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



Canada has updated its travel advisory to warn LGBTQ residents visiting the United States about local laws and policies that may &#8220;infringe on your human rights&#8221; amid a rise in legislation targeting gay and transgender people, adding Canada to a list of countries that warn visitors to America about gun laws, mass shooting events and hate crime regularity.



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



Spurred by what Deputy Prime Minister Chrystia Freeland&nbsp;<a href="https://abcnews.go.com/International/canada-issues-warning-lgbtq-travelers-united-states/story?id=102674189&amp;cid=social_twitter_abcnp" target="_blank" rel="noreferrer noopener">called</a>&nbsp;a need to prioritize the “interests and the safety of every single Canadian,” the country’s advisory page tells residents to check relevant state and local laws and&nbsp;<a href="https://travel.gc.ca/destinations/united-states#laws" target="_blank" rel="noreferrer noopener">now links</a>&nbsp;to several maps outlining where anti-LGBTQ+ laws are in place worldwide.



Mexico&nbsp;also&nbsp;<a href="https://portales-sre-gob-mx.translate.goog/guiadelviajero/index.php/103-ficha-de-paises/326-estados-unidos?_x_tr_sl=auto&amp;_x_tr_tl=en&amp;_x_tr_hl=en&amp;_x_tr_pto=wapp" target="_blank" rel="noreferrer noopener">warns</a>&nbsp;residents that the state of Florida has passed several laws “that could have an unfavorable impact” on LGBTQ+ people, specifically noting anti-trans bathroom bills, and&nbsp;New Zealand&nbsp;<a href="https://www.safetravel.govt.nz/united-states-america" target="_blank" rel="noreferrer noopener">warns</a>&nbsp;that LGBTQ+ people or those with “diverse ethnic, cultural and religious backgrounds” could be the targets of “violent crime.”



Venezuela, which is&nbsp;<a href="https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/venezuela-travel-advisory.html" target="_blank" rel="noreferrer noopener">listed by&nbsp;</a>the United States as a do-not-travel country, warns travelers about “indiscriminate hate crimes,” as does&nbsp;Uruguay, which adds a warning about “racism and discrimination” to its travel advisory—the<a href="https://www.cnn.com/2019/08/06/americas/venezuela-uruguay-travel-warnings-us/index.html" target="_blank" rel="noreferrer noopener">&nbsp;South American warnings&nbsp;</a>came in 2019 after the U.S. saw two large-scale&nbsp;<a href="https://www.forbes.com/sites/rachelsandler/2019/08/04/2-mass-shootings-leave-at-least-29-dead-in-under-24-hours-suspects-identified/">mass shootings</a>&nbsp;kill 31 people within 24 hours.



Canada,&nbsp;Australia&nbsp;and the&nbsp;United Kingdom&nbsp;also warn about common mass shootings—typically defined as gun-related violence with four or more casualties or injuries—as the United States<a href="https://www.forbes.com/sites/brianbushard/2022/11/25/611-mass-shootings-recorded-so-far-in-2022-second-worst-year-for-gun-violence-in-almost-a-decade/">&nbsp;saw more&nbsp;</a>than 600 mass shootings in 2022 compared to 2 in the United Kingdom, 1 in Australia and 4 in Canada.



Germany&#8216;s Ministry of Foreign Affairs <a href="https://www.auswaertiges-amt.de/de/service/laender/usa-node/usavereinigtestaatensicherheit/201382#content_1" target="_blank" rel="noreferrer noopener">tells its residents</a> that Americans are “facing increases in violent crime” and easy access to guns leads to “occasional killing sprees.” Such travel warnings are not uncommon—the U.S., for example, warns travelers of increased terrorist threats in<a href="https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/united-kingdom-travel-advisory.html" target="_blank" rel="noreferrer noopener"> the United Kingdom</a>, civil unrest <a href="https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/spain-travel-advisory.html" target="_blank" rel="noreferrer noopener">in Spain</a> and crime <a href="https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/brazil-travel-advisory.html" target="_blank" rel="noreferrer noopener">in Brazil</a>.



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



Canada also warns that the gender notation of X on a passport, indicating an unspecified gender, could cause entry problems in some countries (the U.S.&nbsp;<a href="https://travel.state.gov/content/travel/en/passports/need-passport/selecting-your-gender-marker.html#:~:text=At%20this%20time%2C%20you%20can,facility%20or%20renew%20by%20mail." target="_blank" rel="noreferrer noopener">allows</a>&nbsp;X as a gender marker for American passports).



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



The Human Rights Campaign&nbsp;<a href="https://www.hrc.org/press-releases/roundup-of-anti-lgbtq-legislation-advancing-in-states-across-the-country" target="_blank" rel="noreferrer noopener">says</a>&nbsp;more than 530 anti-LGBTQ bills had been introduced in U.S. state legislatures by May of this year, with 220 specifically targeting transgender and nonbinary people. Of those, 70 had been enacted by the start of the summer. More than&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/08/25/judge-temporarily-blocks-texas-ban-on-gender-affirming-care-here-are-all-the-states-with-similar-bans-or-restrictions/?sh=a15020222a8c">a dozen states</a>&nbsp;have placed restrictions on gender-affirming care for transgender people this year, including Missouri, Kentucky and Alabama, where it is now a felony to prescribe puberty blockers and hormones to transgender minors under 19 years old. Other bills have banned drag shows and censored school curriculum. The Department of Homeland Security&nbsp;<a href="https://www.hrc.org/press-releases/roundup-of-anti-lgbtq-legislation-advancing-in-states-across-the-country" target="_blank" rel="noreferrer noopener">warned in May</a>&nbsp;that threats against LGBTQ people were on the rise and FBI hate crime statistics said 20% of all hate crimes in 2021 were motivated by LGBTQ bias.



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



356. That’s how many anti-LGBTQ hate crimes were documented by the Anti-Defamation League and GLAAD between June 2022 and April 2023.



<h2 class="wp-block-heading">SURPRISING FACT</h2>



Journalists Lyric and Asher Fergusson earlier this year published a report on the&nbsp;<a href="https://www.asherfergusson.com/lgbtq-travel-safety/" target="_blank" rel="noreferrer noopener">safest places</a>&nbsp;for LGBTQ people to travel in 2023. They used ten factors to rank countries and included things like whether people were protected from discrimination, if violence against LGBTQ people is illegal, if same-sex marriage is legal and transgender murder rates. The United States was ranked 25th on the list with an overall grade of B+ and the report noted that some states don&#8217;t offer protections against discrimination while others prohibit “advocacy of homosexuality” in schools. Canada was rated as the safest country, followed by Sweden, the Netherlands and Malta.



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



<a href="https://www.forbes.com/sites/laurabegleybloom/2023/06/27/new-lgbtq-safety-report-ranks-trans-friendly-travel-destinations/?sh=6ed4a8252930">New LGBTQ+ Safety Report Ranks Trans Friendly Travel Destinations</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/tylerroush/2023/08/25/judge-temporarily-blocks-texas-ban-on-gender-affirming-care-here-are-all-the-states-with-similar-bans-or-restrictions/?sh=a15020222a8c">Judge Temporarily Blocks Texas Ban On Gender-Affirming Care—Here Are The Other Trans Health Restrictions Facing Court Battles&nbsp;</a>(Forbes)



<a href="https://www.forbes.com/sites/mollybohannon/2023/08/07/florida-will-let-schools-teach-entirety-of-ap-psychology-reversing-course-after-dispute-over-lgbtq-topics/?sh=6f83ba152504">Florida Will Let Schools Teach ‘Entirety’ Of AP Psychology—Reversing Course After Dispute Over LGBTQ Topics </a>(Forbes)

Crowd raising and holding rainbow gay flags during a Gay Pride. Trans flags can be seen as well in the background. The rainbow flag is one of the symbols of the LGBTQ community

Here’s Why These Countries—Not Just Canada—Warn Citizens Visiting The U.S.

Nigeria, Algeria, and Egypt are anticipated to be the primary drivers of a gas supply surge, collectively contributing around 80% of the total African gas production. Experts respond to the development, highlighting both opportunities and obstacles on the horizon.



According to the State of African Energy report in August by the African Energy Chamber, Nigeria, Algeria and Egypt are anticipated to be the primary drivers of a gas supply surge, collectively contributing around 80% of the total African gas production.



The report forecasts short-term natural gas supply in Africa poised for growth, projecting an increase from this year&#8217;s supply levels of 25.5 Bcf/d to slightly over 27 Bcf/d in 2024, maintaining this level until 2027.



It indicates, &#8220;Algeria is expected to experience growth from 10 Bcf/d in 2023 to 11 Bcf/d by 2027. Egypt&#8217;s production is expected to remain steady at 6.25 Bcf/d. Nigeria&#8217;s output is expected to fluctuate marginally between 4.5 Bcf/d and 5.5 Bcf/d.&#8221;



Reacting to this development, Kelvin Emmanuel, an economist, highlights that one of the key challenges impacting the African gas landscape is the ongoing diplomatic impasse in the Sahel region.



Emmanuel explains to FORBES AFRICA: &#8220;The 4,128-km gas pipeline linking the AKK pipeline from Kano through Niger Republic to Algeria was intended to supply the trans-Mediterranean pipeline. The inability of the Economic Community of West African States (ECOWAS) and the African Union (AU) to find a diplomatic solution to the Sahel impasse jeopardizes this vital project, as well as the capacity of Nigeria, Algeria, and Egypt to surpass other producers like Tanzania and Mozambique.&#8221;



He further underscores Russia&#8217;s influence on gas dynamics, pointing out that the embargo on Russian gas and the inability to secure letters of credit (LC) for gas exports from Nord Stream I and II have led to a demand-supply gap in the African gas market.



Emmanuel elaborates that while the Nigeria Morocco Gas Pipeline and the Trans-Saharan Gas Pipeline were initially designed to address Europe&#8217;s energy needs, complex strategic considerations and the global competition for influence have complicated the situation.



&#8220;Understanding the geopolitical forces at play and the interplay of economic interests with the Sahel&#8217;s unfolding events is of utmost importance for achieving success,&#8221; says Emmanuel.



For Iheakanwah Felix Arinzeh, a financial expert and doctor of business administration, this &#8220;advantageous position&#8221; offers multiple benefits for the leading countries&#8217; economies and the broader African energy landscape.



Arinzeh shares with FORBES AFRICA that the countries&#8217; dominance &#8220;will streamline their ability to meet their domestic gas demand. In Nigeria, energy constitutes a significant production cost, particularly in the manufacturing sector. I anticipate that this cost component will experience a positive impact, potentially translating to more affordable products and services in Nigeria.&#8221;



He believes the increased prominence in the African gas market could lead to enhanced energy security.



&#8220;The countries will attain a more secure energy supply by relying less on imported gas. Consequently, their susceptibility to supply disruptions and price volatility will decrease. The increased use of gas will



contribute to reduced greenhouse gas emissions, given that gas burns cleaner than coal or oil. This will improve air quality and mitigate climate change,&#8221; says Arinzeh.



Arinzeh also identifies this development as a magnet for foreign investment that could further stimulate growth in their respective gas sectors, benefiting not only their economies but also their foreign exchange earnings.



However, he acknowledges potential challenges: &#8220;There are also potential challenges associated with these countries dominating Africa&#8217;s gas supply market. If not properly managed, these countries may become overly reliant on gas exports, rendering their economies vulnerable to fluctuations in the global gas market. To maximize benefits and minimize risks, I strongly recommend that each of these countries diligently manage these challenges.&#8221;

Oil Refinery And Pipeline In Desert During Sunset

African Gas Supply Landscape: The Dominance Of Nigeria, Algeria And Egypt

In the wake of contested presidential election results, Gabon faces a coup declared by senior military officers, forming the &#8220;Committee of Transition and the Restoration of Institutions.&#8221; This marks the eighth coup in West and Central Africa since 2020.



In Gabon, a group of senior military officers has declared a coup following the presidential election results announced last weekend. The officers leading the coup, deeming their movement the “Committee of Transition and the Restoration of Institutions”, appeared on national television today, alleging they represent all defense and security bodies in the country. They declared the election results null and void, closed all borders, and dissolved state institutions. This move comes after the incumbent president, Ali Bongo, won a third term in the presidential election with 64.27% of the vote, while the opposition claimed the election was fraudulent.



“After noting an irresponsible, unpredictable governance which results in continuous deterioration of social cohesion that risks leading the country to chaos… we have decided to defend peace by putting an end to the regime in place,” said an unidentified military leader during the televized address announcing the takeover.



The coup, if successful, would mark the eighth coup in West and Central Africa since 2020. Recent coups in neighboring countries like Mali, Guinea, Burkina Faso, Chad, and Niger, have hampered democratic progress in the region.



Tensions were already high in Gabon due to concerns about the transparency of the electoral process, including the suspension of foreign broadcasts, the cutting of internet access, and the imposition of a nationwide curfew during the vote.



State institutions dissolved include the government, the senate, the national assembly, the constitutional court, and the election body. The coup attempt raises questions about the future political landscape in Gabon and the potential for further instability in the region. Gabon has a reported history of election-related violence, with clashes between government forces and protesters in past elections resulting in casualties. The opposition has also contested previous election results, accusing President Bongo, who has ruled for around 14 years, of fraud.



In the broader context, Gabon has faced challenges related to its political and economic landscape. The Bongo family has been in power for decades, with Ali Bongo succeeding his father, Omar Bongo, as president in 2009. This prolonged rule has raised concerns about democracy and transparency in the country.



Gabon is resource-rich, with substantial oil and cocoa reserves, but also faces high levels of poverty and inequality.



The military&#8217;s involvement in politics is not new in Gabon, having foiled a coup attempt in 2019, and its influence on the political landscape has been a subject of concern by observers.



As the situation unfolds, it remains uncertain how the international community will respond. Regional and international organizations have yet to issue statements condemning the coup and calling for a return to democratic governance, but are likely closely observing developments.



With the situation still developing and information scarce, reports of gunfire have been noted in the capital of Libreville, but information is scarce due to the internet blackout imposed.

Aerial View of Capital City Libreville & Coastline

Gabon’s Military Declares Coup Amid Election Dispute

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



Apple on Tuesday announced its next product update event on September 12, where it’s expected to unveil the iPhone 15 and next generation Apple Watch—with rumors and early reporting suggesting new features including a larger screen and a standardized USB-C charger.



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



Bloomberg’s Mark Gurman, a longtime Apple reporter who’s revealed numerous product leaks over the years,&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-07-30/apple-iphone-15-pro-features-usb-c-port-new-design-thinner-bezels-lkpemg29" target="_blank" rel="noreferrer noopener">reports</a>&nbsp;that Apple designers have long dreamed of creating an iPhone where the screen stretches across the entire face of the device with no borders or cutouts for cameras or sensors.



The iPhone 15, Bloomberg reports, will get them closer to that goal by removing the cutout at the top of the screen that makes space for the camera and facial recognition sensor and putting those two components behind what’s called a “dynamic island,” which uses new technology that allows them to operate from underneath the screen and allows the user to display a number of interactive modules such as quick access to maps or pausing and playing music.



That dynamic island feature has already been implemented in the more expensive pro version of the iPhone 14, but Bloomberg reports that it will become standard on all models of the iPhone 15.



Additionally, the higher end Pro and Pro Max versions of the iPhone 15 will have borders that are .7 millimeters thinner than the current version which have 2.2-millimeter borders, according to Bloomberg.



Additionally, numerous reports including&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-07-30/apple-iphone-15-pro-features-usb-c-port-new-design-thinner-bezels-lkpemg29" target="_blank" rel="noreferrer noopener">Bloomberg</a>,&nbsp;<a href="https://www.tomsguide.com/news/iphone-15" target="_blank" rel="noreferrer noopener">Tom’s Guide</a>&nbsp;and&nbsp;<a href="https://www.inc.com/jason-aten/these-5-features-coming-to-iphone-15-could-make-it-biggest-upgrade-in-years.html" target="_blank" rel="noreferrer noopener">Inc.com</a>&nbsp;suggest that the iPhone’s charger might switch from its proprietary lightning cable technology to USB-C, which is a standardized connector used across the tech industry, a move the European Union is mandating, though North American regulators haven’t made any such requirements.



<a href="https://www.inc.com/jason-aten/these-5-features-coming-to-iphone-15-could-make-it-biggest-upgrade-in-years.html" target="_blank" rel="noreferrer noopener">Inc.com</a>&nbsp;is also reporting rumors that the new iPhone could have a camera with a “periscope lens,” which is new technology that uses a series of mirrors to provide a higher-quality optical zoom, and that some versions of the new iPhone 15 might use titanium instead of aluminum.



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



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&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.



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



The Apple Watch is expected to see more modest updates. Apple reportedly plans to unveil the Series 9 lineup of the Apple Watch which will have faster chips and offer new case colors, according to Bloomberg.



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



Apple was rumored to have a major change to its side buttons, but that was reportedly canceled after a number of engineering problems. Engineers were reportedly working on new buttons to replace the current volume and power buttons for the higher end versions of the iPhone 15, according to&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-07-30/apple-iphone-15-pro-features-usb-c-port-new-design-thinner-bezels-lkpemg29" target="_blank" rel="noreferrer noopener">Bloomberg</a>&nbsp;and&nbsp;<a href="https://twitter.com/mingchikuo/status/1585852274680950784" target="_blank" rel="noreferrer noopener">other sources</a>. The new buttons would’ve used haptic feedback to allow users to feel vibrations and motion in the buttons. However, the mute/ring button will reportedly turn into a so-called “action button,” allowing users to change a number of new settings through it.



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



Apple&nbsp;<a href="https://www.apple.com/apple-events/" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;its reveal event online Tuesday. The event is set to take place at 10 a.m. Pacific Time September 12 at Apple’s Steve Jobs Theater in Cupertino, California. It will be streamed online. The event is expected to unveil four models of the iPhone 15: two lower-end versions and two higher-end.&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-08-29/apple-sets-sept-12-date-for-launch-of-iphone-15-new-watches?srnd=premium" target="_blank" rel="noreferrer noopener">Bloomberg</a>&nbsp;is reporting that Apple’s sales have slid for three straight quarters, meaning there’s likely a lot of pressure on Apple to deliver during this presentation. The iPhone makes up 48.5% of the company’s revenue, while wearables like the Apple Watch comprise 10.1%, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-08-29/apple-sets-sept-12-date-for-launch-of-iphone-15-new-watches?srnd=premium" target="_blank" rel="noreferrer noopener">Bloomberg</a>.



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



<a href="https://www.bloomberg.com/news/articles/2023-08-29/apple-sets-sept-12-date-for-launch-of-iphone-15-new-watches?srnd=premium" target="_blank" rel="noreferrer noopener">Apple Sets Sept. 12 Date for Launch of iPhone 15, New Watches</a>&nbsp;(Bloomberg)



<a href="https://www.bloomberg.com/news/newsletters/2023-07-30/apple-iphone-15-pro-features-usb-c-port-new-design-thinner-bezels-lkpemg29" target="_blank" rel="noreferrer noopener">The iPhone 15 Pro Will Have Thinner Bezels in Step Toward Apple’s Dream</a>&nbsp;(Bloomberg)



<a href="https://www.inc.com/jason-aten/these-5-features-coming-to-iphone-15-could-make-it-biggest-upgrade-in-years.html" target="_blank" rel="noreferrer noopener">These 5 Features Expected to Come to the iPhone 15 Could Make It the Biggest Upgrade in Years</a> (Inc.com)

Apple_announce-iphone12pro_10132020

Apple To Unveil New IPhone And Apple Watch In September—Here Are Some New Features To Expect

Zimbabwe&#8217;s recent national election, resulting in a narrow win for the incumbent ZANU-PF party and President Emmerson Mnangagwa, is facing challenges amid allegations of fraud and irregularities by the leading opposition party, the Citizens’ Coalition for Change. International observers highlight concerns over transparency and fair practices, while Zimbabwe&#8217;s history of economic decline and political turmoil looms large.



Zimbabwe’s hotly-contested national election, which ended in a narrow victory by the incumbent ZANU-PF party and President Emmerson Mnangagwa, is set to be challenged by the leading opposition party, the Citizens Coalition for Change (CCC), with the CCC’s leader declaring the election a “gigantic fraud”. The voting process has been critiqued by both local and international observers and has borne allegations of voting irregularities and intimidation by the ruling party and affiliated groups.



The voting, which began on Wednesday, August 23, was extended by a day due to the non-delivery of ballots in many polling stations, including those in the capital of Harare and Bulawayo. This saw some voters queuing for over 24 hours to cast their ballots.



Issues around the timely delivery and sealing of ballots, excessive delays in procedure, as well as allegations of gerrymandering, were all noted as concerns by South African Development Community (SADC) observers, who issued their preliminary report on the election over the weekend, noting that it “fell short of the requirements of the Constitution of Zimbabwe, the Electoral Act, and the SADC Principles and Guidelines Governing Democratic Elections (2021).”



“Zimbabwe was never a democracy, and it is still not a democracy,” tweeted prominent Zimbabwean journalist Hopewell Chin’ono. “That means it would be foolish for anyone of us to have expected a Free, Fair, and Credible election from ZANUPF.”



Similar concerns to those of SADC were noted by both European Union (EU) and Commonwealth observers, who also cited stakeholder concerns of voter intimidation and irregularities in the handling of ballots by the Zimbabwean Electoral Commission (ZEC). Observers did, however, note that the election process was largely peaceful, in stark contrast to the 2018 general election.



Local civil society organizations known to conduct independent oversight on the voting, such as the Zimbabwe Election Support Network (ZESN) and Election Resource Centre (ERC), who deploy observers and issue projections regarding the voting, saw their offices raided by government security forces as the vote counting was being concluded. Their staff was arrested and all equipment seized, contributing to a climate of uncertainty and intimidation surrounding the election and leading to further criticism by international bodies.



The United States Agency for International Development (USAID) condemned the arrests, calling for the immediate release of all persons detained and stating, “This is a worrying development for human rights in Zimbabwe, and it undermines democracy and respect for human rights,” in a statement last week.



The United Nations Secretary-General also expressed concerns through a spokesperson in a statement late yesterday: “The Secretary-General is closely following developments in Zimbabwe&#8217;s elections. He is concerned about the arrest of observers, reports of voter intimidation, threats of violence, harassment, and coercion.”



The primary opposition party, the CCC, has rejected the results, with party leader Nelson Chamisa stating, “There’s going to be a change in Zimbabwe, whether ZANU-PF people want it or not… we will not wait for five years, there has to be a change now,” he said in a media briefing yesterday.



ZANU-PF has held the reins of power since the end of white-minority rule in the country since 1980, initially under the long reign of Robert Mugabe, who was ousted in a coup in 2017. Then Vice-President Mnangagwa ascended to the Presidency with the support of the Zimbabwean Defense force and its commander, Constantino Chiwenga.



Mnangagwa’s regime has been reportedly marred by authoritarianism and corruption scandals, with a recent Al-Jazeera documentary implicating the President and many of his political associates in smuggling and money laundering. This is in a country ranked as one of the poorest in the world, according to World Bank data.



Under Mugabe’s rule and the controversial land reform policies of the early 2000s, the country saw a steep economic decline, hyperinflation, and increasing international sanctions. The continued instability in the country has led to many professionals leaving for better pastures, particularly that of neighboring South Africa.



The CCC’s Chamisa has indicated that the party will challenge the election results in court.



President Mnangagwa, after securing his second term, celebrated his victory and commended what he termed the transparency of the process, stating that the lack of violence was a sign of the country’s maturing democracy, and that some “…observation missions went beyond their call of duty…” and that “… those who feel the race was not run properly, know where to go.”

Zimbabwe Gears Up For 2023 General Elections

Zimbabwe Election Uncertainty: Opposition Challenges Narrow Victory

Dangote Cement Plc, a prominent player in the cement industry, has reported a profit of N178.6 billion ($234.8 million) in the first half of the year, with a net profit increase of 3.8%. In an exclusive interview with FORBES AFRICA, the Group Managing Director, Arvind Pathak, attributes this to several key factors.



Dangote Cement Plc, a prominent player in the cement industry, has reported a profit of N178.6 billion ($234.8 million) in the first half of the year, with a net profit increase of 3.8% propeled by a host of measures aimed at enhancing profitability.



Dangote Cement Plc operates as a subsidiary of Dangote Industries, a venture established by Aliko Dangote back in 1981, initially rooted in importing commodities like bagged cement, rice, sugar, flour, salt, and fish. The entity now stands as one of the foremost cement companies in sub-Saharan Africa, boasting an annual production capacity of 51.6 million tonnes across 10 nations.



In an exclusive interview with FORBES AFRICA, Dangote Cement Plc&#8217;s Group Managing Director, Arvind Pathak, attributes the performance in the first half of the year to several key factors.



&#8220;The growth in revenue was due to few reasons. Firstly, we delivered double digit volume growth in our pan-Africa business. Secondly, we realized some price increases in line with inflationary realities, especially in some of our pan-Africa operations. Thirdly, there was an improvement in our product and location mix, thereby optimizing our sales for better economic value.&#8221;


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-803x1024.jpg" alt="" class="wp-image-59298" style="width:404px;height:515px" width="404" height="515" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-803x1024.jpg 803w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-235x300.jpg 235w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-768x980.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-1204x1536.jpg 1204w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-1605x2048.jpg 1605w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-scaled.jpg 2007w" sizes="(max-width: 404px) 100vw, 404px" /><figcaption class="wp-element-caption">Arvind Pathak, Group MD of Dangote Cement in Nigeria</figcaption></figure></div>


He notes maintaining profitability alongside sales surge required diligent attention to operational efficiencies and sustainability.



&#8220;Dangote Cement was able to maintain profitability and sales growth by focusing on operational efficiencies (cost optimization) and customer needs. We continue to build on our robust cost reduction strategy, amid the high operating cost environment. We achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of alternative fuel to replace more expensive fossil fuels, such as coal and gas.



&#8220;We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment. These efforts enabled us to enhance our competitiveness while maintaining high levels of quality and customer service,&#8221; says Pathak.



In a fiercely competitive market, Dangote Cement prioritizes customer-centric strategies.



&#8220;We support customers through various measures such as trainings on best practices in cement application, continued customer engagement and truck empowerment scheme, etc. In addition, the National Consumer Promotion &#8216;Bag of Goodies&#8217; is another way we reward our loyal customers and increase customer awareness of our products.&#8221;



Dangote Cement&#8217;s pursuit of growth has led to forays into new markets and regions. The commencement of operations at the Takoradi grinding plant in Ghana expanded the company&#8217;s installed capacity to 52.0Mta. Additionally, the company explored export opportunities, sending Clinker from Congo to Cameroon, Zambia to Zimbabwe, and Nigeria to Ghana, contributing to the growth momentum.



Unveiling profit-boosting measures, Pathak narrates: &#8220;We streamlined our core focus into optimizing the efficiency of our existing assets, increasing output, and containing cost. Under our &#8216;Build Momentum&#8217; program, we initiated various fuel and power efficiency improvement measures.&#8221;



According to Pathak, the company&#8217;s export strategy fortified by foreign currency revenue enabled effective handling of foreign obligations. Also, the diversification of geographic portfolios mitigated isolated risks, while Pan-Africa investments generated robust cash flows, achieving a record earnings before Interest, taxes, depreciation, and amortization (EBITDA) margin of 28%.

Dangote Cement

Dangote Cement Plc’s Profits Surge In The First Half Of The Year Driven By Strategic Innovations And Operational Excellence, Says Group Managing Director

At day three of the 15th BRICS Summit, the bloc’s expansion, welcoming Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, heralds a new phase of global collaboration and influence.



In a significant move that has captured global attention, the BRICS bloc is set to welcome new members for the first time since the adoption of South Africa in 2010, ushering in a chapter of expanded collaboration and shared markets. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) are poised to become full members of the BRICS family, amplifying the possible leverage the bloc is able to implement globally, as well as increasing the entity’s capability as a counterbalance to the West.



“The world is changing,” commented South African President Cyril Ramaphosa in his closing remarks at the three-day BRICS Summit in Johannesburg. “New economic, political, social, and technological realities call for greater cooperation between nations. These realities call for a fundamental reform of the institutions of global governance, so that they may be more representative and better able to respond to the challenges that confront humanity.”



The expansion announcement was made by Ramaphosa, who chaired the summit. It represents a carefully deliberated and agreed-upon step signifying consensus among the existing BRICS members – Brazil, Russia, India, China, and South Africa – to broaden the bloc&#8217;s scope and deepen its collaborative efforts.



The BRICS grouping, which collectively represents a significant portion of the global economy, trade, and population, has garnered attention not only for its economic significance but also for its potential to shape international discourse and policy. The inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE extends this influence to regions that bring unique perspectives, resources, and challenges.



The invitations to join the bloc are particularly significant given the close relationship between Saudi Arabia, the UAE, and the West, for which BRICS has increasingly come to counterbalance. The expansion indicates a clear view for a multipolar world order characterized by equitable development, sustainable growth, and collective security. It is a testament to the bloc&#8217;s commitment to fostering cooperation in areas such as trade, investment, technology exchange, and cultural understanding. By embracing these new members, BRICS solidifies its role as a platform for dialogue and collaboration, even as the global geopolitical landscape continues to evolve.



This multipolar support was no clearer than in the addresses of China’s President Xi Jinping, noting the event&#8217;s historic significance; “The expansion is also a new starting point for BRICS cooperation. It will bring new vigor to the BRICS cooperation mechanism and further strengthen the force for world peace and development.”



President Vladimir Putin too gave a closing address via video call.



Prime Minister Narendra Modi of India, a key player in the BRICS partnership, emphasized the expansion&#8217;s significance in his address; “India has always supported the expansion of BRICS. India has always believed that adding new members will strengthen BRICS as an organization.” Modi highlighted that the inclusion of these nations is a symbol of openness, inclusivity, and cooperation that extends beyond national boundaries. This sentiment resonates with the BRICS ethos of mutual respect and the pursuit of common goals for the betterment of all member nations.



The BRICS expansion holds the potential to foster economic growth, innovation, and the sharing of best practices among member nations. It is anticipated to enhance trade ties and investment opportunities. This enlargement positions the BRICS bloc as a resilient and collaborative force, capable of influencing economic outcomes and promoting stability.



Beyond the economic realm, the expansion offers an avenue for constructive dialogue on pressing global issues. By incorporating nations from different regions, the BRICS bloc can diversify its perspectives and responses to challenges such as climate change, cybersecurity, and geopolitical tensions. The inclusion of nations like Iran, Saudi Arabia, and the UAE brings a heightened focus on Middle East dynamics, allowing for enhanced dialogue and understanding.



Of note regarding the attempts at the bloc&#8217;s expansion are the inclusion of offerings of membership of the UAE and Saudi Arabia, which have long-established relationships with the West, with which the Russian Federation and China find themselves opposed with the war in Ukraine and trade conflicts, respectively.



As the world watches this expansion unfold, it&#8217;s worth noting that BRICS is not merely an economic or political grouping but a lever of global diplomatic influence.

Brics Summit in Johannesburg, South Africa August 22-24, 2023

New Name For BRICS? Summit In South Africa Unveils Newer Members In The Bloc

<h3 class="wp-block-heading" id="h-topline">Topline</h3>



Elon Musk claimed Wednesday X, formerly known as Twitter, could one day become a trillion dollar company, a stellar valuation that few companies have achieved, despite the major turmoil arising since the billionaire took the helm last October.



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



One of Musk’s first moves after acquiring Twitter was to immediately lay off most of the company’s workforce—staff numbers&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/07/12/twitter-and-elon-musk-face-500-million-lawsuit-for-allegedly-reusing-severance-for-fired-employees/">reportedly</a>&nbsp;fell from more than 7,500 to around 1,300—raising concerns the firm would not have enough staff to properly&nbsp;<a href="https://www.nytimes.com/2023/02/28/technology/twitter-outages-elon-musk.html" target="_blank" rel="noreferrer noopener">maintain</a>&nbsp;the platform,&nbsp;<a href="https://www.forbes.com/sites/roberthart/2022/11/24/twitter-reportedly-leaves-brussels-europes-regulatory-hub-amid-concerns-about-musks-content-moderation-plans/">moderate content or comply</a>&nbsp;with regulatory requirements.



The abrupt nature of the layoffs and how they were handled have triggered numerous lawsuits from former employees that could end up&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/07/12/twitter-and-elon-musk-face-500-million-lawsuit-for-allegedly-reusing-severance-for-fired-employees/?sh=89bfd311d91c">costing</a>&nbsp;the platform hundreds of millions of dollars.



Unpopular policy changes, notably easing content moderation, implementing an&nbsp;<a href="https://mashable.com/article/half-of-twitter-blue-earliest-subscribers-no-longer-subscribed" target="_blank" rel="noreferrer noopener">unpopular paid subscription</a>&nbsp;and overhauling the identity verification system, spooked users and sparked chaos when impersonators abused the new system, with advertising revenue&nbsp;<a href="https://www.cbsnews.com/news/twitter-traffic-falls-under-elon-musk-threads-mastodon-bluesky-competition/" target="_blank" rel="noreferrer noopener">plunging</a>&nbsp;as companies pulled ads.



Lawsuits from former staff are just a small fraction of X’s&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/12/twitter-troubles-here-are-all-the-big-legal-hurdles-twitters-faced-since-elon-musks-takeover/">legal woes</a>, which include numerous&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2023/07/03/twitter-faces-lawsuit-over-unpaid-office-fees-again/?sh=2e30ea122613">reports</a>&nbsp;of unpaid office bills, a major copyright lawsuit for letting users post video and audio using copyrighted&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/06/14/twitter-sued-for-250-million-by-music-publishers-claiming-copyright-infringement/?sh=69657fb72d14">music</a>,&nbsp;<a href="https://www.ft.com/content/a8281bf4-bd83-42ac-875f-9061ee1b357b" target="_blank" rel="noreferrer noopener">potential brushes with regulators&nbsp;</a>failing to curb the spread of illegal content online and not paying&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/08/03/twitter-gets-sued-for-allegedly-not-complying-with-french-law-that-requires-it-to-pay-news-publishers/">news publishers for content</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/08/04/twitter-hq-landlord-paid-san-francisco-over-4000-in-fees-after-musks-team-installed-x-sign-on-roof/">fees</a>&nbsp;for installing a giant illuminated “X” sign on the roof of the company’s headquarters.



Tech issues have also plagued the platform since Musk’s arrival, including&nbsp;<a href="https://www.theverge.com/2023/1/13/23553161/third-party-twitter-clients-apps-outage-twitterific-tweetbot" target="_blank" rel="noreferrer noopener">unexplained</a>&nbsp;<a href="https://variety.com/2023/digital/news/twitter-reports-glitches-outages-1235667776/" target="_blank" rel="noreferrer noopener">outages</a>, privacy&nbsp;<a href="https://techcrunch.com/2023/02/03/twitter-circle-glitches-have-users-worried-about-privacy/" target="_blank" rel="noreferrer noopener">glitches</a>, randomly&nbsp;<a href="https://techcrunch.com/2023/05/01/twitter-is-randomly-logging-out-users-youre-welcome/" target="_blank" rel="noreferrer noopener">logging</a>&nbsp;out users,&nbsp;<a href="https://arstechnica.com/tech-policy/2023/06/twitter-bug-marks-regular-users-as-spambots-restricting-their-accounts/" target="_blank" rel="noreferrer noopener">restrictions</a>&nbsp;on what users can see and throttling the number of posts users could see in a day.



X is also fending off a number of&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/05/leaving-elon-musks-twitter-here-are-some-alternatives-from-meta-threads-to-mastodon-to-bluesky/">rivals</a>&nbsp;vying for Twitter’s spot, including Bluesky and Spill, headed by&nbsp;<a href="https://edition.cnn.com/2023/02/13/tech/twitter-competitors/index.html" target="_blank" rel="noreferrer noopener">former employees</a>&nbsp;and notably Meta’s long awaited&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/04/metas-twitter-rival-threads-will-launch-thursday-as-chaos-continues-on-elon-musks-platform/">Threads</a>, which became the<a href="https://www.forbes.com/sites/siladityaray/2023/07/10/with-100-million-users-in-five-days-threads-is-the-fastest-growing-app-in-history/">&nbsp;fastest growing app i</a>n history days after launching but has since seen a&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/07/28/zuckerberg-implies-less-than-half-of-threads-users-have-stuck-around/?sh=678c145489cd">slump</a>&nbsp;in users.



<h2 class="wp-block-heading" id="h-news-peg">NEWS PEG</h2>



A trillion dollar market cap for X “is not out of the question,” Musk said in a post on Wednesday. It is not the first time the billionaire has made such a&nbsp;<a href="https://www.cnbc.com/2018/01/23/musk-tesla-could-be-trillion-dollar-company-and-other-predictions.html" target="_blank" rel="noreferrer noopener">prediction</a>&nbsp;and he has a reputation for making sometimes outlandish forecasts. The figure would be a substantial markup from the $44 billion Musk purchased Twitter for in 2022. In a matter of months, Twitter has undergone a drastic transformation, including a&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/25/elon-musks-twitter-rebrand-sets-stage-for-everything-app-x-to-takeoff-experts-say-heres-how/">rebrand to X</a>. Musk changed the iconic bird logo, which experts told&nbsp;Forbes&nbsp;risks erasing billions in brand value. Though unconventional, the transformation signals a move towards transforming the platform into an “everything app” in the vein of China’s WeChat, something Musk has&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/07/25/musk-says-x-name-change-is-a-result-of-his-push-to-build-an-everything-app/?sh=50e8e10675a1">been promising</a>&nbsp;to build a rival for. These superapps are like virtual Swiss army knives that combine features from multiple apps such as ride hailing, food delivery, payments, investing and messaging and they dominate markets in some parts of Asia where they are essentially ubiquitous in everyday life. There is significant&nbsp;<a href="https://www2.deloitte.com/content/dam/Deloitte/us/Documents/financial-services/us-fsi-western-super-apps.pdf" target="_blank" rel="noreferrer noopener">potential</a>&nbsp;for such a model to take off in Western markets and experts&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/25/elon-musks-twitter-rebrand-sets-stage-for-everything-app-x-to-takeoff-experts-say-heres-how/">told</a>&nbsp;Forbes&nbsp;the rebrand is an opportunity for Musk to add features to elevate the platform beyond social media.



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



$231.2 billion. That’s how much&nbsp;Forbes&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=5c26ba107999">estimates</a>&nbsp;Musk is worth. He occupies the top position on&nbsp;Forbes’&nbsp;list of the world’s richest people, leading French luxury goods magnate&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?list=rtb/">Bernard Arnault</a>, who is in second place, by around $18 billion. Musk’s fortune is largely derived from his stake in electric carmaker Tesla and a cohort of valuable companies he cofounded, including rocket firm SpaceX, brain implant company Neuralink and tunneling firm Boring Company.



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



Very few companies have managed to hit a $1 trillion valuation but X would not be the first of Musk’s companies to reach that threshold. Tesla topped a $1 trillion market capitalization in&nbsp;<a href="https://edition.cnn.com/2021/10/25/investing/tesla-stock-trillion-dollar-market-cap/index.html" target="_blank" rel="noreferrer noopener">2021</a>, the sixth company in U.S. history to pass the milestone. Its value has since dropped well below that level, though is still valued at more than $730 billion.



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



<a href="https://www.forbes.com/sites/roberthart/2023/07/25/elon-musks-twitter-rebrand-sets-stage-for-everything-app-x-to-takeoff-experts-say-heres-how/">Elon Musk’s Twitter Rebrand Sets Stage For Everything App ‘X’ To Takeoff, Experts Say—Here’s How</a> (Forbes)

Tesla Officially Opens Gruenheide Gigafactory

Elon Musk Thinks X Could Become A Trillion Dollar Company—Here Are The Challenges Facing The Platform Since He Took Over

India&#8217;s Chandrayaan-3’s successful moon landing marks a historic achievement in global space exploration. The Indian Space Research Organisation&#8217;s (ISRO) triumph has garnered international attention and celebration.



India has achieved a historic milestone in space exploration, solidifying its position as a key player in global space exploration, successfully landing the Chandrayaan-3 probe on the moon&#8217;s Southern Pole. With this, the Indian Space Research Organisation (ISRO) has ushered in a new era of triumph for the nation&#8217;s space endeavors, one that was watched and celebrated around the globe.



The entire world turned its gaze skyward as the lander, a culmination of meticulous planning and cutting-edge technology, touched down on the lunar surface. The event was a global spectacle, as millions of people tuned in to the live stream on ISRO&#8217;s official YouTube channel. This achievement was marked by India&#8217;s Prime Minister Narendra Modi as not just one for India as a nation but for humanity as a whole, emphasizing that the feat transcends national borders and stands as a testament to human ingenuity and aspiration. &#8220;It belongs to all of humanity,&#8221; he remarked, underscoring the significance of such achievements in advancing our collective understanding of the cosmos.



Modi delivered his celebratory address while in attendance at the ongoing BRICS Summit in Sandton, Johannesburg, where other affiliated world leaders are sure to celebrate India&#8217;s achievement. Chandrayaan-3&#8217;s success belongs to &#8220;… all of humanity,&#8221; said Modi in a livestreamed statement, a sentiment reaffirmed by opposition party and Congress leader Mallikarjun Kharge, who tweeted that the landing was the success of &#8220;every Indian&#8221;.



In India itself, reports of jubilation were rife as people from all walks of life gathered around televisions, computer screens, and cafes to witness and celebrate this milestone. This achievement comes on the heels of a recent setback for space exploration – just two days prior to India&#8217;s triumphant landing, Russia&#8217;s Luna-25 module experienced a crash landing on the moon&#8217;s surface – an unfortunate turn of events for a nation that was once at the forefront of space exploration.



India’s previous efforts at lunar landings have proved unsuccessful, with the Chandrayaan-2 probe crashing spectacularly into the moon&#8217;s surface in 2019. However, the ISRO has made significant improvements in the latest probe, developing extensively both the capabilities of the probe as well as expanding the landing area, key elements in the landing&#8217;s success. Central to the Chandrayaan-3 mission is the prospect of uncovering water ice on the moon&#8217;s surface. This discovery could have profound implications for future lunar exploration, potentially paving the way for sustained human presence on the moon. The lander is equipped with state-of-the-art scientific instruments, including a spectrometer designed to analyze the composition of the lunar surface. Discoveries in this field could greatly support long-term lunar missions in the future, accounting for the key observation of the landing in the scientific communities. Beyond national pride, the landing serves to represent the spirit of collective endeavor and global commitment to space exploration, evidenced by the millions worldwide who waited with bated breath for the successful landing.



&#8220;I reached my destination and you too!&#8221; the ISRO tweeted on touchdown. At the time, at least 6 million viewers were tuned into the livestream.

Indian Students Remotely Observe ‘Chandrayaan-3’ Launch to Land Spacecraft on Moon

‘To All Of Humanity’, Says Modi At BRICS Summit In South Africa As India Celebrates Historic Landing On The Moon

The BRICS Summit currently underway in Johannesburg explores expansion and a shared currency, challenging the US dollar&#8217;s dominance.



The annual BRICS Summit kicked off in Sandton, Johannesburg, today to rapt viewers around the world, as the economic and political bloc touched on critical developments such as the expansion of its membership as well as the possibility of implementing a shared currency.



The summit is being attended by Brazil’s Lula da Silva, South Africa’s Cyril Ramaphosa, China’s Xi Jinping, India’s Narendra Modi, and notably Sergey Lavrov in place of Russian President Vladimir Putin. Clear in a number of speeches, including those of presidents Jinping and Ramaphosa, was a definite willingness for the expansion of the bloc, which is increasingly being seen as a counterweight to global Western influence and more representative of the interests of the Global South.



Critical to this shift is a move away from what is seen as the hegemony of the United States dollar in global exchanges, which has seen both China and Russia suffer due to ongoing trade disputes and the war in Ukraine respectively. Moves towards stronger ties with BRICS-aligned nations were previously noted by President Ramaphosa on Sunday.



“We have steadily strengthened trade and investment ties with other BRICS countries alongside collaboration in areas like development, skills, technology, security, and innovation…” said Ramaphosa in a press release. “South Africa has benefited from the New Development Bank, which was established by the BRICS countries in 2015.”



These increased economic ties are what South Africa, the BRICS bloc, and possible future member states stand to benefit from should a shared currency be implemented, with the African Continental Free Trade Area (AfCFTA) being highlighted as a stepping stone towards this.



“As we speak, there are 47 countries that have ratified the agreement establishing the AfCFTA… only one country is yet to sign. All of these countries that have ratified have accepted the legal obligations, commitments to significantly reduce barriers to intra-Africa trade… estimated at only 18%, which is very low,” said the AfCFTA’s Secretary-General, Wamkele Mene, during a plenary discussion at the BRICS Business Forum today.



Using the example of a Kenyan businessman trading in the Republic of Djibouti, Mene continued; “Why is the dollar involved? Two African countries trading using a third currency.”



Mene further highlighted the introduction of the Pan African Payments and Settlements System (PAPSS), a SWIFT competitor estimated to save $5 billion annually in fees on payments on the continent.



“We’ve introduced the Pan African Payments System… you will no longer have to rely on a third currency, you will no longer have to buy a third currency, to trade in Africa,” said Mene to applause from the room. “We want to move beyond the trade agreement but introduce tools that will enable the trade to happen.”



Much of the conversation around consolidation of the solidarity of existing BRICS member countries, the bloc’s willingness to accept new memberships, and its successes in establishing both ease of trade and cost-saving initiatives appeared to be a possible preparation of the ground for the introduction of a BRICS-wide currency, which, while previously posited, has not until recently offered the level of advantage it might to countries such as Russia and China.



Nations in the bloc have long discussed the possibility of BRICS Pay, aimed at allowing for seamless, decentralized digital payments between member countries. As recently as last month, Brazil’s President Lula also highlighted the impact of US dollar dependence. With Russia reeling from US-based sanctions due to the war in Ukraine, the country too has been vocal about lessening dollar-based dependence.



However, a realistic and technically viable plan as to how a multinational currency would work for the bloc has yet to have been posited, despite several speakers at the conference discussing it during the opening day.



In attendance were dozens of world leaders from across the African continent, either considering the possibility of joining the bloc or being courted for membership – and as talks proceed over the next few days of the summit, considerations around new membership and realistic postulations around the implementation of a BRICS currency will play a major focus, watched not just by the member countries themselves but also by many in the West.



As if to underline this point, said Ramaphosa: “BRICS has a vitally important role to play in the reform of global governance and in the promotion of multilateralism and cooperation throughout the world.”

Opening Day of The 15th BRICS Summit

BRICS Summit: Paving The Way For Shared Currency And Economic Expansion

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



New Covid boosters pending approval will only target the coronavirus’ Eris strain and other XBB subvariants, which make up most cases in the U.S., causing some experts to encourage patients to wait for the new shots instead of getting a current bivalent booster.



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



In June, a Food and Drug Administration panel&nbsp;<a href="https://www.fda.gov/media/169591/download?attachment" target="_blank" rel="noreferrer noopener">recommended</a>&nbsp;Pfizer, Moderna and Novavax formulate their new Covid booster shots to be monovalent and only protect against the XBB.1.5 variant and other XBB sublineages—as opposed to the currently available shots, which were designed to combat earlier coronavirus strains.



The companies are still awaiting FDA approval: The new vaccines are estimated to be ready by late September but probably won’t be widely available until October, CBS News&nbsp;<a href="https://www.cbsnews.com/news/covid-vaccine-booster-xbb-variants-september-2023/" target="_blank" rel="noreferrer noopener">reports</a>.



XBB.1.5 (also known as “Kraken”) is a descendent of the omicron variant and was the&nbsp;<a href="https://www.ama-assn.org/delivering-care/public-health/xbb15-omicron-subvariant-questions-patients-may-have" target="_blank" rel="noreferrer noopener">most dominant</a>&nbsp;strain in the U.S. earlier this year, but is now the eighth dominant strain.



The reason the FDA recommended monovalent boosters that protect against one strain is because most of the circulating variants are XBB descendants—as of June, over 95% of the Covid variants in the U.S. were XBB sublineages, the agency said in its report.



<a href="https://www.forbes.com/sites/ariannajohnson/2023/08/10/what-we-know-about-eris-covid-variant-eg5-the-dominant-stain-driving-an-uptick-in-cases/?sh=22a519ab1627">EG.5</a>&nbsp;or “Eris” is an XBB subvariant and the dominant strain in the U.S., accounting for 20.6% of all cases in the U.S. between August 6 and 10,&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#variant-proportions" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.



The second most common variant, FL.1.5.1, made up 13.3% of cases in the country within that same time period and is also an XBB subvariant.



On Thursday, Moderna&nbsp;<a href="https://investors.modernatx.com/news/news-details/2023/Moderna-Clinical-Trial-Data-Confirm-Its-Updated-COVID-19-Vaccine-Generates-Robust-Immune-Response-in-Humans-Against-Widely-Circulating-Variants/default.aspx" target="_blank" rel="noreferrer noopener">said</a>&nbsp;its new Covid vaccine generated a “robust immune response” against Eris and other XBB variants.



A&nbsp;<a href="https://www.nature.com/articles/s41591-023-02228-4" target="_blank" rel="noreferrer noopener">report</a>&nbsp;published in&nbsp;Nature Medicine&nbsp;found that although any available booster offers good protection against Covid, variant-specific shots—like the new monovalent XBB ones awaiting approval—offer about 1.6 times more immunity.



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



676,728,782. That’s how many vaccines have been administered in the U.S. according to CDC&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-booster-percent-pop5" target="_blank" rel="noreferrer noopener">data</a>. However, only 17% of the population has received an updated bivalent booster.



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



Some experts believe that since the new vaccines expected to release this fall are specifically aimed at targeting XBB variants, Americans should hold off on getting updated boosters until then. Paul Sax, the clinical director of the division of infectious diseases at Brigham and Women’s Hospital,&nbsp;<a href="https://www.nytimes.com/article/covid-booster-fall.html#:~:text=The%20short%20answer%2C%20according%20to,the%20Omicron%20XBB.1.5%20variant" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the&nbsp;New York Times&nbsp;that “waiting makes more sense” for most people looking to get a new vaccine. The current booster is a bivalent shot designed to protect against omicron subvariants BA.4 and BA.5, which were once the dominant strains in the U.S. but now make up less than&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#variant-proportions" target="_blank" rel="noreferrer noopener">1%</a>&nbsp;of cases combined. A January&nbsp;<a href="https://www.cdc.gov/mmwr/volumes/72/wr/mm7205e1.htm?s_cid=mm7205e1_w" target="_blank" rel="noreferrer noopener">study</a>&nbsp;conducted by the CDC found the bivalent vaccines were about 50% effective at protecting against XBB and XBB.1.5 in most adults and about a third effective in those 65 years and older. Raina MacIntyre, head of the biosecurity program at the medical research organization the Kirby Institute,&nbsp;<a href="https://www.smh.com.au/national/nsw/four-fifths-of-australian-adults-have-failed-to-get-a-bivalent-booster-here-s-why-that-is-a-problem-20230814-p5dwb5.html#" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the Sydney Morning Herald&nbsp;the available bivalent boosters “do not provide enough protection against EG.5.1, but the XBB subvariant boosters that are being made by most companies will protect against EG.5.1.” Similarly, University of Michigan infectious disease expert Preeti Malani&nbsp;<a href="https://www.npr.org/sections/goatsandsoda/2023/08/11/1193229029/coronavirus-faq-is-it-wiser-to-get-a-booster-now-or-wait-for-the-new-fall-booste" target="_blank" rel="noreferrer noopener">told NPR</a>&nbsp;the updated booster shots “will provide a better match to the currently circulating variants,” so most patients are better off waiting for it to be approved.



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



The CDC&nbsp;<a href="https://www.cdc.gov/vaccines/covid-19/clinical-considerations/interim-considerations-us.html" target="_blank" rel="noreferrer noopener">still recommends</a>&nbsp;that most people receive at least one bivalent booster shot. The agency&nbsp;<a href="https://www.forbes.com/sites/madelinehalpert/2022/09/01/cdc-advisory-panel-recommends-new-covid-booster-shots-targeting-omicron-heres-what-you-need-to-know/?sh=e92dc701da8c">first signed off</a>&nbsp;on Pfizer and Moderna’s updated boosters almost a year ago.



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



A new Covid variant called BA.2.86, or “Pirola,” was&nbsp;<a href="https://twitter.com/WHO/status/1692255671687794902" target="_blank" rel="noreferrer noopener">labeled</a>&nbsp;as a variant under monitoring by the World Health Organization on Thursday due to the “large number of mutations it carries.” That same day, the CDC&nbsp;<a href="https://twitter.com/CDCgov/status/1692326710262304890?s=20" target="_blank" rel="noreferrer noopener">said</a>&nbsp;it was monitoring the variant as it’s been reported in the U.S., Israel and Denmark. It is the descendant of omicron subvariant BA.2, which was the&nbsp;<a href="https://www.ama-assn.org/delivering-care/public-health/what-doctors-wish-patients-knew-about-ba2-omicron-subvariant" target="_blank" rel="noreferrer noopener">dominant strain</a>&nbsp;in the U.S. earlier this year, at one point making up 85% of cases in the country. An&nbsp;<a href="https://slides.com/jbloom/new_2nd_gen_ba2_variant?ftag=YHF4eb9d17#/3" target="_blank" rel="noreferrer noopener">analysis</a>&nbsp;by Jesse Bloom, an evolutionary biologist at Fred Hutch Cancer Center, found the variant had 36 additional spike protein mutations than XBB.1.5 and 34 more mutations than BA.2. The number of mutations BA.2.86 has in comparison to other variants makes it “comparable to [the] number of mutations in [the] first Omicron strains relative to” the original Covid strain, according to Bloom. Although its prevalence in the U.S. isn’t large enough to appear on the CDC’s variant tracker—it’s being lumped in with BA.2 cases—there might be concern that the new monovalent vaccines won’t protect against it because it’s not an XBB variant. However, in a report shared with&nbsp;Forbes,&nbsp;Pfizer-BioNTech said evidence shows their new monovalent boosters should offer some protection against BA.2.86.



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



<a href="https://www.forbes.com/sites/ariannajohnson/2023/08/10/what-we-know-about-eris-covid-variant-eg5-the-dominant-stain-driving-an-uptick-in-cases/?sh=22a519ab1627">What We Know About ‘Eris’ Covid Variant EG.5: The Dominant Strain Driving An Uptick In Cases</a>&nbsp;(Forbes)



<a href="https://www.nytimes.com/article/covid-booster-fall.html#:~:text=The%20short%20answer%2C%20according%20to,the%20Omicron%20XBB.1.5%20variant" target="_blank" rel="noreferrer noopener">Don’t Get Your Next Covid Booster Quite Yet</a>&nbsp;(New York Times)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/01/26/covid-vaccines-heres-evidence-they-work-despite-persistent-misinformation-along-with-side-effects-and-common-misconceptions/?sh=2d67186147c3">Covid Vaccines: Here’s Evidence They Work—Despite Persistent Misinformation—Along With Side Effects And Common Misconceptions</a> (Forbes)

A healthcare worker administers the Pfizer-BioNTech (

New Covid Boosters Expected This Fall: Why Some Doctors Suggest Holding Off On Getting Your Next Booster Until Then

South African President Cyril Ramaphosa has been cleared by the country&#8217;s reserve bank in the ongoing Phala Phala scandal, ruling that there was no contravention of exchange control regulations based on the available information. The South African Reserve Bank (SARB) revealed its findings in a short release posted on its website today.



The Phala Phala scandal, as it has become known, involved a police report filed by South Africa&#8217;s former Head of State Security against the President, alleging that an undetermined amount of undeclared foreign currency was stolen from Ramaphosa&#8217;s game farm in early 2020, and that the President failed in his duty to report this crime.



The origin and purpose of the money, as well as its conformation with currency exchange laws, have all been the subject of investigation and have placed immense strain on the career of the President, almost leading him to resign his post in late 2022.



The money was alleged by the President to have been proceeds from a game sale by his farm, later identified as $580,000 for a prize bull, paid by Sudanese businessman Hazim Mustafa.



After the initial theft, Ramaphosa is alleged to have briefed his head of security, Major General Wally Rhoode, on the incident. Rhoode then reportedly proceeded to conduct an unsanctioned investigation, tracing the suspects of the theft in both South Africa and Namibia, before allegedly paying them off.



SARB’s exculpation of Ramaphosa comes after an independent report compiled by a retired judge, as well as a parliamentary vote for Ramaphosa&#8217;s impeachment, which failed to pass late last year.



Acting Public Protector Kholeka Gcaleka also absolved Ramaphosa in her own report in June of this year, which was widely panned by opposition parties and is currently the subject of a court challenge.



However, of note in the Reserve Bank&#8217;s media statement is that no violation of exchange controls for the transaction were found due somewhat to a technicality – namely, that since the goods, in this case, the bull for sale, were not actually delivered, no transaction took place, and thus no finding regarding a contravention could be made.



&#8220;SARB has concluded that the transaction in question was subject to conditions precedent which were not fulfilled, and therefore there was no legal entitlement… to the foreign currency,” continued the press release.



While the report is yet another in a long line of investigations that have left President Ramaphosa in the clear, it will likely remain a strong topic of discourse as the country prepares for both the BRICS summit this week and a hotly-contested general election next year.

CHOGM London 2018 – Day 2

South African Reserve Bank Clears President Ramaphosa in Phala Phala Scandal

Nigeria faces its highest inflation rate in approximately two decades, with the last instance of such soaring inflation recorded back in September 2005, when the rate touched 24.3%.



Nigeria faces its highest inflation rate in approximately two decades, with the last instance of such soaring inflation recorded back in September 2005, when the rate touched 24.3%.



The National Bureau of Statistics (NBS) reported that the headline inflation rate in July reached 24.08%, marking a significant increase from the June rate of 22.79%.



Analyzing the data, it becomes apparent that the month of July witnessed a noteworthy 1.29% point rise in the headline inflation rate when compared to the previous month.



Comparing July to the same month the preceding year, the headline inflation rate on a year-on-year basis surged by 4.44% points. This substantial increase in inflation rate, when juxtaposed with July 2022&#8217;s rate of 19.64%, reveals the escalating inflationary pressures that the Nigerian economy currently grapples with.



This recent development raises concerns and calls for a comprehensive understanding of its implications on the nation&#8217;s economy and its citizens&#8217; livelihoods.



According to Iheakanwah Felix Arinzeh, a financial expert and doctor of business administration, the current inflationary surge was not unforeseen.



Arinzeh tells FORBES AFRICA: &#8220;The July inflation rate is not a shock to financial experts. Believe me, the inflationary pressure was expected, considering the tough policy decisions of the President Bola Tinubu-led administration.&#8221;



He attributes the upward inflationary pressure to a combination of factors, including the removal of the fuel subsidy, the depreciation of the Naira, and the global food crisis. He also points out the impact of the ongoing conflict in Ukraine, which has disrupted global supply chains and subsequently led to increased energy and food prices.



However, Arinzeh advocates for further devaluation of the Naira to enhance export competitiveness, especially for non-oil exports, which could bolster foreign exchange earnings and reserves.



While acknowledging the positive potential of recent government policies to revive the economy, Arinzeh highlights the importance of effective communication. He believes that proper sensitization about the implications of policies to the populace would have alleviated concerns and prepared citizens for the outcomes.



&#8220;I suggest the provision of financial assistance to vulnerable households via a social intervention program will go a long way in alleviating the excruciating impact of the high inflationary pressure on essential commodities.



&#8220;I believe we can recover well, but slowly from the current situation,&#8221; says Arinzeh.

Inflation Concept

Nigeria Confronts Highest Inflation Rate In Nearly Two Decades, Eclipsing 2005 Record

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



The price of Bitcoin fell below $26,000 Thursday—its lowest level since June—amid a broader crypto market slump after the&nbsp;Wall Street Journal&nbsp;<a href="https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b?mod=hp_lead_pos5" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;that SpaceX has taken a significant write-down on its Bitcoin holdings and sold the cryptocurrency.



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



The price of the world’s most valuable cryptocurrency stood at $26,400 early on Friday, down nearly 8% in the previous 24 hours and 10% compared to last week.



Earlier on Thursday evening, the price of Bitcoin had dropped even lower, to around $25,400 before a slight recovery.



Ether, the world’s second-largest cryptocurrency, also took a similar hit and fell to $1,680—down 6.6% in the previous 24 hours.



Other major tokens like Binance’s BNB, Cardano and Solana are also down more than 6%



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



16%. That’s how much the price of Ripple’s XRP token has fallen in the past 24 hours, significantly worse than all other major cryptocurrencies. XRP’s steeper fall is a result of a federal judge’s&nbsp;<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-08-17-2023/card/judge-in-sec-ripple-case-opens-path-to-partial-appeal-after-july-ruling-Qj9YAsJsOP72ufpmQfCx" target="_blank" rel="noreferrer noopener">decision</a>&nbsp;on Thursday to allow the SEC to partially appeal a&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-07-13/what-does-ripple-xrp-ruling-in-sec-case-mean-for-crypto" target="_blank" rel="noreferrer noopener">ruling</a>&nbsp;in its case against Ripple.



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



Thursday evening’s crypto selloff began after the&nbsp;Wall Street Journal&nbsp;<a href="https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b?mod=hp_lead_pos5" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;that Elon Musk’s SpaceX wrote down the value of its bitcoin holdings by a total of $373 million in the previous two calendar years. The company has also sold off its crypto holdings, the report added, although it is unclear when this sale happened. Musk and his companies have been a key mover of cryptocurrency prices, with the market often seeing significant movement based on the billionaire’s tweets. However, the SpaceX selloff follows a similar move by Musk’s other company, Tesla, which&nbsp;<a href="https://tesla-cdn.thron.com/static/EIUQEC_2022_Q2_Quarterly_Update_Deck_J8VLIK.pdf?xseo=&amp;amp;response-content-disposition=inline%3Bfilename%3D%22tsla-q2-22-update.pdf%22" target="_blank" rel="noreferrer noopener">disclosed in an earnings report last year</a>&nbsp;that it had sold 75% of its Bitcoin holdings.



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



<a href="https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b?mod=hp_lead_pos5" target="_blank" rel="noreferrer noopener">A Rare Look Into the Finances of Elon Musk’s Secretive SpaceX</a>&nbsp;(Wall Street Journal)



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



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&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.



<a href="https://www.bloomberg.com/news/articles/2023-08-18/bitcoin-plunge-spurs-liquidations-as-spacex-s-token-sale-weighs?srnd=premium" target="_blank" rel="noreferrer noopener">Bitcoin Plunge Spurs Liquidations as SpaceX’s Token Sale Weighs</a> (Bloomberg)

Cryptocurrency Mining In Africa As Poor Sheperdherder Proves A Point

Bitcoin Drops To Lowest Level Since June Amid Wider Crypto Sell-Off

A deadly attack in Niger claims the lives of 17 soldiers, raising concerns of escalating jihadist activity following the recent overthrow of President Mohamed Bazoum. Supporters of the military junta face the dual threat of ECOWAS military intervention and internal extremism, as a new militia mobilizes to back the nation&#8217;s armed forces.



At least 17 soldiers from the Nigerien military were killed in an attack on Tuesday, potentially signaling an escalation in jihadist activity in a country that has long been considered a partner to the West in combating extremism in the Sahel region. This attack is the first of its kind since Niger&#8217;s democratically elected President, Mohamed Bazoum, was overthrown by a military junta in late July. The Nigerien junta stated that at least 100 attackers were killed in retaliation, although this claim could not be independently confirmed.



Supporters of the junta, condemned by the Economic Community of West African States (ECOWAS), seem to have been motivated by the threat of military intervention by ECOWAS, as well as the internal extremist threat. Reports suggest the emergence of a new militia, the Volunteers for the Defense of Niger, which is recruiting volunteers to support the nation&#8217;s armed forces.



ECOWAS, which denounced the attack on the Nigerien security forces, continues to call for the restoration of democratic order. &#8220;ECOWAS calls on the CNSP-military leadership in Niger to restore constitutional order in order to focus on the security of the increasingly fragile country,&#8221; stated the body in a recent release.



Officials of the bloc also attended an African Union (AU) meeting on Monday in Addis Ababa to discuss the situation in Niger. The situation seems unlikely to resolve soon, given the mixed signals from many of the involved parties. The junta recently expressed openness to diplomatic discussions but seemed to reverse its stance last Sunday by announcing the intention to charge captive President Bazoum with high treason.



Both ECOWAS and the AU condemned the legal threat against Bazoum, but this incident appears to have stalled further talks. The newly appointed US Ambassador to Niger, Kathleen FitzGibbon, is expected to arrive in the capital city of Niamey this week, which could potentially lead to diplomatic progress. However, as these efforts stall, the stability of the region remains precariously fractured.

Category: Current Affairs

FORBES AFRICA SOCIAL MEDIA

More from Current Affairs