Decoding types, machine learning, ethics, and the thrilling future of AI.



Artificial Intelligence (AI) has emerged as a transformative technology with the potential to revolutionize various domains. This article delves into insights provided by Professor Ritesh Ajoodha from the University of the Witwatersrand in South Africa and Reinard Mortlock, Founder and CEO of LIVEX, on the main types of AI, the role of machine learning, ethical considerations, job displacement, current limitations, and promising future advancements.



Types of AI and their strengths and limitations



According to Ajoodha, two prominent approaches in AI are deep learning and probabilistic approaches. Deep learning, although highly effective, is often considered a black-box method due to its enigmatic decision-making processes. It poses ethical concerns in fields like medicine, where explainability and transparency are crucial. On the other hand, probabilistic approaches, based on probability theory, offer transparency and allow for a clear understanding of the decision-making process. They are particularly suitable for applications with optimization problems and simpler business scenarios.



Machine learning&#8217;s contribution to AI development



Machine learning plays a vital role encompassing data analytics, leveraging big data for various analyses. Machine learning algorithms enable relevant product recommendations based on user preferences and search history. Additionally, machine learning aids in extrapolating data for AI models, detecting anomalies for fraud prevention, and holds significant potential for numerous other applications.



Ethical considerations in AI implementation



Both Ajoodha and Mortlock highlight the importance of ethical considerations in AI implementation. As AI technology evolves, regulations and constraints become necessary to ensure transparency, fairness, and accountability. Without proper regulation, AI systems, especially black-box models, can pose challenges regarding decision-making processes, data sanitization, and maintenance. Establishing regulations that promote disclosure and transparency is crucial for addressing ethical concerns.



Potential risks and benefits of AI in job displacement



Mortlock emphasizes that AI, particularly generative AI, is still in its early stages and cannot replace human input and evaluation. While content generation and automation may increase, complex tasks requiring human judgement and creativity remain unaffected. Rather than causing job losses, AI models have the potential to create new job opportunities, especially in fields that facilitate AI development.



Current limitations and future advancements in AI research



Globally, AI research has received substantial support and funding, leading to advancements in hardware capabilities and computational power. However, bottlenecks persist, particularly in regions with limited AI backing, such as some African countries. Nonetheless, promising advancements are anticipated, particularly in healthcare, finance, and risk management. AI&#8217;s potential in cancer detection, early diagnosis, fraud detection, and enhanced number-crunching holds great promise for future advancements.



AI continues to evolve and reshape various industries, presenting both opportunities and challenges. While generative AI and machine learning algorithms offer valuable capabilities, ethical considerations must be addressed to ensure transparency and fairness. The ongoing advancements in AI research, coupled with proper regulation and ethical frameworks, can pave the way for a future where AI positively impacts society while minimizing risks.

AI, Machine learning, robot hand ai artificial intelligence assistance human touching on big data network connection background, Science artificial intelligence technology, innovation and futuristic.

AI Unleashed: Five Facts From African Experts

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



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>.



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



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.



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.



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.



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.



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



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">New York Times</a>.



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



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



<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;(Forbes)



<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;(Forbes)



<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> (Forbes)<a href="https://www.forbes.com/sites/mollybohannon/"></a>

OceanGate Offices As Titanic Submersible Still Missing

Titanic Sub Company OceanGate Suspends All Exploration And Commercial Operations

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



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.



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).



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.



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



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

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South African Anti-Apartheid Veteran Essop Pahad Passes Away

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



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.



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



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.



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.



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.



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.



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.”



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



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



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.”



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



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.



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



<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)



<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)

Meta Announces Threads App

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

TikTok has seen several viral success stories in Nigeria. Content creators speak about the impact any restriction on the app might have on them. 



The TikTok app enjoys widespread popularity worldwide for its innovative short-form video-sharing features that have transformed everyday individuals – leading seemingly normal lives – into viral sensations and overnight celebrities.



In Nigeria, Africa’s biggest and most populous economy, too, it has made creators – lucky enough to garner a following – millions of dollars.



The platform’s most-followed creators are known to reportedly command as much as $500,000 for a single post on the app and marketing companies simply cannot get enough.



In 2021, the country had issued a ban on the app on the basis of concerns regarding the “use of the platform for activities that are capable of undermining Nigeria’s corporate existence”. This was according to the national communications regulator. But the ban was soon lifted.



The country is now reportedly taking a more stringent stance against TikTok and other internet intermediaries, asking them to operate under a number of conditions or face a complete ban.



According to a directive by the National Information Technology Development Agency (NITDA) in Nigeria, TikTok, and other internet intermediaries, are to, among other things, establish a legal entity in Nigeria, appoint a designated country representative to interface with Nigerian authorities, abide by all regulatory demands, and comply with all applicable tax obligations, or risk getting banned.



“A lot of young people earn from social media and TikTok. A lot of music promotion [is] done on TikTok and it has created extra income for young people to fend for themselves. It will affect a lot of young people if the app gets banned,” says Enioluwa Prince Adeoluwa, who goes by the moniker ‘Eni’ on social media, and has a following of about 1.9 million on TikTok.



“It also gives people a very big sense of hope. TikTok helps bridge [the] gap to music. You don’t need a lot of money or fancy equipment like a ring light or a studio or a professional camera to succeed on TikTok or to go viral. If TikTok is banned it removes the access for an average individual to have that breakthrough.”



Eni’s big break came during the Covid lockdown period when a video he created on the platform, where he donned lip gloss and provided a satirical account on topics in Nigeria, went viral.



“I was probably one of the first group of people on TikTok in Nigeria. A team member of TikTok reached out to me to make TikToks and said that it will help reach other audiences, and that was very impressionable to me as a creator. I would wake up and see 100,000 followers and that was great for me, and that helped me create more TikToks. With the app, you can have 5,000 followers and have videos that get millions of views. People are not as conscious about following other people like they are on Instagram. With TikTok, people just follow each other without any pressure,” says Eni.



Others corroborate his sentiment.



“I have about 1.6 million followers on TikTok and as a result I have over 20 brands who pay me as an influencer to help sell and promote their brands on my platform. These brands range from skincare brands all the way to waist trainers,” says Anita Natacha Akide, an influencer and serial entrepreneur in Lagos popularly known as ‘Symply Tacha’ on social media.



The app has also helped launch her successful career as a reality TV star. Some of her credits include Big Brother Naija and the American reality TV series The Challenge. In addition, her growing presence on the app has also meant Nollywood has come knocking.



“I have two movies coming out in 2023 all thanks to TikTok because on the app you can show so many different sides of your personality. I have landed four movies already so far thanks to the app. As long as you are being funny you will keep multiplying your followers. Social media has been my full-time job since 2016,” says Symply Tacha.



One of the biggest draws of the app is its ability to give the average person the tools to go viral. Take Khabane ‘Khaby’ Lame for example, one of the most followed accounts on the platform with over 161 million followers. Lame went from being a factory worker to becoming a brand ambassador for Hugo Boss with his face plastered on billboards all over the world, by simply mocking other people’s videos.



With all its pros, it was a big surprise for all the creators when the parent company of TikToK, ByteDance, started receiving banning threats from the Trump administration in 2020. It cited concerns of a security breach due to the company being Chinese-owned.



Very soon other countries followed suit, claiming security and privacy concerns.



On June 4 last year, the Nigerian government suspended social media platform, Twitter, and only reinstated the app on condition that it implemented the new NITDA directive for internet companies in the country, some seven months later.



For many influencers who are making a living on TikTok, these are tense times and a ban will also spell disaster for a number of ancillary industries.



“TikTok influencers are signing up as brand ambassadors to create content. Through laughing, we are also indirectly selling a product and TikTok works well with this. Banning TikTok will have a huge negative impact because a huge percentage of influencers use the platform to make a living,” says Symply Tacha.



“Restricting these people will make it harder for African creators to succeed. Rema featuring Selena Gomez, for example, was pushed and succeeded, globally, because of TikTok and that shows the power of the app.”

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‘Bridging The Gap To Music’: The Influence And Reach Of Nigeria’s TikTok Stars

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



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.



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



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



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.



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.



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.



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.



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



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



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.



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



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.



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



$101.5 billion. That’s how much&nbsp;Forbes&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;Forbes’&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.



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



<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)

In this photo illustration, a user sees in his download

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

How did you go bankrupt?” Bill asked.



“Two ways,” Mike said. “Gradually and then suddenly.”



This passage from American writer Ernest Hemingway’s The Sun Also Rises perfectly summarizes the process almost every organization eventually faces. 



Or at least it did up until Tuesday, May 2. Because that was the day when ChatGPT claimed its first victim, the online education platform Chegg.



It seems gone are the days when companies could expect a death spiral of years and years before the CEOs called it a day. 



Blockbusters and Blackberry are two examples that spring to mind. But Chegg’s stock plummeted by more than 50% in just a few hours, and at the time of writing this piece, it was worth just a third of what it was prior to the launch of ChatGPT.



The reason of course, why every business ultimately fails is because the market shifts.



In Blackberry’s case, they lost out as consumers decided they didn’t want keyboards.



For Blockbusters, their customers decided to stay at home and stream.



And for Chegg, Wall Street is predicting that they will lose their students to generative AI.



What’s fascinating and scary though, is we have just entered a phase of business disruption that is exponential in nature. AI, Cloud, 5G, IoT and a host of other technologies are working perfectly in concert to allow anyone in the world to develop new products and services at a fraction of historical costs in record time.



ChatGPT is a case in point. 



On release, it registered 1 million users in one week and hit the 100 million mark within two months. That’s 5x faster than TikTok managed; 30x faster than Facebook. So with barriers falling left right and center because of technological advancements, what must boards do to improve their company’s survival chances?



If you guessed innovate, you are partially right. Boards absolutely need to impress on their executive teams the importance of doubling down on their innovation strategies.



But this will only work if boards think laterally about deliberate actions they can take to encourage their executive teams to become less hubristic.



Because leadership hubris is the catalyst of inertia, not innovation, and inertia is what ultimately kills most organizations. To be fair to executives, they operate in environments that encourage overconfidence.



When you are running a successful multi-billion dollar business, it’s not easy to consider the possibility that it could be fallible, or worse, that it might fail on your watch. I for one don’t know many CEOs who’ll admit they are fearful of being disrupted. And those that do typically fail to place the necessary disruptive business bets.



How can companies remove hubris from their executive teams? 



I humbly suggest by setting up environments that culture a certain amount of fear and a huge amount of curiosity. One of the best examples of a leadership team that encourages this is Amazon. Jeff Bezos is well-known for emphasizing the importance of staying paranoid and maintaining a sense of urgency.



In his 2017 shareholder letter he wrote: “Day 2 business is stasis. Followed by irrelevance. Followed by excruciating, painful decline Followed by death. And that is why it is always Day 1.” 



The goal?



To encourage his team to continually think like a startup, not a multi-billion dollar listed entity. And this idea then gets consistently reinforced in a multitude of ways, ranging from their choice of building names



(Amazon’s head office is named Day 1) to how they encourage executives to make decisions carefully when the outcomes are irreversible, but quickly in all other instances (the two-door/ one-door model).



These systems and frameworks were deliberately introduced to encourage healthy levels of paranoia that in turn, helped motivate a culture of curiosity.



It should not be surprising when successful innovators state that “curiosity” is mission-critical. What is surprising is how knowing this, so few boards demand their leadership teams implement systems to agitate and encourage curiosity.



Perhaps this was acceptable when we lived in a world where change was glacial. But in a world where bankruptcy may skip the slowly part and just come suddenly, boards need to stop worrying about the risks of doing business and start cultivating leaders who understand the need to adapt or die and have the curiosity and courage to attempt to do just that. 



– The writer curates thought leadership events that help executive teams transform their organizations; visit coliniles.com.

Co-workers having meeting with laptop in conference room

Adapt Or Die: What Must Boards Do To Improve Their Company’s Survival Chances?

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.



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.



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.



“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.”



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.



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.



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.



“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.



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.”



The bill has raised several concerns among critics and private sector medical providers.



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.



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.



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.”



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.



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.”



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.



However, there is as yet little clarity as to how this implementation will occur.



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.

Cholera Outbreak In Hammanskraal

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

The next boom in world football over the coming 10 years will surely be in the women’s game, largely because the potential is so great. And the impact the African sides can make.



Africa will send a quartet of teams to the FIFA Women’s World Cup for the first time, which includes two debutants at the tournament to be staged in Australia and New Zealand from July 20 to August 20.



It will be a month-long celebration of&nbsp;football and the great strides the women’s game has made in recent years to create a product that has a growing army of fans and admirers.



Just what impact the African sides can make remains to be seen. Nigeria have appeared at every tournament played since 1991, while continental champions South Africa will play their second finals having debuted in 2019.



North African side Morocco and southern African nation Zambia take their places for the first time, but are packed with potential.



The World Cup has been expanded from 24 teams to 32 this year, providing an extra spot for the continent.



South Africa have been drawn in something of a Group of Death that includes Sweden, who are ranked number three in the world, Italy and Argentina, who are both also well ahead of them in the global rankings.



Sweden were runners-up at the 2003 World Cup and have won bronze on three other occasions, including last time out in France in 2019. They have also won the silver medal at the last two Olympic Games.



Italy are ranked number 16 in the world and were quarterfinalists four years ago, though perhaps Banyana midfielder Refiloe Jane, who has been based in that country for the last few years, will be able to add some insight.



Argentina are appearing at a fourth World Cup but have yet to get past the group stages, so may be the team Banyana should target. They are ranked 28 in the world, still well ahead of South Africa’s 54.



“It is a tough group, we cannot escape that fact,” Banyana Banyana coach Des Ellis tells FORBES AFRICA. “But we have to believe we can advance. There is no point going to a World Cup and not believing in yourself.



“The tournament in 2019 was a big learning curve for us, but also a great experience and we will bring that into this World Cup.



“Since then we have grown as a team, we are African champions, we have four more years of experience and more players who play overseas. So we have to go there with confidence in what we can achieve.”



South Africa open their tournament against Sweden on July 23, perhaps a blessing to get, on paper, their toughest assignment out the way first.



“We know them, we have played them a few times in recent years and we have been competitive. There is no reason why we can’t be so again.”



South Africa drew their last meeting with the Swedes 0-0 in 2019 and were beaten 3-0 at home a year earlier.



Italy will be new opponents, as will Argentina, but Ellis is also adamant it is about how her side prepares ahead of the tournament.



“We have to be ready, to be in the best shape that we can be as a squad, both physically and mentally, and then make sure we execute our plans in the matches. We cannot ask for more than that.”



Zambia also have a challenging group with Spain, Costa Roca and Japan. The Asian nation were world champions in 2011 and runners-up in 2015, while Spain reached the second round four years ago. Costa Rica’s only previous finals was in 2015 when they exited in the group stage.



Zambia have announced that they will camp in Spain ahead of the tournament.



Football Association of Zambia President Andrew Kamanga says there is much to work on ahead of the World Cup.



“We need to work on the physical side of the team, we need to strengthen the analysis and bring in technical advisors. The coach [Bruce Mwape] will remain in charge of the team, but we need to reinforce the areas where they need additional support,” Kamanga says.



“We will play three friendlies within Europe before the tournament, we want everyone who has a chance to be considered the opportunity to train. We will have local camps and those who make it from there, will go to the next stage.



“The squad to go to the World Cup will only be selected after the training camp in Spain, so the process is quite intense. No-one is guaranteed a place and everyone’s position is up for grabs.”



Nigeria are at yet another finals, but have yet to really fly the African flag, though they too have been handed a horror draw.



They must play hosts Australia, who will be among the tournament favorites, Olympic champions Canada and the tricky Republic of Ireland, who have former Banyana Banyana coach Vera Pauw now in charge.



The Super Falcons are coached by American Randy Waldrum and he knows just what awaits.



“It’s scary, to be honest. Our first two games are brutal,” the Texan said. “Many people have our group ranked as the hardest in the World Cup. The other three teams are all ranked in the top 25 in the world. They all pose different kinds of problems.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h2 class="wp-block-heading has-text-align-center" id="h-a-first-african-host">A FIRST AFRICAN HOST?</h2>


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-1024x683.jpg" alt="" class="wp-image-58726" width="492" height="328" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-2048x1365.jpg 2048w" sizes="(max-width: 492px) 100vw, 492px" /><figcaption class="wp-element-caption"> ©Shaun Roy/BackpagePix</figcaption></figure></div>


<div class="wp-block-group has-luminous-vivid-amber-background-color has-background"><div class="wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained">
South African Football Association (SAFA) President Danny Jordaan is under no illusions as to the task ahead of Banyana Banyana in Australia and New Zealand, but has also set his sights on a secondary prize.



Jordaan, who was a key figure in South Africa winning the bid to host the 2010 FIFA World Cup, is now hopeful of the country staging the 2027 women’s tournament too.



They are up against a combined bid from Belgium, Germany and Netherlands, while Brazil have also thrown their hat in the ring. The United States and Mexico have said they too will join forces on a bid. But Jordaan believes Africa’s time is now.



“When you look at world football, the first men&#8217;s World Cup was 1930. The first World Cup in Africa was 70 years later. As a result, the gap between European and South American football in relation to Africa and Asia is now impossible to close,” Jordaan tells FORBES AFRICA.



“Of the global revenue for football, 80% goes to Europe. Africa is on the margins. Now, if we sit back and do nothing, and the same pattern emerges in women’s football, we are going to struggle to close the gap between in women&#8217;s football as well.



“We want to have a strong bid to hopefully secure the Women&#8217;s World Cup on the African continent because that will inspire and invigorate and strengthen football for women on the continent and close that gap rather than allow the pattern to repeat itself.” 



Jordaan believes it is imperative that FIFA acts to at least try and give African women’s football a shot in the arm. “If we want football to be truly global, then we must increase the competitiveness throughout the world. I think Africa can deliver a winner of the Women’s World Cup long before the men eventually get an African winner.



“Of course, Morocco made it to the semifinals [of the men’s tournament in Qatar last year], but I think it&#8217;s going to be quite a challenge for Africa to eventually win a men’s World Cup.



“That doesn&#8217;t mean you must give up. But I think on the women’s side, we have a greater chance.”



Whether that will come in this tournament Down Under remains to be seen, but Jordaan is hopeful that



Banyana Banyana can at least make the knockout rounds.



“It’s a second consecutive World Cup for us, about 80% of the players are going for a second World Cup, having been there in France 2019. So, they must be over the jitters and have more experience,” he says.



“We want them to go to the second round. But even that second round place is going to be a challenge because we&#8217;re up against Sweden, Italy and Argentina. There&#8217;s a gap of 30 places between us and the rest in that group.



“Therefore, we have to give [the players] enough opportunity to be able to deal with the challenge that they&#8217;re facing. It is very, very important. I think that we have a chance to go through the second round.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>
</div></div>



Nigeria did recently get a morale-boosting 3-0 friendly win over World Cup co-hosts New Zealand to go with victories over Costa Rica and Haiti.



“Probably still a ‘B’ [mark] for the team, we got three goals and a clean sheet, maybe I guess am a little harsh with that grade, but there are still so many things we can improve on,” Waldrum said in the wake of the New Zealand win. “We have got better and better, that’s what we need leading up to the World Cup.”



Morocco have shot from nowhere to be among the leading teams in Africa in recent years, and had in fact not even qualified for the African championship in 20 years before they hosted in 2022.



But there has been a heavy investment in the women’s game in the country, and well as a reach-out to the diaspora to find gems such as English-born Tottenham Hotspur forward Rosella Ayane.



She will be their major threat as they face Germany, Colombia and South Korea in what looks the gentlest of the pools for the African teams.



“There’s a lot of talent in Morocco, and they’ll eventually be picked up and spotted but I’m so proud to be flying the flag for Morocco, for Africa as a continent and for other countries that don’t necessarily get the recognition sometimes that they deserve,” Ayane told Inside the WSL.



&#8220;It’s been an incredible time for the country, for Arab women and for Arab women in sport. Sometimes, I really need to take a step back and actually look at what we’ve achieved because sometimes I can’t put it into words.



“So, it’s been a real journey and one that I’m going to be proud of for the rest of my life.&#8221;



Ayane makes one other excellent point – for all the African teams at this World Cup, it is a chance for the players to put themselves in the shop window and sign professional contracts with top clubs. That is now a dream closer to being realized.



“There’s a lot of talent in Morocco, and they’ll eventually be picked up and spotted but I’m so proud to be flying the flag for Morocco, for Africa as a continent and for other countries that don’t necessarily get the recognition sometimes that they deserve.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h3 class="wp-block-heading has-text-align-center">WHERE TO NOW?</h3>



<div class="wp-block-group"><div class="wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained">
The next big boom in world football over the coming 10 years will surely be in the women’s game, largely because the potential is so great.



While men’s football has, to a point, become saturated, the potential in the women’s game is still largely unrealized.



“Football and women are not only the right thing to do, but it’s also good business. There is a massive 3 billion customer market that is gravely under-served and untapped,” says Victoire Cogevina Reynal from Gloria Football, which is dedicated to growing the women’s game.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-1024x683.jpg" alt="" class="wp-image-58730" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Zambia captain Barbra Banda. ©Shaun Roy/BackpagePix</figcaption></figure></div>


It is a point echoed by Ebru Koksal from Women in Football, but she says it can only happen with more resources.



“To grow the system we need a fair distribution of resources. Today, only 2% of the global value and money that football generates goes into women’s football,” Koksal says. 



Cindy Parlow-Cone, President of US Soccer, believes this is a seminal moment for the women’s game and that change is coming.



“The women’s game is poised for exponential growth. I think the time is now to invest in the women’s side of the game across the globe,” she says.
</div></div>

21JDRW

Poised For Growth: Women’s Football In Africa

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



High-profile collapses in bank stocks and losses for major healthcare and energy companies headlined the biggest names losing out on 2023’s broader market rally.



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



Banking turmoil was behind much of the market’s less fortunate spots; investors in&nbsp;First Republic, Signature&nbsp;and&nbsp;Silicon Valley Bank&nbsp;saw their investments turn to dust earlier this year after they&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/05/01/first-republic-bank-failure-a-timeline-of-what-led-to-the-second-largest-bank-collapse-in-us-history/">became</a>&nbsp;three of the four largest American banks to ever fail, with each subsequently losing their spots on the S&amp;P 500.



Still, 19 of the S&amp;P’s 50 worst performers year-to-date are financial services stocks, including slumping but still alive regional banks&nbsp;KeyCorp&nbsp;(down 45%) and&nbsp;Zions&nbsp;(down 43%), the second and third-worst performers on the S&amp;P, respectively.



Broadly, the S&amp;P’s financial sector is down 2% year-to-date, making it the worst-performing sector, followed by energy (down 8%), utilities (8%) and healthcare (3%).



Pharmaceutical giant&nbsp;Pfizer&nbsp;(down 27%) is the worst-performing stock with a market capitalization over $200 billion&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/01/31/pfizer-expects-covid-vaccine-and-pill-revenues-will-fall-60-in-2023/">due in part</a>&nbsp;to a decline in Covid-19 vaccine sales; vaccine rival&nbsp;Moderna&nbsp;is similarly down 33%.



Overall, Advance Auto Parts (down 51%) is the S&amp;P’s worst performer of 2023 after it fell <a href="https://www.forbes.com/sites/jonathanponciano/2023/05/31/retailer-stock-crash-signals-potential-price-wars-looming/?sh=7e3012546997">far short</a> on its first quarter earnings estimates as profits dwindled due to price cuts.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-1024x451.jpg" alt="" class="wp-image-58720" width="750" height="329" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-1024x451.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-300x132.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-768x338.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-1536x676.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes.jpg 1897w" sizes="(max-width: 750px) 100vw, 750px" /></figure></div>


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



The slump in energy, healthcare and utility stocks follows a year in which the three sectors were the only positive returners on the S&amp;P. The energy sector gained 66% in 2022 as soaring oil and commodity prices led to record profits at oil and gas giants like Chevron and Exxon, whose shares each touched all-time highs last year. But the well’s run dry for the sector thus far this year as energy prices stabilized. Pfizer and Moderna’s combined market capitalization is down some $260 billion from September 2021 as each reported 30% and 70% annual declines in revenue during 2023’s first quarter and forecasted further pain as the pandemic subsides.



<h2 class="wp-block-heading" id="h-crucial-quotes">CRUCIAL QUOTES</h2>



Small and mid-sized banks “will have a very difficult time moving forward,” Wells Fargo Investment Institute Sameer Samana said on a conference call last month, putting a sell rating for the regional banking stocks even after they plunged following prior failures. “It’s not just a 30-day flash in the pan and you go merrily into the night, this crisis could take 12-18 months to play out” and possibly claim more banks, Samana’s colleague Darrell Cronk added.



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



Outside the S&amp;P, retailer&nbsp;Walgreens&nbsp;(down 24%) is the worst performer on the Dow Jones Industrial Average as the pharmacy&nbsp;<a href="https://investor.walgreensbootsalliance.com/news-and-events/financial-news/financial-news-details/2023/Walgreens-Boots-Alliance-Reports-Fiscal-2023-Third-Quarter-Results/default.aspx" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;a steep decline in Covid-related revenues, and Chinese retailer&nbsp;JD.com&nbsp;(down 39%) is the Nasdaq’s biggest loser as concerns about China’s economic recovery mounted.



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



<a href="http://www.forbes.com/sites/dereksaul/2023/06/30/best-stocks-of-2023s-first-half-nvidia-leads-big-tech-renaissance/">Best Stocks Of 2023’s First Half: Nvidia Leads Big Tech Renaissance</a> (Forbes)<a href="https://www.forbes.com/sites/dereksaul/"></a>

Citigroup Inc. Plots New Trading Floor With Plans to Double Staff in Paris

Worst Stocks Of 2023’s First Half: Battered Banks And Vaccine Makers

Untitled design (29)

AFRICA’S GREEN ECONOMY: Africa’s Agripreneurs Leading Smart Sustainable Farming

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



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.



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



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.



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



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;Italia’s Got Talent, 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;Black Panther: Wakanda Forever.



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.



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



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



<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>



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;New York Times, 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.



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



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.”



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



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>.



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



<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;(New York Times)



<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)



<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> (Forbes)

69th Taormina Film Festival – Day 6

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

Words and Curation: Chanel Retief and Lillian Roberts Art Director: Lucy Nkosi Photography: Katlego Mokubyane Photography Assistant: Sbusiso Sigidi Studio: NewKatz Studio, Johannesburg CNBC Africa Videographer: Thabo Mathebula Video Editor: Chanel Retief Styling: Bontlefeela Mogoye and Wanda Baloyi Outfits supplied by: Kworks Design; Imprint South Africa; House of Suitability; LSJ Designs Hair &amp; Makeup: Makole Made



Khula! was built on friendship. 



“We [Matthew Piper, Chief Product Officer and co-founder] became friends pretty quickly at university,” Karidas Tshintsholo, wearing a powder blue suit and a bright smile, says to FORBES AFRICA. 



“And then the friendship grew into business. I think already by the second semester of our first year [in university], we had an education type of business running.” 



It was after university that Piper returned to Johannesburg with ideas that he relayed to Tshintsholo.



“Initially, agriculture is not a very sexy industry,” Tshintsholo laughs. “From the outside, it looks pretty dirty and all of that&#8230;Almost everybody on the continent is dependent on agriculture for survival. But it just didn&#8217;t make sense that we were getting more food in than what we were taking out. We should be ideally positioned to be supplying the world 10 times over.” 



And with that in mind, Tshintsholo, Piper and Jackson Dyora (Chief Technology Officer and co-founder cofounder) set out to build Khula! 



In a nutshell, the company provides small-scale and commercial size farmers with software and a marketplace to grow their business. The whole idea was to be an ecosystem of support to farmers across Africa. The platform has three key components: an input marketplace, which allows farmers to purchase inputs and get technical services; there is a trader platform where farmers can sell; and to close the loop, there is a funded dashboard, where the platform links farmers with financing assistance.



“I think it really speaks to the nature of agriculture,” Tshintsholo says, “that quite often, when you&#8217;re trying to solve one problem, you get undone by another problem.” This was what drove him to entrepreneurship to begin with–wanting to solve problems.



“I think Mike Tyson said ‘everybody has a plan until they get punched in the face’. And I think entrepreneurship is like that…We went into this thinking, we&#8217;ve got this, and we have a solid plan, we are going to connect farmers with buyers’. Easy. Until…”



“How many times have you been punched in the face?” we ask. “I get punched in the face every day,” Tshintsholo laughs. “We had to get a lot of punches. But I think the pilot helped us because the farmers were okay with giving us those punches, because in the end, we&#8217;re working together to build a product that we can then begin to scale.”

Untitled design (11)

MEET COVER STAR Karidas Tshintsholo: Building Tech To Support Africa’s Farmers

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



Fast fashion retailer Shein shot down a Thursday report from&nbsp;<a href="https://www.reuters.com/business/retail-consumer/chinas-shein-files-us-ipo-sources-2023-06-29/?taid=649dc58f25570b0001e072d2&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">Reuters</a>&nbsp;that claimed it confidentially registered with regulators for a U.S. initial public offering, in what would be a highly controversial listing in the U.S. given controversy around the brand’s labor practices.



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



Shein told&nbsp;Forbes&nbsp;in an email that it denied “rumors” around the Reuters story, which reported the company had filed for an IPO with the Securities and Exchange Commission.



The company, which has been surrounded by&nbsp;<a href="https://time.com/6247732/shein-climate-change-labor-fashion/" target="_blank" rel="noreferrer noopener">controversy</a>&nbsp;over allegations of using forced labor, could have been the most valuable Chinese company to go public in the U.S., according to Reuters.



Shein was valued at $66 billion following a $2 billion funding round from this year—a valuation down more than 25% from a year earlier, according to the&nbsp;<a href="https://www.wsj.com/articles/fashion-giant-shein-raises-2-billion-but-lowers-valuation-by-a-third-1f8c316b" target="_blank" rel="noreferrer noopener">Wall Street Journal.</a>



Shein did not immediately respond to a request for comment from Forbes.



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



Shein is known for its fast fashion platform that offers low prices on a wide variety of men’s and women&#8217;s clothing, making it a popular brand in the U.S. According to a Money.co.uk&nbsp;<a href="https://www.money.co.uk/credit-cards/most-popular-fashion-brands-2022" target="_blank" rel="noreferrer noopener">report</a>&nbsp;last year, Shein managed to overtake companies such as Zara, Nike and Adidas in the world’s most-Googled clothing brands. However, the company’s success comes at a highly-scrutinized cost involving high emissions and alleged forced labor that lawmakers have encouraged the SEC to&nbsp;<a href="https://www.cnbc.com/2023/05/01/shein-china-congress-forced-labor-inquiry.html" target="_blank" rel="noreferrer noopener">crack down on</a>. The company produced about&nbsp;<a href="https://www.businessoffashion.com/news/topics/shein-sustainability-emissions-global-warming-fast-fashion/" target="_blank" rel="noreferrer noopener">6.3 million tons</a>&nbsp;of carbon dioxide in 2021 and has historically&nbsp;<a href="https://www.cnbc.com/2023/05/01/shein-china-congress-forced-labor-inquiry.html" target="_blank" rel="noreferrer noopener">denied</a>&nbsp;forced labor allegations and maintained that it has worked to comply with customs and import laws. However, attempts to clear its record, such as a tour of a clothing factory given by the company to influences, have been&nbsp;<a href="https://www.forbes.com/sites/darreonnadavis/2023/06/27/sheins-influencer-trip-backlash-explained-and-what-we-know-about-allegations-against-them/?sh=49c52cf73508">met with skepticism.</a>



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



<a href="https://www.wsj.com/articles/shein-valued-at-100-billion-in-funding-round-11649126740" target="_blank" rel="noreferrer noopener">$100 billion</a>. That was Shein’s reported valuation in a funding round last year before plummeting down to&nbsp;<a href="https://www.ft.com/content/e84a6fcd-0881-47a1-b5dd-610ab72e7fdf" target="_blank" rel="noreferrer noopener">around $60 billion</a>&nbsp;this year.



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



<a href="https://www.reuters.com/business/retail-consumer/chinas-shein-files-us-ipo-sources-2023-06-29/?taid=649dc58f25570b0001e072d2&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">Exclusive: China&#8217;s Shein files for U.S. IPO -sources</a>&nbsp;(Reuters)



<a href="https://www.axios.com/2023/06/29/shein-denies-report-that-its-filed-for-an-ipo" target="_blank" rel="noreferrer noopener">Shein denies report that it&#8217;s filed for an IPO</a>&nbsp;(Axios)



<a href="https://www.forbes.com/sites/darreonnadavis/2023/06/27/sheins-influencer-trip-backlash-explained-and-what-we-know-about-allegations-against-them/?sh=49c52cf73508">Shein’s Influencer Trip Backlash Explained—And What We Know About Allegations Against Them</a>&nbsp;(Forbes)



<a href="https://time.com/6247732/shein-climate-change-labor-fashion/" target="_blank" rel="noreferrer noopener">Shein Is the World’s Most Popular Fashion Brand—at a Huge Cost to Us All </a>(Time)

In this photo illustration, the fashion retailer Shein

Is Shein About To Hit Stock Market? Report Says Company Filed For IPO—But Chinese Firm Denies Plan

<h4 class="wp-block-heading has-text-align-center" id="h-jehiel-oliverfounder-and-ceo-hello-tractorkenya">Jehiel Oliver Founder and CEO, Hello Tractor Kenya</h4>



Chatting to FORBES AFRICA from Nairobi, Jehiel Oliver recalls how he started a business on the Hello Tractor platform where farmers could make up to $30,000 in bookings a year.



“I&#8217;m from the US, and started my professional career in finance,” Oliver says. “But in [my] mind, I always wanted to do work that was meaningful for my community and I came from parents who were kind of pan-African in their view of the world.” 



When a young Oliver left banking and started doing consulting work, “mostly still in finance”, he looked at deal structuring for funds investing across the Global South which then led him to agriculture.



“That&#8217;s where I uncovered the importance of agriculture, the role it plays in Africa&#8217;s economy and future economic growth,” Oliver says. 



Hello Tractor, a Kenya-based smartphone app that connects small-scale farmers with nearby tractor owners, was built on understanding how much access smallholder farmers have to the basic needs of farming.



According to The Economist, in sub-Saharan Africa, 60% of crops are ploughed by hand, which in turn impacts the productivity of farmers and eventual crop yield. This is why over 220 million farmers in Africa live on less than $2 a day.



Oliver reiterates that smallholder farmers don’t have the machinery they need to fully cultivate occupied land. Tractors andfarm equipment are expensive, and financing is virtually non-existent. 



“For us, it was about economic growth and prosperity for these African economies,” Oliver adds, “starting in a rural sector, you have low-income populations underserviced by just about every part of the economy, and seeing an opportunity to commercially serve these economic actors, these farmers, who are also entrepreneurs themselves.



“And to serve them in a way where they can grow their productivity, they can grow their income, they can send their kids to school, and not pull their kids out of school to work the fields.”

Tag: Coronavirus Pandemic

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