It’s been just over six months since ChatGPT was launched on the world. Like every other transformative technology shift, it’s already prompting leaders to question how they do everything from drug discovery and investing to talent management and partnerships. And yet unemployment rates remain near a 50-year low as employers struggle to find and retain the talent they need to get ahead of the next wave in work.



That’s prompting a move towards skills-based hiring, experimentation with AI and other themes that we explored at our<a href="https://www.forbes.com/sites/forbesliveteam/2023/04/24/2023-forbes-future-of-work-summit-work-disrupted/?sh=6b5d7a007f6e">&nbsp;Future of Work Summit</a>&nbsp;last week. Here is a&nbsp;<a href="https://www.forbes.com/sites/emmylucas/2023/06/01/2023-forbes-future-of-work-summit/?sh=7587326c48d7">summary of highlights from the event</a>, courtesy of Emmy Lucas, and a shout-out to Jena McGregor for creating such a thought-provoking event.



On Tuesday, I had the opportunity to hear from experts at McKinsey about what they’re seeing and doing in this realm at their annual media day. The management consultancy has faced plenty of challenges in the past few years—from paying hefty fines over its&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2021/02/04/reports-mckinsey-has-reached-573-million-settlement-with-states-for-its-role-in-marketing-opioid-drugs/?sh=3f644e1065d1">role in marketing opioid drugs</a>&nbsp;to an embarrassing lack of diversity in its senior ranks. (Full Disclosure: I worked there in 2020.)



And yet McKinsey remains<a href="https://www.forbes.com/sites/stephaniefillion/2022/08/10/meet-the-worlds-best-management-consulting-firms-2022/?sh=28cea78a2888">&nbsp;the advisor of choice</a>&nbsp;for many of the world’s top leaders, having built a deep bench of expertise in areas like sustainability, organizational health, growth strategies and digital transformation. More than a million people applied for 10,000 jobs last year. What’s more, some among that top 1 percent didn’t come in with traditional four-year degrees—reflecting what chief people officer Katy George describes as a shift towards hiring for potential vs. pedigree. “We used to be the stewards of jobs,” says George. “Now, we are stewards of skills.”



<h3 class="wp-block-heading" id="h-the-ceo-shift-around-ai">The CEO Shift Around AI</h3>



Among the most coveted of skills, of course, is the ability to understand and leverage ChatGPT and other forms of generative AI. Alex Singla, a senior partner and global leader of&nbsp;<a href="https://www.mckinsey.com/capabilities/quantumblack/how-we-help-clients" target="_blank" rel="noreferrer noopener">QuantumBlack, AI by McKinsey</a>, said that conversations with CEOs have shifted over the past several weeks. Gone are the requests for explanations of how the technology works — and whether it’s over-hyped. Now, Singla says, five questions dominate:



<ul>
<li>What are the specific use cases?</li>
</ul>



<ul>
<li>How do I get started?</li>



<li>What are the risks I need to manage?</li>



<li>What are the implications for present and future employees?</li>



<li>How do I learn fast?</li>
</ul>



The automation that McKinsey had previously predicted would take effect by 2040 has now moved up to 2030. The winners will be those who move fast and quickly figure out how to integrate these new technologies into their IT stacks and work flows, and reimagine how they manage talent and design their operating model as a result.



Jacky Wright, a former chief digital officer of Microsoft US who became McKinsey’s first chief technology &amp; platform officer last fall, also notes that generative AI is already creating new roles around risk and prompting forward-thinking companies to constantly iterate existing job descriptions.



Junior analysts, for example, will no longer need to spend most of their time gathering research, preparing pitch decks and creating content that synthesizes the data. Their focus is instead shifting to more value-added tasks.



Senior Partner Ben Ellencweig of QuantumBlack, in true McKinsey fashion, distills AI’s current impact to four Cs:&nbsp;coding&nbsp;(AI-generated suggestions are already generating productivity gains of up to 55%s),&nbsp;customer engagment&nbsp;(suggesting more personalized ways to engage customers),&nbsp;creative content generation&nbsp;(especially in marketing) and&nbsp;content synthesis&nbsp;(essentially connecting the dots). “All the mundane tasks go away,” he says. “It’s about change management &#8230; just moving at a lightning speed.”&nbsp;<a href="https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/what-every-ceo-should-know-about-generative-ai" target="_blank" rel="noreferrer noopener">Here’s a report</a>&nbsp;that QuantumBlack produced on what CEOs need to know about generative AI,



<h3 class="wp-block-heading" id="h-the-productivity-paradox">The Productivity Paradox</h3>



The current job market is both confounding and heartening to Anu Madgavkar, a McKinsey Global Institute partner who leads global research focused on labor markets and talent trends. Despite economic headwinds, people continue to switch jobs, work schedules and industries, helping job openings go up. That points to resilience and reasons for optimism, in her view. A key lever to keep the momentum going is to accelerate productivity growth, which now lags historical averages. Correcting that could add $10 trillion to US GDP,&nbsp;<a href="https://www.mckinsey.com/mgi/our-research/rekindling-us-productivity-for-a-new-era#at-a-glance" target="_blank" rel="noreferrer noopener">by McKinsey’s calculations</a>.



While technology has the power to accelerate productivity gains, it’s not the only ingredient. Labor mobility, regulations, hiring practices and other factors also play into productivity. About three-quarters of of open job descriptions still ask for a four-year degree but 13 states have removed that criteria as a prerequisite in applying for public-sector roles and momentum is building for a more skills-based approach. As an example, Scott Blackburn, a senior partner &amp; global co-leader of the McKinsey Center for Government pointed out how infantry soldiers are extensively trained in many of the skills needed in managing corporate risk.



Asutosh Padhi, McKinsey’s managing partner for North America, argues that “productivity is the only solution” for America’s continued prosperity. “How do we pay for the energy transition?,” he asked. “It all comes down to productivity at the state level, the sector level.”



And yet, as senior partner Olivia White of The McKinsey Global Institute noted, U.S. productivity gains have halved to an annual rate of 1.1% over the last 15 years. Moreover, those figures vary widely across the country. She cited seven states that were outperforming in terms of gains: North Dakota, California, New York, Texas, Colorado, Massachusetts and Washington. Many more are underperforming, she notes, creating a productivity gap that will only exacerbate the country’s regional divide.



Ezra Greenberg, a partner and global leader in overseeing macro scenarios and trends for the firm, has one piece of advice that almost every company can follow: “Keep your Baby Boomers.” Their institutional knowledge and ability to mentor younger generations could prove to be priceless in the coming years. For Boomers, that could be a recipe to work less and get paid more — if they adapt to new technologies and reimagine their own roles, too.

Students Working On Computer Assignment During Seminar Group

What CEOs Are Asking McKinsey About AI, Talent And The Future Of Work

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



A vaccine for chikungunya—a mosquito-borne infection with similar symptoms to dengue and Zika—could finally be on the horizon after promising results from a late stage trial were published in the&nbsp;Lancet&nbsp;on Monday, a key towards tackling the emerging global health threat as climate change creates increasingly ideal conditions for the virus to spread explosively, including in the U.S.



Aedes mosquitoes can spread chikungunya.GETTY IMAGES



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



Valneva’s chikungunya shot, made from a weakened form of the virus and administered in a single dose, was safe, well-tolerated and provoked an immune response that indicates protection against disease, according to the firm’s late stage clinical trial published in the peer reviewed medical journal.



Researchers said the trial—which enrolled 4,115 healthy adults across the U.S., 3,082 of whom were given the vaccine—did not raise any safety concerns over the shot and Juan Carlos Jaramillo, Valneva’s chief medical officer, said an independent board evaluating the trial’s data and any adverse reactions reported afterwards came to the same conclusion.



Common side effects reported in the trial included headaches, fatigue, muscle and joint pain and pain at the injection site, which were consistent across different age groups.



As the study was conducted in the U.S., a region where chikungunya is not endemic, researchers measured the immune system’s response to test whether the vaccine protects against disease caused by infection with the virus.



Immune responses—tested in 362 participants, 266 of whom received the shot—were strong, the researchers said, with 99% showing antibody levels considered to protect against the virus 28 days after vaccination.



While antibody levels—which were similar for both younger and older subjects—fell after the 28 day mark, the researchers said protection persisted for 96% of vaccine recipients six months after getting the shot.



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



$500 million. That’s the estimated global market for chikungunya vaccines by 2032, according to Valneva.



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



The trial’s length meant researchers were not able to evaluate the protection the shot provided for periods longer than six months and they said a follow up study is already underway to test immune responses over five years. They said results from the one year point are encouraging. As a precaution, researchers are also keeping an eye on the risk of miscarriage following the shot, which was slightly higher among research subjects than the general population. While this could be down to the small sample size and be a natural statistical variation—two miscarriages were explained by genetic disorder or medical history while no reason could be identified for the other—and no safety concerns were flagged, the researchers said monitoring will be needed as the vaccine is rolled out.



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



As the study was undertaken in the U.S., protection against chikungunya has been inferred from the immune response provoked by the vaccine. While antibody levels are predictive of protection against serious illness—antibodies are proteins that can block viruses from entering cells—they are only one aspect of the immune system and are relatively short lived and offer only a partial insight into a vaccine’s potential value. Studies in areas where chikungunya is endemic—spreading naturally and constantly present—will be needed to verify and expand the trial&#8217;s findings and see how it works in the real world. Important factors researchers are considering are its impact on children and teens—a trial is underway in Brazil—and whether existing or subsequent exposure to the virus will meaningfully alter responses to the vaccine. Writing in a linked comment article, Kathryn Stephenson, a researcher at the Center for Virology and Vaccine Research at the Beth Israel Deaconess Medical Center who was not involved in the study, said “real-world effectiveness studies in the context of actual” outbreaks will also be crucial to confirming the shot’s value.



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



The name chikungunya&nbsp;<a href="https://www.who.int/news-room/fact-sheets/detail/chikungunya" target="_blank" rel="noreferrer noopener">comes</a>&nbsp;from the Kimakonde language,&nbsp;<a href="https://www.ecdc.europa.eu/en/chikungunya/facts/factsheet#:~:text=Chikungunya%20is%20a%20viral%20disease,associates%20fever%2C%20arthralgia%20and%20rash." target="_blank" rel="noreferrer noopener">meaning</a>&nbsp;“to become contorted” or “that which bends up,” a reference to the stooped or contorted posture of those infected with the virus on account of the severe joint pain it can cause. In addition to joint pain—potentially debilitating and can last for weeks, months or even years and develop into chronic arthritis—symptoms of chikungunya include fatigue, headaches and nausea and the infection is often confused with dengue and Zika, which have similar symptom profiles. While serious disease and death from chikungunya are rare—children and older people are at the greatest risk—the virus can still cause significant ill health in regions where it circulates, Aslam Khan, a clinical assistant professor of pediatric infectious diseases and global health faculty fellow at Stanford University, told&nbsp;Forbes. There are also no treatments directly targeting the virus and no approved vaccines. Valneva, which until recently was&nbsp;<a href="https://www.fiercebiotech.com/deals/merck-admits-defeat-race-valneva-get-first-chikungunya-vaccine-market" target="_blank" rel="noreferrer noopener">competing</a>&nbsp;for primacy with Merck, is potentially in line to be first and its shot is being reviewed by the Food and Drug Administration and Canada’s health authority.



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



Chikungunya is spread by&nbsp;Aedes&nbsp;mosquitoes, which are typically found in warmer, tropical regions of the world and are responsible for spreading other viruses including dengue, Zika and yellow fever. There have been multiple&nbsp;<a href="https://www.ecdc.europa.eu/en/chikungunya-monthly#:~:text=Situation%20update%2C%2017%20March%202023,reported%20from%20Paraguay%20(43)." target="_blank" rel="noreferrer noopener">outbreaks</a>&nbsp;of chikungunya in various parts of the world this year, including parts of the Americas and Asia. Various health authorities and experts have identified it as an&nbsp;<a href="https://link.springer.com/article/10.1007/s11908-022-00789-y" target="_blank" rel="noreferrer noopener">emerging</a>&nbsp;<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6147074/" target="_blank" rel="noreferrer noopener">threat</a>&nbsp;to global health.



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



Khan told&nbsp;Forbes&nbsp;he considers the risk to the U.S. from chikungunya to be low but said he believes “that is changing.” Khan explained that we “have already found the mosquito vector within the United States and with climate change, ultimately there may be favorable conditions for ongoing growth and proliferation of those species. Humans can serve as a potential reservoir for the virus which can be picked up and spread by these mosquitoes,” he explained.



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



<a href="https://www.nbcnews.com/science/science-news/climate-hazards-are-turning-218-diseases-bigger-threats-rcna41631" target="_blank" rel="noreferrer noopener">Floods, heat and other climate hazards are turning 218 infectious diseases into bigger threats, study says</a>&nbsp;(NBC News)



<a href="https://www.thelancet.com/journals/laninf/article/PIIS1473-3099(19)30258-0/fulltext" target="_blank" rel="noreferrer noopener">The story of chikungunya virus</a>&nbsp;(Lancet)



<a href="https://cepi.net/news_cepi/new-book-challenges-world-leaders-to-get-behind-100-days-mission-to-end-pandemics/" target="_blank" rel="noreferrer noopener">Disease X: The 100 Days Mission to End Pandemics </a>(Book by Kate Kelland)

Biting mosquito

First Vaccine For Chikungunya—An Emerging Mosquito-Borne Threat—Nears After Promising Trial Results

South Africa grapples with a diplomatic quandary as it hosts this year&#8217;s BRICS summit amidst legal and trade tensions involving Russia, the US, and the International Criminal Court.



South Africa appears to be considering the possibility of transferring its role as the host of this year&#8217;s BRICS (Brazil, Russia, India, China and South Africa) summit. This effort emerges from a need to avoid enforcing an arrest warrant against the Russian Federation&#8217;s President Vladimir Putin.



The upcoming summit, slated for August, has thrown into relief South Africa’s non-aligned status in the con-flict between Russia and Ukraine. South African President Cyril Ramaphosa has been engaged in talks with China&#8217;s President Xi Jinping, showcasing the country&#8217;s active diplomacy in this delicate situation.



The historical relationship between South Africa and Russia is noteworthy in understanding the current sce-nario. The ruling party of South Africa, the African National Congress (ANC), has had long-standing ties with Russia due to Russia&#8217;s support of the ANC against the previous apartheid government. This shared history of resistance against Western hegemony, economic ties, and shared stances on global issues have deepened their bond over the years.



“I do think that there’s a certain puzzlement regarding South Africa’s position,” says Ivor Chipkin, analyst and Executive Director of the New South Institute, a policy think-tank based in Johannesburg, to FORBES AFRICA. “It places us in an awkward position economically… That said, Russia too is placing us in an awk-ward position by very boldly and very loudly proclaiming this relationship.”



Many South African signatories including the commander of the military’s ground forces as well as multiple senior government ministers have visited Russia in recent months.



As a signatory to the Rome Statute, South Africa is obligated to follow the rulings of the International Crimi-nal Court (ICC). The ICC has issued an arrest warrant for the Russian President, who is expected to attend the BRICS summit in Johannesburg. Should Putin attend, it is possible that opposition parties in South Af-rica might seek legal means to compel the South African government to arrest him, thereby further compli-cating the situation.



A failure to arrest President Putin would not only be a breach of the ICC mandate but could also strain the already tense relations between South Africa and the United States (US). Despite these complexities, the practicalities of enforcing such an arrest remain elusive, adding another layer to the diplomatic conundrum.



In response to this diplomatic quandary, the South African government has taken a flurry of diplomatic ac-tions in recent weeks. The ANC sent a delegation to China last week, reportedly to discuss a possible change of venue for the summit.



President Ramaphosa also hosted talks with President Xi Jinping. The discussions included an African-led peace proposal between Russia and Ukraine, as well as the upcoming BRICS summit.



The BRICS alliance is particularly beneficial to South Africa. It fosters further investment and economic co-operation and provides financing through the New Development Bank. However, maintaining good relations with the US is also a priority, given that the country benefits from tariff-free trade under the African Growth and Opportunity Act (AGOA), valued at more than $2.58 billion in annual revenue.



<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:64% auto"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2023/06/GettyImages-1182442467.jpg" alt="" class="wp-image-58487 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/06/GettyImages-1182442467.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/GettyImages-1182442467-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/GettyImages-1182442467-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
(From R) Brazilian President Jair Bolsonaro, Russian President Vladimir Putin, Chinese President Xi Jinping, Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa wave at the press corps during the BRICS summit in Brasilia on Nov. 14, 2019. 
<cite>(Photo by Kyodo News via Getty Images)</cite></blockquote>
</div></div>



However, this agreement is under pressure due to allegations of arms sales by South Africa to Russia after the secretive docking of the Russian Lady R vessel at a South African naval base last year. These allegations, if proven, could have serious domestic implications. For instance, should South Africa take any action that frustrates the US, it could suffer massive financial losses if AGOA is overturned, or if the Rand value drops significantly.



“South Africa’s position here is not clear to me at all,” continues Chipkin. “Other than a general suspicion of Western motives on the one hand… and then a historical relationship–not with Russia, but with the Soviet Union… It might well be that in order to placate some of the opposition to himself within the ANC, President Ramaphosa is making concessions on this front in order to stabilize and strengthen this position.”



South Africa’s Minister of Trade, Industry and Competition, as well as its Finance Minister, have expressed concern over the potential risk to the AGOA agreement. They have noted the damage these allegations could inflict on the South African economy. &#8220;It strengthens the position of South African exporters in the US mar-ket and, of course, helps create more jobs locally,&#8221; said Minister Ebrahim Patel during a press briefing ahead of his budget vote last month.



Discussing the prospect of President Putin attending the upcoming BRICS conference, US Ambassador Reu-ben Brigety noted South Africa’s obligations during a media briefing last month, stating that the US did not understand why “the government of South Africa will not publicly and fulsomely commit to the obligations that it has voluntarily taken upon itself”.



Looking ahead, South Africa finds itself at a crossroads. Its commitment to the principles of international justice as embodied by the ICC, its long-standing relationship with Russia, its membership in BRICS, and its trade ties with the US are all at play, with the decisions to be made in the weeks ahead likely to have far-reaching implications for both the country’s global standing and economy.

Russian President Vladimir Putin and Chinese President Xi Jinping attend the BRICS Summit in Brasilia

South Africa At Crossroads As It Attempts To Navigate Hosting BRICS Summit Amid Global Tensions

​​The Securities and Exchange Commission is suing Binance, the world’s largest cryptocurrency exchange, its U.S. affiliate and founder Changpeng Zhao.



Among the reams of evidence provided by the agency, which include employee text messages, testimonies of former executives and Binance’s audit reports, some accusations seemed especially bizarre. Here are five that caught our eye:



<h2 class="wp-block-heading" id="h-the-former-chief-compliance-officer-said-there-s-no-fking-way-we-are-clean">The former chief compliance officer said “there’s no fking way we are clean”</h2>



In a&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.17.5_1.pdf" target="_blank" rel="noreferrer noopener">text exchange</a>&nbsp;with another employee, Binance’s former chief compliance officer, Samuel Lim, said he did not believe the company was “clean.” As an example, he said that the exchange’s customer service is teaching users how to circumvent sanctions.



<h2 class="wp-block-heading" id="h-binance-is-accused-of-hijacking-more-user-funds-than-ftx">Binance is accused of hijacking MORE user funds than FTX</h2>



The SEC alleges Binance and Binance.US&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.21.0_2.pdf" target="_blank" rel="noreferrer noopener">redirected</a>&nbsp;over $12 billion in clients’ assets to entities controlled by Zhao between 2019 and 2021. That’s $4 billion more than the $8 billion shortfall initially claimed in the case of FTX, formerly the second-largest crypto exchange and the subject of a spectacular collapse in November. Additionally, millions of dollars of customer and corporate funds were commingled in accounts of Merit Peak, a British Virgin Islands trading firm owned by Zhao, according to the agency.



In a&nbsp;<a href="https://twitter.com/cz_binance/status/1666848861497831449?s=20" target="_blank" rel="noreferrer noopener">Twitter post on</a>&nbsp;Thursday, Zhao denied the claim but only addressed the Binance.US part of the allegation. &#8220;To the best of my knowledge, Binance.US had in total roughly $2 billion in user funds. This number in USD equivalent fluctuates a little as crypto prices change. And declining as users withdraw due to recent news. All user funds are accounted for, and never left the Binance.US (unless users withdraw themselves of course), ever.&#8221; he wrote.



<h2 class="wp-block-heading" id="h-binance-received-damning-audits">Binance received damning audits</h2>



Since Binance.US’s inception and through at least 2022, auditors from Armanino have&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.20.8.pdf" target="_blank" rel="noreferrer noopener">identified</a>&nbsp;“significant deficiencies that aggregated to material weaknesses” relating to Binance’s control over the operation of the Binance.US Platform and custody and control of customer assets, and the fact that Binance’s custody of U.S. customer assets was completely opaque” to employees of BAM Trading, Binance.US’s operator. Drawbacks listed in the 2019 audit included commingled customer and company funds, reliance on the parent for financial data and the lack of a disaster plan.



A separate&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.19.10_1.pdf" target="_blank" rel="noreferrer noopener">audit</a>&nbsp;from FGMK shows that Binance.US lost $181 million in 2022.



<h2 class="wp-block-heading" id="h-two-former-ceos-of-binance-us-claimed-that-zhao-ran-the-american-unit">Two former CEOs of Binance.US claimed that Zhao ran the American unit</h2>



Brian Brooks, former chief executive of Binance.US who resigned three months after taking the job,&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.20.3.pdf" target="_blank" rel="noreferrer noopener">said</a>&nbsp;that “what became clear to me at a certain point was CZ was the CEO of BAM Trading, not me.” Binance has maintained that it operates independently from its American affiliate.



Brooks added that during his tenure Binance.US had a group of Shanghai-based employees who received part of their compensations in Binance’s BNB<a href="https://www.forbes.com/digital-assets/assets/bnb-bnb/" target="_blank" rel="noreferrer noopener">BNB</a>&nbsp;<a href="https://www.forbes.com/digital-assets/assets/bnb-bnb/">+0.9%</a>&nbsp;token and were part of a company called “Boran.”



Catherine Coley, the first chief executive of Binance.US–who abruptly left the company in 2021 and has been little heard from since– also revealed the subsidiary was not independent. The SEC alleged that for at least the first year of its existence, the parent company Binance.com insisted that Zhao and Guangying Chen, a close associate of Zhao also known as Heina, had to control the bank accounts of BAM Trading, the U.S. exchange. Coley&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.18.16_1.pdf" target="_blank" rel="noreferrer noopener">told</a>&nbsp;company lawyer Wei Zhou in an electronic exchange: “I’m confused why we go through all of these measures with separating BAM vs. .com and then have a non-U.S. resident, non employee on the bank applications.” Zhou replied “You know what HQ Finance’s position is, right?… They want to have Heina as signatory on US BAM bank accounts”



He advised: “No need to pound the separation thing too much. I think most people understand that by now.”



Coley dubbed an effort to escape Zhao’s control as “Project 1776,” a reference to the American Revolution. She told a fellow employee it was “for our independence,” according to the suit.



<h2 class="wp-block-heading" id="h-wash-trades-occurred-with-employees-knowledge">Wash trades occurred with employees’ knowledge</h2>



The SEC&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.1.0.pdf" target="_blank" rel="noreferrer noopener">alleges&nbsp;</a>that wash trading, or self-dealing, which typically results in an inflated trading volume that creates a false appearance of market interest, regularly took place on the Binance.US platform. Much of it occurred through accounts affiliated with Sigma Chain, an entity owned and controlled by Zhao, essentially making it a market maker on the Binance.US Platform.



In an online discussion in January 2021 about a drop in trading volume from Sigma Chain, the company&#8217;s sales director&nbsp;told other employees that 20 other accounts were fronts: &#8220;fyi, these are ALL sigma chain.&#8221; Later that month, an employee found he could trade with himself.



The SEC’s 13-count&nbsp;<a href="https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-101.pdf" target="_blank" rel="noreferrer noopener">suit</a>&nbsp;alleges that the crypto exchange, its American branch and Zhao “enriched themselves by billions of dollars while placing investors’ assets at significant risk” and “designed and implemented a multi-step plan to surreptitiously evade U.S. laws.”



Binance.US&nbsp;<a href="https://twitter.com/BinanceUS/status/1666996908651323393" target="_blank" rel="noreferrer noopener">said</a>&nbsp;late on Thursday that it would suspend deposits and withdrawals in U.S. dollars on its platform. In a message to customers, the company said it was “taking necessary actions” in a transition to a crypto-only exchange after the SEC suit discouraged banks from working with it



Zhao, Binance and two U.S subsidiaries have until June 28 to <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.23.0.pdf" target="_blank" rel="noreferrer noopener">respond</a> to the suit, which was filed in the federal court for the District of Columbia. A hearing on an SEC request to freeze the assets of Binance.US is set for June 13 at 2:00 PM Washington time.



<a href="https://www.forbes.com/sites/ninabambysheva/"></a>

SEC Targets $120 Billion of Tokens With Coinbase And Binance Suits

5 Most Surprising Revelations From The SEC’s Binance Lawsuit

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



Facebook and Instagram’s parent company Meta has been testing its challenger to Twitter—internally dubbed “Project 92” and previously “Barcelona”—for months with celebrities and influencers, and gave employees a sneak preview this week.



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



Meta&nbsp;<a href="https://www.platformer.news/p/meta-is-building-a-decentralized" target="_blank" rel="noreferrer noopener">told</a>&nbsp;tech journalist Casey Newton in March the company “believe(d) there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests.”



In May, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-05-19/instagram-readies-twitter-competitor-for-summer-release?srnd=premium&amp;leadSource=uverify%20wall" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;Meta had been quietly testing it with celebrities and influencers for months and potentially could be ready to launch it as early as June.



Last week, Meta employees got a preview of the app, The Verge&nbsp;<a href="https://www.theverge.com/2023/6/8/23754304/instagram-meta-twitter-competitor-threads-activitypub" target="_blank" rel="noreferrer noopener">reported</a>, which will stand alone but based on Instagram, and will likely allow users to transfer information and followers from Instagram.



<a href="https://www.theverge.com/2023/6/8/23754304/instagram-meta-twitter-competitor-threads-activitypub" target="_blank" rel="noreferrer noopener">Screenshots</a>&nbsp;of the app acquired by The Verge show a mobile app with an appearance extremely similar to Twitter, featuring verified users, like and reshare buttons and a messaging option.



Meta chief product officer Chris Cox reportedly told employees the goal of the new app is to have a platform prioritizing “safety, ease of use, reliability” and to ensure that creators have a “stable place to build and grow their audiences.”



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There is still no set launch date or official name for the app—nicknamed both Project 92 and “Barcelona” internally—though could be called Threads, “based on internal documents” reviewed by The Verge.



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



“We’ve been hearing from creators and public figures who are interested in having a platform that is sanely run, that they believe that they can trust and rely upon for distribution,” Cox said to employees, in a clear dig at Twitter, and new owner Elon Musk, when showing the app, The Verge reported, calling it “our response to Twitter.”



<h2 class="wp-block-heading" id="h-cheif-critic">CHEIF CRITIC</h2>



Twitter CEO Elon Musk responded to a tweet about Meta’s challenger crudely Friday,&nbsp;<a href="https://twitter.com/elonmusk/status/1667443908060520449" target="_blank" rel="noreferrer noopener">tweeting</a>&nbsp;“zuck my tongue” in response to a link reporting that Meta had been trying to get the Dalia Lama—who recently made&nbsp;<a href="https://www.bbc.com/news/world-asia-india-65229327" target="_blank" rel="noreferrer noopener">headlines</a>&nbsp;for saying “suck my tongue” to a child—as a user. Meta reportedly has DJ Slime signed on to use the app, and are also in talks with Oprah, The Verge reported.



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



Many frustrated users have posted publicly about finding an alternative to Twitter since billionaire Elon Musk took over in October 2022 and began quickly making changes to the platform, ranging from adding an algorithm-driven “For You” page, to eliminating moderation teams charged with eliminating offensive content, to charging people to be verified and get access to features like an edit button. Mastodon attempted to fill the gap shortly after Musk bought Twitter, offering a less centralized&nbsp;<a href="https://joinmastodon.org/" target="_blank" rel="noreferrer noopener">platform</a>&nbsp;but promising “no algorithms or ads to waste your time.” But,&nbsp;Wired&nbsp;<a href="https://www.wired.com/story/the-mastodon-bump-is-now-a-slump/" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;that Mastodon’s number of active users fell to 1.4 million at the end of January—dropping by more than one million—since people flocked to it in November 2022.



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



Project 92 isn’t the only recent Twitter challenger. Twitter’s former CEO Jack Dorsey launched&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/01/what-is-bluesky-heres-what-to-know-about-ex-twitter-ceos-new-invite-only-social-network--as-these-celebrities-sign-up/?sh=7c0dbce76342">Bluesky</a>, a decentralized app that was developed in parallel with Twitter and has an interface almost indistinguishable from Twitter, along with a similar algorithm. Bluesky is currently invitation-only after launching its beta version for iOS in February and for Android in April. Bluesky plans to allow users to create their own content moderation guidelines or subscribe to guidelines created by others, including the ability to opt-in or opt-out of viewing violent or hateful content.



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



<a href="https://www.theverge.com/2023/6/8/23754304/instagram-meta-twitter-competitor-threads-activitypub" target="_blank" rel="noreferrer noopener">Instagram’s upcoming Twitter competitor shown in leaked screenshots</a>&nbsp;(The Verge)



<a href="https://www.forbes.com/sites/mollybohannon/2023/05/19/instagram-is-preparing-a-twitter-like-app-to-be-launched-this-summer-report-says/?sh=4afdb443100c">Instagram Is Preparing A Twitter-Like App To Be Launched This Summer, Report Says</a>&nbsp;(Forbes)

Facebook Covers Sign At Menlo Park Headquarters

Meta’s ‘Response To Twitter’ May Launch Soon. Here’s What To Know About It.

Improving yield, efficiency and profitability in agriculture comes down to the harvesting of technology. At its forefront are the agritech innovators bringing transformative change to the continent’s green economy. FORBES AFRICA profiles some of Africa’s biggest agripreneurs, inventors, and agribusiness leaders changing the way we think about farming, food security and climate resilience. They have cultivated a passion for smart agriculture and are leading the charge for social change not only for the sector but for the continent – and for humanity’s sustainable future.



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



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“What are you looking at?” Dr Agnes Kalibata asked the smart young businessman standing next to her at a summit in Kenya, who seemed suddenly distracted, looking at his phone.



“‘I am checking on my cows in the Ivory Coast’, he said to me,” says Kalibata, the Rwandan agricultural scientist and policymaker, and President of the Alliance for a Green Revolution in Africa (AGRA).



“Then he said ‘I installed solar cameras all around my farm, which is a side hustle for me, so that I can check on my livestock whilst I work here in Kenya’.



“For me, that’s the future of farming!” exults Kalibata.



It all boils down to not just crops or copses, flower beds or bouquets.



It lies in the innovations sown into the evolving landscape of agricultural technology or agtech/agritech.



And these agripreneurs don’t mind getting their hands dirty either – beyond their smart business suits. The opportunities for them are immediate and ripe for the picking.



“What we&#8217;re seeing happening in the space, is a higher uptake of technology,” says Dr Mandla Mpofu, the Managing Director of Omnia’s Agriculture Division, to FORBES AFRICA.



Ominia Group specializes in conducting research and development, manufactures and supplies chemicals and specialized services and solutions for the agriculture, mining and chemicals application industries.



“By technology I just don&#8217;t mean the electronic side of it but also understanding the industry a bit better. So what I&#8217;m talking about here is understanding the soil, working on improving yields. And then you have satellite technology being used and we&#8217;re seeing artificial intelligence coming into this very, very exciting industry.”



Kalibata tells FORBES AFRICA that the agricultural sector has really been defined by the Fourth Industrial Revolution.



“There are specific moments in time that completely change how we think about business and how we do business,” Kalibata adds. “So specifically, this particular revolution, I would say, there&#8217;s a real revolution happening from an agtech perspective… This is why there are so many new ways of looking at how agriculture can be done, all the way from how we generate the technologies that we use.”



One of the biggest issues Khadija Mohamed-Churchill, founder of Kwanza Tukule in Kenya, encountered when she began in this industry was the food supply chain.



“It’s really difficult to solve but can be solved. Also, the investments don&#8217;t want to flow there. Investment wants to flow into things like unicorns or fintech. I mean, people have to eat. They will transfer money via mobile phones, they&#8217;ll take loans, but if they don&#8217;t have food, at some point, the priorities need to shift to focus on these fundamental things,” Mohamed-Churchill explains.



Let’s take a step back.



In 2022, the World Economic Forum estimated that there are well over 600 million smallholder farmers around the world working on less than two hectares of land. These farmers are estimated to produce 28%-31% of the total crop production and 30%-34% of food supply on 24% of gross agricultural area.



A further study done by the United Nations showed that the world population will reach 9.1 billion by 2050, and to feed that number of people, global food production will need to grow by 70%. For Africa, which is projected to be home to about 2 billion people by then, farm productivity must accelerate at a faster rate than the global average to avoid continued mass hunger.



In sub-Saharan Africa alone, there are over 400 agritech solutions and startups, according to a 2020 report by the global telecoms industry lobby GSMA. Agriculture makes up 35% of Africa’s GDP and employs about half of its people, but the continent still imports billions of dollars of agri-products every year.



“From the outside, agriculture looks pretty dirty,” the CEO and co-founder of <a>Khula!,</a> Karidas Tshintsholo, says to FORBES AFRICA. “But I&#8217;m a numbers guy… Once I started looking at the numbers and saw that we [Africa] have most of the world&#8217;s arable land, which is 60%, is here are the ones [with] remaining arable land. Almost everybody on the continent is dependent on agriculture for survival.”



“I would look at agriculture in terms of the size of the opportunity,” Peter Njonjo, theCEO and co-founder of Twiga Foods in Kenya, adds.



The opportunities may look monetary but for a number of the agritechs, especially the ones we looked at for this feature, it’s about two mutually exclusive yet different reasons – solving food security on the continent while becoming climate-resilient.



“The yields of certain crops in Africa have already dropped by several percentage points, because of warming and drought. So, it&#8217;s already happening. So, you can&#8217;t possibly talk about sustainable agriculture without talking about climate change,” says Professor Guy Midgley, Head of the School for Climate Studies in Stellenbosch University, South Africa.



In a report by Deloitte, with about 60% of the world’s uncultivated arable land, as Tshintsholo previously states, Africa has the capacity to meet the world’s long-term food demand.



In addition, land already under cultivation could produce much more but crop yields remain at half the global average.



With the right know-how and inputs, Africa’s average cropland productivity can more than double. Coupled with positive global food demand, Africa’s underutilization of its land resources for farming implies significant growth opportunities for agricultural producers and exporters in Africa.



For Midgley, it comes back to the fact there needs to be a better understanding of the integrated challenges. According to him, Europe and North America have access to what are called integrated assessment models (IAM). These models aim to provide policy-relevant insights into global environmental change and sustainable development issues by providing a quantitative description of key processes in the human and earth systems and their interactions, which, as Midgley assesses, are “really important and really valuable for asking questions about our policy”.



“We&#8217;ve been late or rather our politicians have been late to realize the potential benefits of a green economy,” Midgley adds. “I think we need as a region a much better understanding of the integrated nature of these challenges… Our policy might sustain food security, within the constraints of water availability, within the constraints of fertilizer requirements. We don&#8217;t have available to us to inform the policymakers of what is the best combination of scenarios going forward. There are many scenarios that would get us to a sustainable future, which would balance the interests of different countries on this continent.”



Kalibata’s view holds a different approach and one where we need to address these issues from a more holistic scientific perspective, which will help tackle food security.



“I actually think that the future of agriculture is smaller than 60%,” she says. “We don&#8217;t need 60% of land to drive agriculture. Some young people are already beginning to farm vertically, right? And we recognize that some young people are already beginning to use what it is called hydroponics, recognizing that you don&#8217;t need soil, and now let&#8217;s produce food… In Singapore, you see people making chicken using stem cell research.”



Although the innovators featured on these pages are not dabbling in stem cell research, the solution for these agripreneurs is ensuring that accessibility is at the forefront of all their work and ideas. Studies have shown that in most African countries, agriculture accounts for 70% of the labor force, over 25% of GDP and 20% of agribusiness.



Agriculture remains largely traditional and is concentrated in the hands of smallholders and pastoralists, the Economic Report on Africa 2009 stated. Often women provide much or most of the labor, but don&#8217;t reap the economic benefits.



“I think that it is often misconstrued that farmers are not willing to adopt tech,” Tshintsholo says. “But I think if you&#8217;re able to speak to them [about] their pain points, inputs, selling their products and financing, you will find that the uptake is actually quite high. And I think one of the lacking factors is solutions that actually speak to the real pain points farmers are facing.”



“I think tech could be most impactful in a continent like Africa,” Njonjo adds. “Where we have the largest inventory of cultivated farmland on earth or the continent is both important strategically for the global food system. But also, when it comes to stabilizing the economy, this is where more the impact and kind of social mission of the company comes in.”



On the following pages, FORBES AFRICA speaks to some of the leading agri-players tackling farming tech and trends and feeding the continent .

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Africa’s Green Economy= AGRIPRENEURS +AGRITECH+ INVESTMENT

<h3 class="wp-block-heading has-text-align-center" id="h-spencer-hornefounder-and-ceo-cloudlinesouth-africa">Spencer Horne Founder and CEO, Cloudline South Africa</h3>



Savoring the mild nippy weather in New York City, a far cry from South Africa’s autumn sun, Spencer Horne seems to have come full circle.



The Spencer Horne who was born in the small community of Kales River, Cape Town.



The Spencer Horne who, from an early age, developed “an obsession” for engineering fueled by his love for trains.



The Spencer Horne who grew up as a dreamer and has always been keenly aware of this rhetoric of structure versus agency; what determines outcomes for individuals or communities?



The Spencer Horne who is in New York, a long way from home, ready to answer this question with regard to his business, Cloudline.



This should be a full circle moment for him, but it is not.



“It doesn&#8217;t seem like it because I feel like the work is only just beginning,” Horne chuckles in a Zoom interview with FORBES AFRICA.



Using battery- and solar-powered propulsion to deliver carbon emission-free flight operations, Cloudline is an aerospace company building a network of autonomous airships that delivers goods and services across the globe. According to Horne, air is an “underutilized resource”. Getting anything into the air in general is difficult as also expensive. “[For conventional aircraft], putting those aircraft in the air comes at a high capital cost and keeping them there comes at a very high energy cost,” Horne elaborates. &#8220;That&#8217;s expensive in monetary terms; it&#8217;s expensive in carbon terms. And we are at the heart of the technology that we&#8217;ve developed to address those two major barriers to more widespread use of the air for getting things done.”



When Cloudline started out, they identified the infrastructural gaps that exist within African regions and saw a massive opportunity.



This is the key role that Horne plays in the agricultural space. Although he does not constitute Cloudline exclusively as an agritech, their business contributes significantly to farmers.



“I think in the agricultural sector, in particular, we&#8217;ve seen the role data has played in transforming the way in which precision agriculture is being done.”


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="665" src="https://cms.forbesafrica.com/wp-content/uploads/2023/06/DSC02238-1-1024x665.jpg" alt="" class="wp-image-58472" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/06/DSC02238-1-1024x665.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/DSC02238-1-300x195.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/DSC02238-1-768x499.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/DSC02238-1-1536x998.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/DSC02238-1-2048x1330.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">&nbsp;Horne with Mbali Gushu, chief operating officer, and Anton Erasmus, chief engineer.&nbsp;</figcaption></figure></div>


Precision agriculture is a part of the larger conversation around the green revolution. According to experts, this way of farming uses data from multiple sources to improve cultivation for farmers, whether it is used for crop yields and/or to increase the cost-effectiveness of crop management strategies including fertilizer inputs, irrigation management, and pesticide application.



Afgri, a South African agricultural services company, thinks of this type of farming as “site-specific and information-specific”. 



“If you think about Cloudline in the context of the way in which data is gathered today, that&#8217;s against the backdrop of satellites…so this is one of the big places where Cloudline plays a role in that agricultural revolution. And to tie it in with more mainstream applicability, and lowering costs, we can think about the ways in which that grows these markets. From just the top-tier largest commercial farms, it makes it more accessible to more people. That is the kind of thing that makes both business sense and development sense.”



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



Improving yield, efficiency and profitability in agriculture comes down to the harvesting of technology. At its forefront are the agritech innovators bringing transformative change to the continent’s green economy. FORBES AFRICA profiles some of Africa’s biggest agripreneurs, inventors, and agribusiness leaders changing the way we think about farming, food security and climate resilience. They have cultivated a passion for smart agriculture and are leading the charge for social change not only for the sector but for the continent – and for humanity’s sustainable future.



<a href="https://shop.forbesafrica.com/shop/" target="_blank" rel="noreferrer noopener">Read about all the innovators in our June/July issue by getting your digital copy </a>


<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/2023/06/twitter-banner-agri-1024x341.jpg" alt="" class="wp-image-58451" width="592" height="196" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/06/twitter-banner-agri-1024x341.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/twitter-banner-agri-300x100.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/twitter-banner-agri-768x256.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/twitter-banner-agri-1536x512.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/06/twitter-banner-agri-2048x683.jpg 2048w" sizes="(max-width: 592px) 100vw, 592px" /></figure></div>

DSC01909

Africa’s Green Economy: ‘AIR IS AN UNDERUTILIZED RESOURCE’

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



Tesla CEO Elon Musk reclaimed his throne as the richest man on earth Thursday, wrestling the title away from LVMH chairman Bernard Arnault as shares of Musk’s electric vehicle giant surged to their highest level this year.



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



Tesla stock rallied 4.6% to $235 in Thursday trading, notching its 10th straight day of gains.



Musk’s firm is on pace for its highest closing share price since October 6, 2022.



After cratering to a two-year low in early January, Tesla shares are up nearly 115%, the third-largest return of any company in the S&amp;P 500, which is up 12% this year.



That rally has&nbsp;<a href="https://www.forbes.com/sites/kerryadolan/2023/06/07/elon-musk-becomes-worlds-richest-person-again/?sh=54a20bdf4ca4">propelled</a>&nbsp;Musk to once again become the richest person on the planet, according to&nbsp;Forbes’ calculations, pegging Musk’s net worth to be $220.2 billion, $4.2 billion bigger than Arnault’s by market close.



On Wednesday, Musk briefly&nbsp;<a href="https://www.forbes.com/sites/kerryadolan/2023/06/07/elon-musk-becomes-worlds-richest-person-again/?sh=54a20bdf4ca4">topped</a>&nbsp;Arnault for the first time since December, though he slid below Arnault again by market close.



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



Despite the sustained rally, shares of Tesla remain more than 40% below their November 2021 peak of $410, far underperforming the S&amp;P’s 6% loss during the period.



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



After surging during the pandemic, Tesla stock faltered dramatically last year as investors&nbsp;<a href="https://www.forbes.com/sites/alanohnsman/2022/01/02/tesla-says-it-delivered-record-936172-electric-vehicles-in-2021/?sh=5f3657494d8b">soured</a>&nbsp;on the company’s promises of near limitless growth and Musk’s affair with Twitter, the social media platform he controversially bought last year for $44 billion,&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/12/16/market-reacts-to-musk-antics-tesla-slides-to-2-year-low-as-twitter-embroiled-in-controversy/?sh=65f1706b15fd">pulling away</a>&nbsp;the billionaire’s time and financial resources from Tesla. Wall Street began to regain faith in Tesla after the firm&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/01/25/tesla-posts-best-ever-quarterly-revenue-and-profit/?sh=7db6e03437d1">reported</a>&nbsp;record quarterly revenue and earnings in January, setting forth a rally that gradually gained steam as Musk&nbsp;<a href="https://www.barrons.com/articles/tesla-stock-price-elon-musk-twitter-ceo-81418315" target="_blank" rel="noreferrer noopener">found</a>&nbsp;a replacement as Twitter CEO and played nice with lawmakers in the&nbsp;<a href="https://www.reuters.com/business/energy/elon-musk-meets-top-biden-admin-officials-discuss-electrification-goals-2023-01-27/" target="_blank" rel="noreferrer noopener">U.S.</a>,&nbsp;<a href="https://www.forbes.com/sites/russellflannery/2023/05/31/musk-visit-highlights-business-role--in-us-china-ties---amcham-china-president/?sh=4f79f55018ca">China</a>&nbsp;and&nbsp;<a href="https://www.politico.eu/article/elon-musk-emmanuel-macron-france-gets-red-carpet-treatment-amid-green-investment-push/" target="_blank" rel="noreferrer noopener">beyond</a>.



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



Tesla, which&nbsp;<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/">accounts for</a>&nbsp;a majority of Musk’s fortune, may be booming, but Twitter is amidst a far gloomier stretch as Musk’s&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2023/04/17/musk-admits-twitter-purchase-wasnt-financially-smart-and-he-paid-twice-what-its-worth/?sh=5e12024b65c6">efforts</a>&nbsp;to&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-11-04/elon-musk-says-twitter-can-be-most-valuable-company-in-the-world" target="_blank" rel="noreferrer noopener">transform</a>&nbsp;the company into the most valuable company on earth. The&nbsp;New York Times&nbsp;reported Monday Twitter’s advertising revenues were&nbsp;<a href="https://www.forbes.com/sites/katherinehamilton/2023/06/05/twitters-us-ad-sales-down-59-despite-musks-breaking-even-claims-report-says/?ss=topadvisorshook&amp;sh=709385e4572c">down 59%</a>&nbsp;this April compared to the year prior, while Fidelity said last week it values Twitter at about&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/05/30/fidelity-values-twitter-at-roughly-15-billion-a-third-of-the-sticker-price-paid-by-musk/?sh=65649d1e13e7">$15 billion</a>, about a third of the sticker price Musk paid last year.



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



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



<a href="https://www.forbes.com/sites/kerryadolan/2023/06/07/elon-musk-becomes-worlds-richest-person-again/?sh=54a20bdf4ca4">Elon Musk Briefly Becomes World’s Richest Person Again</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/dereksaul/2023/06/02/tesla-stock-hits-4-month-high-as-elon-musks-net-worth-soars/?sh=1329c9c26b91">Tesla Stock Hits 4-Month High As Elon Musk&#8217;s Net Worth Soars</a> (Forbes)

Elon

Elon Musk Ends Day As World’s Richest Person For First Time In 6 Months

The most welcome news on May 8 was the announcement by the World Health Organization (WHO) that Covid-19 is no longer a global emergency. While the stand-down siren has been sounded, we must remain vigilant and take precautions as there are still thousands of people around the world contracting milder forms of the virus; in some cases still resulting in serious issues for people who have underlying health conditions. Some facts from the WHO website suggest that (as of early May 2023), over the last three years, approximately 756 million Covid cases were recorded with approximately 7 million people who lost their lives. 



Assuming the global population at about 8 billion, this translates to almost 9.5% of the population being infected and approximately 0.09% of the population having died. Comparing this with the Spanish Flu that started in February 1918 and lasted approximately two years, 500 million people or a third of the then global population were infected and about 50 million people died (3.3% of the global population). Though spread a century apart, these are events, particularly Covid-19, that have prepared us to deal with and overcome adversity together as a global community.



There were many lessons from this dark period in human history, the most significant of which was the importance of leadership at all levels. Some countries, with comparable economic, demographic, social and developmental status, managed better than their peers. A trait that was consistent with good leaders was effective, clear and periodic communications. There is no greater leadership failure in a crisis than delayed, ineffective and inconsistent communications. People understand problems as it’s a sad reality of the majority of human existence. Reinforcing problems and assigning blame only spreads uncertainty and creates panic which is synonymous with most politicians; what people want to know is that they are secure and that appropriate, quantifiable and urgent action is being taken to protect them.



What the last three years have further reinforced is that the world is not and will never be an equal place; the disparity between the developed and developing world will continue to grow, particularly if third world countries do not break the shackles of infinite bondage and over-reliance on the first world countries. No one has any interest in seeing Africa become self-sustainable except the people of Africa and the focus now should be on building sustainable ecosystems within geographic proximity. Never has the need for localization been more critical than now. 



Never has there been a need for more African unity ever before, than now. Guided by a polarized world, African nations cannot get submerged in futile politics and the self-serving defence and economic policies of Western countries. Even if they plunder their combined resources through a false sense of ego and self-righteousness, the developed world will continue to have sustainable reserves for several generations. The African agenda needs to be focused on consolidating its position by rapidly strengthening and transforming intra-African relationships.



As the threat to life from the pandemic has reduced, people in general have begun to get back to a near normal way of life. Travel and tourism have bounced back with a vengeance and despite high costs, people are making up for the time lost from 2020-22. The war in Ukraine has continued with no immediate solution that has compelled a change in geopolitical alignments. 



This event, in my opinion, is going to impact the future much more than even the pandemic or any other historic economic crisis. The trust deficit that exists between the permanent members of the United Nations Security Council (UNSC) is at its highest. With a deep divide in the UN, no decision or change can ever be made if there is a conflict with any of the permanent members of the UNSC. Changes to the structure of the UN are being demanded by member nations but even as membership is being expanded in key functions of the UN, the final authority and ‘veto’ still rests with the five countries that not only have contradictory interest but also have a deep fissure in ideologies between the United States, the United Kingdom and France on one side and China and Russia on the other.  



Sadly, this very aggressive demeanor resulting from the Ukraine conflict has witnessed the dramatic and wasteful increase in defence budgets of all countries around the world. Rather than spending money on green energy, ESG, housing, healthcare, education, and alleviating poverty, resources are senselessly being allocated to defence systems and extremely destructive munitions that will lead to the doom of our future. Paradoxically, the price of this perceived and notional security will be the very reason that people will continue to live in bondage and poverty. 



The beneficiaries are just a few countries that are the usual suspects in much that is going wrong with the world. My question therefore remains–‘where does accountability lie in the free world’ where, shrouded in extreme conflicts of interest, the ‘judge, jury and the executioner’ are the same? The smallest issues in governance in the developing world are highlighted and severely dealt with through harsh measures but there seems to be no apprehension about the larger issues that are crippling the world.



These inconsistencies have alarmed and prompted reactions from the oil-rich Arab world. The unilateral imposition of sanctions and freezing the assets of nations by Western countries is creating an insecurity for the future. For perhaps the first time and a marked change from historic conformity, there is an apparent move by Saudi Arabia to sidestep Western-imposed sanctions and build harmony within the Middle East. Syria has been invited back into the Arab League after 12 years and Saudi Arabia has also started playing a pivotal role in settling the various conflicts between Syria, Iran and Yemen. It would appear that with the start of consular services between the Arab world and Iran, and with Iraq largely neutralized, things could gradually return to normal within the Persian Gulf. These developments are happening as China and Russia get closer in a strategic collaboration and China, with its large balance sheet, is starting to play a more active role in the Middle East. These realignments are expected to provide more security, both financial and strategic, to nations in Asia.



European countries have supported various countries in Africa through aid packages for various reasons including a sense of responsibility for historic injustices like colonization and slavery. The source of the aid, by country, can be traced according to the language spoken by the European countries i.e. English, German, Dutch, French or Portuguese. This aid has come at a high cost as a lot of tangible benefits for donors were traded in lieu of the aid. A lot of exploitation has taken place in extractive industries to include oil, gold, diamonds, precious stones, minerals etc. and agricultural products. 



Very little value addition has happened on the continent and no effort has been made to create an enabling environment. Interestingly, the United States has so far had an erratic and inconsistent policy on Africa that has given the Chinese a headstart on establishing a strong foothold in Africa including but not limited to two permanent military bases that have been established in East Africa and West Africa. These developments, along with Russian and European interests, will polarize the countries in Africa and developing independent bilateral and multilateral intra-Africa partnerships may get adversely influenced. Remaining neutral and non-aligned is a key ingredient to self-determination, self-reliance and enhanced sovereignty; very few African countries have managed to keep this neutrality.



A factor that has remained congruous for financial security is the dominance of the US Dollar (USD) as a reserve currency. A lot of currencies have remained pegged to the USD. However, with the growing mistrust with US policies, the rise of the Chinese Yuan and a distinct move to create mechanisms for the bilateral settlement of payments between countries, it is likely that over the medium term the USD will lose its place as a reserve currency. The Afreximbank’s brainchild, the Pan-African Payment and Settlement System (PAPSS) to facilitate inter-convertibility amongst African currencies has yet to be finalized as it still faces several structural impediments although the Afreximbank is providing a $3 billion settlement cover as an overdraft facility. The greatest saving for Africans will be the $5 billion paid in transfer fees to international banks.



Less reliance on the USD will give rise to alternative means of storing wealth. While gold is the most likely reserve medium in the short-term, crypto and digital assets will most likely dominate the future of convertibility, transferability and storage in a decentralized and secure manner. While cryptocurrencies are a relatively new area, their mass adaptation will be the most transformative milestone in the history of financial services. Although there is growing adaptation in Nigeria (eNaira), Kenya, South Africa and Zimbabwe, African countries are trailing in the crypto journey. Education and regulations along with cultural changes and building basic trust in this digital asset will play an indispensable role in the adaptation of this far-reaching and revolutionary change.



Despite the general negativity in current affairs and the economic volatility and correction caused by the failure of the Silicon Valley Bank and Signature Bank, the general market trends have remained positive. Most countries in Europe and Asia have seen a turnaround post-pandemic. In some countries like the United Arab Emirates (UAE), in particular the emirate of Dubai, the first quarter reports, across all sectors, have been exemplary. 



The first indication was on the travel and tourism industry where things are getting back to 2019 levels. Despite the high costs of flights and hotels, the tourism sector has been thumping since October 2022. The property market is once again buoyant with prices having shot up and the construction frenzy is back to normal with developers working hard to keep up with demand. Coming from all over the world, enticed by excellent policies, safety, stability and long term visas, there is an exponential increase in the numbers of people making the UAE their residence.



African countries have started making their own recovery post the pandemic. Traveling through some of the countries, one gets the distinct feeling that governments are working to bring about the necessary change. The change in Kenya away from dynasty politics will be a great pilot to see whether the country thrives under a new leadership or will get sucked back into the maladies of power and abuse. There are smaller yet shining stars like Rwanda that continue to give hope and the smaller economies like Botswana that are showing tremendous promise. 



We have an arduous journey ahead but we must plod along irrespective of the odds and remember the closing stanza of Robert Frost’s famous poem: “The woods are lovely, dark and deep. But I have promises to keep. And miles to go before I sleep. And miles to go before I sleep.”

Rakesh Wahi

Lessons From A Dark Period And The Way Forward

With the era of low interest rates and ample liquidity coming to an end, some of the world’s richest families have made (or are planning to make) major shifts in asset allocation, the new 2023 UBS Global Family Office Report shows. The survey, released today, covers 230 “family offices,’’ each handling investments for a single wealthy family. The families have a collective net worth of nearly $500 billion, or an average of $2.2 billion each.



The average portfolio breakdown of those surveyed in 2022 is 55% in traditional asset classes (down from 57% in 2021) and 45% in alternatives (up from 43% last year). But lurking below those broad categories is a more significant shift–away from private equity and towards long out-of-favor fixed income.



With yields on short-duration fixed income currently at more than 5%, a third of those surveyed by UBS are already holding such debt. Moreover, nearly half plan to make significant or moderate increases to fixed income holdings in 2023 and beyond.



“We’re seeing that liquidity is a big factor in decision making,” Charles Otton, UBS’ head of global family and institutional wealth for the Americas, tells&nbsp;Forbes. “We all got very used to money being free, but now people are valuing liquidity and adjusting their portfolio accordingly.”



A similar Global Family Office Report, released by Blackrock earlier this year, also shows that money managers for the rich tweaking their portfolios. Almost half of the 120 offices surveyed in that report said they planned to change investment strategy or make portfolio adjustments this year. Many have jumped into fixed income and private credit in response to the current market environment.



“By seeking maximum flexibility and leveraging a broad toolkit, portfolios can pivot nimbly across duration, regional and sector exposures in response to rapidly shifting conditions,” wrote Rick Rieder, BlackRock’s chief investment officer of global fixed income.



Family offices are shifting allocations when it comes to alternative investments. While U.S. family offices’ allocation to alternatives was roughly the same from 2021 to 2022 (declining modestly from 36% to 34%), direct private equity exposure dropped dramatically (from 24% to 14%), according to UBS. Meanwhile, allocation to hedge funds rose significantly over that same period (from 4% to 7%). This trend holds true globally as well: As uncertainty abounds in markets, there has been a reemerging emphasis on active over passive investment management.



While there is still some private equity exposure among family offices, most have been reducing direct private equity investments in the near-term, instead turning to PE funds, private debt and infrastructure. Rather than searching for brand new private equity companies, which are often riskier investments, family offices are now favoring private market businesses that have grown to a certain point and have some kind of EBITDA, Otton observes.



Many of those surveyed also plan to reduce exposure to real estate this year, the report found. “There is a general caution creeping in given higher rates and some softness—though more commercial than domestic residential real estate, where investment remains strong,” explains Otton. Over the longer term, however, roughly a third of family offices still plan to increase exposure in this sector once capital becomes more available and valuations are lower.



While allocations to emerging market equity have largely held flat in recent years, family offices plan to increase their exposure in that space throughout 2023 amid China’s reopening and an apparent peak in the U.S. dollar. Nearly half of their assets are still in North America, but the majority of offices plan to increase their allocations to Western Europe for the first time in years.



The UBS report also sheds light on the top concerns for family offices in 2023, with many remaining cautious about an uncertain global economic growth outlook. High inflation was the top worry last year, and while that was cited by many again, that has now been supplanted by geopolitical concerns at the top of the list, according to the survey. In the United States, however, people are much more focused on the state of the economy, with the likelihood of a recession as the biggest concern among family offices there.

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Rich Families Making Major Changes To Asset Allocation, New Reports Find

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



Four years ago, Brian Bosire told FORBES AFRICA that his hope for UjuziKilimo was that it would reach over 10,000 farmers. Speaking to us during the photoshoot for this feature at the NewKatz.Studio in Johannesburg, he tells us he has now reached over 26,000 farmers.



“Our vision is really to see a world of empowered smallholder farmers working at the cutting edge of technology in terms of how they make decisions on the farms, how they access financial support, and also the knowledge they need to improve productivity from the farms,” Bosire says. 



Bosire’s passion for smallholder farming started as a boy in a small town in southwestern Kenya known as Kisii.



“I come from a farming village in Kenya, and my parents–their first career was farming,” Bosire says. “They were smallholder farmers, so as I grew up, it formed the core of what I understood about food production and the economy; a sole source of livelihood in our family.”



The ESRC STEPS (Social, Technological and Environmental Pathways to Sustainability) Centre concurs with Bosire’s assessment that smallholder farmers are key to the country’s food security and economy. “Small farms account for 75% of the total agricultural output,” ESRC STEPS Centre writes in a 2023 report.



Bosire, as a qualified engineer, wanted to find solutions for these farmers that would not only be beneficial to them from an economical perspective but from a social one too.



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And with that, his business was born. UjuziKilimo–which is Swahili for ‘knowledge farming’– processes millions of data points each day to create a complete soil and agronomic data pool that is both field specific and highly accurate.



Soil Pal, a handheld sensor, acts as a soil parameter to quickly and easily measure the content of the farmer’s soil, and produce the right amount of data for the farmer to receive actionable information within five minutes on the best crops that will do well on the land and the fertilizers they would need.



Part of the UjuziKilimo experience is also FarmSuite, which is a complete farm management, predictive farm analytics, intelligent insights and recommendations software to power decision-making for farmer groups, co-operatives and service providers.



“Our technology is actually ensuring that farmers are moving away from guesswork. Because traditionally, farmers have been led by intuition to make decisions on which crops will do well.”



Part of this empowerment is looking at how much opportunity lies within the African landscape when it comes to agriculture and technology.



“We also understand that unlike developed countries, Africa is the place of opportunity when it comes to the uptake of technologies that we&#8217;re seeing and developing at the moment,” Bosire adds. “The fact remains: smallholder farmers form the majority of the people producing food at the moment, but unfortunately, you still realize that a majority of those farmers are living below $2 or $3 per day.”



According to the United Nations’ Food and Agriculture Organization’s report, The Economic Lives of Smallholder Farmers, three billion rural people live in about 475 million small farm households, working on land plots smaller than two hectares. Smallholder farms in Kenya are only marginally large as they are 0.47 hectares and in Ethiopia the average small farm size is 0.9 hectares.



“Many are poor and food-insecure and have limited access to markets and services. Their choices are constrained, but they farm their land and produce food for a substantial proportion of the world’s population. Besides farming, they have multiple economic activities, often in the informal economy, to contribute towards their small incomes,” the report read.



For UjuziKilimo, it’s about seeing smallholder farmers get a return on their products as they contribute to the future of food. The data that is being collected from the soil as well as the interaction with farmers is what Bosire actually uses to ensure these farmers have access to aspects like insurance and financing, “because of the richness of the data that we have can be developed over time”.



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MEET COVER STAR Brian Bosire: “Africa Is The Place of Opportunity…”

Boeing is partnering with Equatic, a Los Angeles-based startup that removes carbon from the ocean, in a first-of-its-kind deal to buy a massive amount of carbon credits and green hydrogen that’s likely worth at least $50 million.



Under the five-year arrangement, Equatic will remove 62,000 metric tons of carbon dioxide for the aerospace giant and supply it with 2,100 metric tons of “green” hydrogen generated as a byproduct of its technology. Equatic declined to provide a value for the agreement, though it’s more than double the size of a 25,000-ton CO2 elimination contract competitor&nbsp;<a href="https://www.jpmorganchase.com/news-stories/jpmorgan-chase-seeks-to-scale-investment-in-emerging-carbon-removal-technologies" target="_blank" rel="noreferrer noopener">Climeworks just announced with JP Morgan Chase</a>. Climeworks values that deal—which doesn’t include hydrogen fuel—at more than $20 million. (The financial company is also contracting with startup Charm Industrial to put captured carbon underground as “bio-oil” made with agricultural scraps.)



The deal arose from plans for a technology partnership between the companies related to large-scale CO2 removal facilities Equatic is developing, said Lorenzo Corsini, the startup’s principal advisor, who declined to discuss specific details.



“This catalyzes the development of the technology and it&#8217;s a leap of faith by Boeing,” Corsini told&nbsp;Forbes. Boeing is “serious about removing carbon dioxide from the atmosphere and knows that they need to invest upfront to do this.”



Equatic recently spun out of UCLA’s Institute for Carbon Management and is part of a new wave of companies with a mission to slow the buildup of climate-warming CO2 by pulling it out of the atmosphere. Unlike the approach of rivals such as Climeworks, Charm and CarbFix, which absorb CO2 from the ambient air and store it, Equatic’s focus is using electrolysis to remove CO2 from seawater and convert the carbon into seashell-like material that it believes won’t harm the aquatic environment. Hydrogen, which is increasingly seen as a promising clean fuel for industrial applications and transportation, is also a byproduct.



“Reaching aviation’s sustainability goals will require a multi-faceted approach and Boeing sees immense value in Equatic’s technology,” Sheila Remes, Boeing&#8217;s vice president of environmental sustainability, said in an emailed statement. “We are excited to partner with Equatic on both green hydrogen feedstock and carbon dioxide removal.”



Equatic focuses on oceans as they’re Earth’s largest CO2 reservoir. Founder Gaurav Sant, director of the UCLA initiative, believes its approach amplifies natural processes and is the cheapest, most energy-efficient way to achieve gigaton-level CO2 removal and produce hydrogen from nonpolluting sources. The amount of CO2 removed is also measurable “down to the gram,” the company said.



(For more on Equatic see&nbsp;<a href="https://www.forbes.com/sites/alanohnsman/2023/04/12/equatic-startup-co2-green-hydrogen/?sh=6a2da83a426a">An L.A. Startup Aims To Turn The Oceans Into A CO2 Sponge And ‘Green’ Hydrogen Machine</a>)



That’s important because of growing skepticism around carbon offsets, such as those sold by Verra, the biggest certifier of carbon credits. David Antonioli, the non-profit’s CEO, stepped down this month after acknowledging that a significant portion of credits it’s approved is not based on reality, according to a&nbsp;<a href="https://www.theguardian.com/environment/2023/may/23/ceo-of-worlds-biggest-carbon-credit-provider-says-he-is-resigning" target="_blank" rel="noreferrer noopener">report by&nbsp;The Guardian</a>.



Equatic began operating pilots in Los Angeles and Singapore in April to demonstrate the technology. A larger “sub-commercial” facility is set to open as soon as late next year in Singapore, integrated within an existing desalination plant. It will be able to remove 3,500 metric tons of CO2 annually. Equatic then wants to have its first commercial plant running in about three years with the capacity to remove 100,000 metric tons of CO2 and generate 3,500 tons of hydrogen annually. That’s about three times the size of Climeworks’ Mammoth plant under construction in Iceland, which will be able to capture and store 36,000 tons of CO2 annually when fully operational.



The company is in the process of raising $100 million for research and plant construction costs. It’s already taken in $30 million from backers including the Chan Zuckerberg Initiative, Anthony and Jeanne Pritzker Family Foundation, Grantham Foundation for the Protection of the Environment, National Science Foundation, Singapore’s Temasek Foundation, PUB: Singapore’s National Water Agency and the Energy Department.



Corsini estimates Boeing’s purchase agreement is the fifth-largest CO2 elimination deal that’s been announced. Equatic had previously announced that financial services company Stripe is buying CO2 offset credits from its small pilot facilities. Boeing will get credits from the Singapore plant that is to open by early 2025 and Equatic’s first commercial facility, the location of which hasn’t been announced.



“Because we’re still engineering and building those plants, we haven&#8217;t started really reaching out more systematically to clients to fill the pipeline,” Corsini said. In addition to Boeing, “we also have a number of other partners. Expect some more announcements soon on that,” he said, declining to elaborate.

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Boeing Bets On Startup Equatic With Massive CO2 Removal, Hydrogen Deal

Gaurav Dhar, a tech investor and second generation fintech entrepreneur in Dubai, has a keen eye on the sector in Africa, saying the continent will see larger and larger funds coming into enabling environments–and there are also some key lessons from the Middle East.



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“THE CONTINENT OF AFRICA HAS ITS OWN PATH OF ADOPTION FOR TECHNOLOGY, INFRASTRUCTURE AND THE DIFFERENT ECONOMIES… THERE IS HUGE POTENTIAL BUT THE UNLOCKING OF IT HAS TAKEN DIFFERENT TRAJECTORIES…”
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At the Dubai Fintech Summit in May, Gaurav Dhar is outside the lavish Madinat Jumeirah hotel where the event is being held, walking out of the venue into the afternoon sun in a dapper blue suit. Like the weather by this chic coastal property, he is warm and welcoming, referring to our chat a few weeks earlier.



As the Group CEO of Marshal Fintech Partners, these are the events you will typically find him at in the spiffy Middle Eastern emirate, those that focus on investments, fintechs, startups, venture capital, entrepreneurship and innovation.



Just like Dubai, the city he was born and raised in, his specialties too are as dynamic and diverse. 



Like any third generation expatriate, Dhar says he has a great sense of pride locating his activities out of the glistening emirate, yet doing business for the world, even for Africa.



“I consider myself an ambassador of the UAE. I have Indian roots, but for all intents and purposes, I consider myself an honorary Emirati. Because there is this pride when you [have been] part of the story of building this country in some way, shape or form.” Dhar’s grandfather came to the United Arab Emirates (UAE) in the early 1970s to become the General Manager of General Motors, when the country had just been carved out as seven emirates from its hitherto existence as the Trucial States.



Dubai was still a dusty city being developed around a port, bringing in tidings and tidy profits from the sea.



“The UAE was its own little paradise, and now is this behemoth global player… Our business evolved along with the country–it was a very side-by-side story,” says Dhar about how after his grandfather, his father, Anil, too followed in the late 1970s and took to “the landscape that was fresh, exciting, mixed and new”.



He worked at Unilever and Texas Instruments before “manifesting his own destiny” and deciding to go his own, turning around an office furniture and supplies company, slowly implementing it also as a technology-focused enterprise, incorporating typewriters, photocopiers and fax machines, as more and more businesses in the region started looking for ways to formalize and store work.



“My father wanted to follow the next trend…and understand the space where again, he could control his own destiny, as opposed to waiting for Xerox or Microsoft to tell him what to do, how to build or what his revenue could be,” recalls Dhar. Called Marshal Equipment and Trading LLC, the company started in the UAE, expanding across the Gulf Cooperation Council states and Africa. “It has been profit-generating for over 35 years and consistently growing,” says Dhar, speaking from his new office on Dubai’s ritzy Sheikh Zayed Road, also home to the almost-kilometer-long Burj Khalifa, the world’s tallest tower. When his father started his business, it was in a small office in Deira–a historic district bursting with character, old forts, wind towers, the legendary Clock Tower and the shimmering waters of the creek.



As a curious child growing up in this space, watching the business evolve, Dhar’s answer to questions while studying at Doon School in India was always that the family was in “payments technology”. His mind was already on the job.



The business grew from one country to another and so did the public penchant for payments technology slowly gaining currency in the boardrooms and bourses of Dubai as “people also started understanding the blocks that make up the fintech system”.



When Dhar–who studied law at the University of Exeter in the United Kingdom and calls himself “a second generation fintech entrepreneur”–first started exploring fintech, it also took a little convincing to get Dhar’s dad, who is 70 this year, to get on board.



“When we started talking in 2015 about the concept of nonprofit generating companies that are pure valuation-based, you can imagine his reaction, as a businessman, it was initially to say this is not going to fly, this is not going to work as a concept, because it’s very easy to spend money, but it’s very difficult to make money.”



Dhar started spending time in San Francisco, Hong Kong, Vietnam, India and other places to understand more of what was happening in the “high-risk, high-return, high-failure-rate” venture capital space in this regard.



About seven years ago, Dhar, in his personal capacity, started investing in fintech in the Middle East, Asia, Africa, Latin America, and the United States, and three years ago, the company’s name changed to Marshal Fintech Partners–as it got acquired by a sovereign wealth fund in the Middle East.



With over 19 years of experience under his belt in various aspects of business, Dhar now has a well entrenched interest in fintech ecosystems and solutions.



“It’s very exciting to be a part of this evolution, where the ecosystem from a startup or investing point of view has started maturing and we were part of that as it started again…



“If I were to have an intellectual conversation in detail about payments technology with my father, he is extremely wellequipped, because he was there as it was being written, assembled, and literally adopted by all parts of the ecosystem in the Middle East, so he’s extremely capable,” smiles Dhar.



The business growth has been organic, as the entire ecosystem works mutually on codependency and reciprocal relationships from a technology, landscape, business and venture capital perspective. Along the evolution journey, through these collaborative interactions, Dhar says he has also formed networks and friends with “tangible value exchange” and “a genuine desire” to drive economic growth and create job opportunities in the Middle East and Africa.



The Middle East has historical ties with Africa, and Dhar continues to build connections on the continent, often featuring founders of African fintechs and Web3 startups on the podcast series (on Spotify, Apple, YouTube) he hosts every week. “The continent of Africa has its own path of adoption for technology, infrastructure and the different economies… there is huge potential but the unlocking of it has taken different trajectories…



“Let’s not forget that the Middle East has a lot of sovereign wealth, and they have been engaging in investing internationally for decades…So along with that wealth comes access to knowledge, learning, and exposure, so it has been much faster.



“I think the African continent again has it in pockets, but it’s not been [able to] move that timeline faster to have the whole continent benefiting from the influx of capital. So these are very separate ecosystems with different outcomes,” he says.



But there is no doubt there are massive opportunities and synergies between both regions.



“What you’re going to see is larger and larger funds in Africa, either pooled from Europe, or within Africa itself. Entrepreneurship still needs funding and fueling.”



“Whoever is going to be the most-friendly regulator is going to win, then the most-friendly telco operator is going to gain massively; and then the third is with the government allowing people to understand subsidized ecosystems to spark long-term talent staying in those ecosystems, and the understanding of educating properly what is happening in that ecosystem.” Effective partnerships between the government and the private sector is one thing the Middle East has done extremely well, he adds. 



“They have written the playbook for this essentially–the marriage between the government or the federal ecosystem and the private sector has been very close. They talk to each other and push each other to do bigger and better things. And one of these things in the UAE is the venture capital space. And that perhaps is something that needs to happen more in Africa.”



Also a board member of the MENA FinTech Association, a trip to Africa is on the cards soon, but when Dhar is not spending his time on advisory boards and “giving back” to the entrepreneurial community, he dabbles in his other interests: F&amp;B, collecting vintage cars and hosting vintage car rallies every year, where all roads eventually lead to Dubai.

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Guru Of Fintech: The Dubai Entrepreneur With An Eye On Africa

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



Apple announced that its new 15-inch MacBook Air—the world’s thinnest 15-inch laptop, according to Apple—will be available starting next week, marking a middle-price point offering for the company that previously had a significant price difference between its smaller MacBooks and larger models.



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



The new model will weigh in at 3.3 pounds and come in four colors.



Bergeron said the laptop will have Apple’s M2 chip, making it 12 times faster than Intel-based MacBook Air; it is quoted at an 18-hour battery life.



The new model will start at $1,299 and be available next week, while the 13-inch MacBook Air powered by the same chip will start at $1,099; the 13-inch MacBook Air with an M1 chip—Apple’s older version—will drop below $1,000, now priced at $999.



Customers can order the new model starting Monday.



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



Apple didn’t previously offer a 15-inch version of its MacBook Air—which comes in 13-inch options—or its MacBook Pro, its larger laptop that comes in a 14- or 16-inch option. The new model will provide a choice to users who don’t want the extra computing power of the MacBook’s 14- and 16-inch models, but do want the option of a screen bigger than 13 inches. The last time Apple offered a 15-inch laptop of any kind was 2019, but Apple&nbsp;<a href="https://www.theverge.com/2019/11/13/20961717/apple-macbook-pro-16-inch-model-screen-discontinued-display-laptop" target="_blank" rel="noreferrer noopener">discontinued</a>&nbsp;its 15-inch MacBook Pro that year in exchange for the 16-inch option. Apple’s laptop prices have historically been high, too, with the 16-inch MacBook Pro starting at $2,499. Moving forward, the lower price and bigger screen size is meant “to deliver even more value and choice to everyone,” according to the Apple release.



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



The big announcement expected from Apple’s Worldwide Developers Conference is the company’s long-awaited mixed-reality headset that is rumored to have both virtual reality and augmented reality compatibility. The device is rumored to look like ski goggles, The Verge&nbsp;<a href="https://www.theverge.com/23728368/wwdc-2023-date-time-live-stream-watch-how-to-rumors" target="_blank" rel="noreferrer noopener">reported</a>, and is supposed to have external sensors to help users navigate reality.



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



Tim Cook, Apple’s CEO, who kicked off the keynote address Monday at the Worldwide Developers Conference, is&nbsp;<a href="https://www.forbes.com/profile/tim-cook/?sh=612f5e173ea4">estimated</a>&nbsp;to be worth $1.9 billion by&nbsp;Forbes.



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



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



<a href="https://www.theverge.com/2023/6/5/23739220/apple-macbook-air-15-features-specs-price-release-date-wwdc-2023" target="_blank" rel="noreferrer noopener">Apple’s new 15-inch MacBook Air is the ‘world’s thinnest’</a>&nbsp;(The Verge)



<a href="https://www.bloomberg.com/news/live-blog/2023-06-05/apple-worldwide-developers-conference" target="_blank" rel="noreferrer noopener">Apple Headset, iOS 17, New Mac: Live WWDC 2023 Analysis With Mark Gurman</a> (Bloomberg)

Apple Store Opens In Knightsbridge

Apple Announces Plans For Its Largest MacBook Air Yet At Developer Conference

Zimbabwe&#8217;s Parliament recently passed the controversial Patriotic Bill, raising concerns about its impact on democratic freedoms and international relations. Critics argue that the law, which penalizes actions seen as undermining national interests, curtails freedom of speech, association, and assembly, and could isolate Zimbabwe on the global stage.



Zimbabwe’s Parliament passed the controversial Patriotic Bill into law on the evening of March 31, 2023. President Emmerson Mnangagwa&#8217;s ruling Zanu-PF government has long sought to enact this bill, claiming it strengthens aspects of the criminal code protecting national interests. However, critics within and outside Zimbabwe view it as one of the most oppressive laws yet, intended to stifle criticism and free speech, particularly during a sensitive time as the country approaches general elections in late August.



The Bill was first proposed after the controversial 2018 general elections, which saw Mnangagwa elected amidst contested results and protests that resulted in at least six fatalities, seemingly in response to opposition to Mnangagwa’s rule.



Broadly, the Bill criminalizes actions deemed to &#8220;willfully damage the sovereignty and national interest of Zimbabwe&#8221;. These include, among other offenses, planning state boycotts, sanctions, or any acts deemed as &#8216;subversion&#8217; of the state. Penalties for these transgressions include deprivation of citizenship and possibility of the death penalty, which the government had previously committed to repealing (REF).



Activists, journalists, and civil society organizations have denounced the passing of the Bill as another act by the ruling Zanu-PF under Mnangagwa to repress free speech and opposition, particularly as the country moves toward the upcoming general elections.



A risk and political analyst who specializes in sub-Saharan Africa, Marisa Lourenco believes that critics of the bill have a point. “Since the dawn of independence in Zimbabwe has been guided by principles of authoritarianism rather than any effort towards democracy…” says Lourenco to FORBES AFRICA. “Not only does it give the government more tools with which to suppress the opposition and civil society with its vague clauses—which nations are hostile, for example, is there a defined list?—but it also seems to be a way for the Mnangagwa administration to control the narrative around its performance as the government attempts to get some of its debt pardoned and access international financial markets.”



A cooperative of civil society members, including the Media Alliance of Zimbabwe, Zimbabwean Congress of Trade Unions, and the Zimbabwean Election Support Network, issued a media statement opposing the bill&#8217;s passage.



&#8220;A very sad day for Zimbabwe today as that country&#8217;s parliament has passed the Patriot Act bill into law,&#8221; tweeted prominent Zimbabwean journalist Hopewell Chin’ono. &#8220;It seeks to destroy freedom of association and assembly. Free speech is now dead, and any Zimbabwean holding a meeting with a foreign government official will be jailed.&#8221;



The primary opposition party, the Citizens’ Coalition for Change (CCC), was similarly critical. &#8220;Democracy is in distress as a report from Parliament confirms that the Patriotic Bill, which is considered unlawful and perilous, has been approved after amending the Criminal Code,&#8221; tweeted the party&#8217;s official account.



The ruling Zanu-PF and President Mnangagwa originally took power in 2017 during a military coup that ousted long-reigning Robert Mugabe.



The country currently scores 28/100 regarding political rights and civil liberties among countries worldwide, according to research organization Freedom House. On Tuesday afternoon, Zimbabwe summoned a top United States diplomat over a tweet the official US Embassy Zimbabwe account posted, encouraging citizens in the country to register to vote.



“We are likely to see heavy-handedness [from the state] and also the banning of demonstrations, disruption of opposition campaigns, etc,” continues Lourenco on the upcoming elections. “Having said that, widespread political and social instability is unlikely. I also expect voter turnout to be the lowest in post-independence



Zimbabwe. People have lost all faith in a ZANU-PF-led government to effect any kind of real change, and the hope that accompanied Mnangagwa’s ascension to the presidency faded soon after the 2018 elections and has been completely snuffed out by now.”



The bill&#8217;s passage, say experts, seems to align with protecting the ruling party ahead of the elections on August 28.



June 2 was the last day for citizens to register to vote. A report earlier this year by electoral advocacy group Team Pachedu flagged evidence of the Zimbabwean Electoral Commission’s (ZEC) delimitation report for signs of gerrymandering, among other irregularities.



Questions are being raised anew about whether the Patriotic Bill will hamper further critique of the ruling Zanu-PF in the run-up to what is likely to be a strongly-contested election, and whether it might be used to suppress the media and reporting of the event.

Tag: Coronavirus

FORBES AFRICA SOCIAL MEDIA