
<p>The Ukrainian air assault forces finally have deployed their most powerful unit. The 2,000-person 82nd Air Assault Brigade, which is stacked with Marder and Stryker fighting vehicles and Challenger 2 tanks, rolled into action around Robotyne, in southern Ukraine’s Zaporizhzhia Oblast, apparently in the last few days.</p>



<p>The deployment is good&nbsp;<em>and&nbsp;</em>bad news for Kyiv’s long-anticipated counteroffensive, which kicked off with a series of coordinated assaults across southern and eastern Ukraine starting on June 4.</p>



<p>The 82nd Brigade and its sister air-assault unit, the 46th Brigade, were some of the last major units that the Ukrainian general staff was holding in reserve. In finally sending those formations into battle, the Ukrainians could significantly boost their firepower along one of the main axes of the counteroffensive—the one stretching 50 miles from Russian-occupied Robotyne to occupied Melitopol, just north of the Black Sea coast.</p>



<p>But no brigade can fight forever. When the 46th and 82nd Brigades pull back for rest, reset and repairs, there might not be any equally powerful&nbsp;<em>fresh&nbsp;</em>brigades to fill in for them. The counteroffensive could lose momentum.</p>



<p>This neither is a new problem, nor one that’s unique to the Robotyne axis. The Ukrainian marine corps, which has focused its efforts along the Mokri Yaly River Valley, 50 miles to the east, has deployed&nbsp;<em>all four</em>&nbsp;of its front-line brigades&nbsp;<em>at the same time</em>&nbsp;along a 10-mile-wide sector.</p>



<p>The concentration of marine forces along the Mokri Yaly River has paid off for Kyiv. The division-size marine force has liberated a chain of settlements on the road to occupied Mariupol, on the Black Sea coast 50 miles to the south. Most recently Urozhaine, where marine gunners firing American-made cluster shells <a href="https://www.forbes.com/sites/davidaxe/2023/08/14/ukrainian-cluster-shells-massacred-russian-troops-fleeing-urozhaine/">massacred retreating Russian troops this weekend</a>.</p>



<p>But the marines eventually will need rest. And it’s not apparent which forces can fill in for them. While Ukraine still has uncommitted territorial and national guard brigades, these formations generally lack the firepower and training that make marine brigades so effective.</p>



<p>The same clock is ticking over in Robotyne, as a powerful Ukrainian air-assault force assembles outside the town. A Russian drone strike on&nbsp;<a href="https://twitter.com/RALee85/status/1691340418590429184" target="_blank" rel="noreferrer noopener">one of the 82nd Brigade’s American-made Stryker wheeled fighting vehicles</a>, apparently earlier this week, places the 82nd Brigade within a mile of the Russian 1430th Motor Rifle Regiment’s positions inside Robotyne.</p>



<p>Russian drones have spotted at least one of the 82nd Brigade’s 90 Strykers as well as&nbsp;<a href="https://twitter.com/JulianRoepcke/status/1691378804688580608" target="_blank" rel="noreferrer noopener">one of its 40 German-made Marder tracked fighting vehicles</a>. The Russians apparently&nbsp;<em>haven’t</em>&nbsp;located the brigade’s 14 ex-British Challenger 2 tanks. But we know the 69-ton tanks are inching toward the line of contact.</p>



<p>The most recent photo of a Ukrainian Challenger 2 to appear online depicts the tank with a turret-mounted cage that the crew clearly hopes will help to protect the vehicle from drone strikes. These “cope cages” are a battlefield expedient that brigades tend to install on their own as they’re getting ready to enter combat.</p>



<p>If the Ukrainian marines’ experience in Urozhaine is any indication, the surge of air-assault troops around Robotyne could result in rapid gains for Kyiv’s forces.&nbsp;<a href="https://www.forbes.com/sites/davidaxe/2023/08/11/ukrainian-scouts-are-inside-robotyne-the-first-russian-strongpoint-on-the-road-to-melitopol/?sh=544fb60010eb">The Ukrainians already were probing</a>, and attempting to flank, the Russian garrison in Robotyne. Now they’ve got two more brigades—and especially heavily-armed ones—to bolster their efforts.</p>



<p>If the Russians in Robotyne can hold their ground, and endure what is likely to be a major but temporary surge in Ukrainian combat power, they might eventually find themselves in a position to strike back at the Ukrainians—once the surge brigades rotate off the front line without replacement.</p>


Ukrainian Armed Forces Train For Critical Spring Counter Offensive

Ukraine’s Powerful 82nd Brigade, Once Held In Reserve, Has Finally Joined The Counteroffensive


<p>The BK Arena in Rwanda’s capital city Kigali was the stage for some electrifying performances as global artists enthralled basketball fans and excited locals at the grand opening of the first-ever week-long Giants of Africa festival on August 13.</p>



<p>The event, graced by Rwanda’s President Paul Kagame and Masai Ujiri, the co-founder of Giants of Africa and president of Toronto Raptors, saw the two leaders rallying the youth to be fully immersed in sports as this is an untapped frontier.</p>



<p>“Everyone in this arena is a giant. It is time we don’t keep being reminded. We should know it and continue being the giants that we are and should be. We have got to decide and make that choice. Knowing every one of us in Africa, Asia, Europe and Latin America, everyone has the possibility of being a giant and should be,” Kagame told the audience.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2023/08/Image-credit-Giants-of-Africa-1024x683.jpg" alt="" class="wp-image-59223" style="width:536px;height:358px" width="536" height="358" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/08/Image-credit-Giants-of-Africa-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Image-credit-Giants-of-Africa-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Image-credit-Giants-of-Africa-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Image-credit-Giants-of-Africa-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Image-credit-Giants-of-Africa-2048x1365.jpg 2048w" sizes="(max-width: 536px) 100vw, 536px" /><figcaption class="wp-element-caption">Image credit Giants of Africa</figcaption></figure></div>


<p>Rwanda is currently hosting Giants of Africa with 250 youth from 16 African countries taking part in activities centered around sports, entertainment, culture as well as national dialogue. The event is part of the country’s strategy to grow sports and make Rwanda a sporting hub.</p>



<p>“President Kagame came for an All-Star Game in 2016 to America. He asked me what it would take to build such an arena and get things done. His studious leadership saw that in just about 12 months, we had the BK Arena here in Kigali,” said Ujiri.</p>



<p>For the last two decades since its inception, Giants Of Africa has been able to play a catalytic role in mainstreaming sports as a tool for economic development and cultural diversity.</p>



<p>“Masai, I thank you for creating this great idea of identifying young people and bringing them here. These young people are being reminded that we are as good as anyone anywhere else. Through the sixteen teams representing sixteen countries, we should grow and work with each other to fulfil this dream for our continent,” added Kagame.</p>



<p>As part of the partnership between Giants of Africa and Rwanda, achievements include the construction of several basketball courts in the country, as well as equipping youngsters with skills for the game. The dazzling lights and thrilling performances at the arena also saw the President urging African youth to be united in growing the continent with their abundant talent.</p>



<p>“I am you; you are me. The best way to bring that out is through talented sportsmen. These young men and women will be giants in basketball and in everything else.”</p>



<p>Ujiri, who gave an emotional account of his encounters from Africa, affirmed that Giants of Africa will continue scaling up investments to make basketball a formidable game for Africans.</p>


<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/Opening-night-image-credit-Giants-of-Africa-1024x683.jpg" alt="" class="wp-image-59222" style="width:510px;height:340px" width="510" height="340" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/08/Opening-night-image-credit-Giants-of-Africa-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Opening-night-image-credit-Giants-of-Africa-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Opening-night-image-credit-Giants-of-Africa-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Opening-night-image-credit-Giants-of-Africa-1536x1025.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Opening-night-image-credit-Giants-of-Africa-2048x1366.jpg 2048w" sizes="(max-width: 510px) 100vw, 510px" /><figcaption class="wp-element-caption">Opening night; image credit Giants of Africa</figcaption></figure></div>


<p>“I am overwhelmed and many years ago I had the opportunity to come here. That’s where this journey began for me. We believe in Africa. Every day, we dream, we preach and believe in Africa,” he said to rousing applause from a charged crowd at BK Arena.</p>



<p>Rwanda is also betting big on fusing sports and entertainment to diversify revenue lines. This year’s festival was headlined by Tanzanian artist Diamond Platnumz.</p>



<p>The closing ceremony slated for August 19 will be star-studded. Celebrated Rwandan artist Bruce Melodie, Nigerian singer Davido and Tiwa Savage are also expected to perform.</p>


Star-studded event; Image credit Giants of Africa

Giant Festival In Kigali To Uplift Africa’s Youth Through Sport And Culture


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



<p><em>Barbie&nbsp;</em>was pulled from theaters in Algeria this week, joining a growing list of countries that, despite the summer blockbuster’s widespread success, have banned the film because of its themes of gender and sexuality or because of the film’s alleged use of a controversial map. (Say what?)</p>



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



<p><strong>Algeria:&nbsp;</strong>Algeria’s Ministry of Culture and Arts notified cinemas in the cities of Algiers, Oram and Constantine earlier this week to “immediately” pull the movie, the Algerian news outlet 24H&nbsp;<a href="https://www.24hdz.com/le-film-barbie-interdit-en-salles-en-algerie/" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;(a source confirmed the news to&nbsp;<a href="https://www.reuters.com/world/africa/algeria-bans-barbie-movie-media-official-source-say-2023-08-14/" target="_blank" rel="noreferrer noopener">Reuters</a>).</p>



<p><strong>Kuwait:&nbsp;</strong>On Thursday, officials in Kuwait announced they were banning the film because it promoted “ideas and beliefs that are alien to the Kuwaiti society and public order,”&nbsp;<a href="https://www.kuna.net.kw/ArticleDetails.aspx?id=3105733&amp;Language=en" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;a statement published by the state-run KUNA news agency. (The statement did not cite any specific scenes that Kuwaiti censors found objectionable.)</p>



<p><strong>Vietnam:&nbsp;</strong>Before the film premiered, officials in Vietnam&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/03/barbie-movie-banned-in-vietnam-over-controversial-map/?sh=7ec28cfc4ba7">announced</a>&nbsp;they were banning&nbsp;<em>Barbie&nbsp;</em>over a scene that included a map that appeared to show China’s contested territorial claims in the South China Sea—Warner Bros.&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/07/warner-bros-defends-child-like-map-that-got-barbie-banned-in-vietnam/?sh=2702920437bd">disputed</a>&nbsp;the claim, describing the drawing as “child-like.”</p>



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



<p>Before it was banned,&nbsp;<em>Barbie&nbsp;</em>had sold out Algerian theaters every day since its July 19 release, the Algerian news outlet 24H&nbsp;<a href="https://www.24hdz.com/le-film-barbie-interdit-en-salles-en-algerie/" target="_blank" rel="noreferrer noopener">reported</a><strong>.</strong></p>



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



<p>It’s not uncommon for countries, particularly Gulf nations, to ban movies or TV shows because the content goes against certain religious beliefs. A number of countries in the Middle East, for example, have&nbsp;<a href="https://deadline.com/2022/05/everything-everywhere-all-once-banned-middle-east-1235016780/" target="_blank" rel="noreferrer noopener">banned</a>&nbsp;films that include gay characters, such as&nbsp;<em>Everything Everywhere All At Once, Doctor Strange In The Multiverse Of Madness, Eternals&nbsp;</em>and<em>&nbsp;West Side Story.</em></p>



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



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



<h2 class="wp-block-heading" id="h-what-we-don-t-know">WHAT WE DON’T KNOW</h2>



<p>It’s unclear how many other countries may ban the box office hit.&nbsp;<em>Barbie&nbsp;</em>is scheduled to premiere in theaters in Lebanon on August 31, but some officials have said they might follow the lead of other Middle Eastern countries and ban the movie from theaters. Lebanese culture minister Mohammad Mortada asked the interior ministry to ban&nbsp;<em>Barbie</em>&nbsp;because he said it contradicts “values of faith and morality” and promotes “homosexuality and sexual transformation,” the Associated Press&nbsp;<a href="https://apnews.com/article/mideast-barbie-movie-censorship-955390b933747bfc3f662022db2e4d9b" target="_blank" rel="noreferrer noopener">reported</a>. Mortada also said&nbsp;<em>Barbie&nbsp;</em>questioned the necessity of marriage and ridiculed the role of mothers, the&nbsp;<em>New York Times&nbsp;</em><a href="https://www.nytimes.com/2023/08/10/arts/barbie-ban-kuwait-lebanon.html" target="_blank" rel="noreferrer noopener">reported</a>.</p>



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



<p><em>Barbie&nbsp;</em>was nearly banned in the Philippines earlier this month. Following news of Vietnam’s decision to not air the film, officials in the Philippines launched a weeklong review of the film that included two review sessions and conversations among multiple government departments,&nbsp;<a href="https://www.facebook.com/photo/?fbid=741736454626335&amp;set=pcb.741736844626296" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;a press release from the country’s Movie and Television Review and Classification Board. The board&nbsp;<a href="https://www.facebook.com/photo/?fbid=741736454626335&amp;set=pcb.741736844626296" target="_blank" rel="noreferrer noopener">decided</a>&nbsp;the map included in the film did “not depict the ‘nine-dash line,’” a term used to describe China’s contested claims over the South China Sea, and instead the map “portrayed the route of the make-believe journey of Barbie.” In the statement, the board&nbsp;<a href="https://www.facebook.com/photo/?fbid=741736454626335&amp;set=pcb.741736844626296" target="_blank" rel="noreferrer noopener">noted</a>&nbsp;it has previously sanctioned filmmakers and distributions for exhibiting the fictitious nine-dash line in their films.</p>



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



<p>$1,187,042,188. That’s how much money&nbsp;<em>Barbie&nbsp;</em>has grossed worldwide since it premiered in mid-July,&nbsp;<a href="https://www.boxofficemojo.com/release/rl1077904129/?ref_=bo_hm_RECENT_WEEKEND_WIDGET_1" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;Box Office Mojo. Domestically&nbsp;<em>Barbie&nbsp;</em>has&nbsp;<a href="https://www.boxofficemojo.com/release/rl1077904129/?ref_=bo_hm_RECENT_WEEKEND_WIDGET_1" target="_blank" rel="noreferrer noopener">earned</a>&nbsp;more than $526 million, making it the second-highest-grossing movie of the year&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/08/12/barbie-breaks-500-million-at-us-box-office-further-cementing-itself-as-summers-blockbuster/?sh=4ba5ebde43f9">behind</a>&nbsp;the&nbsp;<em>Super Mario Bros. Movie</em>.</p>



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



<p><em>Barbie&nbsp;</em>has dominated the U.S. box office since it first opened in theaters in July and taken the top box office spot for the past four weeks. The film tells the live-action story of Mattel dolls Barbie and Ken. With an all-star cast—Margot Robbie, Ryan Gosling, Will Ferrell, Kate McKinnon, Ncuti Gatwa, Michael Cera, Simu Liu, America Ferrera and Dua Lipa—and pop soundtrack produced by Mark Ronson, the film’s release was long awaited by many.</p>



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



<p><a href="https://www.forbes.com/sites/roberthart/2023/07/03/barbie-movie-banned-in-vietnam-over-controversial-map/?sh=7ec28cfc4ba7">‘Barbie’ Movie Banned In Vietnam Over Controversial Map</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.nytimes.com/2023/08/10/arts/barbie-ban-kuwait-lebanon.html" target="_blank" rel="noreferrer noopener">Kuwait And Lebanon Look To Ban ‘Barbie’ For Moral Reasons</a>&nbsp;<em>(New York Times)</em></p>


The European Premiere of Barbie in London

‘Barbie’ Banned In Algeria—Here’s Where Else You Can’t See The Box Office Hit


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



<p>Ozempic and Mounjaro manufacturers are being sued over claims that the drugs cause gastroparesis, a severe stomach disorder, but some experts believe this assertion is inaccurate because the drugs only cause a temporary delay in stomach emptying.</p>



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



<p>Earlier this month, a personal injury law firm filed a&nbsp;<a href="https://www.forthepeople.com/sites/default/files/2023-08/Morgan%20%26%20Morgan%20Ozempic%20Bjorklund%20complaint%208.2.23.pdf" target="_blank" rel="noreferrer noopener">lawsuit</a>&nbsp;against Novo Nordisk—the makers of Ozempic—and Eli Lilly, the makers of Mounjaro, claiming the drugs cause gastroparesis.</p>



<p>The lawsuit also alleges the manufacturers knew of the link between the GLP-1 drugs and “the risk of developing severe gastrointestinal issues, including gastroparesis.”</p>



<p><a href="https://www.mayoclinic.org/diseases-conditions/gastroparesis/symptoms-causes/syc-20355787" target="_blank" rel="noreferrer noopener">Gastroparesis</a>, or stomach paralysis, slows or completely stops the movement of food from the stomach to the small intestine, preventing the stomach from properly emptying—neither drug lists gastroparesis as a potential side effect.</p>



<p>Semaglutide (the generic name for&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2022/12/26/what-to-know-about-ozempic/?sh=2336a35a5adb">Ozempic</a>) and tirzepatide (the generic name for&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/01/31/diabetes-drug-mounjaro-expected-to-be-approved-for-weight-loss-soon-what-to-know-and-how-it-compares-to-similar-drugs/?sh=68aef4ef477a">Mounjaro</a>) are a type of drug known as a GLP-1, and they work by&nbsp;<a href="https://www.uclahealth.org/news/semaglutide-weight-loss-what-you-need-know" target="_blank" rel="noreferrer noopener">interacting</a>&nbsp;with the hunger part of the brain and suppressing the appetite, causing patients to feel full quicker.</p>



<p>In July, CNN released a&nbsp;<a href="https://www.cnn.com/2023/07/25/health/weight-loss-diabetes-drugs-gastroparesis/index.html" target="_blank" rel="noreferrer noopener">report</a>&nbsp;about patients who’ve been diagnosed with severe gastroparesis, and their doctors believe weight loss drug Wegovy (manufactured by Novo Nordisk) and its sister diabetes drug Ozempic may be to blame.</p>



<p>The patients noticed they were vomiting days-old food and doctors noted it was common for people on Ozempic to have stomachs full of food when doing an endoscopy—one patient even had to have a stomach bypass surgery to help relieve the gastroparesis.</p>



<p>The American Society of Anesthesiologists (ASA) put out a&nbsp;<a href="https://www.asahq.org/about-asa/newsroom/news-releases/2023/06/patients-taking-popular-medications-for-diabetes-and-weight-loss-should-stop-before-elective-surgery" target="_blank" rel="noreferrer noopener">warning</a>&nbsp;in June asking patients to stop taking GLP-1 drugs at least a week before elective surgeries due to an increased risk of the drugs causing vomiting during operation.</p>



<p>The ASA has received reports that an “increased risk of regurgitation and aspiration of food into the airways and lungs during general anesthesia and deep sedation” was potentially being caused by the drugs’ ability to “delay” stomach emptying.</p>



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



<p>A spokesperson for Novo Nordisk&nbsp;<a href="https://thehill.com/policy/healthcare/4134614-ozempic-mounjaro-sued-stomach-paralysis/" target="_blank" rel="noreferrer noopener">told</a>&nbsp;The Hill “patient safety is of utmost importance” to the company and they continuously monitor “the safety profile of our products and collaborate closely with authorities to ensure patient safety, including adequate information on gastrointestinal side effects in the label.” In a similar statement, a spokesperson for Eli Lilly told The Hill patient safety is “top priority,” and it “actively [engages] in monitoring, evaluating and reporting safety information” for their medications.&nbsp;<em>Forbes&nbsp;</em>has reached out to both companies for comment.</p>



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



<p>Gastroparesis, also called delayed stomach emptying, affects the movement of food even though there isn’t a blockage in the small intestine or stomach,&nbsp;<a href="https://www.niddk.nih.gov/health-information/digestive-diseases/gastroparesis" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the National Institute of Diabetes and Digestive and Kidney Diseases. It typically takes about&nbsp;<a href="https://www.mayoclinic.org/digestive-system/expert-answers/faq-20058340#:~:text=After%20you%20eat%2C%20it%20takes,move%20through%20the%20entire%20colon." target="_blank" rel="noreferrer noopener">six to eight hours</a>&nbsp;for food to pass from the stomach to the small intestine, though the amount and type of food consumed can affect this. With gastroparesis, the&nbsp;<a href="https://www.medicalnewstoday.com/articles/318753#stomach-emptying" target="_blank" rel="noreferrer noopener">digestion process</a>&nbsp;is extended, and specific times differ from person to person.&nbsp;<a href="https://www.niddk.nih.gov/health-information/digestive-diseases/gastroparesis/symptoms-causes" target="_blank" rel="noreferrer noopener">Symptoms</a>&nbsp;include too much bloating, feeling full after starting a meal, feeling full long after finishing a meal, vomiting, heartburn, pain in the upper abdomen, poor appetite and too much burping. Gastroparesis has many causes, including diabetes, which is the most common cause of gastroparesis, the Centers for Disease Control and Prevention&nbsp;<a href="https://www.cdc.gov/diabetes/library/features/diabetes-digestion.html#:~:text=Nausea%2C%20heartburn%2C%20or%20bloating%20can,common%20known%20cause%20of%20gastroparesis." target="_blank" rel="noreferrer noopener">reports</a>. Though both Ozempic and Mounjaro are used off-label for weight loss, they are only approved by the Food and Drug Administration for use in treating Type 2 diabetes. High blood sugar can lead to gastroparesis. Besides suppressing the appetite, another result of Ozempic’s ability to slow down the digestion process is the lowering of blood sugar,&nbsp;<a href="https://www.ozempic.com/why-ozempic/how-ozempic-works.html" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to Novo Nordisk.</p>



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



<p>Steven Batash, founder of Batash Endoscopic Weight Loss and an expert on nonsurgical weight loss procedures, told&nbsp;<em>Forbes&nbsp;</em>that “to say [Ozempic] causes gastroparesis is not really an accurate statement.” This is because gastroparesis is the “end product” when no food or almost no food moves in the digestive tract. Instead, Batash believes Ozempic causes a delay in gastric emptying. However, this delay only lasts for a short period of time and once the medication’s effects wear off, patients’ “motility will return to [their] baselines,” according to Batash. Ozempic and other GLP-1 drugs are known to&nbsp;<a href="https://www.ozempic.com/faqs.html" target="_blank" rel="noreferrer noopener">cause</a>&nbsp;gastrointestinal issues, like nausea, vomiting and diarrhea. Side effects of Ozempic will be present but will be “mild” in most patients. If these effects are too extreme, Batash recommends either lowering the dosage or stopping usage altogether.</p>



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



<p>A&nbsp;<a href="https://pubmed.ncbi.nlm.nih.gov/28958851/" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in the&nbsp;<a href="https://www.thelancet.com/journals/langas/home" target="_blank" rel="noreferrer noopener"><em>Lancet Gastroenterology and Hepatology</em></a><em>&nbsp;</em>examined how liraglutide—another GLP-1 drug—affected digestion. Participants took either liraglutide or a placebo for five weeks and then ate a meal with a radioactive tracer so researchers could see how long the food stayed in their stomachs. It took those taking liraglutide 70 minutes for half their food to leave their stomachs compared to four minutes in the control group, a drastic slow in digestion. In some participants taking liraglutide, it took up to two hours and 30 minutes for half the meal to leave their stomachs. However, this group did see weight loss, and there was a correlation between a bigger delay in stomach emptying and the more weight participants lost.</p>



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



<p><a href="https://www.forbes.com/sites/ariannajohnson/2022/12/26/what-to-know-about-ozempic/?sh=13edf6c65adb">What To Know About Ozempic: The Diabetes Drug Becomes A Viral Weight Loss Hit (Elon Musk Boasts Using It) Creating A Shortage</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/08/07/what-is-berberine-supplement-dubbed-natures-ozempic-for-possible-weight-loss-benefits-but-evidence-is-limited/?sh=154e8d5a1068">What Is Berberine? Supplement Dubbed ‘Nature’s Ozempic’ For Possible Weight Loss Benefits—But Evidence Is Limited.</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/01/31/diabetes-drug-mounjaro-expected-to-be-approved-for-weight-loss-soon-what-to-know-and-how-it-compares-to-similar-drugs/?sh=68aef4ef477a">Diabetes Drug Mounjaro Expected To Be Approved For Weight Loss Soon: What To Know And How It Compares To Similar Drugs</a> (Forbes)</p>


Ozempic Manufacturer Sued Over Side Effects Of Medication Used For Weight Loss

What To Know About Gastroparesis: Lawsuit Claims Ozempic And Mounjaro Causes The Severe Stomach Disorder


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



<p>Niger’s military junta announced plans to charge ousted President Mohamed Bazoum with “high treason” and undermining national security, defying international pressure to release and reinstate the democratically elected leader and raising tensions in the region just hours after coup leaders signaled they were open to explore diplomatic solutions to the growing crisis.</p>



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



<p>In a&nbsp;<a href="https://www.youtube.com/watch?v=azXRQJp7eVQ&amp;ab_channel=GuardianNews" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;<a href="https://apnews.com/article/niger-coup-leaders-president-bazoum-treason-1e54fa565ec0c659fc233cc695d7de21" target="_blank" rel="noreferrer noopener">delivered</a>&nbsp;on state television Sunday night, junta spokesman Colonel Major Amadou Abdramane&nbsp;<a href="https://www.ft.com/content/c8fae0de-6555-4022-8226-a529b6ff7a33" target="_blank" rel="noreferrer noopener">vowed</a>&nbsp;to prosecute Bazoum “for high treason and for undermining the internal and external security of Niger.”</p>



<p>Abdramane said the military regime, which ousted and replaced Bazoum’s democratically elected government in July, had now gathered sufficient evidence to try the deposed leader alongside “local and foreign accomplices.”</p>



<p>The regime would do so before “competent national and international authorities,” Abdramane said.</p>



<p>The statement did not include details on the allegations leveled against Bazoum or provide specific details on who alleged conspirators may be, nor did it outline possible dates and venues for a trial.</p>



<p>If found guilty, Bazoum could&nbsp;<a href="https://www.bbc.co.uk/news/world-africa-66496128" target="_blank" rel="noreferrer noopener">face</a>&nbsp;the death penalty under Niger’s penal code.</p>



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



<p>The public declaration to charge Bazoum with high treason is a major blow to international efforts to resolve the crisis in Niger diplomatically. It marks a rapid about turn from the junta, which has resisted global pressure to reinstate the ousted president—who has been imprisoned under&nbsp;<a href="https://www.theguardian.com/world/2023/aug/11/niger-captive-leader-losing-weight-in-inhumane-conditions-daughter-reveals-mohamed-bazoum" target="_blank" rel="noreferrer noopener">questionable</a>&nbsp;conditions since his own presidential guard turned on him last month—and had rebuffed diplomats until&nbsp;<a href="https://www.wionews.com/world/niger-regime-leader-open-to-explore-diplomacy-625135" target="_blank" rel="noreferrer noopener">suggesting</a>&nbsp;it was open to possible negotiation on Sunday. The announcement also threatens to destabilize the entire region as the area’s key diplomatic bloc, the Nigeria-led Economic Community of West African States (ECOWAS), has threatened military intervention to restore Niger’s democratically elected leader. This could spiral into all-out regional conflict as the group, which has already instigated stinging sanctions against Niger, could face more than just Niger, with Mali and Burkina Faso—both junta-led states—<a href="https://foreignpolicy.com/2023/08/01/niger-mali-burkina-faso-ecowas-coup-military-intervention/" target="_blank" rel="noreferrer noopener">warning</a>&nbsp;they would consider any intervention a “declaration of war.” Abdramane dismissed foreign efforts to discrete the coup and&nbsp;<a href="https://www.reuters.com/world/africa/niger-junta-says-ousted-president-could-be-prosecuted-high-treason-2023-08-14/" target="_blank" rel="noreferrer noopener">said</a>&nbsp;foreign powers are waging a misinformation campaign to try to &#8220;derail any negotiated solution to the crisis in order to justify military intervention.”</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for-0">WHAT TO WATCH FOR</h2>



<p>Developments in Niger could have far-reaching ramifications for the region and international security writ large. Niger has long been considered a&nbsp;<a href="https://www.theguardian.com/world/2023/jul/27/explainer-niger-a-linchpin-for-stability-in-africas-coup-belt" target="_blank" rel="noreferrer noopener">bastion of stability</a>&nbsp;in Africa’s otherwise tumultuous Sahel region. The country is a key partner in efforts to combat violent Islamic extremism in the Sahel and is one the few Western allies left in the region. The coup dashes hard fought gains towards democratic rule in Niger,&nbsp;<a href="https://www.pbs.org/newshour/world/how-the-coup-in-niger-could-expand-the-reach-of-islamic-extremism-and-wagner-in-west-africa" target="_blank" rel="noreferrer noopener">sets back counterterrorism efforts</a>&nbsp;and threatens to both destabilize the region and further&nbsp;<a href="https://apnews.com/article/coup-niger-jihadis-extremist-violence-a7ae8b8f3954cdf838692b074f9cd4e8" target="_blank" rel="noreferrer noopener">embolden</a>&nbsp;Islamic extremists. The possibility of regime change also deals a heavy blow to Western powers, notably France and the U.S., who not only lose a crucial ally and&nbsp;<a href="https://www.wsj.com/articles/niger-coup-upends-u-s-security-plans-in-west-africa-handing-russia-an-opportunity-8dcf6679" target="_blank" rel="noreferrer noopener">security partner</a>&nbsp;but face the prospect of the country pivoting towards an enemy: Russia. Such shifts were seen following recent coups in neighboring Mali and Burkina Faso and Moscow, especially via the&nbsp;<a href="https://foreignpolicy.com/2023/05/17/russia-wagner-prigozhin-africa-war-security-terrorism/" target="_blank" rel="noreferrer noopener">Wagner mercenary group</a>, has been keen to grow its footprint in the region. The White House has&nbsp;<a href="https://www.wsj.com/articles/niger-coup-upends-u-s-security-plans-in-west-africa-handing-russia-an-opportunity-8dcf6679" target="_blank" rel="noreferrer noopener">said</a>&nbsp;there is no evidence Russia or the Wagner Group were behind the coup. The country is also a key provider of uranium and strained relations could&nbsp;<a href="https://www.politico.eu/article/niger-coup-spark-concerns-france-uranium-dependency/" target="_blank" rel="noreferrer noopener">stress global supplies and energy</a>&nbsp;security, particularly for big importers like France and the European Union.</p>



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



<p><a href="https://www.forbes.com/sites/anafaguy/2023/08/01/why-the-niger-coup-has-sparked-concerns-about-nuclear-power/">Why The Niger Coup Has Sparked Concerns About Nuclear Power</a>&nbsp;(Forbes)</p>



<p><a href="https://foreignpolicy.com/2023/05/17/russia-wagner-prigozhin-africa-war-security-terrorism/" target="_blank" rel="noreferrer noopener">How Russia Expands Its Influence in Africa</a>&nbsp;(Foreign Policy)</p>



<p><a href="https://www.theguardian.com/world/2023/jul/27/explainer-niger-a-linchpin-for-stability-in-africas-coup-belt" target="_blank" rel="noreferrer noopener">Explainer: Niger a linchpin for stability in Africa’s ‘coup belt’</a>&nbsp;(Guardian)</p>


Key Speakers At The 77th Session Of The United Nations General Assembly

Niger Coup: Junta Leaders Will Charge Ousted President With ‘High Treason’


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



<p>Tech executives Mark Zuckerberg and Elon Musk suggested in June they’d be interested in clashing in a UFC-style cage fight, and egged each other on while tensions escalated between the two billionaires and their companies—but Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">downplayed the potential</a>&nbsp;of a billionaire brawl Sunday when he said Musk “isn’t serious” about picking a date.</p>



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



<p>The idea of a cage match was first posed by Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1671364992665264131" target="_blank" rel="noreferrer noopener">over Twitter</a>, where the Tesla CEO responded to a thread about Instagram’s then-upcoming rival app Threads, saying, “I’m up for a cage match if he is lol.”</p>



<p>Zuckerberg responded the next day with an Instagram story showing a screenshot of Musk’s tweet captioned “send me location”—a reference to a famous line from former UFC lightweight champion Khabib Nurmagomedov (a Meta spokesperson confirmed to&nbsp;<a href="https://www.theverge.com/2023/6/21/23769263/mark-zuckerberg-elon-musk-fight-cage-match-worldstar" target="_blank" rel="noreferrer noopener">The Verge</a>&nbsp;that Zuckerberg was being serious in his response to Musk).</p>



<p>As hype around a potential fight picked up, UFC president Dana White joined in on the anticipation, posting a video of himself sporting a&nbsp;<a href="https://www.instagram.com/reel/CuCyF4HJQut/?img_index=1" target="_blank" rel="noreferrer noopener">Zuckerberg vs Musk shirt</a>&nbsp;that was made available for purchase on the UFC’s website.</p>



<p>White was quoted in a July 1 story from the&nbsp;<a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a><em>&nbsp;</em>saying he would help organize an exhibition match between the tech CEOs and that they both wanted to fight—with both men agreeing there should be a charity component to the bout.</p>



<p>On July 3, photos of Musk training with UFC legend Georges St. Pierre, mixed martial arts coach John Danaher and Brazilian Jiu-jitsu black belt Lex Fridman surfaced online—with an&nbsp;<a href="https://www.instagram.com/p/CuQLly_vqrT/?img_index=1" target="_blank" rel="noreferrer noopener">Instagram post</a>&nbsp;from St. Pierre showing the four men in training gear.</p>



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



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



<p>Zuckerberg, who is trained in the grappling combat discipline of Jiu-jitsu, also employed the training services of elite fighting talent in July—made evident by&nbsp;<a href="https://twitter.com/stylebender/status/1678848822041255937" target="_blank" rel="noreferrer noopener">gym photos</a>&nbsp;taken with UFC middleweight champion Israel Adesanya and UFC featherweight champion Alexander Volkanovski on July 11.</p>



<p>The two billionaires reinvigorated interest in a potential match in early August, when Musk said he was weightlifting to prepare for the fight, suggesting it would be live-streamed on X—the rebranded Twitter platform—and that all proceeds would go to a charity for veterans.</p>



<p>Zuckerberg responded to Musk’s posts via Threads, asking if a “more reliable platform” should be used for a live-stream of the fight and adding he was “not holding his breath” for a fight to materialize.</p>



<p>Although Zuckerberg has&nbsp;<a href="https://www.threads.net/@zuck/post/CvnechDSJeC" target="_blank" rel="noreferrer noopener">made clear</a>&nbsp;he is ready for a match, the same can’t be said for Musk, who said the date is “still in flux” and he&nbsp;<a href="https://twitter.com/elonmusk/status/1688377445957652480?s=20" target="_blank" rel="noreferrer noopener">may need surgery</a>&nbsp;before a fight can happen.</p>



<p>Days after calling the idea “in flux,” Musk said the Italian government agreed to an “<a href="https://www.forbes.com/sites/dereksaul/2023/08/11/elon-musk-says-italian-government-approved-epic-location-for-his-billionaire-clash-against-mark-zuckerberg/?sh=1d1742f043f9">epic location</a>” for a fight that would be managed by his and Zuckerberg’s respective foundations, not the UFC.</p>



<p>Zuckerberg shot down Musk’s plans, saying, “if he ever agrees on an actual date, you&#8217;ll hear it from me,” adding that he’d prefer to work with professional fight promotions such as UFC and ONE.</p>



<p>Just days after Zuckerberg expressed hesitation about Musk’s commitment to the match, the Meta CEO&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">posted on Threads</a>&nbsp;on August 13 “it’s time to move on” because Musk won’t confirm a date, adding Musk said he needs surgery—and months of recovery—before fighting and wanted to do a practice round in Zuckerberg’s backyard.</p>



<p>The same day Zuckerberg announced the desire to move on, Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1690747345674137600" target="_blank" rel="noreferrer noopener">posted</a>&nbsp;a screenshot to X of the purported conversation in which he suggested a practice round; Zuckerberg responded over text telling him he should train on his own and say when he’s ready to compete, adding he doesn’t “want to keep hyping something that will never happen.”</p>



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



<p>In the background of Musk and Zuckerberg fight-related banter, tensions between the two have&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/07/09/billionaire-brawl-now-whos-winning-the-fight-between-musk-and-zuckerberg/?sh=11d0221d26bc">increased</a>&nbsp;following the launch of Instagram’s Threads platform, a direct competitor to Twitter that launched July 5 and racked up its first&nbsp;<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/?sh=287d252549ab">100 million users</a>&nbsp;on July 10. That same day, Musk called Zuckerberg a “<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">cuck</a>” over Twitter and proposed a “dick measuring contest” with him. An attorney for Twitter accused and threatened to sue Meta for allegedly misusing Twitter’s &#8220;trade secrets and other intellectual property&#8221; and employing former Twitter staffers for help with developing Threads, labeling it as a “copycat” app of Twitter.</p>



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



<p>Musk biographer Walter Isaacson later claimed in a Twitter Spaces session that&nbsp;<a href="https://www.businessinsider.com/elon-musk-mark-zuckerberg-cage-fight-match-unlikely-walter-isaacson-2023-7" target="_blank" rel="noreferrer noopener">he doubted</a>&nbsp;a fight would happen and that it was “a metaphor” for the competition between the CEOs’ rivaling social media sites.</p>



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



<p>-160. That was the&nbsp;<a href="https://dknation.draftkings.com/pop-culture/2023/6/22/23769810/mark-zuckerberg-vs-elon-musk-odds-cage-fight-who-will-win-wheres-the-asteroid" target="_blank" rel="noreferrer noopener">hypothetical line</a>&nbsp;DraftKings set in June for Zuckerberg to win the match, making him the betting favorite, with bettors needing to wager $160 on Zuckerberg to return a $100 profit. DraftKings set the odds for a Musk upset at +140, meaning a $100 bet would deliver a $140 profit. The sports betting company attributed the lines to Zuckerberg’s younger age and his regular physical activity.</p>



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



<p>A cage match between the tech CEOs might involve some parameters to account for their difference in size. Notably, Musk told White that he would not be willing to “lose any weight” for a potential matchup. Musk, 52, stands around 6’1” tall and has made clear on Twitter that he&nbsp;<a href="https://twitter.com/elonmusk/status/1671699387620237312" target="_blank" rel="noreferrer noopener">almost never works out</a>. Zuckerberg, 39, is 5 &#8216;7” and regularly takes to physical training and competition, recently securing two medals in his first&nbsp;<a href="https://www.cnn.com/2023/05/09/business/mark-zuckerberg-jiu-jitsu-winner/index.html" target="_blank" rel="noreferrer noopener">Jiu-jitsu tournament</a>&nbsp;in May, though he was also choked out in one of his fights, according to the&nbsp;<a href="https://www.nytimes.com/2023/06/02/style/mark-zuckerberg-workout.html" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a>&nbsp;(Zuckerberg has denied the claim). Zuckerberg also seems to be the more avid fight fan, as he and his wife, Priscilla Chan, attended a UFC&nbsp;<a href="https://www.insider.com/video-mark-zuckerberg-attends-ufc-event-priscilla-chan-looks-shook-2022-10" target="_blank" rel="noreferrer noopener">fight card</a>&nbsp;last October.</p>



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



<p>We estimate Musk is the richest person in the world, with an estimated net worth of&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?list=rtb/&amp;sh=5a59a8f87999">$225.2 billion</a>. Zuckerberg’s net worth is estimated at&nbsp;<a href="https://www.forbes.com/profile/mark-zuckerberg/?sh=350141a23e06">$107 billion</a>—placing him at No. 8 on&nbsp;<em>Forbes</em>’ list of the&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#7b288cfb3d78">world’s real-time billionaires</a>.</p>



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



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/11/mark-zuckerberg-training-with-ufc-champions-israel-adesanya-and-alexander-volkanovski-as-elon-musk-spat-intensifies/?sh=52e0cfd75d9a">Mark Zuckerberg Training With UFC Champions Israel Adesanya And Alexander Volkanovski As Elon Musk Spat Intensifies</a>&nbsp;(Forbes)</p>



<p><a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener">A ‘Cage Match’ Between Elon Musk and Mark Zuckerberg May Be No Joke</a>&nbsp;(New York Times)</p>



<p><a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">Musk Hits Below The Belt With Latest Zuckerberg Attacks: ‘Zuck Is A Cuck’</a> (Forbes)</p>


Elon Musk Vs Mark Zuckerberg Illustration

Zuckerberg Vs Musk: Disputes Heat Up Over Billionaire Cage Fight—Here’s Everything We Know


<p>After taking the daring step of unifying the Naira, the Central Bank of Nigeria (CBN) has reported a composite foreign exchange (FX) influx of $2.55 billion in two months.</p>



<p>This increased inflow was predominant in the Investors and Exporters (I&amp;E) window, marking $1.41 billion in June, up from $1.14 billion in May, with a significant portion of the June influx coming from domestic businesses and exporters.</p>



<p>The Naira unification policy has led to noteworthy advancements in the domestic forex market. The policy was announced as an initiative to improve liquidity and stability by consolidating all forex market segments.</p>



<p>The CBN reported that the domestic forex market managed to sustain over 90% of the total inflow in June.</p>



<p>Despite the Naira&#8217;s continuing plummet against the dollar, financial experts predict that the exchange rate unification could potentially stimulate enhancements in FX liquidity in the medium to long term.</p>



<p>Some pundits also predict an inflow of investors across various sectors of the economy due to this recent shift.</p>



<p>Kelvin Emmanuel, an economist, puts a positive spin on the situation, stating that the current uptick in foreign inflows shows an appreciation in light of the government&#8217;s decision to peg the Naira to fair value.</p>



<p>Emmanuel shares with FORBES AFRICA: &#8220;The increase from $468 million to $2.55 billion serve as evidence that aligning official I&amp;E rates with spot rates leads to increased independent government revenues, higher foreign direct investment (FDI)/foreign portfolio investment (FPI) funds, improved diaspora remittances, and enhanced net export proceeds.&#8221;</p>



<p>However, he is concerned that &#8220;the widening of the black-market premium to 18%, which reflects the apex bank&#8217;s hesitance to merge the I&amp;E window with spot rates, indicates that the CBN has not fully embraced a floating exchange rate system&#8221;.</p>



<p>Emmanuel&#8217;s assessment is that the annual consolidated report of the CBN, showing a decrease in Nigeria&#8217;s external reserves to $17 billion in contrast to the $43 billion of external debt, solidifies the reluctance of long-term, non-speculative foreign direct investors and short-term, speculative foreign portfolio investors to invest capital in Nigeria, aligning with the principles of the Guidotti-Greenspan rule for the reserves-to-debt ratio.</p>



<p>Oluwaseun Obilana, an exporter, emphasizes the need for the government to increase their rebate to exporters and improve daily limits on FX transactions.</p>



<p>Obilana expresses to FORBES AFRICA: &#8220;The increase in inflow is very promising as it could significantly contribute to the growth of the country&#8217;s economy, potentially motivating more exporters to engage in business.&#8221;</p>



<p>&#8220;But, to achieve this, the government needs to consider raising the rebate provided to exporters and also increasing the daily limit for foreign exchange transactions.&#8221;</p>



<p>He highlights the challenges exporters like him face due to strained access to the dollar at the official rate.</p>



<p>&#8220;Despite the recorded increase in inflow, exporters still encounter difficulties accessing dollars at the official rate. The inability to access dollars for freight payments is severely impacting our businesses. When attempting to pay for freight, we often encounter the frustrating message &#8216;daily limit reached.&#8217; Dollars should be made more accessible and promptly available.&#8221;</p>


coins-paper-money-globe-white-statistic-form-background_1387-296

Nigeria’s Naira Unification Accelerates FX Inflows To $2.55 Billion In Two Months: ‘Promising’, Say Experts


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



<p>Global oil demand reached record levels in June and is poised to peak again in August, the International Energy Agency&nbsp;<a href="https://www.iea.org/reports/oil-market-report-august-2023" target="_blank" rel="noreferrer noopener">said</a>&nbsp;on Friday, warning that price hikes could be on the horizon as slowing outputs from major suppliers like Saudi Arabia tighten supply.</p>



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



<p>World oil demand hit a record 103 million barrels a day in June, the IEA said.</p>



<p>The agency said demand could rise further in August and demand for 2023 as a whole is expected to reach 102.2 million barrels a day.</p>



<p>The figure, an increase of around 2.2 million barrels a day from the year before, would mark the highest ever annual level, the agency said.</p>



<p>China is responsible for the lion’s share of this growth, accounting for more than 70% of the uptick, the IEA said, adding that demand there was “stronger than expected” and reached new highs “despite persistent concerns over the health of the economy.”</p>



<p>Strong summer air travel and the increased use of oil in power generation also contributed to increased demand, the IEA said.</p>



<p>The IEA forecast continued, albeit slower, growth for oil demand in 2024, pointing to “lacklustre economic conditions,” new electric vehicles and the “post-pandemic rebound running out of steam.”</p>



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



<p>Oil prices could be poised to rise even higher in coming months as major producers, particularly Saudi Arabia, move to constrict supplies. Previous production cuts from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have helped&nbsp;<a href="https://www.reuters.com/markets/commodities/oil-benchmark-brents-price-structure-reflects-tighter-market-2023-08-10/" target="_blank" rel="noreferrer noopener">drive</a>&nbsp;oil prices up and the IEA warns the bloc’s targets, if maintained, pose “a risk of driving prices still higher.”</p>



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



<p>The IEA said Russia’s oil exports breached the price cap put in place by the Group of Seven (G7) nations. Prices reached an average of $64.41 a barrel last month, the IEA said, above the $60 a barrel cap the group set. The cap was designed to limit Moscow’s ability to fund its war in Ukraine while simultaneously averting chaos in global energy markets by keeping its oil on the markets and it limits how companies can move Russian oil by cutting access to things like insurance and other key services should they pay more than this threshold. The rule has changed the map of global oil supply chains and exports from Russia, a major producer, away from Europe and towards Asia. The IEA said crude exports to India and China accounted for 80% of Russia’s shipments.</p>



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



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



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



<p>While oil demand dropped during the Covid-19 pandemic and as the world shifted to greener forms of energy, supplies have also tightened from output cuts and disruption from Russia’s invasion of Ukraine. The recent squeeze, spearheaded by Saudi Arabia’s voluntary production cuts, have helped push prices up and Brent crude, a key international benchmark, was trading at $88 dollars a barrel on Thursday, a six month&nbsp;<a href="https://www.reuters.com/markets/commodities/iea-lowers-2024-oil-demand-growth-forecast-2023-08-11/" target="_blank" rel="noreferrer noopener">high</a>.</p>



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



<p><a href="https://www.forbes.com/sites/roberthart/2023/07/19/electricity-demand-slows-in-2023-as-economic-downturn-and-energy-crisis-weighs-on-growth-iea-says/">Electricity Demand Slows In 2023 As Economic Downturn And Energy Crisis Weighs On Growth, IEA Says</a>&nbsp;(Forbes)</p>



<p><a href="https://www.bloomberg.com/news/articles/2023-08-11/global-oil-demand-hits-record-and-prices-may-climb-iea-says" target="_blank" rel="noreferrer noopener">Global Oil Demand Hits Record and Prices May Climb, IEA Says</a>&nbsp;(Bloomberg)</p>



<p><a href="https://www.reuters.com/markets/commodities/iea-lowers-2024-oil-demand-growth-forecast-2023-08-11/" target="_blank" rel="noreferrer noopener">IEA sees slower 2024 oil demand growth, tightening market this year</a>&nbsp;(Reuters)</p>



<p><a href="https://www.bbc.com/future/article/20230726-an-experts-guide-to-peak-oil-and-what-it-really-means" target="_blank" rel="noreferrer noopener">Is the decline of oil in sight?</a> (BBC)<a href="https://www.forbes.com/sites/roberthart/"></a></p>


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

Oil Prices Poised To Soar As Global Demand Hits Record High, IEA Says


<p><strong>Africa’s largest economy has received a positive assessment from Standard and Poor&#8217;s (S&amp;P) Global Ratings, which upgraded the country’s credit outlook from negative to stable. The ratings agency cited the new government’s reform agenda as the main reason for the improved outlook.</strong></p>



<p>Nigeria has received a positive assessment from Standard and Poor&#8217;s (S&amp;P) Global Ratings. The ratings agency has upgraded the credit outlook of Africa’s largest economy from negative to stable. The new government’s ambitious reform agenda has been cited as the main reason for the improved outlook, with S&amp;P keeping the sovereign rating at B-, which is six levels below investment grade.</p>



<p>This change in outlook comes after President Bola Tinubu, who took office in May, announced a series of bold policy moves to address some of the long-standing challenges facing the oil-rich nation. On inauguration day, Tinubu scrapped costly fuel subsidies, which have drained public finances and distorted the energy market.</p>



<p>He subsequently approved the suspension of the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, with Folashodun Shonubi appointed as acting head. These moves have allowed for a more flexible exchange rate regime, allowing the naira to depreciate and unifying the multiple official and parallel rates that created distortions and discouraged foreign investment.</p>



<p>“The new government is moving ahead with a series of reforms that could, if delivered, benefit growth and fiscal outcomes,” analysts Ravi Bhatia, Samira Mensah, and Juili Pargaonkar reportedly wrote in a statement. “We believe these measures will gradually benefit Nigeria’s public finances and its balance of payments.”</p>



<p>Iheakanwah Felix Arinzeh,&nbsp;a financial expert and doctor of business administration, tells FORBES AFRICA: “I can deduce that the upgrade is a vote of confidence in Tinubu’s ability to deliver on his promises. Recall that Tinubu has made economic reform a top priority of his presidency, and the upgrade suggests that S&amp;P believes he is on the right track.</p>



<p>“Expectedly, the upgrade of Nigeria&#8217;s credit outlook is likely to have a number of positive implications for the country. It will make it easier for Nigeria to borrow money from international lenders, which will help to finance the government’s investment plans. It will also make Nigeria more attractive to foreign investors, which will help boost economic growth.</p>



<p>Arinzeh believes that the S&amp;P credit outlook upgrade is also a major boost for Tinubu’s presidency and his planned reforms.</p>



<p>“It is a sign that the international community is supportive of his efforts to improve Nigeria&#8217;s economy, and it will make it easier for him to implement his plans.”</p>



<p>Nigeria still faces significant economic and social challenges, such as high fiscal spending, low revenue mobilization, high inflation, weak governance, and security issues. However, the ratings agency projected that the elimination of the petrol subsidy and the securitization of the ways and means advances will generate fiscal savings of around 2.5% of Gross Domestic Product (GDP) in 2023.</p>



<p>S&amp;P also warned of potential geopolitical risks stemming from the recent coup in neighboring Niger, where a military junta overthrew President Mohamed Bazoum on July 26. Niger is a key partner of Nigeria in the fight against militants in the Sahel region, where groups such as Boko Haram have been active for years.</p>



<p>The coup has raised concerns about the stability and security of the region, as well as the prospects for democratic transition and regional cooperation.</p>


Black Businessman using laptop for analyzing data stock market, forex trading graph, stock exchange trading online, financial investment concept. close up

S&P Global Ratings Strengthen Nigeria’s Credit Outlook


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



<p>Disney’s streaming unit beat expectations even as it shed 12 million Disney+ subscribers, according its latest quarterly earnings report released Wednesday afternoon, as the entertainment giant contends with turbulence while struggling to return profits to prior glory.</p>



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



<p>Disney’s $22.33 billion of revenue and $1.03 earnings per share largely tracked consensus analyst estimates of $22.5 billion and $0.96, respectively, as tracked by FactSet.</p>



<p>The conglomerate’s park and linear television units continued to beef up the bottom line, as the units’ $1.1 billion and $1.9 billion in quarterly operating profit were in line with expectations, respectively, while Disney bled $512 million in its flashier direct-to-consumer media business including Disney+, ESPN+ and Hulu, far below projections of a $758 million loss.</p>



<p>The company reported a staggering 12 million decrease in Disney+ subscribers, though its subscriber loss in the U.S. and Canada was a milder 1%.</p>



<p>Disney incurred $2.7 billion in restructuring costs during the quarter in which the company concluded its round of roughly&nbsp;<a href="https://www.cnn.com/2023/05/22/media/disney-layoffs/index.html" target="_blank" rel="noreferrer noopener">7,000</a>&nbsp;layoffs globally.</p>



<p>Shares of Disney registered a roughly 1% in after hours trading as investors digested the mixed-bag report.</p>



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



<p>Disney’s earnings release comes amid a turbulent stretch for the company’s stock, which is down 20% over the last five years, far underperforming the S&amp;P 500’s roughly 60% return over the timeframe. The slump comes after a brief surge in Disney’s share price as investors&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/11/21/disney-shares-jump-9-on-return-of-bob-igers-magic/?sh=14889bd28b2f">heralded</a>&nbsp;the November return of the company’s long-time CEO Bob Iger. But Disney’s stock is down 4% since Iger’s reclamation of the throne, well below the S&amp;P’s 13% gain during the period, as investors&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/05/11/disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback/?sh=38001ff940da">grew impatient</a>&nbsp;with a lack of results in Iger’s cost-cutting vision to grow profits as streaming losses mounted.</p>



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



<p>Much of Disney’s bottom-line issues come as the legacy media sector grapples with a decline in the popularity of linear television: Its $1.1 billion in operating profit for its media and entertainment unit during the first three months of 2023 was down from $1.9 billion the year prior and nearly $3 billion five years ago. Overall, Disney’s operating profit during the most recent quarter was roughly a fifth less robust than it was during the same period five years ago ($4.2 billion).</p>



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



<p>How Disney’s&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/08/08/penn-entertainment-sells-barstool-sports-back-to-founder-dave-portnoy-in-deal-rebranding-sportsbook-as-espn-bet/?sh=52dfb7d968d2">$1.5 billion</a>&nbsp;agreement with sports gambling operator PENN Entertainment announced Tuesday – and subsequent launch of an ESPN-branded sportsbook – will drive sales at Disney’s sports segment. Iger&nbsp;<a href="https://www.cnbc.com/2023/07/13/disney-open-to-finding-espn-strategic-partner.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;last month the company is open to offloading an equity stake in ESPN.</p>



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



<p>Even amid entertainment companies’ challenges as consumer preferences shift, Disney “should survive and thrive in this environment due to its diversification, multiplatform media offerings, large vault of content, and pricing premium,” Daiwa analyst Jonathan Kees proclaimed in a Tuesday note previewing earnings.</p>



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



<p><a href="https://www.forbes.com/sites/brianbushard/2023/08/08/penn-entertainment-sells-barstool-sports-back-to-founder-dave-portnoy-in-deal-rebranding-sportsbook-as-espn-bet/" target="_blank" rel="noreferrer noopener">MORE FROM FORBES<strong>Penn Entertainment Sells Barstool Sports Back To Founder Dave Portnoy In Deal Rebranding Sportsbook As ESPN BET</strong><small>By&nbsp;<strong>Brian Bushard</strong></small></a></p>



<p><a href="https://www.forbes.com/sites/dereksaul/2023/05/11/disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback/" target="_blank" rel="noreferrer noopener">MORE FROM FORBES<strong>Disney Stock Set For Worst Day Since CEO Bob Iger&#8217;s Comeback</strong><small>By&nbsp;<strong>Derek Saul</strong></small></a></p>



<p><a href="https://www.hollywoodreporter.com/business/business-news/disney-apple-deal-1235559416/" target="_blank" rel="noreferrer noopener">THE HOLLYWOOD REPORTER<strong>A Disney Sale to Apple? Don&#8217;t Count It Out This Time</strong></a></p>


Disney plus : Illustration

Disney Plus Subscribers Dwindle — But Streaming Unit Beats Estimates


<p>The president of the World Bank, Ajay Banga, visited Nigeria to reaffirm support for the bank’s aspirations &#8220;for Nigerians to live with dignity in a prosperous and climate-resilient Africa&#8221;.</p>



<p>In a <em>CNBC Africa</em> exclusive interview on Monday, Banga disclosed: &#8220;Talks with President [Bola] Tinubu have given me some direction. Africa is important to the world. Ethiopia and Nigeria can become African giants. Nigeria and Ethiopia have ambitious governments with similar challenges.&#8221;&nbsp;</p>



<p>He added: &#8220;Job creation requires policies that leverage comparative areas. Hard country negotiations over debt is ongoing. Concessional finance and grants [are] needed to complement private sector resources. There are partners we can work better with.&#8221;</p>



<p>According to a statement by presidential spokesman Ajuri Ngelale, Tinubu highlighted Nigeria&#8217;s resilience and intellectual prowess when he received a visit on Friday from a World Bank delegation led by Banga, at the Presidential Villa, Abuja, Nigeria&#8217;s Federal Capital Territory.</p>



<p>‘‘We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all,’’ Tinubu was quoted to have said.</p>



<p>Banga, according to the statement, responded saying: &#8221;Yes, we give money and our dollars are very important, but where we are really helpful is our expertise and knowledge and our experience from many markets. In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts, and you should be rest assured about that.&#8221;</p>



<p>During a private sector roundtable also convened on Friday by Banga and Damilola Ogunbiyi, CEO of Sustainable Energy For All (SEforALL), discussions were held on the crucial role electricity plays in the country&#8217;s economic development.</p>



<p>The World Bank notes that 85 million Nigerians lack access to electricity, and if left unaddressed, this figure is expected to rise to 94 million by 2030.</p>



<p>Ahmad Salihijo, Managing Director and CEO of the Rural Electrification Agency, disclosed joining Banga, Ogunbiyi, and other stakeholders on a visit to Petti Village in Abuja, on Saturday. They have &#8220;through the World Bank-funded Nigeria Electrification Project, deployed a 60 [kilowatt peak] KwP solar mini-grid, closing the energy gap in this vibrant, agrarian community&#8221;. The World Bank tweeted it aims &#8220;to assist in funding the construction of 1,000 mini solar power grids in partnership with the Nigerian government and the private sector&#8221;.</p>


The World Bank president (second from left) visited Nigeria to reaffirm support for its aspirations ‘for Nigerians to live with dignity in a prosperous and climate-resilient Africa’; Image supplied

World Bank President Visits Nigeria To Support Energy Access And Economic Development


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



<p>Moderna and BioNTech shares both cratered to their lowest price in years Monday as the companies behind the most widely-circulated mRNA Covid-19 vaccines grapple with investor disappointment with crashing revenues.</p>



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



<p>BioNTech and Moderna’s stocks fell 8% and 6%, respectively, a decline spurred by BioNTech’s earnings report revealing the German firm’s sales fell 95% year-over-year last quarter.</p>



<p>Moderna’s fresh decline came after it reported a 93% annual decline in quarterly revenues in its own earnings release Thursday.</p>



<p>Moderna’s $101.20 close Monday was its lowest since November 2020, while BioNTech’s $98.50 close was its lowest since March 2021.</p>



<p>BioNTech, which developed a Covid vaccine with Pfizer, said Monday it expects to generate $5.5 billion in Covid vaccine sales this year, a 70% decline from 2022, while Moderna’s $6 billion to $8 billion in forecasted Covid jab sales is similarly about two-thirds below its $18 billion of revenue in the unit last year.</p>



<p>The stock crashes moved against broader market gains, with the Dow Jones Industrial Average’s 408-point, or 1.2%, rally its strongest since June 2.</p>



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



<p>Shares of Moderna are down 78% from their September 2021 high of $456, making the Massachusetts-based pharmaceutical company the worst-performing stock listed on the S&amp;P 500 during the period, according to FactSet data. BioNTech, which isn’t listed on the S&amp;P, is also down 78% from its 2021 peak share price. Moderna and Pfizer are among the worst-performing stocks listed on the S&amp;P this year as the rival firms both grappled with&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/01/31/pfizer-expects-covid-vaccine-and-pill-revenues-will-fall-60-in-2023/?sh=182d46027bee">declining demand</a>&nbsp;for Covid prevention and treatment.</p>



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



<p>About $340 billion. That’s how much market capitalization BioNTech (down $85 billion) and Moderna (down $157 billion) have lost over the last two years.</p>



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



<p>Until BioNTech gets “the COVID guidance monkey off its back, this will remain purgatory for most investors,” Jefferies analysts led by Akash Tewari wrote in a Monday note to clients.</p>



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



<p><a href="https://www.forbes.com/sites/dereksaul/2023/07/03/worst-stocks-of-2023s-first-half-battered-banks-and-vaccine-makers/" target="_blank" rel="noreferrer noopener">MORE FROM FORBES<strong>Worst Stocks Of 2023&#8217;s First Half: Battered Banks And Vaccine Makers</strong><small>By <strong>Derek Saul</strong></small></a></p>


In this photo illustration the medical syringe is seen with

Covid Vaccine Makers’ Stocks Crash To Multiyear Lows Monday As Sales Keep Sliding


<p><strong>The recent coup in Niger has escalated tensions in West Africa as the junta defies ECOWAS&#8217;s deadline for reinstating President Mohamed Bazoum.</strong></p>



<p>Niger has closed its airspace following the expiration of a deadline imposed by the Economic Community of West African States (ECOWAS) for the reinstatement of elected President Mohamed Bazoum. This comes after Bazoum was ousted in a coup by a military junta, marking a significant crisis in West Africa&#8217;s diplomatic landscape.</p>



<p>ECOWAS, a regional political and economic union of fifteen West African countries, has been pushing for democratic stability in the region, and military action to reinstate the president is now a possibility. The situation has attracted international attention, with the coup igniting tensions in an already fragile part of the continent.</p>



<p>The coup, which was declared last month by the head of the Presidential Guard, General Abdourahamane Tchiani, blamed a lack of economic growth and continuing insecurity for the ousting of Bazoum. However, the country has long seen divisions between the democratic political sphere and the military, with the last coup attempt being mere days before Bazoum’s inauguration in 2021.</p>



<p>Niger under Bazoum has served as a critical strongpoint for the European Union in an attempt to block illegal migration from Africa, and an important ally from which France has based its military operations on the continent after relations with Malian authorities soured last year. The United States also considers Niger an ally, and has supported the country with foreign aid, some of which has been paused in light of the coup.</p>



<p>African heads of state as well as European and American bodies have condemned the coup, and ECOWAS’ stated deadline for Bazoum’s reinstatement reflected the body’s hard stance against his deposition.</p>



<p>However, the closure of Nigerien airspace yesterday indicates that the junta will not comply with demands, increasing tensions, as it remains to be seen whether this non-compliance will result in a military invention by ECOWAS in the already unstable region.</p>


Demonstration of coup supporters in Niger

Niger Airspace Closure Signals Deepening Crisis As ECOWAS Deadline Passes


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



<p>Billionaire Elon Musk—the owner of X, previously known as Twitter—made a broad offer in a tweet late Saturday night, saying the platform will fund legal fees for people who “were unfairly treated” by their employers because of something they posted or liked on X.</p>



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



<p>Musk added in the tweet that there was “no limit” to the amount of fees X would cover and said in a following&nbsp;<a href="https://twitter.com/elonmusk/status/1688051512843395072" target="_blank" rel="noreferrer noopener">tweet</a>&nbsp;that X “won’t just sue, it will be extremely loud and we will go after the boards of directors of the companies too.”</p>



<p>Musk has responded to a number of replies to his initial offering, including&nbsp;<a href="https://twitter.com/libsoftiktok/status/1688035428194988032" target="_blank" rel="noreferrer noopener">one</a>&nbsp;from right-wing account “Libs of TikTok” that claimed someone was fired for following its account and another that said former President Donald Trump was “unfairly treated” by the government for his Twitter usage, to which Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1688089619970088960" target="_blank" rel="noreferrer noopener">said</a>&nbsp;“such aggressive legal action against a former president is not right.”</p>



<p>There were no details provided on how Musk defined “unfairly treated” or how people should contact the former executive, and&nbsp;<a href="https://twitter.com/bernybelvedere/status/1688025090925948928" target="_blank" rel="noreferrer noopener">some</a>&nbsp;have pointed out the offer could apply to Twitter employees who were fired shortly after Musk’s takeover.</p>



<p>It’s unclear what prompted Musk to make the offer, but it came shortly after a&nbsp;<a href="https://www.cnn.com/2023/08/05/sport/nascar-noah-gragson-suspended-spt/index.html" target="_blank" rel="noreferrer noopener">NASCAR driver was suspended</a>&nbsp;for allegedly liking a meme on Instagram mocking George Floyd.</p>



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



<p>Musk, who first arrived at Twitter after buying the platform in October 2022, immediately made headlines for firing thousands in cost saving measures and for&nbsp;<a href="https://www.nytimes.com/2022/11/15/technology/elon-musk-twitter-fired-criticism.html" target="_blank" rel="noreferrer noopener">firing</a>&nbsp;people who were openly critical of him. One employee was&nbsp;<a href="https://apnews.com/article/twitter-musk-iceland-fired-wheelchair-haraldur-employee-0329405846dac8f1f08ac55594881bb6" target="_blank" rel="noreferrer noopener">publicly mocked</a>&nbsp;by Musk after he tweeted about being cut off from access to his work computer, leading Musk to eventually&nbsp;<a href="https://twitter.com/elonmusk/status/1633253950198624257" target="_blank" rel="noreferrer noopener">apologize</a>&nbsp;to the employee and tweet that he’s “considering remaining at Twitter.” Since Musk’s takeover—and&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/07/23/elon-musk-directs-xcom-to-twitter-plans-to-ditch-twitter-bird/">rebranding</a>—of X, the platform has undergone a number of changes and struggles. Musk has maintained a focus on freedom of speech and&nbsp;<a href="https://twitter.com/elonmusk/status/1602278477234728960?lang=en" target="_blank" rel="noreferrer noopener">fighting</a>&nbsp;what he calls the “woke mind virus,” leading him to loosen X’s moderation policies and reinstate formerly banned accounts. Advertisers weren’t happy about the policy change, though, and Musk saw many back out of deals with the platform in response. One U.K.-based nonprofit&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/07/31/twitter-threatens-legal-action-against-nonprofit-for-claiming-hate-speech-rose-after-musks-takeover/?sh=320994364061">penned a report</a>&nbsp;last year finding X rarely removed hateful content posted by subscribers to the site’s paid Twitter Blue service, leading the social media company to&nbsp;<a href="https://www.forbes.com/sites/petersuciu/2023/08/03/elon-musk-is-suing-a-nonprofit-that-researches-hate-speech-for-driving-away-advertisers/?sh=613993835ea7">sue the group</a>&nbsp;last week.</p>



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



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



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



<p>In another late-night&nbsp;<a href="https://twitter.com/elonmusk/status/1688091377823895552" target="_blank" rel="noreferrer noopener">tweet</a>&nbsp;from the weekend, Musk announced his much-anticipated UFC-style&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/12/zuckerberg-vs-musk-everything-we-know-about-the-possible-cage-fight/?sh=3e7845ef2cc8">fight</a>&nbsp;with Meta CEO Mark Zuckerberg will be&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2023/08/06/elon-musk-says-fight-with-zuckerberg-will-be-live-streamed-on-x-for-charity/?sh=2dcbe26f711c">livestreamed</a>&nbsp;on X and “all proceeds will go to charity for veterans.” Musk and Zuckerberg have been teasing a fight since&nbsp;<a href="https://twitter.com/elonmusk/status/1671364992665264131'" target="_blank" rel="noreferrer noopener">June</a>, shortly before Meta released its Twitter-competitor, Threads.</p>



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



<p><em>Forbes</em>&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=11dfda637999">estimates</a>&nbsp;Musk to be worth $232.5 billion, making him the richest person in the world as of August 6.</p>



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



<p><a href="https://www.nytimes.com/2022/11/15/technology/elon-musk-twitter-fired-criticism.html" target="_blank" rel="noreferrer noopener">NYTIMES<strong>Elon Musk Fires Twitter Employees Who Criticized Him</strong></a><a href="https://www.forbes.com/sites/maryroeloffs/2023/08/06/elon-musk-says-fight-with-zuckerberg-will-be-live-streamed-on-x-for-charity/" target="_blank" rel="noreferrer noopener">MORE FROM FORBES<strong>Elon Musk Says Fight With Zuckerberg Will Be Live-Streamed On X For Charity</strong><small>By <strong>Mary Whitfill Roeloffs</strong></small></a></p>


Billionaire Elon Musk Receives Axel Springer Award

Elon Musk Promises To Cover Legal Fees For People Fired Over Tweets


<p><strong>Among the key topics to be addressed at the BRICS Summit in August are the expansion of the bloc, a common currency within it, and ensuring food and energy security.</strong></p>



<p>After three years of virtual summits, South Africa is hosting in person the 15th BRICS Summit at the Sandton Convention Centre in Johannesburg from August 22 to 24.</p>



<p>An acronym for the world economies of Brazil, Russia, India, China, and since 2010, South Africa, BRICS, according to Trevor Bester, CEO of BRICS Global Television Network (expected to launch on August 20), “is a continuation of a vision established in 2010 as a platform to trade with a common currency, decreasing reliance on the dollar as the global reserve currency. The fastest-growing economies joined together to become the dominant global economies by 2050”.</p>



<p>The summit comes at a vital time in the alliance’s history as more than 20 countries have expressed interest in joining. None is more certain than Saudi Arabia, largely because of its interest in funding the BRICS Bank.</p>



<p>This will have massive positive implications for the emerging economies in the bloc and their development.</p>



<p>Iran is also likely to be accepted. It has embraced the global south and expressed its desire to eliminate Western dominance, one of the goals of BRICS, and will not hesitate to embrace and assist in de-dollarization efforts.</p>



<p>The United Arab Emirates, Indonesia, Bangladesh, Argentina and Egypt all stand a chance of also being accepted and bring with them varying benefits.</p>



<p>Among the key topics to be addressed at the summit are the expansion of BRICS, a common currency within the bloc and ensuring food and energy security.</p>



<p>“BRICS already accounts for 31.5% of global GDP and by 2030 will account for 50%. China is the fastest-growing economy at the moment but India is likely to take over,” says Bester.</p>



<p>“BRICS countries’ combined population is at 3.24 billion, which represents almost half the world’s population and have a combined GDP of $26.03 trillion. This, combined with the gradual decrease of unemployment in the BRICS countries from 4.8% in 2022 to 4.7% in 2023, illustrates the progressive nature of the concerned economies.”</p>



<p>The New Development Bank, formerly referred to as the BRICS Development Bank, established in 2014, offers member countries a platform to trade with each other in either local currency or a new currency backed by gold.</p>



<p>“The benefits of this bank, amongst others, is to finance infrastructure and sustainable development projects in emerging markets and countries,” says Redge Nkosi, Executive Director and Head of Research at Firstsource Money and Monetary Reform, to FORBES AFRICA.</p>



<p>“BRICS members will be able to achieve a level of self-sufficiency in international trade.”</p>



<p>The move could make it easier for economies to take on the US dollar and challenge its global reserve status.</p>



<p>In the last 18 months, BRICS nations have increased their gold buying expenditure and are stockpiling the precious metal.</p>



<p>The dollar is now a risky asset as it comes with the dangers of debt. If the debt ceiling crisis worsens, it could cause a domino effect of financial problems in developing countries. Therefore, a handful of countries in Asia,</p>



<p>Africa, Latin America, and Europe are looking to stay away from the dollar for global settlements.</p>



<p>For Africa, this is an opportunity. In recent years, BRICS has expanded its involvement on the continent. BRICS members are now Africa’s largest trading partners and significant investors, especially in the manufacturing and service sectors.</p>



<p>Pursued properly, BRICS participation can position South Africa and other African countries as being among the world’s fastest-growing economies.</p>



<p>Pravin Maharaj, Chairman of Trade BRICS, believes that by South Africa hosting the summit, “the time for Africa has arrived, it has moved from vision to reality”.</p>



<p>“The summit will focus on bringing about less poverty, less inequality and more development. Youth will have more to look forward to as education is also a key focus area at the summit,” he says to FORBES AFRICA.</p>


Category: Current Affairs

FORBES AFRICA SOCIAL MEDIA

More from Current Affairs