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



<p>Streaming giant Netflix quietly eliminated its cheapest advertisement-free plan for new U.S. and U.K. customers this month, pushing new users toward either a more expensive monthly plan or a cheaper offer with ads, the latest streaming platform to adjust its pricing.</p>



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



<p>Netflix’s changes, which do not affect existing customers, leave new customers with the&nbsp;<a href="https://help.netflix.com/en/node/24926" target="_blank" rel="noreferrer noopener">choice of</a>&nbsp;a $6.99 per month “Standard with Ads” plan—the cheapest Netflix offers—as well as a $15.49 “Standard” plan, which allows for two simultaneous streams and 1080p full HD video quality, or a $19.99 “Premium” plan, with up to four simultaneous streams and 4K Ultra HD video.</p>



<p>The company eliminated its $9.99-a-month “Basic” plan and now&nbsp;<a href="https://help.netflix.com/en/node/24926/gb" target="_blank" rel="noreferrer noopener">states</a>&nbsp;on its support page it “is no longer available for new or rejoining members,” a change multiple news outlets spotted Wednesday—as of July 5, the streaming giant still listed the basic subscription tier on its U.S. support site, according to an&nbsp;<a href="https://web.archive.org/web/20230705193321/https://help.netflix.com/en/node/24926" target="_blank" rel="noreferrer noopener">archived version</a>&nbsp;of the webpage.</p>



<p>Under Netflix’s “Standard” plan, customers can opt to pay up to $23.48 a month for an extra member, while Premium users can pay $27.98 per month for one extra member or $35.97 for two.</p>



<p>The platform’s decision to cut its “Basic” plan comes one month after it cut the same offering for customers in Canada, and in the same fashion allows existing customers to stay on the plan.</p>



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



<p>The change puts Netflix, a stalwart in the decade-long streaming wars, roughly on par with Disney-controlled rivals Hulu ($7.99 per month with ads, or $14.99 ad-free) and Disney+ ($7.99 with ads and $10.99 ad-free). Warner Bros. Discovery’s platform Max, which&nbsp;<a href="https://www.forbes.com/sites/katherinehamilton/2023/04/12/new-max-streaming-service-combines-hbo-and-discovery-shows-heres-what-you-need-to-know/?sh=6a11dfa037c8">launched</a>&nbsp;this spring as a mega-service combining HBO Max and Discovery+, offers monthly subscriptions starting slightly higher, at $9.99 per month with ads and $15.99 without them, and $19.99 per month for “Ultimate Ad Free,” which allows for up to four simultaneous streams. Some legacy broadcasters have cheaper services: NBCUniversal’s Peacock and CBS owner Paramount Global’s Paramount+ both charge $5.99 per month with ads or $11.99 per month without (in Paramount’s case, the ad-free service includes SHOWTIME). And Amazon Prime Video costs $8.99 a month, but it’s included in a $14.99 Amazon Prime membership.</p>



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



<p>Netflix’s price change follows a series of price hikes by rival streaming services, including Peacock, which announced plans on Tuesday to&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/07/18/peacock-raises-its-rates-heres-how-it-compares-to-rivals-netflix-paramount-and-more/?sh=26e692db19c5">raise rates</a>&nbsp;from $4.99 per month to $5.99. The price for ad-free “Premium” subscribers is set to increase next month from $9.99 per month to $11.99, while Peacock’s annual premium plan will jump $10 per year to $59.99. Peacock ended its free streaming tier earlier this year.</p>



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



<p>Netflix, as well as Max and Disney+, have raised rates in recent months and launched cheaper ad-based subscription options for customers, in a bid to boost revenue in a challenging era and remain competitive with more price-sensitive customers. Netflix’s rate of subscriber growth stalled in the first half of 2022 after two consecutive quarters of declining memberships, spooking investors, though the company ended the year with more subscribers. Meanwhile, rivals like Disney+ remain unprofitable. Despite previously swearing off ads on his streaming service, Netflix co-founder and former co-CEO Reed Hastings&nbsp;<a href="https://www.theverge.com/2022/4/19/23032869/netflix-ads-streaming-reed-hastings-lower-price" target="_blank" rel="noreferrer noopener">said</a>&nbsp;in an earnings call last April he would be “quite open” to low-cost streaming tiers with ads. Last year, Netflix also&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/08/12/heres-how-much-more-you-have-to-pay-for-streaming-services-compared-to-last-year/?sh=714d2a1f6dfe">raised prices</a>&nbsp;for its streaming tiers by between $1 and $2 per month, bringing the basic option to $9.99 from $8.99 and its premium option to $19.99 from $17.99. Netflix has also cracked down on password sharing, a well-known secret the platform had once promoted, imposing restrictions in Canada, New Zealand and Spain, and announcing plans in May to prohibit U.S. customers from sharing accounts with people they don’t live with. In October, Netflix boasted&nbsp;<a href="https://www.forbes.com/sites/marisadellatto/2022/10/18/netflix-adds-24-million-subscribers-after-months-of-declines/?sh=5211728577be">2.4 million</a>&nbsp;new paid subscribers over the prior quarter, bringing its total subscribers to 230.75 million after months of decline, putting it above Disney+ (161.8 million), Paramount+ (56 million), Hulu (48 million) and Peacock (20 million).</p>



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



<p><a href="https://www.forbes.com/sites/anafaguy/2023/07/18/peacock-raises-its-rates-heres-how-it-compares-to-rivals-netflix-paramount-and-more/?sh=26e692db19c5">Peacock Raises Its Rates: Here’s How It Compares To Rivals Netflix, Paramount+ And More</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/anafaguy/2023/05/23/netflix-starts-long-awaited-password-sharing-crackdown-heres-how/?sh=79780274f884">Netflix Starts Long-Awaited Password-Sharing Crackdown—Here’s How</a> (Forbes)</p>


Netflix

Netflix Scraps Cheapest Ad-Free Plan Amid Streaming Wars—Here’s How It Stacks Up With Hulu, Max, Disney+


<p>During his campaign, President Bola Ahmed Tinubu of Nigeria emphasized his administration&#8217;s commitment to focusing on &#8220;modern economic drivers such as the digital economy, creative industries, sports, and entertainment sectors&#8221;.</p>



<p>The youth, who make up a significant portion of the population, have welcomed this vision.</p>



<p>Uriel Tomori, a tech and civil rights advocate, expects the new administration to create an enabling environment for the digital and creative industries to thrive. In recent years, the tech sector has faced challenges such as bank account freezes, internet shutdowns, tax disputes, and service bans. Tomori emphasizes the need for the government to &#8220;provide a better pathway for accessing local and global opportunities&#8221;.</p>



<p>Nigerian filmmaker, Joseph Omoniyi, expresses excitement about the new president’s vision for the creative industries. He highlights the potential economic growth and social development that can be achieved by harnessing Nigeria&#8217;s rich cultural heritage.</p>



<p>With the film industry already contributing over $600 million to the GDP annually, Omoniyi hopes that &#8220;the new administration will address challenges such as piracy, funding, distribution networks, infrastructure, and regulatory barriers to enable the production of quality content that can compete globally&#8221;.</p>



<p>Author and digital creator, Immanuel James Ibe-Anyanwu, urges the government to &#8220;inspire interest in scientific innovation alongside the focus on sports and entertainment&#8221;.</p>



<p>He says: &#8220;Young people have the potential to contribute to scientific advancements and solve their own problems if given the opportunity.&#8221; Ibe-Anyanwu calls for a &#8220;refocusing of young people&#8221; and highlights the need to &#8220;build infrastructure with indigenous talent.&#8221;</p>



<p>Iyinoluwa Aboyeji, CEO of Future Africa, who helped to develop and present Tinubu’s digital economy plan to Nigeria’s organized private sector, encouraged the tech ecosystem to rally around and set an agenda for the new government.</p>



<p>The tech sector in Nigeria has been one of the fastest-growing and most innovative sectors, attracting significant funding and contributing to the growth of African startups.</p>


Nigeria’s Bola Ahmed Tinubu sworn in as new president

Nigerians Hopeful For President Tinubu’s Focus On Digital And Creative Economies


<p>South Africa is confirmed as the host country for the 15th BRICS Summit in August, featuring Brazil, Russia, India, China, and South Africa, however, the event will not be attended by Russian President Vladimir Putin, which alleviates the complex diplomatic challenge faced by South Africa in enforcing an arrest warrant against him.</p>



<p>South Africa&#8217;s readiness to welcome leaders from influential nations has been demonstrated through diligent preparations and consultations. The decision not to arrest President Putin, who faces an International Criminal Court (ICC) indictment for war crimes in Ukraine, has posed a conflict of interest for South Africa, being a member of the ICC. The country&#8217;s historical relationship with Russia, particularly its support for the ruling African National Congress (ANC) during apartheid, adds further complexity to the situation.</p>



<p>To navigate these challenges, President Cyril Ramaphosa has engaged in talks with Chinese President Xi Jinping, highlighting South Africa&#8217;s active diplomacy in addressing this delicate matter. The focus is on finding a balance between enforcing the arrest warrant and maintaining important diplomatic and trade relations with Russia and other non-aligned countries such as China.</p>



<p>In an announcement by South Africa&#8217;s Presidency Spokesperson Vincent Magwenya, it was confirmed that Putin will not be attending the BRICS summit. Instead, Russia will be represented by Foreign Minister Sergey Lavrov. This “mutual agreement” avoids the need to enforce the arrest warrant and eases the diplomatic quandary for South Africa.</p>



<p>“President Ramaphosa is confident that the Summit will be a success and calls on the nation to extend the necessary hospitality to the many delegates who will arrive from various parts of the continent and the globe” said Magwenya in a statement issued today.</p>



<p>The decision not to arrest Putin raises questions about South Africa&#8217;s non-aligned status in the Russia-Ukraine conflict. As a signatory to the ICC&#8217;s Rome Statute, South Africa is obligated to follow the court&#8217;s rulings, including arrest warrants. However, not arresting Putin could strain relations with the United States, adding to the already tenuous diplomatic landscape.</p>



<p>The South African government has taken diplomatic actions to navigate this complex situation. Previous discussions with China have been initiated to explore the possibility of a change in the summit&#8217;s venue. Ramaphosa&#8217;s talks with Jinping also focused on an African-led peace proposal for Russia and Ukraine, demonstrating South Africa&#8217;s commitment to finding peaceful resolutions.</p>



<p>The BRICS alliance holds significance for South Africa, fostering investment, economic cooperation, and financing through institutions like the New Development Bank. However, maintaining positive relations with the US is crucial, as South Africa benefits from tariff-free trade under the African Growth and Opportunity Act (AGOA), which generates substantial annual revenue.</p>



<p>Allegations of arms sales to Russia have strained the AGOA agreement and could have domestic implications. South Africa&#8217;s position is not entirely clear, and decisions made in the coming weeks will have far-reaching implications for the country&#8217;s global standing and economy. Balancing international justice, historical relationships, trade ties, and membership in BRICS is a delicate task that South Africa must navigate to maintain its diplomatic equilibrium.</p>


President Putin Meets Attends Forum By Agency For Strategic Initiatives In Moscow

Putin will Not Attend BRICS Summit, Alleviating Complex Diplomatic Challenge For South Africa


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



<p>Microsoft share price closed at a record $359.49 on Tuesday following the company’s reveal of Microsoft 365 Copilot, an AI-powered version of the productivity platform—the latest tech company to enjoy an artificial intelligence-fueled boost.</p>



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



<p>Microsoft’s stock closed up nearly 4% Tuesday, reaching the highest value it has ever traded at and pushing the company’s market cap to $2.67 trillion.</p>



<p>The tech conglomerate’s positive stock performance was fueled by an announcement that the AI-powered Microsoft 365 Copilot would be offered for $30 a month for Microsoft 365 customers on different plans.</p>



<p>The Copilot subscription would be added on top of existing Microsoft 365 plans, which already range from $12.50 a month to $36 a month for each user.</p>



<p>The stock, which peaked at $366.30 Tuesday and hit an all-time high on June 15, has risen more than 6% in the last month.</p>



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



<p>Microsoft is one of several tech companies experiencing record-setting stock prices in the wake of AI developments and investments. Nvidia, which produces chips used to power AI systems, also reached an all-time high Tuesday—when it closed up more than 2% at&nbsp;<a href="https://finance.yahoo.com/quote/NVDA?p=NVDA&amp;.tsrc=fin-srch" target="_blank" rel="noreferrer noopener">$474.94</a>. The record comes less than two months after the company surged past a $1 trillion market cap, driven partly by optimism that the company’s chips could help fuel AI systems. Last month, software company Oracle recorded an all-time high&nbsp;<a href="https://finance.yahoo.com/quote/ORCL?p=ORCL&amp;.tsrc=fin-srch" target="_blank" rel="noreferrer noopener">stock price</a>&nbsp;of $126.55 before later dropping slightly, benefiting from developments in AI that have led the company to invest in Cohere—a generative AI startup valued at more than $2 billion.</p>



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



<p>Microsoft has not set a release date for the incoming AI software, which will enter a competitive market inhabited by the likes of&nbsp;<a href="https://workspace.google.com/blog/product-announcements/generative-ai" target="_blank" rel="noreferrer noopener">Google</a>,&nbsp;<a href="https://www.google.com/search?q=salesforce+ai+workspace&amp;oq=salesforce+ai+workspace&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOdIBCDI4MjNqMGo3qAIAsAIA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noreferrer noopener">Salesforce</a>&nbsp;and other tech juggernauts.</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">KEY BACKGROUND</h2>



<p>Microsoft’s Copilot was&nbsp;<a href="https://blogs.microsoft.com/blog/2023/03/16/introducing-microsoft-365-copilot-your-copilot-for-work/" target="_blank" rel="noreferrer noopener">announced in March</a>&nbsp;as a Microsoft 365 integration that would help users with productivity and skills on apps such as Word, Excel, PowerPoint and more. Microsoft CEO Satya Nadella said in a statement that the AI addition would “fundamentally change the way we work and unlock a new wave of productivity growth.” Since the start of the year, Microsoft’s stock has increased nearly $120 per share, recovering from plummeting prices for it and other major tech companies last year and reaching well past Microsoft’s best stock performances ever—which were recorded in late 2021.</p>



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



<p><a href="https://www.forbes.com/sites/bethkindig/2023/06/15/microsoft-ai-will-help-drive-100-billion-in-revenue-by-2027/?sh=46a3f24c71c2">Microsoft –AI Will Help Drive $100 Billion In Revenue By 2027</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/dereksaul/2023/05/30/nvidia-hits-1-trillion-market-value/?sh=533a87e3eab4">Nvidia Hits $1 Trillion Market Value</a> (Forbes)</p>


Logo Photo Illustration

Microsoft Stock Closes At All-Time High After Revealing New AI-Powered Platform


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



<p>The Food and Drug Administration <a href="https://www.fda.gov/news-events/press-announcements/fda-approves-new-drug-prevent-rsv-babies-and-toddlers" target="_blank" rel="noreferrer noopener">approved</a> the monoclonal antibody treatment Beyfortus to prevent respiratory syncytial virus—the leading cause of hospitalizations in U.S. infants less than a year old.</p>



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



<p>The drug—made by AstraZeneca—will be administered as a single injection to infants prior to RSV season in the latter months of the year.</p>



<p>Beyfortus is a monoclonal antibody, meaning it provides proteins that imitate the immune system’s function to combat viruses like RSV.</p>



<p>Around 2% of children less than a year old are hospitalized by RSV every year, according to the American Academy of Pediatrics.</p>



<p>The FDA listed rash and injection site reactions as possible side effects of Beyfortus.</p>



<p>The drug received a&nbsp;<a href="https://www.fda.gov/patients/fast-track-breakthrough-therapy-accelerated-approval-priority-review/fast-track" target="_blank" rel="noreferrer noopener">fast track</a>&nbsp;designation—a process meant to accelerate the review process of drugs that “fill an unmet medical need,” according to the FDA.</p>



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



<p><a href="https://www.lung.org/lung-health-diseases/lung-disease-lookup/rsv/symptoms-diagnosis#:~:text=Initial%20signs%20of%20RSV%20are,own%20in%20a%20few%20days." target="_blank" rel="noreferrer noopener">RSV symptoms</a>&nbsp;include fever, cough, wheezing and sore throat. Most infections go away on their own but infants are prone to becoming irritable or fatigued, or developing breathing difficulties. The 2022 to 2023 season was particularly challenging: Some 50.9 people were hospitalized per 100,000,&nbsp;<a href="https://www.cdc.gov/rsv/research/rsv-net/dashboard.html" target="_blank" rel="noreferrer noopener">according to the CDC</a>—a number mostly composed of children four years old or younger. The season’s peak hospitalization rate was two to four times higher than the peaks of recent years. Beyfortus will be the second RSV-focused antibody meant to protect children, joining the company of Synagis—a treatment given to vulnerable infants born prematurely. However, Synagis, approved by the FDA in 1998, only lasts about a month compared to the approximately five months that Beyfortus lasts. French pharmaceutical company Sanofi will be in charge of marketing Beyfortus.</p>



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



<p><a href="https://www.fda.gov/news-events/press-announcements/fda-approves-new-drug-prevent-rsv-babies-and-toddlers" target="_blank" rel="noreferrer noopener">Around 2%</a>&nbsp;of children less than a year old are hospitalized by RSV every year, according to the American Academy of Pediatrics.</p>



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



<p>“Today’s approval marks an unprecedented moment for protecting infant health in the U.S., following an RSV season that took a record toll on infants, their families, and the U.S. healthcare system,” Thomas Triomph, Sanofi’s executive vice president of vaccines, said in a statement.</p>



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



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/04/06/first-fda-approved-rsv-vaccines-expected-later-this-year-the-top-vaccines-and-their-effectiveness/?sh=5db0e1f95f81">Several vaccines</a>&nbsp;for the treatment of RSV are in development, some of which focus on the elderly, another group of people at greater risk for complications. For example, Moderna is developing a vaccine for RSV that is similar to its messenger RNA Covid shot. In January, the biotech giant shared findings from a trial that revealed the vaccine was&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/04/06/first-fda-approved-rsv-vaccines-expected-later-this-year-the-top-vaccines-and-their-effectiveness/?sh=5db0e1f95f81">83.7% effective</a>&nbsp;at protecting against RSV-related lower respiratory tract infection.</p>



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



<p>Regulatory applications for Beyfortus are currently under review in China, Japan and many other countries, according to Sanofi.</p>



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



<p><a href="https://www.fda.gov/news-events/press-announcements/fda-approves-new-drug-prevent-rsv-babies-and-toddlers" target="_blank" rel="noreferrer noopener">FDA Approves New Drug to Prevent RSV in Babies and Toddlers</a>&nbsp;(FDA)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/04/06/first-fda-approved-rsv-vaccines-expected-later-this-year-the-top-vaccines-and-their-effectiveness/?sh=5db0e1f95f81">First FDA-Approved RSV Vaccines Expected Later This Year: The Top Vaccines And Their Effectiveness</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.cnn.com/2023/07/17/health/rsv-antibody-nirsevimab" target="_blank" rel="noreferrer noopener">FDA approves antibody to protect infants from RSV</a>&nbsp;(CNN)</p>


Intensive care unit of the pediatric clinic at St. Joseph Hospital

FDA Approves Antibody For RSV After Challenging 2022 Season


<p>Recognizing the impact of rising food prices on the Nigerian population, the country’s President Bola Tinubu has declared a state of emergency on food security.</p>



<p>The government aims to address the issue of food and water availability and affordability, considering them essential aspects of livelihood.</p>



<p>During a media briefing, presidential spokesman Dele Alake noted key measures include releasing fertilizers and grains to farmers and households; promoting synergy between the Ministry of Agriculture and the Ministry of Water Resources to support year-round farming; establishing a National Commodity Board to review and assess food prices; and engaging the security architecture to protect farmers and farmlands. The Central Bank will continue to play a crucial role in funding the agricultural value chain.</p>



<p>The administration recognizes that successful implementation of these interventions will have a significant impact on employment and job creation. Agriculture already accounts for 35.21% of employment in Nigeria, and the target is to double this percentage in the long-term. President Tinubu&#8217;s vision is to generate 5-10 million additional jobs within the agricultural value chain, utilizing the available arable land and developing more farmlands.</p>



<p>Arinola Okeowo, a farmer and agripreneur, acknowledges to FORBES AFRICA the urgency of addressing the escalating food crisis in Nigeria. She raises concerns about the implementation of the proposed measures. Okeowo emphasizes &#8220;the need for experienced individuals in the agricultural sector to oversee the initiatives and ensure that relief materials and support reach those in genuine need&#8221;.</p>



<p>She also stresses the importance of &#8220;addressing key issues such as access to land, water supply for irrigation, insecurity, and poor infrastructure, which hinder the agricultural sector&#8217;s growth and productivity.&#8221; Okeowo believes that &#8220;if executed effectively, the intervention plan can alleviate food scarcity and price hikes.&#8221;</p>



<p>Gideon John, a rice farmer, applauds the Federal Government&#8217;s declaration of a state of emergency on food security as &#8220;a bold and significant step&#8221;. He believes that &#8220;this action is crucial for achieving the nation&#8217;s goal of self-sufficiency in food production and creating employment opportunities&#8221;.</p>



<p>John expresses optimism to FORBES AFRICA: &#8220;The country will experience a remarkable transformation in the next four years if the plan is implemented effectively.&#8221;</p>



<p>His enthusiasm for the state of emergency stems from his personal experience. Last year, he encountered a devastating setback when his seven-hectare rice farm was completely inundated by floods. Despite investing significant resources and successfully cultivating rice on three hectares of land for two years after completing his National Youth Service Corps, he faced the loss of his expanded operation. In a heartfelt tweet accompanied by photos of his submerged rice farm, he shared his despair, acknowledging the situation was beyond his control.</p>



<p>John&#8217;s experience underscores the challenges faced by farmers in Nigeria including natural disasters such as floods that can disrupt their livelihoods and undermine food production efforts. The “state of emergency on food security” provides hope for individuals like John, who rely on agriculture as their source of income and contribution to national food security.</p>


President Bola Tinubu, image from @officialABAT

Nigeria Declares State Of Emergency As Intervention Plan To Tackle Food Inflation and Boost Employment


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



<p>As it makes headlines for its startup golf tour merging with the PGA and its huge international investment spree, Saudi Arabia’s controversial Public Investment Fund reported $11 billion in losses in 2022, according to Bloomberg—a year in which the Saudi fund launched a new sports investing venture and stock markets slipped.</p>



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



<p>Last year’s numbers are a far cry from 2021, when PIF reported a profit of $19 billion.</p>



<p>PIF did not report what return it made on its accounts in 2022, but global markets saw significant declines, with the S&amp;P 500 losing 19.4%—the worst year since 2008.</p>



<p>In 2022, PIF launched the Sports Investment Company as a spinoff of its sports properties that will invest in sports domestically and internationally.</p>



<p>PIF’s assets ended the year at about $778 billion, according to Bloomberg.</p>



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



<p>The Sports Investment Company’s properties include the LIV Golf tour, which used the promise of massive winnings to lure major golfers toward its events, setting off a legal conflict with the PGA Tour until the two entities announced plans to merge last month. During a congressional hearing Tuesday, PGA Tour officials&nbsp;<a href="https://www.washingtonpost.com/sports/2023/07/11/pga-tour-liv-hearing-senate/" target="_blank" rel="noreferrer noopener">acknowledged</a>&nbsp;the merger involved an investment from PIF “north of $1 billion.”</p>



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



<p>PIF is the national sovereign wealth fund of Saudi Arabia. Since 2016, it has invested both domestically and internationally with money gained mostly from tapping into the country’s oil deposits. That includes launching 79 companies, including Riyadh Air, and investing in a number of international companies, including $3.3 billion worth of Activision Blizzard shares—which jumped in price Tuesday morning after a legal hurdle was cleared to merge with Microsoft—and $2.3 billion in Uber shares. In addition to its moves in golf, the fund has used its wealth to gain a foothold in the international soccer world. That includes a £305 million—$414.8 million—takeover of English soccer club Newcastle United and a deal to bring Portuguese superstar Christiano Ronaldo to Saudi club Al Nassr, which is backed by a subsidiary of PIF.</p>



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



<p>LIV Golf’s blockbuster merger with the PGA was put under the spotlight in Washington, D.C., Tuesday as lawmakers grilled PGA officials during a congressional hearing about the deal that made it happen. Sen.&nbsp;<a href="https://www.washingtonpost.com/sports/2023/07/11/pga-tour-liv-hearing-senate/" target="_blank" rel="noreferrer noopener">Richard Blumenthal (D-Conn.) told</a>&nbsp;a group of PGA executives the deal gives the Saudi government “financial dominance” because they “control the purse strings.” Much of the controversy around the merger stems from accusations Saudi Arabia is using sports to distract from record human rights abuses. LIV Golf CEO Greg Norman has faced&nbsp;<a href="https://www.axios.com/2023/01/21/liv-golf-ceo-greg-norman-saudi-arabia-mistakes" target="_blank" rel="noreferrer noopener">repeated</a>&nbsp;<a href="https://thehill.com/policy/international/3821912-liv-golf-ceo-on-saudi-arabian-killing-of-khashoggi-look-i-think-everybody-learns-from-their-mistakes/" target="_blank" rel="noreferrer noopener">questions</a>&nbsp;about the killing of American journalist Jamal Khashoggi by Saudi officials. Additionally, a coalition of families that lost loved ones in the 9/11 attacks have released&nbsp;<a href="https://911familiesunited.org/9-11-families-united-statement-on-pga-merging-with-saudi-backed-liv-golf-tour/" target="_blank" rel="noreferrer noopener">a statement</a>&nbsp;condemning the merger, calling it “sportswashing” to distract from the fact that “Saudi operatives played a role in the 9/11 terrorist attacks” (most of the 9/11 hijackers were from Saudi Arabia, but the country’s government has long denied any ties to the attackers).</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-further-reading">FURTHER READING</h2>



<p><a href="https://www.bloomberg.com/news/articles/2023-07-11/saudi-wealth-fund-reports-11-billion-investment-loss-for-2022?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_content=business&amp;cmpid=socialflow-twitter-business&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">Saudi Wealth Fund Reports $11 Billion Investment Loss for 2022</a>&nbsp;(Bloomberg)</p>



<p><a href="https://www.forbes.com/sites/anafaguy/2023/06/06/pga-tour-and-saudi-backed-liv-golf-agree-to-merge/?sh=48eede716b22">PGA Tour And Saudi-Backed LIV Golf Agree To Sudden Merger</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/maryroeloffs/2023/06/21/pga-liv-leaders-called-to-testify-before-congress-over-historic-merger/?sh=575c6146ad13">PGA, LIV Leaders Called To Testify Before Congress Over Historic Merger</a> (Forbes)</p>


Tourism in Saudi Arabia at AlUla Ancient Site

Saudi Public Investment Fund Reports $11 Billion In 2022 Losses—But Sports Investments Might Not Be To Blame


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



<p>Instagram lead Adam Mosseri said in two&nbsp;<a href="https://www.threads.net/t/CuZ6opKtHva/" target="_blank" rel="noreferrer noopener">Threads posts</a>&nbsp;Friday that the new app would not encourage “politics and hard news” on its platform, a far cry from the promoted political content found on its rival platform Twitter.</p>



<p>The announcement of the social media app Threads is displayed in Apple&#8217;s US App Store. (Photo by&nbsp;&#8230; [+]<small>DPA/PICTURE ALLIANCE VIA GETTY IMAGES</small></p>



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



<p>Mosseri said in a&nbsp;<a href="https://www.threads.net/t/CuZ6opKtHva/" target="_blank" rel="noreferrer noopener">Threads conversation</a>&nbsp;that the new platform will inevitably contain politics and hard news, but that Threads is “not going to do anything to encourage those verticals,”—an approach adopted by&nbsp;<a href="https://www.nytimes.com/2021/02/10/technology/facebook-reduces-politics-feeds.html" target="_blank" rel="noreferrer noopener">Facebook in 2021</a>.</p>



<p>Mosseri noted that the engagement or revenue such content might drive is not worth the scrutiny, negativity or integrity risks they present to the platform.</p>



<p>“The goal isn’t to replace Twitter,” Mosseri added, referencing the rival platform that has greatly encouraged political content and hosted live audio conversations featuring former Twitter CEO Elon Musk and GOP&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/05/23/desantis-launching-presidential-run-wednesday-in-event-with-elon-musk-report-says/?sh=75de68619294">presidential</a>&nbsp;<a href="https://www.reuters.com/world/us/musk-hosts-twitter-event-anti-vaxx-democratic-candidate-rfk-jr-2023-06-05/" target="_blank" rel="noreferrer noopener">candidates</a>.</p>



<p>Both Meta and Twitter allow users to pay to be verified on their respective platforms.</p>



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



<p>“The goal isn&#8217;t to replace Twitter,”&nbsp;<a href="https://www.threads.net/t/CuZ3LjhNl0m/" target="_blank" rel="noreferrer noopener">Mosseri said</a>. “The goal is to create a public square for communities on Instagram that never really embraced Twitter and for communities on Twitter (and other platforms) that are interested in a less angry place for conversations, but not all of Twitter.”</p>



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



<p><a href="https://www.forbes.com/sites/johnkoetsier/2023/07/07/70-million-sign-ups-8-reasons-why-threads-is-blowing-up/?sh=216fd4ea412b">70 million</a>. That’s how many sign-ups Threads hit Friday morning.</p>



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



<p>The choice for Threads to steer clear of news and politics on its platform is likely informed by troubles Facebook had before it reduced such content in 2021. A study found that in 2020, during the lead-up to the presidential election, Facebook&nbsp;<a href="https://www.forbes.com/sites/traversmark/2020/03/21/facebook-spreads-fake-news-faster-than-any-other-social-website-according-to-new-research/?sh=7e2281d76e1a">spread fake news faster</a>&nbsp;than any other social websites. A separate&nbsp;<a href="https://time.com/5949210/facebook-misinformation-2020-election-report/" target="_blank" rel="noreferrer noopener">2021 study</a>&nbsp;concluded the website could have prevented more than 10 billion views on popular pages that posted misinformation on Facebook prior to the election. By early 2021, the social media site&nbsp;<a href="https://www.nytimes.com/2021/02/10/technology/facebook-reduces-politics-feeds.html" target="_blank" rel="noreferrer noopener">changed its algorithm</a>&nbsp;to lessen the amount of political content in users’ feeds. The platform has since maintained a stark contrast to Twitter, which after its $44 billion purchase at the hands of Musk, has encouraged political content. Musk, who stays active on the app, has encouraged politicians to engage with him on Twitter Spaces—allowing Gov. Ron DeSantis (R-Fl) to&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/05/23/desantis-launching-presidential-run-wednesday-in-event-with-elon-musk-report-says/?sh=75de68619294">launch his presidential campaign</a>&nbsp;using the live audio feature. Former Fox News host Tucker Carlson also uses Twitter as his platform to upload episodes of his&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/06/06/tucker-carlson-launches-new-twitter-show-weeks-after-fox-news-ouster-and-talks-ukraine-and-ufos/?sh=4c11cf002883">independent commentary show</a>. On Carlson’s first episode of the show, he said he and his team were “<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/06/06/tucker-carlson-launches-new-twitter-show-weeks-after-fox-news-ouster-and-talks-ukraine-and-ufos/?sh=4c11cf002883">grateful</a>” to be on Twitter and were told there were no “gatekeepers” on the platform.</p>



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



<p><a href="https://www.theverge.com/2023/7/7/23787334/instagram-threads-news-politics-adam-mosseri-meta-facebook" target="_blank" rel="noreferrer noopener">Threads isn’t for news and politics, says Instagram’s boss</a>&nbsp;(The Verge)</p>



<p><a href="https://www.cnbc.com/2023/07/07/threads-doesnt-need-negativity-of-hard-news-politics-meta-exec.html" target="_blank" rel="noreferrer noopener">Meta Threads doesn’t need the ‘negativity’ of hard news and politics, exec says</a> (CNBC)</p>


In this photo illustration, a user sees in his download

Threads Won’t Promote Political Or Hard News Content — A Contrast From Twitter


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



<p>OceanGate—the sea exploration company that operated the Titan submersible that went missing and imploded in June—is suspending all exploration and commercial operations, according to the company’s <a href="https://oceangateexpeditions.com/" target="_blank" rel="noreferrer noopener">website</a>.</p>



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



<p>News of the suspension came just over two weeks after five people were killed, including the company&#8217;s CEO Stockton Rush, during a trip to the Titanic wreckage.</p>



<p>OceanGate previously offered dives to the Titanic wreckage—which it had successfully visited twice—and to hydrothermal vents in Azores Archipelago, Portugal, both of which cost $250,000 per passenger, according to its site.</p>



<p>Days after the sub lost contact, the Coast Guard announced that “presumed human remains” were recovered from debris of the Titan sub, which was recovered from the seafloor.</p>



<p>OceanGate also had a number of commercial offerings, such as using subs for deep sea testing, underwater filming and photography, or research and data collection.</p>



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



<p>The Titan submersible first went missing Sunday, June 18, after it departed on a trip bound for the wreckage of the Titanic, triggering a search by the Coast Guard that lasted about five days. Officials initially held out hope that the five men on board could be saved before the vessel’s oxygen ran out by Thursday, until the Coast Guard District Northeast&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/06/22/titan-sub-passengers-have-sadly-been-lost-after-coast-guard-finds-debris-from-catastrophic-event-near-titanic-wreckage/?sh=3ae3eb7b1126">announced</a>&nbsp;a debris field containing external parts of the Titan submersible had been discovered in an area near the wreck of the Titanic. The Coast Guard confirmed the Titan submersible suffered a “catastrophic implosion” that resulted in the passengers’ deaths. Days after the sub lost contact, the Coast Guard announced that “presumed human remains” were recovered from debris of the Titan sub, which was recovered from the seafloor. During the search for the vessel, information about its creators and questionable construction began to surface. In a 2021 interview, Rush said he had “<a href="https://www.forbes.com/sites/mollybohannon/2023/06/23/oceangate-ceo-said-in-2021-ive-broken-some-rules-in-building-titanic-sub-that-later-imploded/?sh=618855e37ae5">broken some rules</a>” when designing the submersible, specifically by building it against industry standards using carbon fiber and titanium. Scientists at the Marine Technology Society also had concerns, criticizing OceanGate in 2018 for failing to meet a set of voluntary industry standards for vessel safety and urging it to send a prototype for review, according to a letter obtained by the&nbsp;<a href="https://int.nyt.com/data/documenttools/marine-technology-society-committee-2018-letter-to-ocean-gate/eddb63615a7b3764/full.pdf" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a>.</p>



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



<p><a href="https://oceangateexpeditions.com/" target="_blank" rel="noreferrer noopener">OceanGate Expeditions</a>&nbsp;(OceanGate)</p>



<p><a href="https://www.forbes.com/sites/mollybohannon/2023/06/28/presumed-human-remains-found-in-titanic-sub-debris-coast-guard-says/?sh=17eea5461c98">‘Presumed Human Remains’ Found In Titanic Sub Debris, Coast Guard Says</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/siladityaray/2023/06/22/titan-sub-passengers-have-sadly-been-lost-after-coast-guard-finds-debris-from-catastrophic-event-near-titanic-wreckage/?sh=70da17171126">Titan Sub Passengers Have ‘Sadly Been Lost’—As Coast Guard Finds Debris From ‘Catastrophic Event’ Near Titanic Wreckage</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/06/20/titanic-sub-search-fact-checking-claims-about-the-tourist-submersible-that-went-missing/?sh=77176afe12d9">Titanic Sub Search: Fact-Checking Claims About The Tourist Submersible That Went Missing</a> (<em>Forbes</em>)<a href="https://www.forbes.com/sites/mollybohannon/"></a></p>


OceanGate Offices As Titanic Submersible Still Missing

Titanic Sub Company OceanGate Suspends All Exploration And Commercial Operations


<p><strong>Former South African Minister in the Presidency Essop Pahad, renowned for his anti-apartheid activism, dies at age 84.</strong></p>



<p>Essop Pahad, a revered figure in South African politics and the former Minister in the Presidency, passed away peacefully at the age of 84 this morning, confirmed by his family in a statement. Pahad&#8217;s close association with former President Thabo Mbeki and his influential role in shaping policies made him a trusted confidante and strategic thinker.</p>



<p>Pahad&#8217;s political journey began as an anti-apartheid activist in the late 1960s when he joined the Transvaal Indian Youth Congress. His unwavering commitment to the cause led to his arrest by the apartheid regime, after which he sought refuge in exile and became an active member of the African National Congress (ANC).</p>



<p>President Cyril Ramaphosa paid tribute to Pahad, acknowledging his contributions to the development of a democratic South Africa. “Essop Pahad was a thinker and strategist who brought his understanding of the human condition, injustice and inequality at the national and international level to bear on our transition to democracy and in introducing a democratic, non-aligned and activist South Africa to the global community,” said Ramaphosa in a statement.</p>



<p>The ANC and Congress of South African Trade Unions (COSATU), organizations with which Pahad was closely associated, also expressed their condolences.</p>



<p>Pahad&#8217;s burial, scheduled for later today in Johannesburg, will be conducted in accordance with his Muslim faith, honoring his beliefs and legacy.</p>


0000430062

South African Anti-Apartheid Veteran Essop Pahad Passes Away


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



<p>More than 10 million people signed up to join Meta’s new “Threads” app within the first seven hours of its launch on Wednesday, the company’s CEO Mark Zuckerberg announced, an early sign that the Instagram offshoot may pose a serious threat to Twitter, which has recently been marred by technical glitches and unpopular changes.</p>



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



<p>Sign-ups on Meta’s Twitter rival crossed 2 million within in the first two hours of its launch, growing to&nbsp;<a href="https://www.threads.net/t/CuVxMmvLNsG" target="_blank" rel="noreferrer noopener">5 million</a>&nbsp;in the next two hours and doubling again to 10 million at the seven hour mark, Zuckerberg wrote on Threads.</p>



<p>To put that&nbsp;<a href="https://thenextweb.com/news/google-reached-10m-users-in-16-days-want-to-know-how-long-it-took-facebook-and-twitter" target="_blank" rel="noreferrer noopener">into perspective</a>&nbsp;it took Facebook 852 days to reach 10 million users while Twitter reached that mark in 780 days.</p>



<p>Unlike other Twitter rivals like Mastodon—which has a complex sign-up process—or Bluesky—which requires invites—Threads allows users to sign up for the app and populate their profile and follow lists using their Instagram account.</p>



<p>Twitter CEO Elon Musk—who has recently been critical of Meta and Zuckerberg—reacted to Threads’ launch by&nbsp;<a href="https://twitter.com/elonmusk/status/1676783253766676483" target="_blank" rel="noreferrer noopener">implying</a>&nbsp;that the app was nothing but a copy-paste of Twitter’s design.</p>



<p>Musk also&nbsp;<a href="https://twitter.com/elonmusk/status/1676770522200252417" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;that it was “infinitely preferable to be attacked by strangers on Twitter, than indulge in the false happiness of hide-the-pain Instagram.”</p>



<p>The rollout of Threads has not been entirely glitch-free, however, as Zuckerberg’s timeline failed to load.</p>



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



<p>Responding to a question about the potential of Threads becoming bigger that Twitter, Zuckerberg&nbsp;<a href="https://www.threads.net/t/CuVafQTvquB/" target="_blank" rel="noreferrer noopener">wrote</a>: “It&#8217;ll take some time, but I think there should be a public conversations app with 1 billion+ people on it. Twitter has had the opportunity to do this but hasn&#8217;t nailed it. Hopefully we will.”</p>



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



<p>The launch of Threads comes at a time when Twitter has faced criticism for enacting&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/07/01/elon-musk-announces-temporary-reading-limit-for-unverified-twitter-accounts-amid-outage/?sh=53c522c475fa">unpopular changes</a>&nbsp;to its user experience, while the platform continues to deal with significant&nbsp;<a href="https://waxy.org/2023/07/twitter-bug-causes-self-ddos-possibly-causing-elon-musks-emergency-blocks-and-rate-limits-its-amateur-hour/" target="_blank" rel="noreferrer noopener">technical issues</a>. Facebook isn’t a stranger to&nbsp;<a href="https://www.forbes.com/sites/rachelsandler/2020/08/05/as-facebook-launches-tiktok-clone-a-look-back-at-6-other-rival-products-it-copied/?sh=5ef7245a5c5a">copying products and features</a>&nbsp;from rival platforms and has done so with varying success. The popular “Instagram Stories” launched in 2016 and was pretty much a&nbsp;<a href="https://techcrunch.com/2016/08/02/silicon-copy/" target="_blank" rel="noreferrer noopener">direct copy</a>&nbsp;of a Snapchat feature that allowed users to post video clips and photos that disappeared from their timeline in 24 hours. In 2020, Meta&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2021/03/09/instagrams-tiktok-clone-reels-is-coming-to-facebook-with-trial-starting-in-india/?sh=3606ec9647df">launched</a>&nbsp;its TikTok clone “Instagram Reels,” which has found&nbsp;<a href="https://dazeinfo.com/2023/06/20/youtube-shorts-instagram-reels-india-growth-short-form-video/" target="_blank" rel="noreferrer noopener">popularity in places like India,</a>&nbsp;where the ByteDance-owned video-sharing app has been banned. Facebook Marketplace, an online classifieds platform similar to Craigslist, has also seen&nbsp;<a href="https://restofworld.org/2020/bangladesh-economy-runs-on-facebook/" target="_blank" rel="noreferrer noopener">strong adoption</a>&nbsp;in parts of South Asia. Aside from its history of building successful copycats, Meta’s significantly larger global user base is also a key advantage it has over Twitter. Threads is an offshoot of Instagram, which has an&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-10-26/meta-s-instagram-users-reach-2-billion-closing-in-on-facebook#xj4y7vzkg" target="_blank" rel="noreferrer noopener">active user count of 2 billion</a>—roughly eight times the size of Twitter.</p>



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



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/05/meta-officially-launches-threads-challenging-elon-musk-and-twitter/?sh=434928413db7">Meta Officially Launches Threads—Challenging Elon Musk And Twitter</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/roberthart/2023/07/05/leaving-elon-musks-twitter-here-are-some-alternatives-from-meta-threads-to-mastodon-to-bluesky/?sh=498993ec1224">Leaving Elon Musk&#8217;s Twitter? Here Are Some Alternatives, From Meta Threads To Mastodon To Bluesky.</a> (Forbes)</p>


Meta Announces Threads App

Zuckerberg Says Threads Crossed 10 Million Signups In First Seven Hours As Musk Rails Against Instagram


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



<p>Facebook and WhatsApp parent Meta will launch the firm’s long awaited competitor to Twitter, Instagram Threads, on Thursday, escalating the personal rivalry between feuding billionaires Mark Zuckerberg and Elon Musk and firmly throwing down the gauntlet after another chaotic weekend had the platform’s users searching for alternatives.</p>



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



<p>Meta’s app, Threads, is listed as “coming soon” on Apple’s App Store and is available for pre-order.</p>



<p>The listing said Threads is “expected July 6” and Meta’s countdown&nbsp;<a href="https://www.threads.net/" target="_blank" rel="noreferrer noopener">website</a>&nbsp;for the launch indicates the app will go live at 10 a.m. ET (7 a.m. PT), though it’s unclear whether Meta plans to stagger the rollout in some way.</p>



<p>Details on the full nature of Threads are scarce but the listing describes the platform as a “text-based conversation app” and screenshots show a dashboard that appears very similar to Twitter’s app, with the ability to like, share, post and repost content.</p>



<p>Threads will be directly linked to Meta’s popular photo sharing platform Instagram and screenshots suggest users can keep their usernames and easily follow the same accounts they do on Instagram on the new platform.</p>



<p>From the listing, Threads looks likely to be a free service in exchange for personal data, a model in line with many of Meta’s other popular apps and other free online services.</p>



<p>Instagram Threads users will need to be at least 12 years old, according to the App Store listing.</p>



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



<p>It’s not clear when Threads will be launched on Android systems or whether the network will be accessible without the app. A similar listing of Threads&nbsp;<a href="https://www.theverge.com/2023/7/1/23781271/instagram-threads-twitter-leak-android-google-play" target="_blank" rel="noreferrer noopener">reportedly appeared</a>&nbsp;on the Google Play store—which serves Android devices—on Saturday showing similar features, images and descriptions. The post, which did not list a release date, was seemingly in error and was swiftly removed from the store.</p>



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



<p>Meta’s release of a product to rival Twitter is both timely and expected. Meta, formerly Facebook, has a well documented history of lifting features from competitors—its short-form video feature Reels draws from TikTok,&nbsp;<a href="https://techcrunch.com/2022/09/13/meta-announces-discord-like-community-chats-on-messenger/" target="_blank" rel="noreferrer noopener">community chats</a>&nbsp;from Discord and disappearing video and photo feature Stories from&nbsp;<a href="https://www.businessinsider.com/how-developer-mark-zuckerberg-invented-instagram-stories-copied-snapchat-2020-4?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener">Snapchat</a>—to varying degrees of success. Twitter is an obvious target, with many users keen to jump ship given the parade of controversy and service issues that has followed Elon Musk’s takeover last year, including drastic revisions to longstanding verification and content moderation policies, cutting company headcount to the bone, changes to who can access platform data and numerous system outages. Most recently, Musk limited the number of posts users—even paying users—could see on Twitter and required users to have registered for accounts to view tweets. With each new development, rivals like Bluesky, Trump’s Truth Social and Mastodon have&nbsp;<a href="https://techcrunch.com/2023/07/03/twitter-competitors-soar-after-yet-another-bad-musk-move/" target="_blank" rel="noreferrer noopener">benefited handsomely</a>, though none have yet managed to gain the kind of traction needed to fully take on an established social media giant like Twitter. With its vast resources and established social networks, Threads’ arrival could pose a serious threat to Twitter.</p>



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



<p>$101.5 billion. That’s how much&nbsp;<em>Forbes</em>&nbsp;<a href="https://www.forbes.com/profile/mark-zuckerberg/?list=rtb/&amp;sh=470e77f63e06">estimates</a>&nbsp;Mark Zuckerberg is worth, according to our live tracker. Zuckerberg’s fortune is largely derived from his stake in Meta and it makes him the 10th richest person in the world. Musk is worth an&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=595dbf9d7999">estimated</a>&nbsp;$249.4 billion and currently holds the top position in&nbsp;<em>Forbes’</em>&nbsp;list of the world’s wealthiest people. The two billionaires have reportedly been&nbsp;<a href="https://www.wsj.com/articles/elon-musk-mark-zuckerberg-cage-fight-b71fa4ff" target="_blank" rel="noreferrer noopener">feuding</a>&nbsp;for years, though this recently spilled out into the public domain and the pair are apparently primed to settle things with a literal fight. It is unclear whether the agreed upon “cage match” will ever happen.</p>



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



<p><a href="https://www.wsj.com/articles/elon-musk-mark-zuckerberg-cage-fight-b71fa4ff" target="_blank" rel="noreferrer noopener">Behind the Musk-Zuckerberg ‘Cage Match’ Is a Yearslong Billionaire Feud</a> (WSJ)</p>


Meta’s Twitter Rival Threads Will Launch Thursday As Chaos Continues On Elon Musk’s Platform


<p><strong>South Africa&#8217;s National Health Insurance bill aims to bridge the gap between private and public healthcare sectors. However, concerns about impact on private medical aid coverage and potential for reduced innovation and employment within the healthcare sector have sparked confusion around its implementation.</strong></p>



<p>South Africa stands on the brink of a significant transformation in its healthcare sector with the passing of the National Health Insurance (NHI) bill on June 14, surpassing the first legal obstacle to implementation. The legislation aims to bridge the gap between the private and public healthcare sectors, promising to bring equity to a system that has long been divided.</p>



<p>However, the bill has not been without its detractors, who express concerns about potential government inefficiency, the impact on private medical aid coverage, and the potential for reduced innovation and employment within the healthcare sector.</p>



<p>“Technically, I don’t think it’s feasible,” says Professor Alex Van den Heever, an expert on healthcare governance at the University of the Witwatersrand in Johannesburg, to FORBES AFRICA. “The aim is to ensure that somehow that both the public and private services are of an equivalent standard of care… and that is beyond the capacity of this government at this point in time.”</p>



<p>The South African healthcare system has been grappling with a stark divide for decades. Public healthcare infrastructure has been marred reportedly by poor service delivery and corruption, as evidenced by challenges in Tembisa Hospital procurement, the closing of Charlotte Maxeke Academic Hospital, and continued staffing and supply issues at Chris Hani Baragwanath Academic Hospital, to name a few.</p>



<p>In contrast, private medical aid services have filled this gap, collaborating with private hospitals to provide world-class medical care, albeit at exorbitant rates. The cost of private healthcare has become a significant burden on the South African economy, with the average South African medical aid subscriber paying over $100 per month in a country where the average person earning minimum wage makes around $400 per month.</p>



<p>The NHI, first announced as part of the ANC ruling party’s national conference in 2007 and later introduced to Parliament in 2019, passed earlier this year. The legislation seeks to address the disparities between public and private health, envisioning a state-run medical insurance scheme that leverages both public and private facilities and resources, thereby ensuring that individuals seeking healthcare have access to the same facilities and benefits as those enrolled in private medical schemes.</p>



<p>“The issue we have with the current proposal of the NHI… is Section 33 of the bill, which states that once the NHI is fully implemented, medical schemes would no longer be allowed to provide any cover that is provided by the NHI,” said Discovery Health CEO Ryan Noach in an interview with BizNews last week.</p>



<p>Discovery Health accounts for 40% of South Africans with medical insurance. “It’s not because we have an aversion to government business, but rather because we believe their chosen contracting model doesn’t align with our fully integrated approach to administration and managed care services.”</p>



<p>The bill has raised several concerns among critics and private sector medical providers.</p>



<p>Further critiques include the vague wording of the bill itself, with little clarity as to the &#8220;basic healthcare services&#8221; to be rendered, and how it will be funded as per &#8220;mandatory prepayment&#8221;, neither of which are officially defined.</p>



<p>However, a government factsheet recently surfaced indicating that funding for the NHI might be sourced from a mandatory private income tax as well as payroll tax, without specifying what taxation rates might be levied. The 2015 whitepaper on the NHI provides possible indicative tax rates of payroll and personal income, ranging from 1% to 4% for payroll and a surcharge on taxable income across different scenarios over the next five years.</p>



<p>Van den Heever drives home the challenges of this method of financing for the NHI, stating that the 2015 whitepaper is threadbare and lacks crucial financial analysis. Moreover, payroll taxes and income surcharges are likely to place a further burden on an already strained tax base, the middle class – not high-income tax earners, who primarily earn through dividends and other instruments. “Tax dymanics come in to play,” says Van den Heever. “When you overburden your tax base and you increase tax rates too high, you actually get less revenue.”</p>



<p>Healthcare in South Africa is in need of improvement – the country currently spends around 8.5% of its Gross Domestic Product on healthcare, with the lion&#8217;s share of this funding going to private medical insurance–while such insurance services less than 20% of the population according to recent Council for Medical Schemes Data. This trend runs counter to global movements towards universal care and mirrors circumstances in countries such as the United States, where healthcare has become a prohibitive expense.</p>



<p>The NHI aims to correct this imbalance, aligning with the country&#8217;s commitment to Universal Health Care as part of the 2030 National Development Plan. However, experts such as Van den Heever do not believe that the NHI is the place to begin. “Nothing in the NHI proposals is going to change what’s going on… what the government wants to do is raise taxes and allocate that into the system, while they’ve done nothing about corruption.”</p>



<p>The South African government’s position remains firmly committed to the NHI’s implementation; “Government considers the passing of the NHI Bill by the National Assembly as a key milestone to ensure all the people of South Africa have access to the same clinic or hospital,” said Minister of Health Joe Phaahla in a recent press release.</p>



<p>However, there is as yet little clarity as to how this implementation will occur.</p>



<p>With historical inequality deeply ingrained in healthcare along economic and racial lines, it’s no question that the issue of health services in the country needs redress, as per rights declared in the country’s constitution. However, with a lack of clarity in law, the future of the bill once it becomes practice remains uncertain.</p>


Cholera Outbreak In Hammanskraal

A Step Towards Equitable Healthcare In South Africa But Concerns Around Implementation


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



<p>Khabane “Khaby” Lame, known for TikTok videos in which he silently mocks complicated &#8220;life hack&#8221; videos, holds the title of&nbsp;<a href="https://www.tiktok.com/@khaby.lame?lang=en" target="_blank" rel="noreferrer noopener">most followed TikToker</a>&nbsp;for the first half of the year with more than 160,500,000 followers, holding his lead of about 10 million followers over dancer and social media personality Charli D’Amelio.</p>



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



<p>Lame, a Senegalese-Italian social media personality, got popular on the short video app for duetting “life hack” videos and silently either making fun or simply showing a simpler way to address the issue “solved” by the hack.</p>



<p>Lame passed D’Amelio as the most followed TikToker in June 2022 and has held the title since then.</p>



<p>Since achieving fame on social media, Lame has been named a&nbsp;<a href="https://www.nbcnews.com/pop-culture/khaby-lame-worlds-followed-tiktok-creator-joins-italias-got-talent-jur-rcna73112" target="_blank" rel="noreferrer noopener">judge</a>&nbsp;on&nbsp;<em>Italia’s Got Talent</em>, signed a multi-year&nbsp;<a href="https://peopleofcolorintech.com/front/tiktok-star-khaby-lame-signs-multiyear-deal-with-the-hugo-boss/" target="_blank" rel="noreferrer noopener">contract</a>&nbsp;with Hugo Boss and has a voice&nbsp;<a href="https://leganerd.com/2022/11/04/black-panther-wakanda-forever-khaby-lame-ha-un-cameo-vocale-nella-versione-italiana/" target="_blank" rel="noreferrer noopener">cameo</a>&nbsp;in the Italian-dubbed version of&nbsp;<em>Black Panther: Wakanda Forever</em>.</p>



<p>On June 27, Lame presented his short film “I Am Khabane,” which documents Lame’s story of finding social media success, at the Taormina Film Festival in Italy.</p>



<h2 class="wp-block-heading" id="h-top-five-accounts">TOP FIVE ACCOUNTS</h2>



<p>As of June 29, these are the five TikTok accounts with the most followers, according to SocialTracker:</p>



<ol>
<li><a href="https://www.tiktok.com/@khaby.lame?lang=en" target="_blank" rel="noreferrer noopener">Khaby Lame</a>: 160,100,000</li>



<li><a href="https://www.tiktok.com/@charlidamelio?lang=en" target="_blank" rel="noreferrer noopener">Charli D’Amelio</a>: 150,700,000</li>



<li><a href="https://www.tiktok.com/@bellapoarch?lang=en" target="_blank" rel="noreferrer noopener">Bella Poarch</a>: 92,700,000</li>



<li><a href="https://www.tiktok.com/@addisonre?lang=en" target="_blank" rel="noreferrer noopener">Addison Rae</a>: 88,600,000</li>



<li><a href="https://www.tiktok.com/@mrbeast?lang=en" target="_blank" rel="noreferrer noopener">MrBeast</a>: 83,200,000</li>
</ol>



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



<p>Lame, 23, first started posting TikToks in 2020 after being laid off from his job as a factory worker in the early days of the Covid-19 pandemic. His comedy videos have been praised for having an “everyman” appeal. In an interview with the&nbsp;<em>New York Times</em>, Lame&nbsp;<a href="https://www.nytimes.com/2021/06/02/style/khaby-lame-tiktok.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;his silent reactions to the absurd life hack videos he duets or stitches is a “global language” and that his “comedic facial expressions and the simplicity of his content” helped him grow into such a large influencer.</p>



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



<p>Though TikTok users are growing in popularity and the app is becoming a growing place for companies to reach new audiences and sell products, it still faces challenges and people fear the Chinese-owned app is collecting data from American users it could give that to the Communist Party. While there’s no nationwide ban on TikTok, the majority of American states—and Congress—have&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/04/15/montana-bans-tiktok-heres-why-its-probably-unenforceable/?sh=1e3d2e92b38b">banned</a>&nbsp;the app from government devices, and Montana recently became the first state to pass a&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/05/17/montana-governor-signs-tik-tok-ban-but-legal-challenges-are-expected/?sh=4c97c6da4dc9">law</a>&nbsp;banning the app completely. That law drew legal challenges from the&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/05/22/tik-tok-sues-montana-after-state-passes-law-banning-app/?sh=79b6c9865da1">company</a>&nbsp;and criticism from free speech advocates who argue the ban “unlawfully abridges one of the core freedoms guaranteed by the First Amendment.”</p>



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



<p>1.677 billion. That’s how many&nbsp;<a href="https://www.demandsage.com/tiktok-user-statistics/#:~:text=TikTok%20has%20over%201.677%20billion,are%20its%20monthly%20active%20users." target="_blank" rel="noreferrer noopener">users</a>&nbsp;TikTok has, and more than 1 billion of them are considered active monthly users, according to data intelligence company Demand Sage. In March, TikTok passed 150,000,000 American&nbsp;<a href="https://newsroom.tiktok.com/en-us/150-m-us-users" target="_blank" rel="noreferrer noopener">users</a>.</p>



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



<p><a href="https://www.nytimes.com/2021/06/02/style/khaby-lame-tiktok.html" target="_blank" rel="noreferrer noopener">How Khaby Lame Took Over TikTok</a>&nbsp;(<em>New York Times</em>)</p>



<p><a href="https://www.socialtracker.io/toplists/top-10-tiktok-users-by-followers/" target="_blank" rel="noreferrer noopener">Top 10 Most Followed TikTok accounts in 2023</a>&nbsp;(SocialTracker)</p>



<p><a href="https://www.forbes.com/sites/mollybohannon/2023/05/17/montana-governor-signs-tik-tok-ban-but-legal-challenges-are-expected/?sh=4c97c6da4dc9">Montana Governor Signs TikTok Ban—But Legal Challenges Are Expected</a> (<em>Forbes</em>)</p>


69th Taormina Film Festival – Day 6

Khaby Lame—Known For Mocking ‘Life Hacks’—Top TikToker Of 2023


<p><strong>International MSME Day on June 27 recognizes that small businesses and self-employed workers are crucial to the growth and development of economies. We also speak with Jeremy Awori, Chief Executive Officer, Ecobank Group, on the importance of this day.</strong></p>



<p>Small and medium-size businesses (SMEs) are the lifeblood of Africa’s economy. They are responsible for more than 80% of the continent’s employment and 50% of the GDP, according to the World Economic Forum.</p>



<p>To celebrate the role played by micro, small and medium-sized enterprises and increase awareness of their contribution to the achievement of the Sustainable Development Goals (SDGs), the United Nations (UN) General Assembly designated 27 June as International MSME Day.</p>



<p>The UN recognizes that small businesses and self-employed workers are crucial to the growth and development of economies, saying that if adequately supported, MSMEs can “effectively contribute to the structural transformation of economies and drive inclusive, sustained, and equitable economic growth and jobs.”</p>



<p>“SMEs play a crucial role in Africa’s economic growth and development, especially when it comes to the creation of jobs which remains a significant problem across the continent,” says Jeremy Awori, Chief Executive Officer, Ecobank Group.</p>



<p>With operations in 33 African markets, the bank has made it a priority to nurture and contribute to the growth and success of African SMEs and encourage them to leverage trade opportunities.</p>



<p>The African Continental Free Trade Area (AfCFTA), a single, continent-wide market that unites 54 countries, offers significant opportunities on the continent. Among its aims are to scale African businesses through integration of regional value chains and to increase intra-African trade by 52.3% by 2030.</p>



<p>As an entrepreneur in the education sector, Catherine Awuor Oduor manages the operations of Jabali Schools in Kenya and is a Senior Finance Officer at African Union.</p>



<p>She is of the opinion that the private sector and policymakers working in partnership with the AfCFTA can open expansion and growth opportunities for SMEs.</p>



<p>“They have the potential to transform the economies and the continent as a dynamic force in the international arena,” Oduor says. “If policymakers can draft very good policies, this will help businessmen and businesswomen to ensure that their business flows without challenges. As we are aware 60% to 70% of women are involved in business and in the cross strait area. And therefore, if the laws are well-drafted and could favor women, women could do their business very well. Finally, the private sector plays a critical role in the development of Africa, and hence strategy ensures businesses across the continent have access to tools and partnerships, they will be able to play a key area in creating a resilient environment in the future.”</p>



<p>Financial institutions play a big role in easing the ability of SMEs, and especially women-owned SMEs, to grow and develop in the currently challenging environment, and ultimately to tap into cross continental trade.</p>



<p>Despite women-led enterprises making up about a third of all registered African small businesses, the financial gap between men and women remains.</p>



<p>According to the UN, women- and youth-owned enterprises are often most vulnerable and at risk of external shocks. On top of this, they have to deal with limited access to affordable finance, capacity-building support, partnership networks, and global markets. There are many challenges for them to overcome, resulting in many being confined to the informal sector and necessity entrepreneurship.</p>



<p>For Oduor, limited access to cash is one of the challenges for SMEs. “Right now the economy has really gone down. And many lending facilities are offering loans at high interest rates, and this has affected quite a number of businesses.”</p>



<p>In her experience, other challenges include access to technology, poor monitoring and evaluation systems to track feedback, market analysis and feasibility studies and setting up a good business plan.</p>



<p>“For SMEs in the informal sector, we assist them to transition to the formal sector to ensure they gain access to better growth opportunities,” says Ecobank’s Awori. “In addition to catering to their banking needs, we also provide SMEs essential non-financial support such as skills training. In recognition of the vital role of women, Ecobank has curated tailored solutions through our comprehensive Ellevate program, specifically designed for women entrepreneurs.”</p>



<p>For the UN, MSME Day will also focus on supporting resilient supply chains to ensure workers and the environment benefit and encourage policymakers and businesses to join forces to ensure economically viable, socially, and environmentally sustainable supply chains.</p>


Category: Current Affairs

FORBES AFRICA SOCIAL MEDIA

More from Current Affairs