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



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.



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



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.



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



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



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.



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.



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



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.



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



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.



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



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.



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



<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 FORBESWorst Stocks Of 2023&#8217;s First Half: Battered Banks And Vaccine MakersBy Derek Saul</a>

In this photo illustration the medical syringe is seen with

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

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



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.



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.



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.



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.



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.



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.

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>



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.



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



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.”



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.”



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.



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.



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



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.



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



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.



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



Forbes&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.



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



<a href="https://www.nytimes.com/2022/11/15/technology/elon-musk-twitter-fired-criticism.html" target="_blank" rel="noreferrer noopener">NYTIMESElon Musk Fires Twitter Employees Who Criticized Him</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 FORBESElon Musk Says Fight With Zuckerberg Will Be Live-Streamed On X For CharityBy Mary Whitfill Roeloffs</a>

Billionaire Elon Musk Receives Axel Springer Award

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

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.



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.



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”.



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.



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



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.



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



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.



“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.



“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.”



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.



“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.



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



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



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



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,



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



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.



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



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”.



“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.

BRICS summit

‘Less Inequality And More Development’: What To Expect At The BRICS Summit

Dr Preeti Aghalayam, the first woman to lead an IIT, hopes to operate at a scale that is impactful and leverages scientific strengths.



The Indian Institute of Technology Madras (IITM), India’s top-ranked engineering and technology university, is set to open its first international campus in Zanzibar, Tanzania, in October, bringing to the African continent its prestigious, world-renowned legacy and expertise headed by Dr Preeti Aghalayam, also the first woman to lead an IIT.



“We&#8217;ve been looking at what makes sense for us [as an institution] because we are nationally ranked number one [in India], and what are the places where our kind of education and research will find value,” says Aghalayam, the Dean of School of Science &amp; Engineering and Director-in-charge of IITM’s Zanzibar campus, to FORBES AFRICA. “Also, which nation, or which region would find useful what we bring to the table, which is quite different than other institutions, say in the West, or even in India.”



The Zanzibar campus is expected to onboard 50 undergraduate and 20 post-graduate students in October for bachelor’s and master’s degrees in data science and AI. The academic offerings are expected to be expanded in 2024.



After over two years in the Office of Global Engagement at IITM and an over 10-year career teaching at IIT Bombay (in Mumbai, Maharashtra) and IITM (in Chennai, Tamil Nadu), where she was a professor of chemical engineering, Aghalayam was hand-picked to lead the campus, as part of a partnership with the Government of Tanzania. Aghalayam is also a former IITM student and pursued her post-doctoral research at the Massachusetts Institute of Technology in the United States.



“This whole relationship is at the level of the education ministries of [India and Tanzania] and IIT Madras is a designate of the Government of India,” she adds of the new partnership.



“I believe that Tanzania is also very keen on this, especially in the Zanzibar region, because they are looking to expand their education offerings. Apart from being a tourist destination, they are looking if it can also become an educational destination.”



With a challenging and aggressive timeline to open the campus and build the same institutional reputation, infrastructure, and ecosystem in a new part of the world, Aghalayam is tasked with a difficult feat, but one she is embracing as a seasoned academic and researcher. With scientific rigor and research at the core of her ambitions, she hopes to propel the campus to be both inclusive with more diversity than India sees, but also competitive in nature.



“[We] will offer the type of academic programs that are needed by the young people, not only in Tanzania, but also the larger East African region, at the level of quality that is the IIT hallmark,” says Aghalayam.



“It&#8217;s important for us to operate at a scale that is impactful, makes a difference, leverages our scientific strengths etc., because it helps solve global challenges.”

Preeti Aghalayam, the first woman to lead an IIT_ image supplied

Tourism And Tech In Zanzibar: India’s Top-Ranked IIT To Debut Academic Programs In Africa

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



Bot accounts and tweets from Twitter owner Elon Musk amplified the prices of FTX-listed cryptocurrencies, according to a Network Contagion Research Institute&nbsp;<a href="https://networkcontagion.us/wp-content/uploads/NCRI_FTXReport.pdf" target="_blank" rel="noreferrer noopener">study published Wednesday</a>, which took a close look at the sort of spam accounts that&nbsp;<a href="https://www.wsj.com/articles/elon-musks-twitter-vs-bad-bots-the-battle-goes-on-d25ce0ab" target="_blank" rel="noreferrer noopener">Musk recently claimed</a>&nbsp;have been mostly tamed.



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



Researchers examined more than 3 million tweets about 18 cryptocurrencies from January 1, 2019 to January 27, 2023, a time range that includes Twitter activity before, during and slightly after Musk’s $44 billion acquisition of the platform.



Using Botometer, a service that checks the activity of Twitter accounts and gives them a score based on how likely they are to be bots, researchers found that out of a total of 182,105 unique accounts that tweeted about FTX-listed coins, 172,451 accounts were given “bot” scores.



Researchers said the bots aided in pumping the price of crypto coins traded by insiders of defunct Alameda Research, a hedge fund and sister firm of Sam Bankman-Fried’s FTX platform—a cryptocurrency exchange that went bankrupt in November.



Following promotional tweets by FTX’s official Twitter account, researchers found “activity for the coins grew increasingly inauthentic over time,” with bot-like comments growing and accounting for about half of the total chatter about the 18 coins.



The study also concluded that tweets by Musk mentioning altcoins, such as PEPE and PSYOP, created considerable price spikes for the cryptocurrencies.



Researchers cited a May 13&nbsp;<a href="https://twitter.com/elonmusk/status/1657318313532313600?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1657318313532313600%7Ctwgr%5E5eb9c00b8a13cb78a726136639f2a12d3adb3131%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fco" target="_blank" rel="noreferrer noopener">tweet from Musk</a>&nbsp;that featured a Pepe the Frog meme that contributed to a more than 50% increase in the price of PEPE within 24 hours, with price action being fueled by “a combination of both authentic and inauthentic bot-driven activity.”



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



The study did not directly link FTX or Alameda as being responsible for the bot accounts, but did note that FTX’s promotional tweets may have boosted bot engagement on coin chatter.



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



<a href="https://www.wsj.com/articles/elon-musks-twitter-vs-bad-bots-the-battle-goes-on-d25ce0ab" target="_blank" rel="noreferrer noopener">90%</a>. That is the percentage of scams on Twitter that Musk said in June had been eliminated from the platform, which has since been rebranded to X. However, the billionaire business owner has yet to provide data backing the claim.



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



“Since Musk’s team took over Twitter last year, API changes were made to deter bot creation, possibly reducing crypto promotion and scams,” Alex Goldenberg, lead intelligence analyst for NCRI, said in an&nbsp;<a href="https://www.cnbc.com/2023/08/02/elon-musk-tweets-twitter-bots-boosted-ftx-listed-crypto-researchers.html?__source=sharebar%7Ctwitter&amp;par=sharebar" target="_blank" rel="noreferrer noopener">interview with CNBC</a>, which first reported the study. “However, these changes come with trade-offs as they also hinder independent audits by third-party researchers.”



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



We estimate Musk’s net worth at&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=58ff69fc7999">$232.7 billion</a>&nbsp;as of Wednesday, making him the world’s wealthiest person.



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



Prior to his acquisition of Twitter,&nbsp;<a href="https://twitter.com/elonmusk/status/1517215066550116354" target="_blank" rel="noreferrer noopener">Musk claimed</a>&nbsp;he would “defeat the spam bots or die trying!” Since then, bots on the social media platform&nbsp;<a href="https://www.businessinsider.com/twitter-linda-yaccarino-elon-musk-exterminate-bots-2023-6" target="_blank" rel="noreferrer noopener">have persisted</a>, though it is unclear how many bots are on the site as of today. Before Musk’s acquisition of Twitter,&nbsp;<a href="https://insights.som.yale.edu/insights/is-elon-musk-right-about-the-bot-problem-on-twitter" target="_blank" rel="noreferrer noopener">Yale researchers</a>&nbsp;found the prevalence of active bots on the site varied from 1% to 14%. “In a study of the first impeachment of Donald Trump, we found that bots were 1% of the active users, but posted 31% of the tweets,” a Yale associate professor wrote in&nbsp;<a href="https://insights.som.yale.edu/insights/is-elon-musk-right-about-the-bot-problem-on-twitter" target="_blank" rel="noreferrer noopener">an article</a>&nbsp;about Twitter bots. Musk&nbsp;<a href="https://www.wsj.com/articles/elon-musks-twitter-vs-bad-bots-the-battle-goes-on-d25ce0ab" target="_blank" rel="noreferrer noopener">claimed in June</a>&nbsp;at least 90% of the fake accounts littered throughout Twitter were eliminated. However, researchers found bots were still easy to find on the app, with an assistant professor of computer science at Princeton University telling the&nbsp;<a href="https://www.wsj.com/articles/elon-musks-twitter-vs-bad-bots-the-battle-goes-on-d25ce0ab" target="_blank" rel="noreferrer noopener">Wall Street Journal</a>&nbsp;that “bad bots remain pervasive on Twitter.”



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



<a href="https://www.forbes.com/sites/sarahemerson/2023/03/29/sam-bankman-fried-legal-fees-funded-by-alameda-money-gifted-to-father-joe-bankman/?sh=69a1063f5757">Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Father</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/darreonnadavis/2023/06/02/what-happened-to-ftx-the-crypto-exchange-funds-collapse-explained/?sh=235bce7b3cb7">What Happened To FTX? The Crypto Exchange Fund’s Collapse Explained</a> (Forbes)

Elon Musk Makes Twitter Account Private

Elon Musk Tweets And Bots Boosted Price Of Altcoins Listed On FTX, Study Suggests

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



The U.S. women’s national team game against the Netherlands was last week’s most-watched show on television as it broke records for the highest-ever English language viewership of a group stage match in women’s FIFA World Cup history.



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



The match, which saw the two teams draw 1-1, was watched by 6.4 million people last Wednesday, Nielsen data shows, and is the second U.S. game from this year’s World Cup to score record viewership.



The Netherlands match was the most-watched ever in a group stage and the July 21 game, a 3-1 win over Vietnam, was watched by 5.3 million people, making it the third most-viewed group stage game in Women&#8217;s World Cup history behind the 2019 U.S. game against Chile in second place.



The game against the Netherlands was the most-watched broadcast show last week by almost 1 million viewers—CBS&#8217;s&nbsp;60 Minutes&nbsp;saw 5.6 million viewers in second place, followed by Tuesday&#8217;s episode of&nbsp;America&#8217;s Got Talent&nbsp;with 5.8 million watchers and&nbsp;Celebrity Family Feud, which drew 3.6 million.



Viewership numbers for the final group-stage match for the U.S., a game played against Portugal Monday, have not been released but likely won’t hold up to the others because of timing—the Portugal game aired at 3 a.m. ET as opposed to 11 p.m. and 9 p.m. for the Vietnamese and Netherlands matchups, respectively.



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



The next game. The 0-0 tie against Portugal allowed the U.S. team to finish second in Group E and narrowly advance. The team will play its first World Cup knockout stage game at 5 a.m. Sunday against Sweden. The World Cup is now down to its last 16 teams.



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



The U.S. team has won the FIFA Women&#8217;s World Cup four times—more than any other country. The Americans are the current champions after winning the 2019 tournament in France and they also won the title in 2015 in a game that became the second most-watched soccer game in American history with 26.9 million viewers,&nbsp;<a href="https://www.inquirer.com/philly/blogs/thegoalkeeper/most-watched-soccer-games-united-states-world-cup-copa-america.html" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;the&nbsp;Philadelphia Inquirer.&nbsp;No country has ever won three consecutive men&#8217;s or women&#8217;s World Cups and the feat is rare at the professional level in any sport. The&nbsp;<a href="https://www.usatoday.com/story/sports/2022/06/15/major-sports-teams-three-peat-last-50-years/7635754001/" target="_blank" rel="noreferrer noopener">last American team</a>&nbsp;to do it was the Los Angeles Lakers, which won the NBA Championships in 2000, 2001 and 2002. Other teams include the Chicago Bulls from 1996 to 1998, New York Yankees from 1998 to 2000 and the WNBA&#8217;s Houston Comets, which won four championships from 1997 to 2000.



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



Fox News continued its domination in the cable sphere last week, Nielsen data shows, with nine of the 10 most-watched cable shows. All five episodes of the round-table talk show&nbsp;The Five&nbsp;were in the top 10, with Wednesday&#8217;s airing the most watched at 3.1 million viewers. MSNBC&#8217;s&nbsp;Rachel Maddow Show&nbsp;was the only non-Fox show to break in—2.5 million people watched the Monday episode, ranking it ninth place. Fox News saw a 26% jump in ratings&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/26/fox-news-ratings-surge-26-amid-post-tucker-carlson-shakeup-and-trump-interview/?sh=4e84af1d180e">two weeks ago</a>&nbsp;when it premiered its reshuffled lineup with Jesse Watters in the 8 p.m. spot once held by Tucker Carlson, and last week’s numbers show viewership has climbed even higher. Fox News averaged 1.84 million primetime viewers for the week of July 24, up from 1.81 million in the previous week.



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



<a href="https://www.forbes.com/sites/brianbushard/2023/07/27/womens-world-cup-hits-record-tv-viewership-for-group-stage/?sh=6a248029358e">Women’s World Cup Hits Record TV Viewership For Group Stage</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/26/fox-news-ratings-surge-26-amid-post-tucker-carlson-shakeup-and-trump-interview/?sh=1033bef0180e">Fox News Ratings Surge 26% Amid Post-Tucker Carlson Shakeup—And Trump Interview</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/brettknight/2023/07/21/womens-world-cup-highest-paid-alex-morgan-megan-rapinoe/?sh=ceabde45acdd">The Highest-Paid Players At The 2023 Women’s World Cup</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/kellyphillipserb/2023/07/21/money-equity-and-taxes-make-news-early-at-the-2023-womens-world-cup/?sh=54fbd7196386">Money, Equity And Taxes Make News Early At The 2023 Women’s World Cup&nbsp;</a>(Forbes)



<a href="https://www.forbes.com/sites/manasipathak-1/2023/07/18/netflix-will-follow-united-states-at-womens-world-cup/?sh=c4b66c12524c">Netflix Will Follow United States At Women’s World Cup</a> (Forbes)

South Africa v Italy: Group G – FIFA Women’s World Cup Australia & New Zealand 2023

The Women’s World Cup Was TV’s Most-Watched Show Amid Record-Breaking Viewership

“It’s not just a knowledge-sharing initiative,” Business Unity South Africa (BUSA) CEO, Cas Coovadia, tells FORBES AFRICA of its collaboration with government. This is following a pledge by CEOs from over 115 of the country’s leading corporations to contribute to addressing challenges around energy, logistics, crime and corruption.



With CEOs from over 115 of South Africa’s leading companies signing a pledge recently, stating their firm belief in the potential of the country and their aim to achieve sustainable, inclusive economic growth, there is new hope from Big Business and a message – that it’s keen to work with government and build the country.



The companies span a range of sectors and include the likes of Anglo American, Sasol, SAB, RCL Foods, Coca-Cola, Unilever, Arcelor Mittal, PPC, Mondi, Hollard, Allan Gray, Deloitte, KPMG, Naspers, EOH, Growthpoint, Fidelity, and more.



The reported market cap of the 115+ entities exceed R11 trillion ($598 billion) and they together employ more than 1.2 million people.



“Through strategic partnerships and focused interventions, we have the power to make a significant and positive impact on our nation, creating hope for all South Africans. We are resolutely committed to being a force for good,” the pledge concludes.



Business Unity South Africa (BUSA) has said, in a statement on this pledge, that through the Business for South Africa (B4SA) structure, it is collaborating with government to implement key interventions in energy, logistics and transport, and crime and corruption.



BUSA CEO Cas Coovadia says following their dialogue with President Cyril Ramaphosa, which resumed earlier this year, they are collectively working on a structure to tackle these issues.



“We don’t want to reinvent the wheel in trying to determine what the problems are. We’re actually giving three pages on each of these – so these are the interventions you need to make and if you make those interventions, this will be the impact on investment, growth and jobs.



“We briefed a broad range of CEOs on this and what we suggested is that if they can sign a pledge along the lines of the one you’ve seen, which basically backs up this work we are doing.”



He adds that this move reinforces the message that business is keen on working with government.



“We will put in the resources and capacity to make all of this happen, provided we have a structured relationship with government, with clear outcomes, with clear timeframes and their people are sitting with us in a real partnership – that’s what the pledge is all about.”



President Ramaphosa had a follow-up meeting with business leaders on Tuesday, continuing their collaborative efforts.



South Africa’s energy challenges have been well-documented. According to an International Monetary Fund (IMF) country focus, published in June, the economy grew by 0.4% between January and March this year, with power cuts, volatile commodity prices and a challenging external environment the main contributions to the weak growth.



The fund adds that it projects that, by year-end, real GDP growth will fall sharply from last year.



“The country has faced rolling blackouts after years of mismanagement of the state-owned utility, Eskom, prompting the authorities to ease the registration process and licensing requirements for energy production to encourage private sector investment,” cites the report.



“Additional far-reaching reforms are needed to achieve job-rich, inclusive, and greener growth. These include improving the country’s energy and logistical constraints, reducing barriers to private sector investment, addressing structural rigidities in the labor market, and tackling crime and corruption.”



Encouragingly, Coovadia says that energy is actually where government and business have made the most progress.



“[The President] put together a National Energy Crisis Committee (NECOM) in his office. He then realized he doesn’t have the expertise to implement the plan and approached us. We discussed this – we were happy with the plan on the basis that there were some good people at NECOM under very difficult circumstances, trying to actively get the plan implemented,” he says.



This is where the Resource Mobilization Fund (RMF) came in. The Presidency reported in March that the fund had raised R100 million ($5.4 million) from businesses and philanthropies.



“We put together a light touch, not for profit, called the Resource Mobilization Fund to do two things – raise the money and procure the expertise. We raised half the money from our global foundation, the rest from South African business. We put together a procurement team made up of procurement people from five corporates. On the basis of the expertise NECOM needed, we went through an open RFP (request for proposal) process.



“As of three weeks ago, expertise have been donated to NECOM and they started working with NECOM to implement the plan as a matter of urgency. We’ve put engineers into four power stations to increase the energy factor in those power stations so we’re working well with them on energy. There’s good progress.”



While South Africa’s challenges in energy do clearly impact the economy, Coovadia says progress in logistics is equally, if not more, crucial.



“Logistics is probably a bigger problem than energy in the sense that the opportunity costs on our ports degrading, our rail system degrading, as a result of goods being transferred by road – our road system degrading – the cost to business, of that, are severe,” he says.



“We believe if we get that right, we will have a significant impact on instilling confidence in the country, on investors coming in and on actually reducing the cost of doing business, and the cost of production and businesses operating efficiently. To us, that’s a big issue.”



Coovadia reiterates that the massive problem with crime and corruption is that it has a direct impact on business, the confidence of investors and in the lives of the country’s people. But the focus on these three areas does not mean they are the only areas of concern.



“Let’s get to a stage where we can show results on these and then we can look at other stuff.”



He also mentions the importance of impacting more than just the country’s major companies.



“One of the pieces of work we’ve done in addition to this is looking at what are the factors that can lead to employment, looking at the informal sector, the SME sector and so on. As part of this, we would want to see one, from a regulatory point of view, what needs to be done, but secondly, how does bigger business relate to SMEs and the informal sector,” says Coovadia.



“Firstly, in the SME sector, to try and get SMEs in the value chains, to support SMEs, to look at why so many SMEs are failing and what we can do about that. From an informal trading point of view – to see what light touch regulation [and] management that can actually get those informal traders into more impactful situations, and how points and supermarkets in townships can work with informal traders. As soon as we’re ready to release that, we will do so.”



Coovadia concludes that the business sector is going into this collaboration with their eyes open and will assess and review their stance in the next four or five months if there’s no traction or progress being made.

Sandton nightly cityscape large panoramic view

New Hope From Big Business In South Africa And A Message – That It’s Keen To Build The Country

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



Pfizer CEO Albert Bourla said during an investor call Tuesday the Food and Drug Administration could authorize the company’s new Covid-19 booster shot by the end of the month—moving closer to a system of regular flu-like vaccinations that keep up with the coronavirus as it evolves and as people’s immunity wanes.



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



In June, Pfizer, along with its German partner BioNTech,&nbsp;<a href="https://www.pfizer.com/news/announcements/pfizer-and-biontech-submit-applications-us-fda-omicron-xbb15-adapted-monovalent" target="_blank" rel="noreferrer noopener">asked the FDA</a>&nbsp;to approve a new version of its Covid-19 vaccine booster designed to protect against XBB.1.5, a coronavirus subvariant that emerged in late 2022.



XBB.1.5 is no longer the dominant strain, having been usurped by XBB.1.6, according to the Centers for Disease Control and Prevention, but experts say the two are similar enough that a new booster should protect against both (XBB.1.5 represented 12.3% of all new cases in late July while XBB.1.6 represented 14.8%, according to&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#variant-summary" target="_blank" rel="noreferrer noopener">CDC data</a>).



Bourla said he and his colleagues expect “a new Covid wave to start in the U.S. this fall” and want the new version of the vaccine to be available prior to that.



However, with only 17% of the U.S. population having received a fall 2022 booster shot that was updated for the Omicron variant, according to&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-booster-percent-pop5" target="_blank" rel="noreferrer noopener">the CDC</a>, it’s unclear how many Americans will choose to adopt the latest booster.



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



The CDC will ultimately recommend who should receive the updated boosters, but that announcement likely won’t come until after the FDA authorizes them. The most recent boosters released in fall 2022 were eventually recommended by the CDC for everyone above the age of six.



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



The first Covid-19 vaccine booster shots, authorized by the FDA in fall 2021, were meant to help replenish waning immunity to the virus. However, after the coronavirus’ Omicron variant launched a new vicious wave of the pandemic last year, drugmakers released a modified “bivalent” booster shot in fall 2022 that was designed to protect against both the original virus strain as well as Omicron, which was more resistant to the original vaccines. This new booster is attempting to do what that bivalent booster did with Omicron, but with an update for the XBB strains. The news comes as 8,035 people were hospitalized for Covid-19 in the week ended July 22, according to the most recent&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#maps_new-admissions-rate-county" target="_blank" rel="noreferrer noopener">CDC data</a>&nbsp;available. That’s a 12.1% increase over the week before, but a far cry from the peak in January 2022, when there were around 150,000 hospitalizations a week.



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



This new booster falls in line with doctors’ long held predictions that the Covid-19 vaccines would likely need to become similar to the influenza vaccine, where a new iteration is released annually to update the formulation to new strains of the virus. Anthony Fauci, former director of the National Institute of Allergy and Infectious Diseases and the leader of the federal government’s response to the pandemic, said at a White House briefing in September 2022: “We likely are moving towards a path with a vaccination cadence similar to that of the annual influenza vaccine, with annual updated Covid-19 shots matched to the currently circulating strains for most of the population.”



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



<a href="https://www.forbes.com/sites/willskipworth/2023/07/31/nih-opens-clinical-trials-for-long-covid-treatment/?sh=27c710007331">NIH Opens Clinical Trials For Long Covid Treatment</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/roberthart/2023/06/01/fda-approves-pfizers-rsv-vaccine-for-older-adults-it-could-be-available-this-fall/?sh=742adb6435ca">FDA Approves Pfizer’s RSV Vaccine For Older Adults—It Could Be Available This Fall</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/roberthart/2023/05/18/rsv-vaccine-fda-advisors-recommend-pfizer-shot-to-protect-infants-from-infection-heres-what-to-know/?sh=55dc2bf33859">RSV Vaccine: FDA Advisors Recommend Pfizer Shot To Protect Infants From Infection—Here’s What To Know</a> (Forbes)

Coronavirus Vaccination In Gaza, Palestine

Pfizer Expects Signoff For New Covid Boosters As Soon As This Month. Here’s What To Know—And Why They’re Needed

Basketball lovers consider Giannis Antetokounmpo&#8217;s visit to Nigeria significant, as it reflects a growing interest in Nigerian basketball and the recognition of the country&#8217;s athletes on a global stage.



Greek-Nigerian basketball star Giannis Antetokounmpo (originally Adetokunbo), a two-time National Basketball Association (NBA) Most Valuable Player, fulfilled a long-awaited dream as he arrived in Lagos last week, for the first time, a few months after the launch of the Poverty Is No Joke initiative, a concept introduced by the Charles Antetokounmpo Family Foundation.



Antetokounmpo has always embraced his Nigerian heritage. The initiative, he has previously highlighted, would be focused on three places: Milwaukee, where he plays, currently; Greece, his birthplace; and Nigeria – the country his parents migrated from.



In 2013, after acquiring Greek citizenship, Antetokounmpo’s official surname changed to Αντετοκούνμπο, the Greek transcription of Adetokunbo. This was later transliterated letter-for-letter and officially spelled as Antetokounmpo on his Greek passport. Due to the complexity of his original surname, many NBA fans found it difficult to pronounce, leading him to be affectionately referred to as the ‘Greek Freak’.



Antetokounmpo shared his excitement on social media on his arrival in Nigeria. He tweeted a picture of himself and his mother, Veronica, in Lagos on Saturday night, saying, “Finally made it to Nigeria with Mama the Mama.”



His first stop was at the Youth Alive Basketball Championship held on Friday at Rowe Park in Yaba, a suburb on the mainland of Lagos.



The event host, Abayomi Ajowele, tweeted: “When I announced to the kids that @Giannis_An34 would be at Rowe Park and begged them to wait after the event for another 20 minutes, they thought I was mad and hallucinating. The rest, they say, is history.”



According to Shololo Shuaib, a sports marketing agent, Antetokounmpo played with the under-12 category and spent time talking to them.



Additionally, a Twitter handle dedicated to basketball activities in Nigeria, @BballNaija, noted that Antetokounmpo was in the country briefly “to shoot a documentary and it’s connected to the book about him – The Improbable Rise of an NBA Champion. He leaves tonight (Saturday).”



Mirin Fader&#8217;s book tells the remarkable story of Antetokounmpo&#8217;s journey from poverty in Athens, Greece, to superstardom in America with the Milwaukee Bucks. It portrays him as one of the most transcendent players in history, ultimately becoming an NBA Champion.



The development comes just a few months after the launch of the Poverty Is No Joke initiative. His ties to Nigeria run deep, with both of his parents hailing from the country.



He proudly revealed their names for the first time in an interview with The Undefeated in 2019. Despite being born in Athens, he emphasized that his home life was steeped in Nigerian culture, with values centered on discipline, respect for elders, and strong moral principles.



His journey to Africa is not entirely new; he had previously represented Team Africa in the first Africa Game in Johannesburg in 2015, scoring a game-high of 22 points. According to his interview with The Undefeated in 2019, he also obtained his Nigerian passport that same year, cementing his connection to his roots.



Basketball lovers consider Antetokounmpo&#8217;s visit to Nigeria significant, as it reflects a growing interest in Nigerian basketball and the recognition of the country&#8217;s talented athletes on a global stage.



Dayo Mustapha, a basketball enthusiast, praises Antetokounmpo&#8217;s gesture, seeing it as a positive development for Nigerian basketball.



Mustapha tells FORBES AFRICA: “With a surge in interest and investment in the sport, Nigeria is becoming a priority destination for talented athletes to showcase their skills.



“Antetokounmpo&#8217;s presence in Nigeria marks a momentous occasion for Nigerian basketball, highlighting the potential for growth and inspiring young players to pursue their dreams on and off the court.”



Oluwaseyi Giwa, a devoted fan of Antetokounmpo, shares with FORBES AFRICA: “Giannis, as a person, has shown a deep love for Nigerians and a strong desire to give back to the children in Nigeria through basketball, which I find truly inspiring.



“I have watched documentaries, short films, and full cinematic movies about his life story; through these, you can witness how this young man never forgot his roots, background, real surname, and ancestors. He proudly carries the emblem of his heritage, despite not being born here, all thanks to his parents who instilled in him and his siblings the worth and richness of their culture. I believe many of us resonate with him as he grew up,” says Giwa.

At Rowe Park in Yaba, Nigeria, Photo credit @BballNaija

NBA Superstar ‘The Greek Freak’ Embraces Nigerian Heritage With Debut Trip

Greta Gerwig’s Barbie and Christopher Nolan’s Oppenheimer are bringing audiences back to the cinemas.



&nbsp;‘Barbenheimer’ fever is gripping South Africa too.



The word, coined by social media users days ahead of the simultaneous release dates of Greta Gerwig’s Barbie and Christopher Nolan’s Oppenheimer, has turned the spotlight on the thumping return of the big screen, post-pandemic.



“The results for the opening weekend of Barbie and Oppenheimer were way beyond our forecasts and our expectations,” says Lynne Wylie, Chief Marketing Officer at Ster-Kinekor (network of movie theaters in South Africa), to FORBES AFRICA. “It was Ster-Kinekor’s biggest opening weekend by far in the post-Covid environment, and we are thrilled that more and more people are once again experiencing the joy of watching a film in a cinema.”



In the United States (US), ‘Barbenheimer’ generated more than $235.5 million in ticket sales, according to CNBC, on its opening weekend. Barbie smashed expectations by earning $155 million, becoming the biggest movie launch of the year and the biggest box office debut by a female director. Oppenheimer collected a reported $80.5 million, making it one of Nolan’s most-acclaimed and commercially successful films.



A full-fledged international box office phenomenon, according to Google Trends, interest in the two films also continues to soar in South Africa.



Despite being starkly different, with one being a sweetly subversive comedy starring Margot Robbie as the popular doll and the other with Cillian Murphy portraying the father of the atomic bomb, the two movies have managed to pull audiences in for an unlikely double feature.



“There’s something really fun about coming back [to the cinema], and I know our show is sold out,” Daniela Lamparelli, a member of the theater audience last weekend in Johannesburg watching Barbie first, followed by Oppenheimer, tells FORBES AFRICA. “It’s going be really fun to watch it and hear everyone’s reactions. It’s quite a nice experience to watch it in a cinema with lots of people. When cinemas are quite empty, you feel like watching movies at home.”



Much like the rest of the world, South Africa’s cinemas have struggled to get audiences back to theaters after the pandemic. According to a recent report in News24, cinema attendance at Ster-Kinekor was <a href="https://www.news24.com/news24/tech-and-trends/news/has-barbenheimer-fever-hit-south-africa-20230720">below 50%</a> of 2019 pre-pandemic levels until recently. Restoring a sense of normalcy is a mountainous endeavor, given factors such as the rise of streaming giants such as Netflix, Disney+, and Showmax.



The theatrical window of exclusivity, or the time frame between when a movie is shown in cinemas and when it becomes available on streaming platforms, has also shrunk significantly. Reportedly, toward the end of the 1990s, movies would have six-month runs at theaters before they were found on other platforms. Today, a movie can be released in cinemas and streaming services on the same day.



“The pandemic and lingering economic impact are still hard felt on South Africans’ pockets, and with cheaper streaming offerings, going to the movies has become more of a luxury than ever before,” Gabi Zietsman, a film critic, tells FORBES AFRICA. “They are only willing to shell out money for the big blockbusters or films that demand to be seen on a big screen. Otherwise, they’ll just wait for it to go on streaming and save their money.”



Wylie says one of the major benefits of cinema is that you get to see the big blockbusters first as they were meant to be seen, on the big screen, which is “something no streaming platform can offer”.



“Great movie experiences, like great moments in life, live large in our hearts and minds. Watching a film in a cinema is also an interruption-free experience – you are able to be completely absorbed in what is playing out on the screen for the duration of the film.”



Power outages, or what is known as load-shedding in South Africa, are also why cinema audiences are being affected. South Africa is experiencing daily power cuts reaching up to 10 hours. Audiences aren’t willing to travel to a theater if there’s a chance that their movie-going experience will be interrupted. With mobile data, they can binge-watch multiple shows and movies on streaming platforms to their hearts’ content.



“While load-shedding has impacted our cinemas and affected some of the screening timings, the fact that we have already installed generators at 34 out of our total 44 cinema complexes around the country ensures that people can always come and watch a movie,” counters Ster-Kinekor’s Wylie. “Twenty one of these sites also have uninterrupted power supply systems installed to enable a completely uninterrupted movie experience.”



Data from IMDbPro reveals that the number of Hollywood films being released has also decreased since the pandemic. For countries like India, with a booming and thriving Bollywood industry, less overseas content to show in cinemas isn’t a major concern. But for South Africa, a small number of films are being produced locally, making the nation dependent on the US for pulling audiences back in to theaters.



For now, the ‘Barbenheimer’ effect reigns.



“This phenomenon wasn’t created by studios – it was birthed by audiences and fans organically,” Zietsman says. “That doesn’t mean we won’t ever have such a cultural event at the movies again. Audiences just want something new and different that they can participate in, like dressing up, and if it’s also critically good, then you’ve got a winner. Oppenheimer had the prestige, Barbie had the brand recognition, and everyone involved in both was just passionate about their work, and that passion is infectious.”

People attend showings of the Barbie movie in Somerdale

Return Of The Big Screen: ‘Barbenheimer’ Spells Box-Office Glory In South Africa

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



Several large technology stocks soared Friday to their highest level this year as blockbuster earnings and uplifting economic data kept the blistering stock market’s momentum going.



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



Shares of Alphabet (up 3%), Meta (up 4%) and Intel (up 6%) each set 2023 highs as investors digested the Silicon Valley firms’ earnings reports earlier this week with a smile.



Airbnb, DoorDash, DraftKings, Intuit and Roku also rallied to their highest share price of the year Friday, gaining 3% or more.



In addition to earnings, Friday’s release of the personal consumption expenditures inflation metric helped boost stocks, as it revealed price increases&nbsp;<a href="https://www.cnbc.com/2023/07/28/pce-inflation-june-2023-.html" target="_blank" rel="noreferrer noopener">moderated</a>&nbsp;to their lowest level in about two years last month.



The tech-heavy Nasdaq notched a 2% gain by late afternoon, while the Dow Jones Industrial Average and S&amp;P 500 rose roughly 1% apiece.



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



<a href="https://www.forbes.com/sites/dereksaul/2023/07/27/us-economic-grew-better-than-expected-24-during-second-quarter-again-defying-recession-fears/">Strong</a>&nbsp;economic output growth, a “better-than-expected” earnings season and moderating inflation “could be the catalyst to send the market to new highs,” Bolvin Wealth Management president Gina Bolvin wrote in emailed comments Friday.



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



The stock market’s strong week came even as the Federal Reserve&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/07/26/fed-hikes-interest-rates-by-25-basis-points-to-highest-level-since-2001/?sh=335986b93892">bumped</a>&nbsp;interest rates to a 22-year high Wednesday. Equity prices historically fall in periods of higher rates as it makes corporate borrowing more expensive and thus cuts into profits, but investors have supported the notion that artificial intelligence-driven growth and a renewed commitment to cost-cutting will prop up long-term growth.



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



The Dow’s 13-day winning streak came to an end Thursday, capping the longest positive stretch in 36 years. The Dow is up 7% over the last two months, its best two-month since last October and November.



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



Energy giants Chevron and Exxon did not join in on the fun Friday, as their stocks slid roughly 1% apiece after both companies&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/07/28/exxon-and-chevron-profits-plunge-to-pre-ukraine-war-levels-as-oil-price-decline-continues/?sh=483fb0fd516a">reported</a>&nbsp;a roughly 50% year-over-year decline in profits. Energy is one of three S&amp;P sectors down year to date and is the&nbsp;<a href="https://digital.fidelity.com/prgw/digital/research/sector" target="_blank" rel="noreferrer noopener">worst returner</a>&nbsp;of the index’s 13 sectors over the last five years.



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



Apple, the world’s most valuable company, reports quarterly numbers Thursday. Other notable earnings next week include Pfizer, one of the&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/07/03/worst-stocks-of-2023s-first-half-battered-banks-and-vaccine-makers/">worst-performing stocks</a>&nbsp;of the year as Covid-19 vaccine demand dwindles, and Anheuser-Busch, whose shares are&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/05/31/anheuser-busch-stock-enters-bear-territory-amid-anti-trans-bud-light-backlash/">down about 10%</a>&nbsp;over the last three months as Bud Light sales dwindled amid controversy.



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



<a href="https://www.forbes.com/sites/dereksaul/2023/07/26/alphabet-stock-rides-earnings-to-15-month-high-heres-why-some-analysts-expect-it-to-surge-nearly-30-more/?sh=775951e6a87c">Alphabet Stock Rides Earnings To 15-Month High—Here&#8217;s Why Some Analysts Expect It To Surge Nearly 30% More</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/dereksaul/2023/07/26/meta-earnings-stock-rallies-as-facebook-parent-notches-most-profitable-quarter-since-2021/?sh=62656f6550fd">Meta Earnings: Stock Rallies As Facebook Parent Notches Most Profitable Quarter Since 2021</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/dereksaul/2023/07/25/microsoft-earnings-ai-lifts-redmond-to-highest-quarterly-sales-ever/?sh=2a958ed04cb8">Microsoft Earnings: AI Lifts Redmond To Highest Quarterly Sales Ever</a> (Forbes)

Markets Open After Falling More 800 Points On Tuesday

These Stocks Hit 2023 Highs As Dow Heads For Best 2-Month Stretch Since November

New MoU signed between Central Bank of Nigeria and Central Bank of Egypt to boost fintech innovations.



The Central Bank of Nigeria (CBN) and Central Bank of Egypt (CBE) are enhancing fintech innovation and collaboration between their African powerhouse economies, Nigeria and Egypt.



At the Seamless North Africa 2023 conference this month in Egypt’s capital Cairo, the apex banks signed a Memorandum of Understanding to establish a Nigeria-Egypt fintech bridge.



Aishah Ahmad, Deputy Governor of the CBN, said at the signing that months of engagement on payments, fintech, and financial inclusion paved the way for the collaboration.



“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African continent,&#8221; she said.



The growth of fintech in both Nigeria and Egypt is part of a larger trend of its development in Africa.



According to a 2022 McKinsey report, each of the two countries is expected to show a growth rate of 12% per annum, until 2025, forming part of the 11 key markets.



A research paper, An Overview of Fintech Evolution in Nigeria, highlights that Nigeria&#8217;s fintech landscape has over 200 startups, with key stakeholders such as banks, telecom companies, and the government.



According to the CBE, the number of technology companies that offered fintech services in Egypt grew five-fold to 177 in 2022 from 32 in 2017.



Industry experts view the collaboration as a game-changer for the global remittance space and cross-border trade in Africa, encompassing a wide array of initiatives, including joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals, and talent development.



Tomisin Salam, the CEO of FiatMatch Inc, tells FORBES AFRICA: &#8220;The partnership will unlock new opportunities for businesses, attract fresh investment, and streamline the efficiency of fintech companies in Africa.



&#8220;With China and Saudi Arabia already transacting in their local currencies, this move sets a commendable precedent for other African states to follow suit, and potentially increase the demand for local currencies in the continent,&#8221; says Salam.

Image supplied by Central Bank of Nigeria

Fintech Bridge To Unlock New Opportunities Between Two Powerhouse African Economies

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to raise the benchmark interest rate by 25 basis points. It also called for the exploration of policies that enhance investor confidence in the Nigerian economy and create opportunities for both foreign and domestic investments.



In response to the increased influx of cash to offset the effects of the fuel subsidy removal, the MPC of the Central Bank of Nigeria has voted to raise the benchmark interest rate, bringing it to 18.75% from its previous rate of 18.5%.



The CBN started its monetary policy tightening cycle in May 2022, with the benchmark interest rate rising from 11.5% then to 18.5% in May this year.



During the fourth meeting of the year held in July, the acting CBN governor, Folashodun Shonubi, revealed that “members of the MPC took the decision because of expected liquidity injections into the economy from the recent policy developments and the likely impact on inflation.”



“Members noted the need to continue to support investment, which will ultimately lead to the recovery of output growth,” Shonubi added.



The MPC saw it fit to adjust the asymmetric corridor at +100 and -300 basis points around the MPR from the previous corridor of +100/-700 basis points around the MPR; retain the Cash Reserve Ratio (CRR) at 32.5%; and retain the Liquidity Ratio at 30%.



Advising the federal government, the MPC called for them to look into policies that boost investor confidence in the economy in Nigeria and to create opportunities for foreign and domestic investments alike.



The MPC members recognized the significance of attracting investments, especially in key sectors like auto manufacturing, aviation, and rail industries. The goal is to diversify revenue sources and reduce dependence on oil-related earnings.



Additionally, the committee urged the government to swiftly implement essential policy mechanisms to safeguard the Nigerian economy from persistent global shocks and emerging domestic challenges.

Central Bank of Nigeria headquarters in Abuja.

CBN Raises Benchmark Interest Rate To 18.75% Following Fuel Subsidy Removal

In the wake of a military coup in Niger and condemnation from international bodies, the uncertainty raises concerns about regional stability.



As dawn broke over Niamey, the capital city of Niger, a startling announcement was made yesterday on national television – soldiers had detained President Mohamed Bazoum and declared an end to the current regime. A cascade of reactions from regional and international bodies followed, denouncing the move as an attempted coup. This situation not only exacerbates an already turbulent political landscape in Niger but also portends significant economic implications set to reverberate across the region.



Moussa Faki, Chairperson of the African Union Commission, condemned the military &#8220;acting in total betrayal of their republican duty,&#8221; urging the &#8220;felon soldiers&#8221; to return to their barracks in a statement late yesterday. Despite the plea and international condemnation, the president remains in custody, leaving the country teetering on the precipice of uncertainty. The regional bloc, ECOWAS, also decried the situation, imploring the soldiers to release the president immediately.



The coup is reportedly led by the presidential guard, who have taken Bazoum and several ministers captive. According to AFP sources, the president and the ministers are safe and unharmed. The situation remains fluid, and information is limited.



Beyond the immediate political upheaval, the long-term economic implications could be damning. If the situation further deteriorates, Niger, which ranks near the bottom of the United Nation’s (UN) Human Development Index and grapples with two jihadist campaigns, could face even more significant challenges. Already struggling with widespread poverty and insecurity, an unstable government could further discourage foreign investment and aid, potentially stifling the nation&#8217;s growth prospects.



Moreover, the country&#8217;s crucial mining sector, which includes uranium and gold, could face dire consequences. A destabilized government often leads to supply disruptions, which could send shockwaves through global commodity markets and impact Niger&#8217;s revenue streams, considering mining accounts for a significant chunk of the nation&#8217;s GDP.



US Secretary of State Antony Blinken, in a media briefing on the situation yesterday, observed: “Whether this constitutes a coup technically or not, I can&#8217;t say… but what it clearly constitutes is an effort to seize power by force and to disrupt the constitution.&#8221; This disruption could signify a regression from the democratic principles the nation has been striving to uphold since its last coup in 2010.



In a regional context, the fallout from this coup attempt can further destabilize the Sahel region. Neighboring countries of Mali and Burkina Faso, which have both experienced military coups in recent years due to escalating jihadist insurgencies, contribute to the region&#8217;s instability.



UN Secretary-General António Guterres emphasized the need for democratic governance, peace, and stability, denouncing any efforts to seize power by force. In a statement yesterday, the UN pledged unwavering support to the government and people of Niger: &#8220;The Secretary-General calls on all actors involved to exercise restraint and to ensure the protection of constitutional order,&#8221; Guterres said.



As Niger teeters on the brink, the region and the world watch closely, hopeful for a swift and peaceful resolution.

Category: Current Affairs

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