As business leaders, climate scientists and global leaders gathered at Expo City Dubai in the United Arab Emirates (UAE) for the 28th edition of the Conference of the Parties (COP) from November 30, the dialogues reflected the dire and drastic changes needed to combat the excesses of climate change – and Africa was at the forefront.



With out-of-control climate conditions, the global community – public and private sector alike – promised to strive together for a more sustainable future. COP28 President Dr Sultan Al Jaber made it clear at the event’s opening plenary speech that “a key success factor across the climate agenda is finance”.



“For too long, finance has not been available, accessible, or affordable. This Presidency is committed to unlocking finance to ensure that the Global South does not have to choose between development and climate actions. Let this be the year that climate finance meets the magnitude of the moment,” he said.



COP28 mobilized over $83 billion in the first five days of the summit, setting the pace for a new era in climate action. On day one of COP28, the Presidency facilitated a historic agreement to operationalize and capitalize funding for Loss and Damage, supporting those on the front lines of the climate crisis with $726 million already pledged to date. The World Bank announced an increase of $9 billion annually for 2024 and 2025 to finance climate-related projects. Multilateral Development Banks (MDBs) announced a cumulative increase of over $22.6 billion toward climate action.



South African President Cyril Ramaphosa, also in attendance, echoed the sentiments but with the caution that “Africa is most vulnerable to the effects of a rapidly changing climate and have to adapt to build resilience within the context of historically low levels of development and severely limited capacity”. He applauded ‘the loss and damage fund’ meant to support and assist developing countries vulnerable to the adverse effects of climate change. A commitment of $100 million was made by the UAE towards the fund, paving the way for other nations to also pledge to the critically important initiative.



Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, encouraged by the announcement of this commitment, said to CNBC Africa at the forum: “We are seeing a lot more action than we thought. But we need more. We are far away from where we need to be and developing countries need all the support to make the transition.”



Samaila Zubairu, CEO of Africa Finance Corporation, said in an interview with CNBC Africa that African countries should take ownership of their own carbon market value chains, adding that focusing on communities and preserving the forests is the right way as this will help the continent with its carbon credit.



Climate finance does not necessarily mean funding to transition from fossil fuel to clean energy. For some, it means more. For Kenya, it means housing. Home to 1.2 billion people, in Africa, as urbanization gathers momentum, so does the need to build houses in a more sustainable manner.



Nasra Nanda, CEO of the Kenya Green Building Society, made it clear in an interview with CNBC Africa that they are pushing to unlock financing. She said getting governments involved in green infrastructure will lead to creating more jobs especially for the youth. Statistics currently show that nearly 72 million youth in Africa are not in education, employment or training.



“Young people do not even possess the basic technical skills and unless we fix that, we will not be able to upskill them…or give them [what is] needed to participate in the green economy,” said Abigail



Khuluse, Programme Manager for Economic Inclusion at the National Business Initiative in South Africa. “It’s imperative to give focus to the right skills that enable the youth to pivot or upskill to get opportunities within the green economy.” This requires both political and business will to work together to address the skills gap.



Apart from what Africa needs to do to be an active participant in the fight towards carbon neutrality, there is overwhelming pressure that developed countries place on developing nations. Global carbon dioxide (CO2) emissions from fossil fuels are expected to hit a record high in 2023 – as reported by the Global Carbon Budget report, published during the COP28 climate summit. Countries are expected to emit a total of 36.8 billion metric tons of CO2, a 1.1% increase from last year.



South Africa’s Minister of Forestry, Fisheries and Environmental Affairs, Barbara Creecy did not mince words when she spoke to the press at the summit. “While all countries have the responsibility to transition, responsibility that relates to national circumstances and national capabilities, South Africa fully supports the fact that the European Union (EU) wants to reach carbon neutrality by 2050 – and so they should – because it’s their use of fossil fuels over the last two-hundred years that has created the climate crisis.”



Whichever way one looks at Africa’s approach to climate change, the challenging global environment means fighting for the future of the world’s youngest population will require the continent to take control of its narrative in the climate dialogue.

COP28 In Dubai – UN Climate Conference – Day 7

‘A Lot More Action But We Need More’: Africa Takes Charge Of Its Narrative At COP28 Climate Summit In Dubai

Nelson Mandela passed away on December 5 2013. A decade on, what has changed.



Today marks a decade since the loss of Nelson Mandela, South Africa&#8217;s emblematic hero, anti-apartheid champion, and a figure of global reverence. Mandela&#8217;s passing, a moment of profound national and international mourning, has become a pivotal point of reflection, particularly as his envisioned ‘Rainbow Nation’ South Africa remains elusive as the country grapples with severe socioeconomic and political challenges.



Professor Jonathan Jansen, Professor of Education at Stellenbosch University and a respected political columnist, reflects on this shift: &#8220;While Nelson Mandela is held in high esteem across the country, it&#8217;s true that with time, the intensity of commemoration fades. This is true for everyone, not just for the great man himself.&#8221;



Mandela&#8217;s contested legacy surfaces in the Nelson Mandela Foundation&#8217;s bold initiative – an interactive exhibition titled Mandela is Dead hosted in collaboration with The Forge and Stellenbosch University at the Nelson Mandela Centre of Memory in Houghton, Johannesburg.



The show encapsulates the growing debate over whether it&#8217;s time to reevaluate Mandela&#8217;s enduring influence on South African society and politics. The exhibition, which launched on the eve of December, attempts to nuance the legacy of the iconic leader.



&#8220;In the past few years, there has been a lot of contention around the meaning of Mandela&#8217;s legacy. Students and intellectuals are debating whether he was truly a &#8216;miracle maker.&#8217; Some criticize him for giving too much to F.W. de Klerk and the apartheid government [during the transition to democracy]. Others represent a more intellectual view, similar to that expressed by someone like [historian] Colin Bundy, which acknowledges his great impact despite his own challenges,&#8221; Jansen observes.



A symbol of resistance and reconciliation, Mandela led the African National Congress (ANC) through the darkest days of apartheid and shepherded the nation into a democratic era – notably, without a major civil conflict that much of the world saw as a foregone conclusion. His vision was of a non-racial, prosperous, and democratic South Africa, ideals that now face scrutiny amid the country&#8217;s lingering socio-economic crises.



&#8220;There is no longer an unconditional celebration of Mandela. His legacy is now viewed through both cynical and pragmatic lenses, considering all his complexities, including his weaknesses. With the current challenges the country faces, it&#8217;s hard to conjure up an image of a flawless leader, especially when basic services are lacking, and there are ongoing issues like loadshedding, children dying due to poor sanitation. This contrasts sharply with the spirit of the first decade following liberation, which was about moving from liberation to survival,&#8221; Jansen adds.



South Africa today wrestles with profound challenges: state capture, frequent power outages and rampant unemployment plague the nation. These issues starkly contrast with Mandela’s dream, spotlighting the gaps between his aspirations and the current realities. In his own desire to ensure a non-violent transition to democracy in South Africa, Mandela made accommodations that some see as allowing the structures of inequality under apartheid to continue to exist.



&#8220;His legacy has done nothing but keep the poor poor and the rich rich, freedom is not free,” reads one message written by a university student on a message board that formed part of the Mandela Is Dead exhibition, which provided a canvas for the reflections of South Africa’s youth, revealing a deepening rift between Mandela’s vision and the contemporary South African experience.



While Robben Island, Mandela&#8217;s long-term prison home, commemorated his legacy with a running event, the broader national observance was muted, highlighted only by a solidarity march for Palestinians in Pretoria. At the time of publishing, neither the ANC nor the Presidency of Cyril Ramaphosa had issued a commemoration of the day.



Mandela&#8217;s ANC, once the unchallenged political force in South Africa, faces the prospect of losing majorities in key provinces in the upcoming general election. This potential shift signals a transformation in public sentiment and perhaps a reevaluation of Mandela’s influence in contemporary South African politics.



&#8220;I&#8217;ve noticed a sentiment among my comrades, who are saying that the country has strayed far from its path. They question the point of celebrating the achievements of great men from 30 years ago,” continues Jansen. “Even people who were cabinet ministers under Mandela feel this way. The public mood has shifted. The unfettered celebration of Mandela as a great man isn&#8217;t as common anymore, except in smaller, more insular communities.”



As South Africa confronts these realities, the Mandela is Dead exhibition is a call to action, echoing his granddaughter Ndileka Mandela&#8217;s words at the exhibition launch, “South Africa belongs to all who live in it. Let us reclaim it.”



Malala Yousafzai, a global advocate for girls&#8217; education and the youngest-ever Nobel Prize laureate, delivered a poignant and impactful speech at the Nelson Mandela Annual Lecture, coinciding with the 10th anniversary. She drew parallels between her struggle and Mandela’s legacy of justice and equality: &#8220;Millions of Afghan girls are effectively imprisoned but they fight on, calling for justice, calling for the world to stand with them.&#8221; 



Her words echo Mandela’s lifelong commitment to fighting injustice and underscore the ongoing global struggle for human rights and equality.

A group of American and South African students, aged from 11 to 19, met with Nelson Mandela at the Nelson Mandela Foundation in Johannesburg, on 2 June 2009. This is part of a series of activities ahead of Mandela Day on 18 July.

Nelson Mandela: Reflections On The 10th Anniversary Of The Former South African President’s Passing

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



Global carbon emissions reached another record high in 2023—even after both the U.S. and E.U. cut fossil fuel emissions, according to a recently published study.



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



This year’s global carbon emissions from fossil fuels are projected to total 36.8 billion tonnes—a 1.1% rise from 2022, according to a study published by&nbsp;<a href="https://globalcarbonbudget.org/" target="_blank" rel="noreferrer noopener">Global Carbon Budget</a>.



The report, compiled by an international team of climate researchers from more than 90 universities, determined that time is “running out fast” to avoid the worst impacts from climate change.



The global rise comes even after a sizable reduction in emissions from the European Union and the United States, decreasing by 7.4% and 3% respectively.



However, emissions from India are projected to increase by 8.2%, and emissions from China are expected to rise by 4%.



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



According to the Global Carbon Budget, emissions have largely plateaued in the last 10 years. The world did not see a significant increase compared to 2022, which also saw emissions increase by 1%. However, experts say this stabilization will not be enough to ensure emissions breach the 1.5ºC threshold—after which the earth will experience irreversible damage from climate change. The Global Carbon Budget now estimates that there is a 50% chance the world will exceed the 1.5C threshold in just seven years.



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



Professor Corinne Le Quéré of the University of East Anglia’s School of Environmental Sciences said the annual changes are “not profound or widespread enough” to deter climate change. “All countries need to decarbonise their economies faster than they are at present to avoid the worse impacts of climate change,” Le Quéré said.



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



The study was released as the UN’s annual climate conference, COP28, takes place in the United Arab Emirates. COP28 president-delegate Sultan Al Jaber, the CEO of the UAE’s state-run oil and alternative energy companies, has faced steep criticism since the conference began. Last week, <a href="https://www.forbes.com/sites/zacharyfolk/2023/12/01/cop28-advisory-board-member-resigns-over-reports-uae-used-climate-talks-to-push-fossil-fuels/?sh=480addf4a37e">leaked memos</a> appeared to show Al Jaber was using the conference to pursue more oil and natural gas deals. On Sunday, comments Al Jaber made at a SHE Changes Climate summit on November 21 attracted further criticism. “There is no science out there, or no scenario out there, that says that the phase-out of fossil fuel is what’s going to achieve 1.5C,” Al Jaber said, in remarks first reported on by the <a href="https://www.theguardian.com/environment/2023/dec/03/back-into-caves-cop28-president-dismisses-phase-out-of-fossil-fuels" target="_blank" rel="noreferrer noopener">Guardian</a>. The COP28 president’s beliefs seem to directly conflict with the UN’s stated position on meeting the threshold. “The science is clear: the 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels,” UN Secretary General Antonio Guterres said in an address at COP28. “Not reduce. Not abate. Phase out.”

Reports Indicate 2016 Was Hottest Year On Record

Global Carbon Emissions Reached Another Record High In 2023, Study Suggests

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



An uptick of mycoplasma pneumonia cases in children has caused outbreaks in Ohio, Massachusetts, China and Denmark, though officials say they aren’t connected or linked to a “new or novel” virus.



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



The illness is caused by a bacteria called “mycoplasma pneumoniae,”&nbsp;and results in typically mild respiratory infections, though the illness can progress into a serious lung infection that calls for hospitalization,&nbsp;<a href="https://www.cdc.gov/pneumonia/atypical/mycoplasma/index.html" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.



Mycoplasma pneumonia is sometimes dubbed “<a href="https://www.vinmec.com/en/news/health-news/general-health-check/what-does-a-white-chest-x-ray-indicate/#:~:text=A%20white%20lung%20or%20white,be%20detected%20and%20treated%20promptly." target="_blank" rel="noreferrer noopener">white lung pneumonia</a>” due to white patches caused by the disease that present on the lungs during X-rays.



The Warren County Health District in Ohio released a&nbsp;<a href="https://warrenchd.com/wp-content/uploads/2023/11/WCHD-Media-Release-Update-2.pdf" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;Thursday indicating a pneumonia outbreak that began in August has affected at least 145 children between the ages of three and 14.



“Mycoplasma pneumoniae”&nbsp;was among the specimens at fault, along with “streptococcus pneumoniae” and adenovirus, which all cause pneumonia and other respiratory illnesses, the WCHD indicated in a separate&nbsp;<a href="https://warrenchd.com/wp-content/uploads/2023/11/WCHD-media-release-pneumonia-112923-004-1.pdf" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;released Wednesday.



The WCHD said the increase of pneumonia cases is not linked to a “new or novel” respiratory illness, but rather a spike in normal pediatric cases, and stated the outbreak isn’t related to any other outbreaks statewide, nationally or globally.



Massachusetts is also <a href="https://www.westernmassnews.com/2023/11/29/doctors-seeing-increase-walking-pneumonia-rsv-cases-kids/" target="_blank" rel="noreferrer noopener">reporting</a> an outbreak of pediatric “<a href="https://www.lung.org/blog/what-is-walking-pneumonia#:~:text=%22Walking%20pneumonia%22%20is%20a%20non,common%20bacterium%20called%20Mycoplasma%20pneumonia." target="_blank" rel="noreferrer noopener">walking pneumonia</a>” cases—which refers to mild pneumonia infection often caused by “mycoplasma pneumoniae”—as well as an uptick in other respiratory illnesses like respiratory syncytial virus.



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



Mycoplasma pneumonia has also been spreading in China and Denmark. Researchers from Denmark’s Statens Serum Institute have&nbsp;<a href="https://www.ssi.dk/aktuelt/nyheder/2023/der-er-epidemi-med-mycoplasmainfektioner-ogsaa-kendt-som-kold-lungebetaendelse" target="_blank" rel="noreferrer noopener">stated</a>&nbsp;mycoplasma pneumonia infections have reached epidemic status in the country. The spike began during the summer, but quickly increased over the past five weeks. Over 540 cases were reported last week—triple the number of cases reported in mid-October. Chinese officials reported during a health conference in November there has been an uptick in respiratory illnesses since mid-October,&nbsp;<a href="https://www.who.int/emergencies/disease-outbreak-news/item/2023-DON494" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the World Health Organization. However, they blamed this surge on the lifting of Covid restrictions and said it was linked to known illnesses, like Covid, RSV, the flu and mycoplasma pneumonia. WHO echoed China’s sentiments,&nbsp;<a href="https://www.who.int/emergencies/disease-outbreak-news/item/2023-DON494" target="_blank" rel="noreferrer noopener">saying</a>&nbsp;though the surge is early in the typical flu season, it’s not unexpected due to the removal of Covid restrictions in the country. Republican lawmakers&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/30/cdc-director-says-respiratory-illnesses-in-china-not-caused-by-new-virus/?sh=61bcf670722b">grilled</a>&nbsp;CDC director Mandy Cohen on Thursday about China’s trustworthiness in reporting the surge in infections. Rep. Cathy McMorris Rodgers (R-Wash.) likened the surge and the alleged lack of information from China to “a troubling parallel to 2020,” in reference to the early days of the Covid pandemic. Cohen said the rise in cases isn’t linked to a “new or novel” virus, but instead due to respiratory illnesses like mycoplasma pneumonia, an explanation in line with China and WHO.



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



Mycoplasma infection is most common in the fall and late summer, and though anyone can get infected, it mainly affects children and younger adults,&nbsp;<a href="https://www.health.ny.gov/diseases/communicable/mycoplasma/fact_sheet.htm#:~:text=Typical%20symptoms%20include%20fever%2C%20cough,mild%20and%20rarely%20requires%20hospitalization)." target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the New York State Department of Health. Usual symptoms include sore throat, sneezing, coughing, runny nose, wheezing, headache, ear infection and chest soreness, a&nbsp;<a href="https://www.ncbi.nlm.nih.gov/books/NBK430780/" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in StatPearls reports. Symptoms typically last for a few days but can stretch for more than a month, and they usually begin between two to three weeks following exposure. Though most infections are mild, they can lead to severe complications like lung abscess, respiratory failure, fluid buildup in the lungs and pus in the lungs. There are no vaccines to prevent mycoplasma infection, but it can be treated with antibiotics as it is a bacterial infection, unlike Covid and the flu.



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



<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/30/cdc-director-says-respiratory-illnesses-in-china-not-caused-by-new-virus/?sh=61bcf670722b">CDC Director Says Respiratory Illnesses In China Not Caused By New Virus</a>&nbsp;(Forbes)



<a href="https://www.who.int/emergencies/disease-outbreak-news/item/2023-DON494" target="_blank" rel="noreferrer noopener">Upsurge of respiratory illnesses among children-Northern China</a> (The World Health Organization)

Shot of little african-american boy  being vaccinated on her arm by a pediatrician at doctor’s office.

What Is Mycoplasma Pneumonia? Dubbed ‘Walking Pneumonia’ Or ‘White Lung Pneumonia’ And Linked To Pediatric Outbreaks In Ohio And Massachusetts

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



Hours after Elon Musk told companies to &#8220;go f***&#8221; themselves for pulling their advertisements from X over concerns about antisemitism—and called out Disney CEO Bob Iger by name—a group of right-wing users on the social media platform have called for Disney+ subscribers to cancel their accounts.



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



<a href="https://twitter.com/CollinRugg/status/1730227884957040938" target="_blank" rel="noreferrer noopener">Multiple</a>&nbsp;<a href="https://twitter.com/realmichaelseif/status/1730275154805068020" target="_blank" rel="noreferrer noopener">right-wing</a>&nbsp;<a href="https://twitter.com/ChayaRaichik10/status/1730296643872792752" target="_blank" rel="noreferrer noopener">accounts</a>&nbsp;on X, the platform formerly known as Twitter, called on subscribers to Disney’s streaming service Disney+ to cancel their subscriptions, with the X account End Wokeness&nbsp;<a href="https://twitter.com/EndWokeness/status/1730218208324395011" target="_blank" rel="noreferrer noopener">posting</a>&nbsp;instructions for cancellation with the caption: “Stop giving money to people that hate you.”



Those calls follow Disney’s decision earlier this month to&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=3f0da76a34fb">suspend its advertising</a>&nbsp;on the social media platform, joining a growing list of companies including Apple, IBM, Lionsgate and Xfinity, following the release of a scathing report that found advertisements on X alongside pro-Nazi posts, and after Musk endorsed a post&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=7e010cc14020">widely condemned</a>&nbsp;as antisemitic.



Disney’s decision to stop running ads on X could cost the social media platform millions of dollars, while X users’ calls for a boycott of Disney+ would have to reach many of its&nbsp;<a href="https://www.forbes.com/sites/tonifitzgerald/2023/08/09/new-record-for-disney-sheds-117-million-subscribers-password-crackdown-coming/?sh=5fe4d2b51d7b">146 million</a>&nbsp;subscribers (as of August) to have an equivalent effect.



Speaking at the New York Times’ DealBook Summit on Wednesday, Musk&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/29/elon-musk-says-advertisers-that-have-left-x-shouldnt-come-back/?sh=1f7dc21b10c0">accused advertisers</a>&nbsp;that left the platform of “blackmailing” him with money and crudely told them to “go f**k themselves,” while addressing Iger in the crowd, saying, “hi Bob.”



Iger, also speaking at the summit,&nbsp;<a href="https://www.youtube.com/watch?v=8pSxx1e5n34" target="_blank" rel="noreferrer noopener">said</a>&nbsp;he has “a lot of respect for Elon and what he’s accomplished,” but took exception with Musk’s endorsement of the post on X, saying: “By him taking the position that he took in quite a public manner, we just felt that the association with that position and Elon Musk and X was not necessarily a positive one for us.”



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



X could lose as much as $75 million in lost advertising revenue due to more than a dozen companies including Airbnb, Coca-Cola, Disney, IBM, Microsoft and Xfinity pulling out, the New York Times&nbsp;<a href="https://www.nytimes.com/2023/11/24/business/x-elon-musk-advertisers.html" target="_blank" rel="noreferrer noopener">reported</a>.



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



IBM became one of the first in a string of high-profile advertisers to&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/11/16/ibm-suspends-advertising-on-x-after-ads-appear-near-pro-nazi-posts/?sh=17f133ce6a4d">suspend its ads</a>&nbsp;on the platform this month, after a report from left-wing watchdog Media Matters for America found advertisements for the company—as well as Apple, Oracle and Xfinity—appeared near neo-Nazi posts and posts praising Adolf Hitler. Musk suggested the watchdog went out of its way to achieve the result, claiming the finding represented a wildly different experience from that of a typical user. X Corp. later&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/18/elon-musk-threatens-thermonuclear-lawsuit-against-group-reporting-antisemitic-x-posts-appearing-near-ads/?sh=27c854462b13">filed a defamation lawsuit</a>&nbsp;against Media Matters. Musk also came under fire after he&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=648123644020">shared</a>&nbsp;a post on X in which a user claimed “Jewish communities have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them,” an argument Musk called “the actual truth.” The White House also&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=4990834c1ea5">condemned</a>&nbsp;that post, issuing a statement calling the claim an “abhorrent promotion of antisemitic and racist hate.” Musk on Wednesday apologized for the post and&nbsp;<a href="https://www.theverge.com/2023/11/29/23981771/musk-says-the-antisemitic-post-was-a-mistake" target="_blank" rel="noreferrer noopener">admitted</a>&nbsp;it was “one of the most foolish, if not the most foolish, thing I’ve done” on the platform.



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



$7.2 billion. That’s how much Disney spent on advertisements in fiscal year 2022, surpassing its advertising budget in 2021 ($5.5 billion) and 2020 ($4.7 billion).



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



Disney became the latest in a wave of major companies to draw the ire of right-wing critics largely online. Earlier this year, Bud Light drew&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/20/far-right-pundits-are-slamming-companies-including-nike-adidas-and-ford-for-lgbtq-outreach-as-pride-month-nears/?sh=64d1685f76d0">massive pushback</a>&nbsp;among right-wingers, including pundits Candace Owens and Ben Shapiro, after the beer brand launched a partnership with transgender TikTok star Dylan Mulvaney. Fast food chain Chick-fil-A also came under fire after right-wing online circles expressed outrage over its hiring of a director of diversity, equity and inclusion in 2021, while Adidas faced right-wing pushback for a marketing campaign that included trans-inclusive swimwear. Target additionally faced right-wing blowback online for an LGBTQ Pride product line. In response to the criticism, Target&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/24/target-removes-pride-items-after-conservative-firestorm-sparking-criticism-from-lgbtq-groups/?sh=18e16e20e512">pulled</a>&nbsp;items from that line in late May, just a week before the start of Pride month, claiming in a statement that threats and criticism it received over the products were “impacting our team members’ sense of safety and well-being,” though the move also sparked pushback in LGBTQ circles over claims the company caved to right-wing blowback.



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



<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/29/elon-musk-says-advertisers-that-have-left-x-shouldnt-come-back/?sh=1f7dc21b10c0">Elon Musk Says Advertisers That Have Left X Shouldn’t Come Back</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=3f0da76a34fb">Apple And Disney Pull X Ads After Musk’s Promotion Of Antisemitic Post—Joining These Other Companies</a> (Forbes)

Popular Streaming Services Photo Illustrations

Disney Vs. Musk: Right-Wing X Users Push For Disney+ Cancellations As Disney Pulls Ads

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



Israel and Hamas on Thursday agreed to extend an ongoing temporary ceasefire by an additional day, just minutes before it was set to expire, a move that will allow for continued negotiations on the release of more hostages from Gaza in exchange for Palestinians held in Israeli prisons.



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



The extension was announced by the&nbsp;<a href="https://twitter.com/MofaQatar_EN/status/1730096017763107245" target="_blank" rel="noreferrer noopener">Qatari Foreign Ministry</a>—which is mediating discussions between the two sides—just minutes before the ceasefire agreement was set to expire at 7 a.m. local time.



The extended truce maintains the same conditions both sides had agreed to previously where Hamas will release at least 10 Israeli hostages every day in exchange for 30 Palestinian prisoners.



Qatari officials said efforts for permanent ceasefire agreement are still ongoing.



The Israeli Prime Minister’s office said it has already informed the relatives of hostages who are expected to be released on Thursday, with&nbsp;Haaretz&nbsp;<a href="https://www.haaretz.com/israel-news/2023-11-30/ty-article-live/12-israelis-four-thai-nationals-released-from-hamas-captivity-in-gaza/0000018c-1e28-db78-adcc-be7c50fb0007?liveBlogItemId=720471109&amp;htm_source=site&amp;htm_medium=button&amp;htm_campaign=live_blog_item#720471109" target="_blank" rel="noreferrer noopener">reporting</a>&nbsp;that the list could include eight women and children.



This is a developing story.

Two-Day Truce Extension Promises Release Of More Israeli Hostages And Palestinian Prisoners

Israel-Hamas Ceasefire Extended By One More Day Minutes Before It Was Set To Expire

In South Africa, a revolutionary method for dark matter search that is setting a new trajectory for future explorations.



The quest to unravel the mysteries of dark matter has taken a significant turn with the latest research from the University of the Witwatersrand (Wits) in South Africa. Spearheaded by Professor Deepak Kar and his former PhD student, now postdoctoral researcher Sukanya Sinha, this study is published in Physics Letters B and marks a pivotal shift from traditional approaches in dark matter exploration.



Dark matter, invisible yet comprising about a quarter of the universe&#8217;s mass, has long puzzled scientists. Traditional searches have focused on weakly interacting massive particles (WIMPs), but to date, these efforts have not yielded concrete evidence of its existence. The Wits team, working at the ATLAS experiment at CERN (a center for scientific research in Switzerland), ventured into uncharted territory by investigating semi-visible jets, a novel concept in Dark Matter searches.



Kan, in an interview with FORBES AFRICA, sheds light on the significance of this new approach: &#8220;We looked for a very specific signature of dark matter, which no one has ever looked at, and we didn&#8217;t find it. So what does it tell us? That the dark matter probably doesn&#8217;t exist in that form, or even if it does, the fraction is probably much, much smaller.&#8221; This discovery informs and directs future research, eliminating certain possibilities in the elusive search for dark matter.



Kan further elaborates on the practical implications of their findings: &#8220;Future research in the exploration of dark matter would be informed by this&#8230; Our study is the most prominent result because it&#8217;s an experimental research.&#8221; He also notes the broader impact of their work: &#8220;Our research informs new ways we can look for dark matter in, say, visible jets and beyond. It tells us what is not there, reducing the possibilities.&#8221;



Discussing the relevance of dark matter research to daily life, Kan states: &#8220;It&#8217;s not something which helps in everyday lives directly&#8230; but it might lead to the development of technologies and techniques which can be used in more practical research.&#8221;



He highlights the long-term potential of such fundamental research, drawing parallels with the development of the World Wide Web and advancements in machine learning and artificial intelligence, which originated from similar scientific endeavors.



This research by the Wits University team not only propels the scientific community closer to understanding one of the universe&#8217;s greatest mysteries but also exemplifies the profound impact of fundamental research on technological and practical advancements. As the quest for dark matter continues, this novel method introduced by the Wits team stands as a beacon of innovation in the expansive field of astrophysics.

Researchers Prof Deepak Kar and Sukanya Sinha; Image supplied1

Wits University’s New Direction In Understanding One Of The Universe’s Greatest Mysteries

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



Shein, a China-based company that dominates the fast-fashion industry, has confidentially filed to go public, the <a href="https://www.wsj.com/business/fast-fashion-giant-shein-files-to-go-public-30a97410?mod=business_lead_story" target="_blank" rel="noreferrer noopener">Wall Street Journal</a> and <a href="https://www.cnbc.com/2023/11/27/shein-files-for-us-ipo-as-fast-fashion-giant-looks-to-expand-its-global-reach.html" target="_blank" rel="noreferrer noopener">CNBC</a> reported Monday.



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



Shein will be working with Goldman Sachs, JPMorgan Chase and Morgan Stanley as underwriters on the offering, the Wall Street Journal reported.



The initial public offering could happen as soon as 2024, people with knowledge of the matter told CNBC and the Journal.



Last year Shein was valued at $100 billion—worth more than the combined value of two of its fast-fashion competitors, Zara and H&amp;M, according to previous Forbes <a href="https://www.forbes.com/sites/janeho/2022/11/09/founder-of-fast-fashion-phenomenon-shein-joins-ranks-of-chinas-richest-after-new-fundraising/?sh=10f1cb782bc7">reporting</a>—though Bloomberg reported the value <a href="https://www.bloomberg.com/news/articles/2023-11-07/shein-targets-up-to-90-billion-valuation-in-us-ipo-sources-say?embedded-checkout=true#xj4y7vzkg" target="_blank" rel="noreferrer noopener">dropped</a> to between $50 billion and $60 billion this year as higher interest rates and an uncertainty cloud the market.



Shein declined to comment to Forbes.



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



Earlier this month, people familiar with Shein’s IPO intentions&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-11-07/shein-targets-up-to-90-billion-valuation-in-us-ipo-sources-say?embedded-checkout=true#xj4y7vzkg" target="_blank" rel="noreferrer noopener">told</a>&nbsp;Bloomberg the company hopes to get a valuation of around $80 billion or $90 billion before going public, which would be one of the largest initial public offerings ever.



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



An IPO has long been rumored for Shein, which was founded in 2008 and quickly gained ground in the fast-fashion field. It’s known for selling trendy clothes that target Gen Z buyers with dirt cheap prices, regularly offering products for under $10. The company has faced its fair share of controversy and has regularly been criticized for relying on cotton produced with forced labor in China’s Xinjiang region. Earlier this year, 16 state attorneys general formally asked the Securities and Exchange Commission to not allow Shein to go public until it can prove the company doesn’t use forced labor, CNBC&nbsp;<a href="https://www.cnbc.com/2023/08/30/shein-faces-scrutiny-over-forced-labor-before-ipo.html" target="_blank" rel="noreferrer noopener">reported</a>. Shein is also under investigation by a House committee scrutinizing China, and a&nbsp;<a href="https://selectcommitteeontheccp.house.gov/media/press-releases/select-committee-releases-interim-findings-shein-temu-forced-labor" target="_blank" rel="noreferrer noopener">report</a>&nbsp;from June said Shein and Temu—another fast fashion company—“raise serious concerns about the continued presence of products made with forced labor contaminating American imports.” Shein has denied that it uses forced labor, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-10-24/us-lawmaker-seeks-investigation-that-could-bar-shein-apparel" target="_blank" rel="noreferrer noopener">reported</a>.



<h2 class="wp-block-heading">FORBES VALUATION</h2>



We estimate <a href="https://www.forbes.com/profile/chris-xu/?sh=237275327aa4">Sky Xu</a>, founder and CEO of Shein, to be worth $11.2 billion as of Monday evening, making him the 166th wealthiest person in the world. He was also listed at No. 19 on Forbes’ <a href="https://www.forbes.com/lists/china-billionaires/?sh=4cbb22262d43">China’s Richest list</a>, published earlier this month.



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



An IPO has long been rumored for Shein, which was founded in 2008 and quickly gained ground in the fast-fashion field. It’s known for selling trendy clothes that target Gen Z buyers with dirt cheap prices, regularly offering products for under $10. The company has faced its fair share of controversy and has regularly been criticized for relying on cotton produced with forced labor in China’s Xinjiang region, home to the Uyghur population. Earlier this year, 16 state attorneys general formally asked the Securities and Exchange Commission to not allow Shein to go public until it can prove the company doesn’t use forced labor, CNBC&nbsp;<a href="https://www.cnbc.com/2023/08/30/shein-faces-scrutiny-over-forced-labor-before-ipo.html" target="_blank" rel="noreferrer noopener">reported</a>. Shein is also under investigation by a House committee scrutinizing China, and a&nbsp;<a href="https://selectcommitteeontheccp.house.gov/media/press-releases/select-committee-releases-interim-findings-shein-temu-forced-labor" target="_blank" rel="noreferrer noopener">report</a>&nbsp;from June said Shein and Temu—another fast fashion company—“raise serious concerns about the continued presence of products made with forced labor contaminating American imports.” Shein has denied that it uses forced labor, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-10-24/us-lawmaker-seeks-investigation-that-could-bar-shein-apparel" target="_blank" rel="noreferrer noopener">reported</a>.

Trending Apps Photo Illustrations

Shein Reportedly Files For IPO Amid Fast-Fashion Surge

The African Cup of Nations (AFCON), the continent’s most important international men’s association football competition, is less than two months away. FORBES AFRICA offers some insight into what one can expect in the build-up to this much-anticipated exhibition.



Few times, if ever, has the favorite going into an Africa Cup of Nations (AFCON) tournament emerged after a month of intense action hoisting aloft the trophy.



But two years ago, at the last edition in Cameroon, Senegal were certainly a sentimental favorite because they had come so close on several previous occasions but never won, and so when they emerged as victors, it was to many neutrals’ delight.



As reigning African champions, that will make them among the fancied sides this time round, which if historic precedence is followed, will not be welcome.



No team since Egypt in 2008 has been able to hold on to the African crown and Ghana and Cameroon are the only other countries able to retain their title.



The 34th edition Cup of Nations will kick off on January 13 and is being hosted in the Côte d&#8217;Ivoire – a second time for the West African country after the 1984 finals.



Then it was an eight-team tournament, completed in the space of 14 days, but Africa’s continental championship is much evolved. This time round, the Ivorians host 24 teams at six different stadia, four of them newly built for the tournament, which will have a bevy of top stars on display, with the ever-increasing number of African players now featuring in the top leagues in Europe.



Their clubs are not happy they will be absent for up to a month but FIFA rules dictate national teams enjoy preference on the players’ service over clubs when a continental championship, like AFCON, is hosted. Ideally, the players should not have to suffer the tug of club versus country.



But this tournament was moved back six months because of concerns over the rainy season in the region and is now being hosted slap bang in the middle of the league season to the chagrin of the clubs who now lose the services of their best African players.



The concerns over the weather should have been raised when the Ivorians first bid to host the finals but are genuine and have already caused much consternation long before a ball has even been kicked.



The newly-built showpiece Stade Olympique d&#8217;Ebimpé in Abidjan, where the final is due to be played on February 11, turned into a paddling pool in September when the Ivory Coast played Mali in a friendly and the heavens opened. There was no proper drainage and eventually the game had to be called off to the embarrassment of the Ivorians.



There were pitch problem at the last Cup of Nations in Cameroon too, to the consternation of the Confederation of African Football (CAF), and they can ill afford a repeat this time, seeking to assure that the playing surfaces are of a quality that ensures a good footballing spectacle. French experts have been called in to make sure all the pitches are ready for carpet football once the event gets underway.



If all conditions do turn out to be top class, it is tournament that has the potential to be a top quality event, given the strength and depth of the protagonists.



Of the 24 participating nations, half have won the tournament previously. This time there are no newcomers but some tricky minnows with a proven pedigree for creating carnage. Equatorial Guinea and the Gambia, for example, were giant killers at the last finals and return again with the ability to upset the established pecking order.



Hosts Côte d&#8217;Ivoire, who have won twice before in 1992 and 2015, have a talented squad but are a little short of tournament temperament. They will look to the former England international Wilfred Zaha to lead their hopes and he certainly has the x-factor to lead them to the winners’ podium.



Morocco, on the back of their heroic exploits at the 2022 World Cup, will be the most fancied side but teams from Arabic-speaking North Africa have a long history of struggling when AFCON is hosted south of the Sahara.



Egypt did win in Burkina Faso in 1998 and again in Ghana 10 years thereafter, but Morocco have pointedly failed time and again in the continental championship, particularly when they have been hailed as pre-competition favorites.



Perhaps this will be their time given the confidence they collected in Qatar, where the 2022 World Cup took place, when they became the first African, and Arab, nation to reach the semi-final.



Algeria will have a heavyweight selection of French-born players from the massive Diaspora that they have across the Mediterranean, while Egypt are ever dangerous, particularly if Mohamed Salah is on song. Egypt lost narrowly in the last Cup of Nations finals to Senegal on post-match penalties.



It has been a decade since Nigeria last won the competition but this could be their opportunity again with a squad brimful of attacking talent. It is led by the striker Victor Osimhen, who finished top scorer in Italy last season where he helped Napoli to win the league.



Often times, however, the players’ ambition is let down by the foibles of their administrators, whose incompetence might make things tough for Nigeria to realize its massive potential.



The tournament is being played in Abidjan (two stadiums), Bouake, Korhogo, San Pedro and Yamoussoukro with all but two of the venues built specifically for the tournament.

South Africa v Morocco – Africa Cup of Nations

The Pride Of African Football: A Look Ahead

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



Israel released 39 Palestinians it was holding in its Ofer prison in the occupied West Bank on Friday as part of a deal for the release of Israeli hostages Hamas took during its Oct. 7 attack—the Palestinians released were mostly teenage boys and women, a vast majority had not yet been convicted of a crime and many had been imprisoned for years.



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



Seventeen of the released Palestinian prisoners are minors and, of those 17, 15 are boys and two were girls, while the remaining 22 are adult women,&nbsp;<a href="https://www.aljazeera.com/news/2023/11/24/who-were-the-palestinian-prisoners-israel-released-on-friday" target="_blank" rel="noreferrer noopener">Al Jazeera</a>&nbsp;reported.



Israel holds 2,200 Palestinians in detention under its controversial “administrative detention” policy that Israel says is a counter-terrorism measure it uses against people who plan to commit future offenses, according to the AP.



The released prisoners include Iyas Khatib, 17, the son of a U.N. aid worker who was put in “administrative detention” last year based on secret evidence without being publicly charged of a crime or put on trial, the&nbsp;<a href="https://apnews.com/article/palestinians-israel-prisoner-exchange-hostage-92545883b1fef86fb9b34549b7deca58" target="_blank" rel="noreferrer noopener">Associated Press</a>&nbsp;reported.



The prisoners also include Marah Bakeer, 24, who was a 16-year-old high school student in occupied East Jerusalem when Israeli forces shot at and arrested her for allegedly trying to stab an Israeli officer, an accusation Bakeer and her family deny,&nbsp;<a href="https://www.aljazeera.com/news/2023/11/25/family-celebrates-return-of-free-palestinian-prisoner-marah-bakeer" target="_blank" rel="noreferrer noopener">Al Jazeera</a>&nbsp;reported.



The 39 are part of a list of 300 Palestinians Israel said it was considering releasing as part of its deal with Hamas—some on the list were held on minor charges like throwing stones (though some were held on charges as serious as attempted murder), less than a quarter of them were convicted of a crime and most were being held on remand while awaiting a trial, the <a href="https://www.bbc.com/news/world-middle-east-67522703" target="_blank" rel="noreferrer noopener">BBC</a> reported.



Other common offenses the prisoners have been accused of include threatening security officers, entering Israel illegally without a permit, supporting terrorism and associating with hostile or unknown organizations,&nbsp;<a href="https://www.aljazeera.com/news/2023/11/24/who-were-the-palestinian-prisoners-israel-released-on-friday" target="_blank" rel="noreferrer noopener">Al Jazeera</a>&nbsp;reported.



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



The released prisoners were being held in Israel’s Ofer prison, which is situated in the occupied West Bank near its western border north of Jerusalem. Israeli forces began using it in 2002 and it has since housed scores of Palestinian detainees, according to the&nbsp;<a href="https://www.addameer.org/content/offer-prison" target="_blank" rel="noreferrer noopener">Addameer</a>&nbsp;Prisoner Support and Human Rights Association, a Palestinian non-governmental organization. The Israeli military court system is designed to prosecute Palestinians that violate its various military orders in occupied Palestinian territory, according to Addameer. Human rights groups allege that Israel’s military court system rules Palestinains guilty 99% of the time, according to the&nbsp;<a href="https://www.bbc.com/news/world-middle-east-67528844" target="_blank" rel="noreferrer noopener">BBC</a>. Addammer points to other perceived issues with the military court and Israeli prison systems, including that Israeli officers, despite being required to interrogate prisoners in their native language, allegedly often&nbsp;<a href="https://www.addameer.org/israeli_military_judicial_system/military_courts" target="_blank" rel="noreferrer noopener">get them to sign</a>&nbsp;statements in Hebrew they don’t understand and that prison officials allegedly&nbsp;<a href="https://www.addameer.org/key_issues/medical_negligence" target="_blank" rel="noreferrer noopener">deliberately don’t provide</a>&nbsp;prisoners with necessary medical care.



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



750,000. That’s how many Palestinians have at one point been in an Israeli jail since 1967, according to estimates from human rights groups, the&nbsp;<a href="https://apnews.com/article/palestinians-israel-prisoner-exchange-hostage-92545883b1fef86fb9b34549b7deca58" target="_blank" rel="noreferrer noopener">AP</a>&nbsp;reported.



<h2 class="wp-block-heading">NEWS PEG</h2>



The release of the Palestinian prisoners was part of&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/11/22/what-to-know-about-the-israel-hamas-hostage-deal/?sh=64f13bfe5845">an agreement</a>&nbsp;between Israel and Hamas that ended weeks of ferocious fighting between the two. That fighting began Oct. 7 after Hamas crossed the border of northern Gaza into Israel, killing around 1,200 and taking 240 hostage in a bloody attack. Israel responded with frequent airstrikes and a ground military incursion into Gaza. More than 14,500 people have been killed in Gaza since Israel declared war, according to the Hamas-controlled Health Ministry. On Friday,&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2023/11/24/temporary-ceasefire-takes-effect-in-gaza/?sh=2c11d07321a5">fighting paused</a>&nbsp;as part of a temporary cease-fire. As part of the cease-fire deal, Hamas agreed to release some of the hostages it took on Oct. 7, and Israel agreed to free some of its Palestinian prisoners. Along with the 39 released Palestinians, 13 Israeli hostages were released Friday. The pause in fighting—which is set to last four days, but could be extended if both sides come to further agreement—allowed trucks carrying humanitarian aid to enter Gaza.



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



More Palestinian prisoners and Israeli hostages to be released. Israel has promised to release 150 Palestinian prisoners and Hamas agreed to release 50 hostages. All of those are expected to be released by the end of the four-day cease-fire. However, even more could ultimately be released soon. As part of the deal, Israel agreed to continue the pause in fighting one more day for each additional 10 hostages released by Hamas.



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



The newly freed Palestinian minors’ names are Yousef Mohammad Mustafa Ata, Qusai Hani Ali Ahmad, Jibreel Ghassan Ismail Jibreel, Mohammad Ahmad Suleiman Abu Rajab, Ahmad Nu’man, Ahmad Abu Na’im, Baraa Bilal Mahmoud Rabee, Aban Iyad Mohammad Said Hammad, Moataz Hatem Moussa Abu Aram, Iyas Abdul Qader Mohammad Khatib, Hazma Laith Khalil Othman Othman, Mohammad Mahmoud Ayoub Dar Darwish, Jamal Khalil Jamal Barahmeh, Jamal Yousef Jamal Abu Hamdan, Mohammad Anis Saleem Tarabi, Abdul Rahman Abdul Rahman Suleiman Rizq, Zeina Raed Abdou and Noor Mohammad Hafez al-Tahir, according to&nbsp;<a href="https://www.aljazeera.com/news/2023/11/24/who-were-the-palestinian-prisoners-israel-released-on-friday" target="_blank" rel="noreferrer noopener">Al Jazeera</a>. The adults’ names are Rawan Nafez Mohammad Abu Matar, Marah Joudat Moussa Bakeer, Malak Mohammad Yousef Suleiman, Amani Khaled Nu’man Hasheem, Nihaya Khader Hussein Sawan, Fayrouz Fayez Mahmoud al-Baw, Tahreer Adnan Mohammad Abu Suriya, Falasteen Fareed Abdul Latif Najm, Walaa Khaled Fawzi Tanja, Maryam Khaled Abdul Majid Arafat, Asil Muneer Ibrahim al-Tayti, Azhar Thaer Bakr Assaf, Raghd Nashat Salah al-Fanni, Fatima Nu’man Ali Badr, Rawda Moussa Abdul Qader Abu Ujaima, Sara Ayman Abdul Aziz Abdullah al-Suweisa, Fatima Ismail Abdul Rahman Shahin, Samira Abdul Harbawi, Samah Bilal Abdul Rahman Souf, Fatima Bakr Moussa Abu Shalal, Hanan Saleh Abdullah al-Barghouthi and Fatima Nasr Mohammad Amarnah, according to Al Jazeera.



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



<a href="https://www.forbes.com/sites/willskipworth/2023/11/24/heres-what-to-know-about-the-hostages-released-from-gaza/?sh=4800c2e1aff7">Here’s What To Know About The Hostages Released From Gaza</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/willskipworth/2023/11/24/first-hostages-released-amid-temporary-israel-hamas-ceasefire/?sh=1c663278e9fe">First Hostages Released Amid Temporary Israel-Hamas Ceasefire</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/alisondurkee/2023/11/24/temporary-ceasefire-takes-effect-in-gaza/?sh=2c11d07321a5">Temporary Ceasefire Takes Effect In Gaza</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/anafaguy/2023/11/22/what-to-know-about-the-israel-hamas-hostage-deal/?sh=64f13bfe5845">What To Know About The Israel-Hamas Hostage Deal</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/siladityaray/2023/11/23/israeli-forces-reportedly-arrest-director-of-gazas-largest-hospital/?sh=28e410055505">Israeli Forces Reportedly Arrest Director Of Gaza’s Al-Shifa Hospital</a>&nbsp;(Forbes)

Gilad Shalit Swap Deal

Israel Released 39 Palestinian Prisoners: Here’s What We Know About Them

A vision to enhance Nigeria&#8217;s power landscape and facilitate a transition to a more sustainable energy mix.



In a strategic move in Abuja, Nigeria&#8217;s federal capital territory (FCT), the minister of power, Bayo Adelabu, held a meeting with Sun Africa LLC, a US-based renewable energy solutions provider. &#8220;Together, we solidified a collaboration to enhance Nigeria&#8217;s power landscape,&#8221; he affirmed. The collaboration aims to deliver 961 megawatts peak (MWp) of solar photovoltaic (PV) generation infrastructure and 455 megawatt-hours (MWh) of battery energy storage systems, amounting to a $2.2 billion investment.



Adelabu disclosed this while sharing the vision during his visit to Cotonou, Benin Republic. &#8220;I had the honor of representing Mr President [Bola Tinubu] at the commissioning of the West African Power Pool&#8217;s (WAPP) Communication and Coordination Center,&#8221; he posted via his X account on November 19.



This initiative by the Economic Community of West African States (ECOWAS) promises &#8220;seamless power transmission and market-driven energy trading across the West African sub-region.&#8221;



Excitement resonated in the minister&#8217;s words as he shared his anticipation of the positive impact of the solar PV generation infrastructure on Nigeria. &#8220;This collaboration is a crucial step in transitioning to a more sustainable power mix, vital for economic growth and environmental responsibility,&#8221; he emphasized. The commitment from Sun Africa aligns with his power sector transformation roadmap, focusing on distributed power leveraging renewable energy.



This is coming on the heels of the visit of the president of the World Bank, Ajay Banga, where he co-convened a private sector roundtable with discussions held on the crucial role electricity plays in the country&#8217;s economic development. The World Bank notes that 85 million Nigerians lack access to electricity, and if left unaddressed, this figure is expected to rise to 94 million by 2030.



The financial backing for this ambitious venture is equally robust. &#8220;Financing partners ING Bank and Citi, backed by the US Export-Import Bank (US-EXIM Bank), actively support this venture, committing up to $10 billion over the years,&#8221; revealed the minister.



This support, according to Adelabu, not only ensures the success of the initial phase but also lays the foundation for future developments. Collaborating with Sterling and Wilson Renewable Energy Limited as the Engineering, Procurement, and Construction (EPC) partner further solidifies the project&#8217;s strategic execution.



He expressed gratitude to all stakeholders involved, recognizing this collaborative effort as a milestone in advancing sustainable and reliable energy solutions for Nigeria. &#8220;Together, we forge a path towards a brighter, greener, and more energy-efficient Nigeria,&#8221; he concluded.

Laptop, farm and engineer team together at night for renewable energy, power and wind turbine. Electrician or technician man and woman in nature for electricity, eco and green environment maintenance

Nigeria And Sun Africa Spearhead $2.2 Billion Renewable Energy Solution

Analysts express concerns over the second postponement of the Central Bank of Nigeria&#8217;s (CBN) Monetary Policy Committee (MPC) meeting, crucial for interest rates, leading to uncertainties in the market.



While investors began the week on a negative note, resulting in a 0.15% decrease in Nigeria&#8217;s equities market, it closed with a 0.07% gain on Thursday. This was propelled by bargain activities in small to mid-cap stocks.



On Monday, Stanbic IBTC Holdings, CWG, and Caverton Offshore Support Group witnessed profit-taking, leading to share price declines. Stanbic IBTC Holdings saw a 7.08% drop, CWG lost 3.14%, and Caverton was down by 2.78%. However, on Thursday, Beta Glass led market advancers, rising by 10%, while Multiverse, Mecure Industries, and Nigerian Enamelware also experienced significant gains.



At the close of Thursday&#8217;s session, the Nigerian Exchange Limited (NGX)-All-Share Index (ASI) increased to 71,052.85 points from 71,008.7 recorded on Monday. Market capitalization reached ₦39.074 trillion ($40.85 billion), bringing the year’s return to 38.63% from 38.55%. In 6,579 deals, investors exchanged 563,707,721 shares worth ₦3.442 billion ($3.59 million).



“For this week, we expect a couple of factors to impact investors’ sentiment. Specifically, we anticipate a downturn in market momentum driven by concerns around the inconsistency of the Monetary Policy Committee (MPC), [as it further postponed its next meeting scheduled to hold during the week].



“Also, we foresee profit-taking activities across tickers that have realized significant gains. However, we do not rule out the possibility of bargain-hunting activities during the week as investors strategically take positions on stocks with attractive entry points.



“Overall, we expect the market to trade on a mixed note with a prevailing bearish sentiment. Thus, we expect the NGX-ASI to close in the red zone this week,” Meristem research analysts reportedly said in their stock recommendation for Monday.



The devaluation of the Naira in June has had a significant impact on Nigerian businesses, particularly foreign-owned subsidiaries trading on the Nigerian Exchange.



Companies with foreign parent groups, importing a substantial portion of their inventories, experienced unrealized FX losses due to the devaluation.



The MPC of the Central Bank of Nigeria (CBN) has twice postponed its 293rd meeting, initially set for September 25 and 26, since the nomination of the new governor, Yemi Cardoso, in the same month.



The meeting, intended to address various issues, including the decision on interest rates, was rescheduled for the second time on Monday, shifting to an unspecified date. This meeting would have signified the inaugural rates meeting under Cardoso. While acting as CBN governor from June to September, Folashodun Shonubi oversaw two interest rate increases at the bank.



With the enactment of the new CBN Act (2007) by the National Assembly, the reconstituted MPC &#8220;meets bi-monthly, except in the event of an emergency&#8221;. The two-day meeting occurred in January, March, May, and July 24 and 25. According to the Act, the meeting was supposed to take place in September and November, raising concerns about efforts to stabilize the nation&#8217;s currency, which has plummeted about 42% this year, contributing to inflation which worsened in October.



Nigerian analyst Kolawole Oyebola weighs in on the situation, attributing the negative sentiment to global economic concerns and regional factors impacting investor confidence.



Oyebola notes that the early-week downturn was a reflection of the cautious approach adopted by investors amid geopolitical tensions and fluctuating commodity prices. &#8220;The market experienced a slight dip on Monday as investors reacted to external pressures, exhibiting a typical risk-averse behavior,&#8221; Oyebola tells FORBES AFRICA.



&#8220;The mid-week recovery suggests that investors reevaluated their positions, with a focus on the underlying strength of the Nigerian economy,&#8221; Oyebola explains. He highlights positive indicators, including increased trading volumes and strategic investments in key sectors.



While uncertainties persist, Oyebola expresses optimism about the market&#8217;s ability to navigate challenges. &#8220;Investors are becoming more discerning, and we&#8217;re witnessing a more mature approach to risk management,&#8221; he remarks.



The analyst urges stakeholders to closely monitor global economic developments, emphasizing the interconnected nature of financial markets. &#8220;I encourage investors to adopt a balanced and informed strategy to navigate the evolving landscape.&#8221;

Central Bank of Nigeria headquarters in Abuja.

Nigerian Equities Overcome Early Week Slump, Close With Gains On Thursday

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



Two unnamed players from Netflix’s “Squid Game: The Challenge” are threatening to sue the streaming giant and the game show’s producers over claims they experienced hypothermia and nerve damage while shooting the show, according to&nbsp;<a href="https://deadline.com/2023/11/squid-game-the-challenge-contestants-threaten-injury-lawsuit-1235635675/" target="_blank" rel="noreferrer noopener">Deadline</a>, which cited British personal injuries firm Express Solicitors.



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



Express Solicitors said in a statement the contestants are seeking compensation for the alleged injuries suffered while filming in the U.K. early this year.



The injuries were allegedly sustained while the contestants played the “Red Light, Green Light” game, which tasks players with crossing a field of play and having to suddenly stop their advances anytime an announcer says “red light.”



Express Solicitors told Deadline the contestants were left with injuries “after spending time being stuck in painful stress positions in cold temperatures.”



The lawsuit threat comes several months after Netflix acknowledged that three players required medical attention while filming at a former Royal Air Force base in Bedford.



A spokesperson for the show confirmed to Deadline that no lawsuit has been filed by any of the contestants.



Express Solicitors did not immediately respond to Forbes’ request for comment.



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



$4.56 million. That’s the cash prize for the show, which currently has five out of 10 episodes out on Netflix and will be won by one of its 456 contestants.



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



“We have sent letters of claim on behalf of contestants injured in this show,” Daniel Slade, chief executive officer at Express Solicitors, said in&nbsp;<a href="https://www.expresssolicitors.co.uk/blog/express-solicitors-in-the-news#news1" target="_blank" rel="noreferrer noopener">a statement</a>. “From what we’ve been told they pushed the boundaries of safety in the name of entertainment.”



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



The show’s contestants called out the show this year in an interview with&nbsp;<a href="https://variety.com/2023/tv/global/netflix-squid-game-reality-show-frozen-inhumane-welfare-1235511809/" target="_blank" rel="noreferrer noopener">Variety</a>, saying the shooting conditions were “absolutely inhumane and had nothing to do with the game.” Contestants weren’t paid to participate in the show and were reportedly told the shoot would take about two hours to complete, though some players participated for nearly seven hours. The shoot also took place during a cold snap in the U.K., when temperatures dropped to 32 degrees fahrenheit and contestants collapsed, according to Variety, which reported cold and fatigue had hit players who dealt with eight hours of prep time before the game started. The game show is based on the South Korean dystopian drama, Squid Game, which raked in&nbsp;<a href="https://www.cnet.com/culture/entertainment/netflix-squid-game-is-even-bigger-than-you-thought-2-billion-hours-big/" target="_blank" rel="noreferrer noopener">more than 1.5 billion&nbsp;</a>of streaming hours from users and became one of Netflix’s most popular shows of all time.



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



<a href="https://deadline.com/2023/11/squid-game-the-challenge-contestants-threaten-injury-lawsuit-1235635675/" target="_blank" rel="noreferrer noopener">‘Squid Game: The Challenge’ Contestants Threaten Lawsuit After Claiming They Suffered Hypothermia &amp; Nerve Damage During Filming</a>&nbsp;(Deadline)



<a href="https://variety.com/2023/tv/global/netflix-squid-game-reality-show-frozen-inhumane-welfare-1235511809/" target="_blank" rel="noreferrer noopener">Inside Netflix’s ‘Squid Game’ Reality Show Disaster: ‘The Conditions Were Absolutely Inhumane’</a> (Variety)

Opening Of Gamescom In Cologne

‘Squid Game: The Challenge’ Players Threaten Netflix With Lawsuit Over Alleged Injuries

The strain is concerning for entrepreneurs who highlight the challenges posed by exchange rate volatility and call for sustainable solutions amid fluctuating policies and economic dynamics.



The Nigerian naira is facing continuous strain on the foreign exchange (FX) market, reaching ₦1,145 per dollar on the parallel market, a slight dip from ₦1,140 on Monday.



Two pivotal policies, implemented since President Bola Tinubu&#8217;s inauguration on May 29, have significantly influenced Nigeria&#8217;s economic landscape. The immediate cessation of the fuel subsidy on the inauguration day and the naira unification on June 14 marked a departure toward a free-floating system by the Central Bank of Nigeria (CBN).



Under this system, deposit money banks (DMBs) and forex market dealers are allowed to engage in unrestricted buying and selling of currency at market-determined rates. This shift signifies a move away from the previous multiple forex regime to a more flexible approach.



The naira experienced a period of depreciation, plummeting to ₦1,310 in October on the parallel market. However, it briefly rebounded to ₦960 in early November. While the naira is demonstrating signs of appreciation at the investors and exporters (I&amp;E) window, the parallel market remains a preferred choice for urgent business transactions due to its ease of accessibility. This preference intensifies the pressure on the naira.



When requesting foreign currency in Nigerian banks, certain regulatory documents are necessary for Form A, including Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees, and medical fees. Additionally, Form Q applications for Small and Medium Enterprises (SMEs) may entail a rigorous and time-consuming process which takes days.



At the Autonomous Foreign Exchange Market (NAFEM), the naira was quoted at ₦830.97 on Tuesday, an appreciation from ₦847.55 quoted on Monday, as reported by data from the Financial Markets Dealers Quotations (FMDQ).



The official market witnessed a peak spot rate of ₦1,120 per dollar and a lower rate of ₦701 on Friday. The daily FX market turnover surged by 23.60 percent to $157.78 million on Friday from the $127.65 million recorded on Thursday, reflecting the dynamic nature of the foreign exchange landscape in Nigeria.



Exporters like Oluwaseun Obilana are expressing deep concern over the implications for their businesses.



Obilana, a player in Nigeria&#8217;s export industry, voices his apprehension about the continuous strain on the national currency as exporters rely on stable exchange rates for international trade.



Emphasizing the challenges this poses for exporters, Obilana states to FORBES AFRICA, &#8220;The volatility in the exchange rate is affecting our ability to plan and price our products competitively in the global market. It adds uncertainty to our operations and erodes the profitability of our businesses.&#8221;



He adds: &#8220;A weaker naira not only impacts pricing but also raises the cost of importing raw materials and machinery crucial for manufacturing and production. This, in turn, could have cascading effects on the overall economy.&#8221;



The CBN has been grappling with measures to stabilize the exchange rate, implementing various policies to address the challenges faced in the FX market. However, the recent fluctuations indicate the persistence of underlying issues that continue to pose a threat to the stability of the national currency.



Obilana calls for more sustainable solutions to ensure the stability of the naira.



Nigerian investor Moses Adeolubodun highlights the need for a comprehensive strategy to address the challenges facing the naira.



&#8220;The consistent depreciation of the naira is a cause for concern and demands urgent attention from relevant authorities. A resilient and stable currency is crucial for investor confidence and economic growth,&#8221; Adeolubodun tells FORBES AFRICA.



He also attributes the recent fluctuations to a variety of factors, including global economic uncertainties, fluctuating oil prices, and domestic challenges. Nigeria, being an oil-dependent economy, is particularly susceptible to the volatility of oil markets. &#8220;The recent trend has put additional pressure on policymakers to explore more effective solutions.&#8221;



Adeolubodun emphasizes the importance of collaborative efforts between the government and the private sector to devise sustainable strategies. &#8220;We need a holistic approach that addresses both short-term challenges and establishes a foundation for long-term stability,&#8221; he states.

Naira Value Plunges on Street Amid ‘Stampede’ for Dollars

FX Pressure Persists As Nigerian Naira Hits ₦1,145 Per Dollar On Parallel Market

South Africa&#8217;s National Assembly has voted in favor of suspending diplomatic relations with Israel, including closing its embassy, in response to the ongoing conflict in Gaza. This significant political move reflects escalating tensions and calls for a ceasefire and peace negotiations.



South Africa’s National Assembly voted yesterday to suspend diplomatic ties with Israel, as well as the closure of the Israeli embassy within the country, due to Israel’s continued war against Hamas in Palestine. The vote, which came hours after Israel recalled its ambassador to South Africa, passed with 248 votes in favor and 91 against. However, the vote is not binding unless enforced by President Cyril Ramaphosa.



The vote, initiated by opposition party Economic Freedom Fighters (EFF) and supported by the ruling African National Congress (ANC), called for a suspension of all diplomatic ties with Israel until a ceasefire is reached. Earlier this week during a virtual summit of the BRICS nations, chaired by President Ramaphosa, it issued a statement condemning attacks on civilians in Palestine.



The move was welcomed by the South African branch of the Boycott, Divestment and Sanctions (BDS) movement. “There is no role for diplomacy with a settler-colonial apartheid state that is guilty of genocide against a population that it occupies,” said SA BDS Coordinator Roshan Dadoo to FORBES AFRICA. “South Africa should not be having relations with a state that perpetrates war crimes with impunity, and treats the United Nations, international law, and the rest of the world with utter disdain.”



However, the National Assembly’s vote was not appreciated by all parties. The South African Jewish Board of Deputies (SAJBD) condemned the vote as pointless in light of Israel’s withdrawal of its ambassador for consultations, and condemned the chanting of “from the river to the sea” by some members of parliament “a chant which calls for the destruction of the only Jewish state, makes a mockery of the ANC’s stated position of supporting a two-state solution,” said Professor Karen Milner of the SAJBD in a statement.



Both the Israeli ambassadors’ recall as well as the National Assembly vote indicate a further breakdown in diplomatic relations between Israel and South Africa, which has historically had strong political, historical, and ideological ties to Palestinians. The ANC-led government has long condemned the Israeli occupation of the West Bank and the treatment of Palestinians in Gaza, and it remains to be seen how this recent development will impact the already strained relations.



The resolution, titled ‘Closure of the Israel Embassy in South Africa and suspension of all diplomatic relations with Israel’, was presented by Julius Malema of the EFF. This parliamentary decision, while symbolic, reflects a long-standing stance of the South African government since Nelson Mandela&#8217;s presidency, likening the Palestinian struggle to the country’s own fight against apartheid. The ANC&#8217;s chief whip, Pemmy Majodina, emphasized the resolution&#8217;s call for a ceasefire and commitment to United Nations-facilitated peace negotiations.



President Ramaphosa has been vocally critical of Israel&#8217;s military actions in Gaza, urging the International Criminal Court to investigate potential war crimes.



This recent parliamentary vote, amidst the backdrop of escalating violence in Gaza and Israel&#8217;s strategic military campaign against Hamas, marks a pivotal moment in South Africa&#8217;s foreign policy, mirroring its historical commitment to human rights and international law. As the world watches, the actions of Ramaphosa&#8217;s administration in the coming days will be crucial in shaping the future of South Africa-Israel relations and, possibly, the broader geopolitical landscape in the Middle East.

Category: Current Affairs

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