netanyahu was visiting Biden and New York during the United Nations General Assembly Wednesday, the&nbsp;<a href="https://apnews.com/article/israel-netanyahu-biden-white-house-united-nations-c6dab3cc0357f67b2054446f3c6cdc52" target="_blank" rel="noreferrer noopener">Associated Press reported</a>. The meeting will be the first between the two since Netanyahu formed his far-right coalition government last year, a buck to tradition as the U.S. has typically invited Israeli leaders to the White House within weeks of them starting their tenure. The delay, as well as the meeting taking place in New York instead of Washington, D.C., is widely seen as a signal of Biden’s displeasure with Netayahu’s new government, which has taken a hardline on the conflict with the Palestinians and attempted to overhaul the country’s judiciary in a way that makes it more favorable to them, according to the AP. Biden opened the meeting by saying they would discuss “some tough issues” including “upholding democratic values that lie at the heart of our partnership, including checks and balances.”



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



<a href="https://www.cnn.com/2023/09/20/middleeast/israeli-military-palestinians-intl/index.html" target="_blank" rel="noreferrer noopener">Six Palestinians killed by Israeli military in three separate incidents over 24 hours</a>&nbsp;(CNN)



<a href="https://www.forbes.com/sites/willskipworth/2023/06/19/5-palestinians-die-in-the-conflicts-most-ferocious-fighting-in-years/?sh=5e3671687ab2">5 Palestinians Die In The Conflict’s Most Ferocious Fighting In Years</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/anafaguy/2023/09/19/us-considering-defense-treaty-with-saudi-arabia-that-includes-israel-normalization-report-says/?sh=652d65239e37">U.S. Considering Defense Treaty With Saudi Arabia That Includes Israel Normalization, Report Says</a>&nbsp;(Forbes)

Israeli army bulldozer on duty during the demolition of

Six Palestinians Killed In Three Separate Incidents By Israeli Forces Over 24 Hours

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



A drought in Spain, record-high temperatures and a pause in Turkish exports have driven prices of Spanish olive oil to a record high of $8,900 per ton this month, and there&#8217;s no clear indication as to when they&#8217;ll fall.



Extreme hot weather and persistent drought conditions have dealt a severe blow to olive oil&nbsp;&#8230; [+]ANADOLU AGENCY VIA GETTY IMAGES



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



&#8220;Extremely dry weather in much of the Mediterranean&#8221; has been blamed for the skyrocketing prices of olive oil—up 130% from last year—by the&nbsp;<a href="https://apps.fas.usda.gov/psdonline/circulars/oilseeds.pdf" target="_blank" rel="noreferrer noopener">U.S. Department of Agriculture</a>, which warns the only thing that could bring them down in the coming months would be improved growing conditions.



The Catalonia region of Spain&nbsp;<a href="https://www.euronews.com/green/2023/08/09/we-have-never-seen-it-so-low-spain-introduces-water-restrictions-as-reservoirs-run-dry#:~:text=Drought%20is%20leaving%20reservoirs%20empty&amp;text=Spain%20registered%20the%20driest%20start,Andalusia%20being%20the%20most%20affected." target="_blank" rel="noreferrer noopener">declared</a>&nbsp;a drought emergency in 24 municipalities in August after 30 months of little rain, and the drought has dried up reservoirs, parched olive groves and led to restrictions on water use across the country, per&nbsp;<a href="https://earthobservatory.nasa.gov/images/151366/spain-browned-by-drought" target="_blank" rel="noreferrer noopener">NASA</a>.



The lack of rain has coincided with the nation’s third-hottest summer on record: The Spanish meteorological agency&nbsp;<a href="https://www.aemet.es/en/noticias/2023/09/avance_verano_2023" target="_blank" rel="noreferrer noopener">says</a>&nbsp;four heat waves were recorded this summer, temperatures were 2.3°F (1.3°C) higher than normal on average and meteorologists are predicting a warmer-than-normal autumn.



Italy and Greece, which also grow a significant portion of the world’s olives, have also seen hot, dry seasons, with Italy recording&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/08/07/extreme-heat-in-southern-italy-increased-july-death-rate-officials-say/?sh=4ab63d9c2664">temperatures</a>&nbsp;over 40°C (104°F), and Greece, where major tourist attractions&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/07/15/europes-dangerous-heat-wave-greece-closes-acropolis-as-warnings-issued-across-italy-spain-and-germany/?sh=7b774c7e39c0">were closed</a>&nbsp;due to the heat, notching temperatures just as high.



Spain, the world’s largest producer and exporter of olive oil, made 50% less oil in its most recent season, CNBC&nbsp;<a href="https://www.cnbc.com/2023/09/19/olive-oil-prices-surge-over-100percent-leading-to-cooking-oil-thefts.html" target="_blank" rel="noreferrer noopener">reported</a>, and prices have been further impacted by Turkey&#8217;s decision&nbsp;<a href="https://apps.fas.usda.gov/psdonline/circulars/oilseeds.pdf" target="_blank" rel="noreferrer noopener">to suspend</a>&nbsp;bulk oil exports until at least November 1 in a move meant to ensure domestic supplies and alleviate price pressure.



Before this August, the previous record price for olive oil was set at $6,242 per ton in 1996, according to the USDA.



Picture shows healthy olives grown using an irrigation system developed by researchers of the&nbsp;&#8230; [+]AFP VIA GETTY IMAGES



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



610,000 tons. That&#8217;s how much olive oil Spain produced in the recent season, compared to a usual yield of 1.3 to 1.5 million tons.



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



The global olive oil market was valued at $14.2 billion in 2022 and is projected to grow to $18.4 billion by 2030, Fortune Business Insights&nbsp;<a href="https://www.fortunebusinessinsights.com/industry-reports/olive-oil-market-101455" target="_blank" rel="noreferrer noopener">predicts</a>. Spain manufactures almost half of the world&#8217;s olive oil,&nbsp;<a href="https://www.internationaloliveoil.org/the-world-of-olive-oil/" target="_blank" rel="noreferrer noopener">followed by</a>&nbsp;producers in Italy, Greece, Portugal, Tunisia, Turkey and Morocco. Greeks are the largest olive oil consumer per capita,&nbsp;<a href="https://www.aboutoliveoil.org/olive-oil-production-by-country" target="_blank" rel="noreferrer noopener">according to&nbsp;</a>the North American Olive Oil Association, followed by Spain and Italy. Greeks consume about 20 liters of olive oil per person each year, compared to about 1 liter per American. The size of the United States compared to other nations, however—only about 10.6 million people live in Greece compared to 331 million in the U.S.—makes the nation a major consumer: The&nbsp;<a href="https://apps.fas.usda.gov/psdonline/circulars/oilseeds.pdf" target="_blank" rel="noreferrer noopener">USDA</a>&nbsp;said American imports usually make up about 30% of the global olive oil trade, and that number is expected to rise to between 35% and 37% this year.



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



A theft of about 50,000 liters of extra virgin olive oil left one of the nation&#8217;s family-owned mills, Marin Serrano El Lagar, out about $450,000, local news&nbsp;<a href="https://www.elmundo.es/andalucia/2023/08/31/64f0462efc6c8312768b459c.html" target="_blank" rel="noreferrer noopener">reported</a>. No arrests have been made in the theft and a spokesperson for the Civil Guard told&nbsp;El Mundo&nbsp;that stealing in bulk, rather than bottles, makes tracking the oil particularly hard. Just two weeks before that, another 6,000 liters of extra virgin olive oil—$53,500 worth—<a href="https://www.elmundo.es/andalucia/2023/08/23/64e5e1bdfc6c8303668b4591.html" target="_blank" rel="noreferrer noopener">was stolen</a>&nbsp;from the Terraverne oil mill.



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



Olive oil isn&#8217;t the only commodity to have seen cost jumps this summer,&nbsp;Business Insider&nbsp;<a href="https://markets.businessinsider.com/news/commodities/foodflation-cocoa-surges-12-year-high-orange-juice-hit-record-2023-7?_gl=1*1147odj*_ga*MTgyMjM0ODk0OC4xNjg2NzU2MDU1*_ga_E21CV80ZCZ*MTY5NTIxNjY5My4yNS4xLjE2OTUyMTY4OTIuMjMuMC4w" target="_blank" rel="noreferrer noopener">reported</a>. Cocoa, orange juice, wheat and soybeans all surged this summer as heavy rainfall and disease impacted West Africa&#8217;s cocoa supply, a crop disease hit citrus plants in Florida and Brazil and Russia pulled out of the deal allowing the export of grain from Ukraine. Soybean prices&nbsp;<a href="https://www.reuters.com/article/global-grains-idAFL1N38128J" target="_blank" rel="noreferrer noopener">also soared</a>&nbsp;this summer after the USDA reported much lower-than-expected soy plantings.



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



<a href="https://www.forbes.com/sites/maryroeloffs/2023/08/23/india-to-ban-sugar-exports-in-addition-to-rice-as-corn-soybeans-and-more-crops-falter-in-extreme-heat-and-drought/?sh=56d252986d6c">India To Ban Sugar Exports In Addition To Rice—As Corn, Soybeans And More Crops Falter In Extreme Heat And Drought</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/08/21/out-with-shrimp-in-with-jellyfish-seafood-industry-facing-potential-overhaul-due-to-climate-change/?sh=2c38609723bb">Out With Shrimp, In With Jellyfish? Seafood Industry Facing Potential Overhaul Due To Climate Change</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/chloesorvino/2022/06/26/heres-the-latest-data-on-climate-and-food-and-its-not-good/?sh=1229c7592e52">Here’s The Latest Data On Climate And Food And It’s Not Good</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/chloesorvino/2022/09/02/us-farmers-struggle-through-drought-to-bring-food-to-the-table-but-face-more-challenges-ahead/?sh=7119cadcfc08">U.S. Farmers Struggle Through Drought To Bring Food To The Table But Face More Challenges Ahead</a> (Forbes)

Oil pump with candle stick graph chart in the background. World Oil Industry

Olive Oil Prices Jump 50%—And Climate Change Might Be Why

Nigeria&#8217;s economic growth has faced a significant slowdown, with its Gross Domestic Product (GDP) growing at just 2.51% year-on-year in the second quarter of the year.



This rate is notably lower than the 3.54% recorded during the same period in 2022.



As the country grapples with challenging economic conditions, concerns are rising about the possibility of entering a recession.



The recently published GDP report by the National Bureau of Statistics (NBS) highlights the various contributing factors to this decline in economic growth.



In the second quarter of the year, the services sector emerged as the primary driver of growth, experiencing a 4.42% expansion and contributing a substantial 58.42% to the overall GDP.



Additionally, the agriculture sector displayed improved performance, with a growth rate of 1.50%, compared to 1.20% in the same quarter of 2022.



Conversely, the industry sector faced a significant setback, with a growth rate of -1.94% in the reported period, compared to -2.30% in the previous year.



In terms of their contribution to the GDP, both the agriculture and industry sectors played smaller roles in the period compared to the same period in 2022.



The aggregate GDP reached N52.1 trillion ($66.5 billion) in nominal terms, marking a notable increase from the N45 trillion ($57.6 billion) recorded in the second quarter of 2022.



This signifies a year-on-year nominal growth rate of 15.77%.



Economist Kelvin Emmanuel offers insight into the economic slowdown, stating to FORBES AFRICA: &#8220;The slowdown in the GDP growth rate to 2.51% reflects the capital squeeze resulting from various factors. Not only are foreign investments affected by a weak balance of payment position, but the government&#8217;s inability to clear outstanding FX forwards has also had an impact. Moreover, the high inflation and high-interest rate environment has reduced corporate incentives to borrow from the banking system. As capital per unit of labor decreases and employment growth stagnates, the GDP growth rate is inevitably impacted.&#8221;



Emmanuel further raises concerns, saying, &#8220;Nigeria has now reported a GDP growth rate lower than its population growth rate of 3% for two consecutive quarters. If this trend persists into Q3, the nation&#8217;s economy could officially enter a recession, signifying the need for immediate corrective measures.&#8221;

Graph Falling Down in Front Of Nigeria Flag. Crisis Concept

Nigeria’s Slowing Growth And Recession Concerns

The tech behemoth’s latest iPhone features a new USB-C charging port and titanium frame for its higher-end models.



Apple has unveiled the iPhone 15, with the base models 15 and 15 Plus priced at $799 and $899 respectively, in its most anticipated product event of the year. The higher-end 15 Pro and 15 Pro Max will be priced at $999 and $1,199 respectively.



As usual, the iPhone 15 will come equipped with a better camera and upgraded processing power, but it will also feature a significant change: a USB-C port for charging and data transfers. Apple was forced to do away with its Lightning port in iPhones after the European Union passed a law last year that requires all mobile devices to accommodate a common&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/10/26/weve-no-choice-apple-says-iphones-will-switch-over-to-usb-c-chargers-to-comply-with-new-eu-law/?sh=786790cabcde">USB-C&nbsp;</a>charger.



The consumer tech giant also announced two new makes of the Apple Watch: the Apple Watch Series 9, which it said was its first carbon neutral product ever, and the Apple Watch Ultra 2. Sustainability was one of the central themes of the event, where Apple detailed its increased use of recycled materials like cobalt in the battery and energy efficient manufacturing and transportation practices to produce the Apple Watch Series 9. This comes ahead of the company’s goal to achieve carbon neutrality by 2030.



With inconspicuous changes in design and appearance, the screen sizes for the standard iPhone 15 models are the same as before (6.1 inch and 6.7 inch), but the iPhone 15 Pro and Pro Max have a slightly larger display as their bezels are thinner than previous iPhones, the company announced. The Pro iPhones are built with Grade 5 titanium frames for the first time rather than stainless steel, making them the lightest Pro phones Apple has ever built.



Similar to its predecessor, iPhone 15 has a matte finish, but the edges of the phone are more rounded than before. The regular models are available in pink, yellow, green, blue and black while the Pro models come in black, blue and white titanium. All new phones have the “Dynamic Island,” an interface that was first added to iPhone 14 Pro that lets users see notifications in the black pill-shaped notch at the top of the display.



Apple touted the phone’s upgraded camera capabilities: a 48-megapixel camera sensor is replacing the 12-megapixel and lets users zoom into photos while capturing minute details and nuances. The new Pro phones come with a feature that uses machine learning to detect when a person is in the photo, enabling you to automatically switch to portrait mode even after a photo has been taken.



If you’re on a call using the iPhone 15 Pro, a machine learning-based feature called “voice isolation” prioritizes the speaker’s voice and drowns out background voice. The phones are also enabled with an emergency SOS service and roadside assistance while off the grid.



The pricier models come with a performance edge, thanks to a new A17 chip. All new iPhones are embedded with a new ultrawide-band semiconductor, a technology that uses radio waves to send and receive signals, to make location tracking on the Find My app more accurate.



The ring/mute slide switch, which has never changed since Apple launched the original iPhone in 2007, has been replaced in iPhone 15 Pro models with an “Action Button” that can be customized to set different functionalities like starting a voice recording, launching the camera or opening the flashlight.



For the Apple Watch Series 9 and a second generation of the Apple Watch Ultra , the look and design for the new watches has remained consistent, but their guts have gotten an upgrade, with 30% faster processing speed and brighter screens. The two new Apple Watches are equipped with a feature that lets users double tap their index finger and thumb to carry out actions like accepting or ending a call, and playing or pausing music with just one hand.



Apple’s latest product reveal comes at a crucial time for the company. Demand for smartphones is&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-08-06/apple-iphone-15-comes-amid-us-sales-slowdown-tim-cook-q3-earnings-comments-lkzfs14u" target="_blank" rel="noreferrer noopener">slowing</a>&nbsp;down across the industry, and Apple’s iPhone sales dropped about 2% year over year in the third quarter of 2023. Core to its business, iPhones, Apple Watches and AirPods accounted for about 60% of Apple’s $394.3 billion annual revenue in 2022.



Although more mainstream, the new iPhone and Apple Watches aren’t the only products that Apple announced this year. In June, alongside new Macs, Apple introduced the <a href="https://www.forbes.com/sites/johnpaczkowski/2023/06/07/this-is-what-its-like-to-use-apples-new-vision-pro-mixed-reality-headset/?sh=43c3323539e4">Apple Vision Pro</a> mixed-reality headset, its first major new product category since the Apple Watch made waves in 2015. The iPhone 15 lets users create photos and videos that are compatible with the Apple Vision Pro.

Apple Holds Product Unveiling Event

Apple Kills Lightning In iPhone 15 And Announces Carbon Neutral Apple Watches

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



Apple and Nvidia stocks tanked for the second consecutive trading session Thursday, a rare down stretch for the Silicon Valley titans this year fueled by concerns about each of their explosive sales.



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



Apple shares slipped 3.4% by 2:25 p.m. Eastern time after Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-09-07/china-plans-to-expand-iphone-ban-to-some-state-backed-firms-in-blow-to-apple?srnd=premium" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;China is considering banning iPhone usage among some government workers and employees at state-owned corporations, casting doubt on Apple’s strength in the country which accounts for roughly a fifth of its sales.



The slide comes a day after Apple shed 3.6% – its 6.9% dip since Tuesday marks the steepest two-day loss for the world’s most valuable company since November.



Nvidia shares also dropped about 3% Thursday, bringing its two-day loss to 5.5% as the S&amp;P 500’s best-performer of 2023 suffered a rare tumble.



The artificial intelligence leader’s stock slump came as a dubious conspiracy theory&nbsp;<a href="https://twitter.com/JesseCohenInv/status/1699307464619876691" target="_blank" rel="noreferrer noopener">proliferated&nbsp;</a>on X, the social media site formerly known as Twitter, suggesting that Nvidia has artificially inflated revenue in its AI segment by lying about its sales to CoreWeave, a Nvidia-backed cloud computing startup&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-08-30/coreweave-said-to-seek-stake-sale-at-up-to-8-billion-valuation" target="_blank" rel="noreferrer noopener">reportedly</a>&nbsp;valued at about $8 billion.



That theory is “nonsense,” Bernstein analyst Stacy Rasgon wrote in a Thursday note to clients he “very grudgingly” sent out, encouraging investors to not get “your investment thesis from Twitter randos.”



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



$250 billion. That’s how much market capitalization Apple and Nvidia shed over the last two days.



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



Apple and Nvidia are two of the seven tech stocks&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/04/10/these-7-tech-stocks-command-almost-90-of-the-sp-500s-gains-signaling-market-rally-may-not-be-so-healthy/?sh=65e0aafc65d5">accounting for</a>&nbsp;a large majority of major stock indexes’ gains this year, leading to lingering questions about the depth of the strong market (Alphabet, Amazon, Meta, Microsoft and Tesla round out the super seven). Both Apple and Nvidia set all-time high share prices this year, but on far different trajectories. Apple rode a steady 42% gain this year, just ahead with the tech-heavy Nasdaq’s 32% rise, thanks to&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/05/04/apple-beats-quarterly-profit-sales-estimates-despite-interest-rate-headwinds/?sh=77f139f03637">solid</a>&nbsp;5% and 6% earnings beats during the first and second quarters, respectively, while Nvidia more than tripled in share price due to&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/08/23/nvidia-earnings-stock-soars-as-ai-giant-again-smashes-quarterly-expectations/">exploding</a>&nbsp;expectations about its AI business, which grew by 141% just last quarter.



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



“The Nasdaq is sinking as one bad Apple spoils a bunch of mega-cap tech stocks,”&nbsp;<a href="https://www.marketpulse.com/" target="_blank" rel="noreferrer noopener">Oanda</a>&nbsp;analyst Edward Moya wrote Thursday. The index is down 2% over the last two days, steeper than the S&amp;P 500’s 1% loss.



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



<a href="https://www.bloomberg.com/tosv2.html?vid=&amp;uuid=14d8c1fa-4dad-11ee-bf85-ff6800d7a7ae&amp;url=L25ld3MvYXJ0aWNsZXMvMjAyMy0wOS0wNy9jaGluYS1wbGFucy10by1leHBhbmQtaXBob25lLWJhbi10by1zb21lLXN0YXRlLWJhY2tlZC1maXJtcy1pbi1ibG93LXRvLWFwcGxlP3NybmQ9cHJlbWl1bQ==" target="_blank" rel="noreferrer noopener">BLOOMBERGBloomberg</a>



<a href="https://www.forbes.com/sites/dereksaul/2023/08/23/nvidia-earnings-stock-soars-as-ai-giant-again-smashes-quarterly-expectations/" target="_blank" rel="noreferrer noopener">MORE FROM FORBESNvidia Earnings: Stock Soars As AI Giant Again Smashes Quarterly ExpectationsBy&nbsp;Derek Saul</a>



<a href="https://www.theverge.com/2023/8/8/23824661/coreweave-nvidia-debt-gpu-ai-chips-collateral" target="_blank" rel="noreferrer noopener">THE VERGEHow to get your startup a loan with one easy computer part</a>

Apple Ahead Of The IPhone 15 Launch

Apple And Nvidia’s Losses This Week Hit $250 Billion

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



The death toll from extreme flooding in Libya over the weekend is estimated to be at least 250 by the Red Crescent of Benghazi, though one of the country’s officials said thousands could be dead from the catastrophic storm,&nbsp;<a href="https://www.cnbc.com/2023/09/11/storm-and-floods-kill-at-least-150-people-in-libya-says-red-crescent.html" target="_blank" rel="noreferrer noopener">reports</a><a href="https://apnews.com/article/derna-disaster-zone-libya-storm-daniel-floods-8fac4fe35b962242568ff219456c6870" target="_blank" rel="noreferrer noopener">&nbsp;say</a>.



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



The Red Crescent&nbsp;<a href="https://www.reuters.com/world/africa/powerful-storm-rolls-through-eastern-libya-killing-least-three-2023-09-11/" target="_blank" rel="noreferrer noopener">told</a>&nbsp;Reuters on Monday morning that the flooding caused by Mediterranean storm Daniel killed a confirmed 150 people in Derna, a coastal city in eastern Libya, over the weekend, but the organization expects the death toll to increase to 250.



Ossama Hamad, prime minister of the parliament-supported government in Libya, said in a phone interview with a local television station on Monday that he fears 2,000 are dead in Derna, the city hit the hardest by the floods, and thousands more are missing, the Associated Press&nbsp;<a href="https://apnews.com/article/derna-disaster-zone-libya-storm-daniel-floods-8fac4fe35b962242568ff219456c6870" target="_blank" rel="noreferrer noopener">reported</a>.



Water levels in Derna, which was declared a disaster zone, reached as high as 10 feet over the weekend, and the storm also hit the Libyan cities of Benghazi, Susa, Bayda and al-Marj.



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



Last week, the storm hit parts of Turkey, Greece and Bulgaria, killing at least 15—with two still missing—and causing the “most intense rain storm” in almost a century, Reuters&nbsp;<a href="https://www.reuters.com/world/europe/three-more-bodies-found-after-greece-storm-raising-toll-14-2023-09-10/#:~:text=ATHENS%2C%20Sept%2010%20(Reuters),since%20records%20began%20in%201930." target="_blank" rel="noreferrer noopener">reported</a>. More than 4,250 people were evacuated from Greece as of early Monday, authorities said, due to rivers overflowing and damaging villages beyond the aftermath of the storm. On Sunday, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-09-10/greek-premier-to-request-eu-support-for-country-s-flood-damage?utm_campaign=socialflow-organic&amp;cmpid=socialflow-twitter-business&amp;utm_content=business&amp;utm_medium=social&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;that Greece&#8217;s prime minister will meet with the head of the European Commission on Tuesday to ask for support from the EU.



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



<a href="https://apnews.com/article/derna-disaster-zone-libya-storm-daniel-floods-8fac4fe35b962242568ff219456c6870" target="_blank" rel="noreferrer noopener">AP NEWSLibyan prime minister says 2,000 people believed dead in flooding in eastern Libya following storm</a><a href="https://www.reuters.com/world/africa/powerful-storm-rolls-through-eastern-libya-killing-least-three-2023-09-11/" target="_blank" rel="noreferrer noopener">REUTERSStorm and floods kill at least 150 people in Libya-Red Crescent</a>

Death toll in Derna city tops 2,000 after floods hit eastern Libya

Hundreds Dead In Libya After Devastating Floods, But Official Warns It Could Be Thousands

Global rating agency Moody’s has upgraded Rwanda’s outlook to stable from negative, citing its positive assessment that the country’s effective institutions and credible policies have preserved and will continue to anchor the government&#8217;s credit profile in response to shocks.&nbsp;&nbsp;



“Moody&#8217;s expects the government&#8217;s commitment to fiscal consolidation and revenue enhancement to keep its debt burden on a stable to declining path,” the agency said in a statement released on September 8.&nbsp;



Moody’s expects Rwanda’s economic growth to remain strong and support debt sustainability, driven by large infrastructure investments such as the construction of Bugesera International Airport and robust activity in the tourism sector that is likely to continue.&nbsp;



Rwanda’s economy has been on a recovery path. The economy grew by 9.2% year-on-year in the first quarter of 2023, following&nbsp;8.2% growth in 2022. The Composite Index of Economic Activity (CIEA), which signals where the economy is headed, grew by 6.3% in the second quarter of 2023.&nbsp;



Recovery is being driven by services and industry, which grew 13% and 9% in quarter one, respectively. In particular, transport, financial, and telecommunications services saw improved growth with air transport and telecommunications increasing 28% and 43%, respectively during the same period.&nbsp;Manufacturing and mining activities grew 16% and 15%, respectively.&nbsp;



On the other hand, the agriculture sector growth declined by 1% in Q1 2023 due to climate shocks such as floods the country has experienced, which has reduced agriculture output&nbsp;significantly&nbsp;and consequently increased food inflation in the country.&nbsp;



Moody’s, however, expressed confidence in its assessment that growing investments in infrastructure and a thriving tourism sector – tourism receipts increased 56% in the first half of 2023 to $247 million – will offset risks from climate shocks.&nbsp;&nbsp;



According to Moody’s, Rwanda’s&nbsp;effective institutions and credible policies, as demonstrated by the government&#8217;s management of successive shocks, have preserved and will continue to support fiscal and debt metrics and economic growth model, despite downside risks stemming from climate events.&nbsp;&nbsp;



As such, the credit rating agency expects the government&#8217;s fiscal deficit by the end of June 2024 to remain at similar levels to fiscal 2023, at around 6.5% of GDP, and narrowing slightly over the next few fiscal years largely consistent with the International Monetary Fund policy targets.&nbsp;



Moody’s affirms B2 rating&nbsp;&nbsp;



Moody’s also maintained its previous rating position of Rwanda’s creditworthiness, assigning the country B2, which implies that although the country has capacity to meet its financial and debt obligations, risks remain.&nbsp;



“The rating affirmation at B2 reflects Rwanda&#8217;s small and low-income economy that limits its shock absorption capacity, the government&#8217;s still high debt burden for the size of the economy and its income levels, and challenging regional geopolitics that can threaten longer-term development,&#8221; Moody&#8217;s said in a statement.&nbsp;



In Moody&#8217;s rating scale for sovereign debt, B2 falls within the &#8220;highly speculative&#8221; or &#8220;junk&#8221; category.&nbsp;&nbsp;



However, Moody’s said the credit challenges are balanced against Rwanda&#8217;s high growth potential, the country&#8217;s relatively solid institutions and governance compared to peers, and continued strong development partner support that maintains its access to external concessional financing.&nbsp;&nbsp;

Rwanda – Economy – Urban Development in Kigali

Moody’s Upgrades Rwanda’s Outlook To Stable, Economy On Recovery Path   

In a historic stride, the AU attains full membership in the G20 intergovernmental forum, a development announced at the G20 Summit in New Delhi, giving the Global South more voice and unity.



In a seminal move for global economic and diplomatic progress, the African Union (AU) has officially been admitted to the G20 intergovernmental forum as a full member, announced this weekend at the 18th G20 Summit, held at the Bharat Mandapam Convention Centre in New Delhi, India.



The AU’s admission comes after historical calls for greater inclusion of the continent, now providing it with equivalent status within the G20 as the European Union, and is expected to provide more compelling representation for Africa on global matters of interest.



 The proposal for the AU’s full membership came in part at the hands of Indian Prime Minister Narendra Modi’s broader effort to increase representation on major global challenges by the Global South, reflected in his remarks on the opening of this weekend’s summit: “India&#8217;s G20 presidency has become a symbol of inclusion, both within the country and beyond… It was in the spirit of &#8216;Sabka Saath&#8217; that India proposed permanent membership for the African Union in the G20. I believe that we all agree on this proposal.”



The Chairperson of the AU Commission Moussa Faki Mahamat welcomed the admission of the AU in a message posted on X, a sentiment reflected by the leaders of many African leaders. “This membership, for which we have long been advocating, will provide a propitious framework for amplifying advocacy in favour of the continent&#8230;”



The G20 represents some of the largest countries and economies in the world, providing a platform of common purpose and collaboration on many global issues, including financial markets, trade regulations, and of ever-increasing importance – climate change.



The addition of the AU allows for representation for its 55 member states and their collective population of over a billion to play a more direct role in the decisions made by the G20 bloc. As a member, this also means that an AU member state will be able to chair the summit as this occurs on a rotational basis.



South Africa will assume the G20 Presidency in 2025.



In focus at this year’s summit hosted by India was the need for G20 member nations to increase collaboration and efforts to reduce the impact of climate change, prescient as these are increasingly being felt worldwide, particularly by those most vulnerable, many of which are part of the AU. South African President Cyril Ramaphosa in his own celebration of the AU’s membership, made it clear in a statement this morning that “the achievement of the Sustainable Development Goals (SDGs) must remain at the centre of international financing discussions to ensure that finance is mobilised in sufficient quantities and of suitable quality to support development in low- and middle-income countries.”



The ability of the African continent to have a voice in shaping climate and fiscal policy of the bloc in the future is likely to have resounding benefits, with negotiations more likely to bring economic, diplomatic and climate-related advantages to AU members moving forward.

G20 Summit in Indonesia

African Union’s G20 Membership: Boosting The Continent’s Global Influence

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



At least 2,000 people were killed by a magnitude 6.8 earthquake in Morocco—the country’s deadliest in 60 years—that toppled buildings and caused widespread damage southeast of Marrakesh, officials in Morocco confirmed Saturday night, as the region deals with a magnitude 3.9 aftershock.



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



The Royal Moroccan Armed Forces&nbsp;<a href="https://twitter.com/MoroccanArmed/status/1700623019687731643" target="_blank" rel="noreferrer noopener">confirmed</a>&nbsp;at least 2,012 people were confirmed dead and 2,059 are believed to be injured—more than 1,400 are critically injured.



The same area hit by Friday’s quake suffered a magnitude 3.9 aftershock on Sunday amid rescue and repair efforts, according to the&nbsp;<a href="https://earthquake.usgs.gov/earthquakes/eventpage/us7000kus7/executive" target="_blank" rel="noreferrer noopener">U.S. Geological Survey</a>, but the Associated Press&nbsp;<a href="https://apnews.com/article/morocco-powerful-earthquake-marrakech-a927c7d286bf6e1047feb1c91ab96fd1" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;it isn’t clear if that quake caused more damage or casualties.



Sunday’s aftershock was the second, as the U.S. Geological Survey&nbsp;<a href="https://www.usgs.gov/news/featured-story/major-earthquake-strikes-oukaimedene-morocco" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;the first major magnitude 4.9 aftershock 20 minutes after the original shock.



The earthquake’s epicenter occurred in the village of Iguil, near the popular Oukaimeden ski resort where strong earthquakes are “uncommon but not unexpected,” and around 50 miles from Marrakesh,&nbsp;<a href="https://earthquake.usgs.gov/earthquakes/eventpage/us7000kufc/executive" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the U.S. Geological Survey; earthquakes of this magnitude are more common near the northern part of Morocco.



The High Atlas Mountains, which are not densely populated, have experienced earthquakes in the past but the region has not seen an earthquake the size of the Friday’s since at least 1900, according to the U.S. Geological Survey.



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



300,000. That’s how many people the World Health Organization&nbsp;<a href="https://twitter.com/WHOEMRO/status/1700424387587883372" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;were impacted by Friday night’s quake. The organization added its teams are “on standby” to provide support and “ensure health services are quickly delivered where needed, including for trauma care.”



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



The Moroccan army has been conducting search and rescue missions since the quake, and officials are working to provide food, water and shelter to those who were impacted, but the Associated Press&nbsp;<a href="https://apnews.com/article/morocco-powerful-earthquake-marrakech-a927c7d286bf6e1047feb1c91ab96fd1" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;some Moroccans were complaining on social networks that the government wasn’t providing as much help as it could. Shortly after the quake, President Joe Biden released a&nbsp;<a href="https://eg.usembassy.gov/statement-from-president-joe-biden-on-the-earthquake-in-morocco/" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;saying the administration had been in contact with Moroccan officials and that they are “working expeditiously to ensure American citizens in Morocco are safe, and stand ready to provide any necessary assistance for the Moroccan people.” So far, Spain has sent resources to Morocco, and France has offered assistance in search and rescue teams, NBC News&nbsp;<a href="http://nbcnews.com/news/world/live-blog/morocco-earthquake-live-updates-rcna104254" target="_blank" rel="noreferrer noopener">reported</a>.



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



The deadly earthquake in Morocco was likely the result of oblique reverse faulting, and as more information is available the U.S. Geological Survey expects it will be able to determine the causative fault.



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



<a href="https://www.nbcnews.com/news/world/live-blog/morocco-earthquake-live-updates-rcna104254" target="_blank" rel="noreferrer noopener">NBC NEWSMorocco earthquake live updates: More than 2,000 dead</a><a href="https://apnews.com/article/morocco-powerful-earthquake-marrakech-a927c7d286bf6e1047feb1c91ab96fd1" target="_blank" rel="noreferrer noopener">AP NEWSA magnitude 3.9 aftershock rattles Morocco as rescuers seek survivors in ancient cities and towns</a><a href="https://www.forbes.com/sites/brianbushard/2023/09/09/at-least-1300-dead-from-morocco-earthquake/" target="_blank" rel="noreferrer noopener">MORE FROM FORBESAt Least 1,300 Dead From Morocco Earthquake (Updated)By Brian Bushard</a><a href="https://www.forbes.com/sites/brianbushard/2023/09/09/photos-moroccos-devastating-earthquake-its-biggest-in-120-years/" target="_blank" rel="noreferrer noopener">MORE FROM FORBESPhotos: Morocco&#8217;s Devastating Earthquake, It&#8217;s Biggest In 120 YearsBy Brian Bushard</a>

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