
<p><strong>Olushola Medupin wanted to stay away from the food business but now has a growing array of upscale restaurants selling West African cuisine in some of the world’s most dazzling cities.</strong></p>



<p><strong>For Olushola Medupin, </strong>his passion for food was a gift passed down generations, like a prized heir- loom. His mother ran one of the most successful restaurants in Kwara State in Western Nigeria, and before her, his grandparents too ran their own local outlets selling inexpensive, pre-cooked food to hungry customers.</p>



<p>Cooking, literally, is in his blood. “My mother was in the restaurant, cooking, when she had to rush to the hospital to give birth to me,” says Medupin. “The only life I knew from a young age was to go to school and from there, the driver would bring me to the restaurant because there was nobody at home. I was forced to stay in the restaurant all day.” That was his world growing up.</p>



<p>Food was such an integral part of the family dynamics that all five children competed as cooks and Medupin always won. From the tender age of five, he knew his way around the kitchen, mastering local dishes such as jollof rice, eba (made from dried cassava flakes) and pounded yam.</p>



<p>In addition to his natural affinity for the culinary arts, Medupin also discovered he had a passion for making money. In 1991, when his father traveled to India for six months and forgot to leave his cheque book at home, Medupin’s mother struggled to make ends meet. He helped by climbing orange trees and selling the fruit in the market. By the time he was 14, he was already a serial entrepreneur, renting out his BMX bicycle for transportation in the local markets, managing a rub- bish collection business, an internet business, a supermarket and a phone repair business.</p>



<p>His final venture before he left Nigeria for the United Kingdom (U.K.) was a car wash business which he sold in two months for three times the capital he invested. Medupin used the proceeds to fund his education in the U.K. where he stud- ied investment banking and securities. But he didn’t land the right opportunities.</p>



<p>“I wasn’t getting any major jobs apart from kitchen jobs in the U.K. In 2009, I said to myself ‘I am not working in the kitchen anymore’ and started a security job in Cardiff.”</p>



<p>But very soon, Medupin resigned and started looking every- where else for inspiration. He didn’t want to return into the restaurant business as he had done it all his life.</p>



<p>“It is a very hard industry to be in. You go through a lot of emotional trauma because you must put your heart and soul in the business. If people are not happy with the food, they tell you off straight away and when they do that, it gets to you. So, I didn’t want to do it again,” says Medupin.</p>



<p>The National Restaurant Association in the United States (U.S.) estimates a 20% success rate for all restaurants; but about 60% of all restaurants fail in their first year of operation, and 80% within five years of opening. As much as Medupin fought the idea of starting a restaurant, that was the only viable option before him. He finally decided to give in. He moved back to London, found a place for rent in Lewisham and started his first outlet. It was tough.</p>



<p>“In my first year, I wanted to sell the business. The guy who wanted to buy it from me offered me £300,000 ($375,400) and at the last minute, offered me £150,000 ($188,000) to still run it. It was a struggle initially, but we decided to push through,” says Medupin.</p>



<p>And he made it work. Along with his wife Eniola, also his co-founder, Medupin is today a certified restaurateur with 13 fine dining restaurants, branded Enish, spread across London, the U.S. and Dubai.</p>



<p>West African cuisine has its loyal patrons in London, evidenced by the popularity of Nigerian restaurants such as </p>



<p>Akoko and Chishuru that earned Michelin stars recently. “Not only are African restaurants abroad scarce but also finding the ingredients to cook the food you grew up with can be very challenging in London and America. That is why Enish has such a strong fanbase. They are bringing quality Nigerian food to immigrants abroad,” says Michael Amusan, a financial analyst in London and frequent visitor at Enish Covent Garden.</p>



<p>Concurs London food critic Tola Ogun: “This shows you that West African food, especially Nigerian, is here to stay. Michelin stars were typically awarded to white-skewing restaurants and so for Nigerian restaurants to receive the highest honor in the food business is testament to how popular our food is.”</p>



<p>“For someone like me who is based in the U.K., this is amaz- ing. Nigerian cuisine is growing in popularity all over the world and I am definitely a big fan of Enish,” attests Florence Otedola, popularly known as DJ Cuppy.</p>



<p>Serving everything from pounded yam to <em>egusi </em>soup (made from ground melon seeds) with a side of lobster, Enish has managed to carve out a place for itself in the U.K.’s fine dining scene, and now also in Dubai, where there are multiple outlets.</p>



<p>“The management already knew our brand, so it made it easy to sell our concept. It cost us $4 million to open our first branch and during that year of building the restaurant, we still had to pay a monthly rent of $50,000,” says Medupin. He has invested a lot in each of these projects, such as spending £25,000 ($31,200) a month to rent the dining space on Oxford Street and £20,000 ($25,000) a month for the Knightsbridge location in London, he adds.</p>



<p>In Dubai, known as The Dwntwn By Enish and located near the Burj Khalifa, the world’s tallest tower, Medupin’s outlet is a swanky 40,000sqft nightclub featuring two bars and several VIP lounge areas.</p>



<p>All the way from Africa to the Middle East, Medupin says he imports about 80% of all his ingredients, which presents its own unique challenges.</p>



<p>“You cannot buy <em>egusi</em> for six months at a time and there is an issue with the consistency of the products. Every time you order <em>egusi </em>or palm oil, it has a different taste. So, it’s up to you to use your experience to keep the taste consistent. So, it’s a big challenge,” says Medupin. But he is powering on with his vision to put Nigerian cui- sine firmly on the world map, one dish and one restaurant at a time.</p>


image-4

The Reluctant Restaurateur Serving West African Cuisine Abroad


<p><strong>The intervention placed emphasis on the need for cooperation and collaboration among all stakeholders to address concerns.</strong></p>



<p>The Nigerian government has stepped in to address concerns surrounding the Dangote Refinery, following accusations of monopolistic practices.</p>



<p>“All parties involved demonstrated a strong commitment to proactive problem-solving and expressed their gratitude for the leadership and timely intervention provided,” Nigeria’s Minister of State Petroleum Resources (Oil), Heineken Lokpobiri stated.</p>



<p>This was after meeting with top executives from the Dangote Group, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Corporation (NNPC).</p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246.jpg" alt="" class="wp-image-62544" style="width:510px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><strong><em>(Photographer: Benson Ibeabuchi/Bloomberg via Getty Images)</em></strong></figcaption></figure></div>


<p>The intervention follows Saturday’s announcement by Africa’s richest man, Aliko Dangote, that he is canceling plans to build a new steel plant in Nigeria due to government accusations of monopoly, after he reportedly requested the suspension of diesel and aviation fuel imports.</p>



<p>Last week, NNPC’s shareholding in the Dangote Refinery was reduced from 20% to 7.2% due to unpaid funding.</p>



<p>The Dangote Refinery, one of the largest in Africa, began operations in January and has the capacity to process 650,000 barrels of crude oil per day.</p>



<p>Dangote defended his business practices, saying, “We are not an assembly plant. If you look at all our operations as Dangote, we actually add value. We take local raw materials and turn them into products, and we sell. Everything is here. Everything is in Nigeria”.</p>



<p>In response to the accusations, Dangote suggested that the NNPC could buy out his stake in the refinery.</p>



<p>He also shared recent improvements in the refinery’s output, stating, “When we started, our quality was about 600 to 650 PPM [parts per million]. Today, we are at 87 PPM, and by the beginning of August, we’ll be at 10 PPM. In terms of quality, we are doing very well.”</p>


Nigeria’s $21 Billion Dangote Mega Oil Refinery Opening

Nigerian Government Intervenes In Dangote Refinery Dispute Amid Monopoly Accusations


<p><strong>AFRICA’S MEDAL HOPEFULS AT THE 2024 OLYMPIC GAMES.</strong></p>



<p><strong>Africa will be </strong>striving to come back from the Paris 2024 Olympic Games with precious metals in their pocket in the form of gold, silver and bronze. The Games will be staged from July 26 to August 11 and among the 10,500 athletes taking part, there are many from the African continent who will be genuine medal contenders. We select 10 who could be on the podium in Paris.</p>



<p><strong>JOSHUA CHEPTEGEI • UGANDA</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2150812847.jpg" alt="" class="wp-image-62530" style="width:570px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2150812847.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2150812847-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2150812847-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><strong><em>(Photo by Tim Clayton/Corbis via Getty Images)</em></strong></figcaption></figure></div>


<p>The 27-year-old took gold in the 5,000 meters and silver in the 10,000 meters at the Tokyo Games three years ago and has maintained that form since, espe- cially at the longer distance where he remains ranked at number one in the world. He won the gold at the World Athletics Championships in Budapest last year, always a strong indicator for Olympic form. He holds the world record over both distances.</p>



<p><strong>PIETER COETZE • SOUTH AFRICA</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="706" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1242955822.jpg" alt="" class="wp-image-62531" style="width:576px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1242955822.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1242955822-300x207.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1242955822-768x530.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"> (Photo by Raul Sifuentes/Getty Images)</figcaption></figure></div>


<p>Coetze recently turned 20 and is the rising star of South African swimming after claiming fivegold medals at the national swimming championships in April. He has qualified for the  100-meters and 200-meters back- stroke in Paris having claimed gold (100 meters), silver (50 meters) and bronze (200 meters) at the 2022 Commonwealth Games and secured another bronzein the 200 meters at this year’s World Aquatic Championships in Doha. He will hope for a podium place at the Olympics.</p>



<p><strong>SOUFIANE EL BAKKALI • MOROCCO</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2063032543.jpg" alt="" class="wp-image-62532" style="width:656px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2063032543.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2063032543-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2063032543-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">(Photo by Tim Clayton/Corbis via Getty Images)</figcaption></figure></div>


<p>The Moroccan is the 3,000-meter steeplechase Olympic champion, having claimed gold in Tokyo and with wins in the World Championships in 2022 and 2023, will be the overwhelming favourite to repeat that feat. He also competed in the 1,500 meters in Tokyo but did not finish the race and is unlikely to attempt that experiment again, concentrating only on his pre- ferred event. His biggest rival is the Ethiopian Lamecha Girma, who set a new world record time of 7:52.11 in 2023.</p>



<p><strong>VICTOR KIPLANGAT • UGANDA</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1628191010.jpg" alt="" class="wp-image-62533" style="width:502px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1628191010.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1628191010-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1628191010-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><strong><em> (Photo by Andy Astfalck/BSR Agency/Getty Images)</em></strong></figcaption></figure></div>


<p>The 24-year-old won gold in the marathon at the 2022 Commonwealth Games and at the World Championships in Budapest last year, so is the form runner in the men’s event. His win at the Common-<br>wealth Games came despite him taking a wrong turn near the end of the race. The tragic death of world record holder Kelvin Kiptum in a car accident in February this year makes his training partner Kiplan- gat a favorite in Paris, though there is no shortage of competition in this event.</p>



<p><strong>FAITH KIPYEGON • KENYA</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="811" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-827398622.jpg" alt="" class="wp-image-62534" style="width:554px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-827398622.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-827398622-300x238.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-827398622-768x608.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><strong><em>(Photo by Mustafa Yalcin/Anadolu Agency/Getty Images)</em></strong></figcaption></figure></div>


<p>Kipyegon is a double Olympic 1,500-me- ters champion having won gold in 2016 and 2020, and showed she is as fast as ever ater seting a new world re- cord of 3:49.11 in 2023. She also claimed 5,000-meters gold at the World Champi- onships last year and at the age of 30, is in the form of her life. There is no word on whether she will tackle the 5,000 meters in Paris, but broke the world record over that distance in the French capital last year, though her mark has since been lowered by Ethiopian Gudaf Tsegay.</p>



<p><strong>TATJANA SMITH • SOUTH AFRICA</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="985" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1576438364.jpg" alt="" class="wp-image-62535" style="width:486px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1576438364.jpg 985w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1576438364-289x300.jpg 289w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1576438364-768x798.jpg 768w" sizes="(max-width: 985px) 100vw, 985px" /><figcaption class="wp-element-caption">(Photo by Ian MacNicol/Getty Images)</figcaption></figure></div>


<p>The South African 100-meters and 200-meters breaststroke queen has a new surname these days following her marriage to Joel Smith, the brother of Springbok captain Siya Kolisi’s wife Rachel. The 26-year-old has had a tough 2024 with injury but has booked her place in Paris and will look to add to her Olympic medals tally ater gold in the 200 meters and silver in the 100 meters in Tokyo. She remains one of South Africa’s best medal hopes in Paris.</p>



<p><strong>LETSILE TEBOGO • BOTSWANA</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2161802004.jpg" alt="" class="wp-image-62536" style="width:602px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2161802004.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2161802004-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2161802004-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"> (Photo by Francesco Scaccianoce/Getty Images)</figcaption></figure></div>


<p>The 20-year-old sprinter claimed the silver medal in the 100 meters at the World Championships last year in a rapid time of 9.88 seconds, and also took bronze in the 200 meters. He is in a hugely competi- tive ield, but is seen as one of the best up-and-coming sprinters in the world. Could these Games come too soon for him? Perhaps, but he will certainly be one to watch in the glamor event at the Olympics.</p>



<p><strong>GUDAF TSEGAY • ETHIOPIA</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1672926742.jpg" alt="" class="wp-image-62537" style="width:462px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1672926742.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1672926742-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1672926742-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"> (Photo by Ali Gradischer/Getty Images)</figcaption></figure></div>


<p>Tsegay took bronze in the 5,000 meters in Tokyo, but will be looking for much more than that this time round having set a new world record just last year. She also claimed the gold medal in the 10,000 meters at the World Champion- ships in Budapest and was 2023 Diamond League champion for over 5,000. Just to show her all-round capabilities, she is also record holder indoors for the 1,500 meters. She will likely race over 5,000 meters and 10,000 meters in Paris.</p>



<p><strong>EMMANUEL WANYONYI• KENYA</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="986" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1839961477.jpg" alt="" class="wp-image-62538" style="width:242px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1839961477.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1839961477-300x289.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1839961477-768x740.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"> (Photo by Mustafa Yalcin/Anadolu via Getty Images)</figcaption></figure></div>


<p>At just 19 years of age, Wanyonyi is a relatively new name on the circuit, but he has been making waves and claimed a silver medal at last year’s World Championships to go with gold as 2023 Diamond League champion. Canadian Marco Arop is his big rival and it is likely they will take the top two places on the podium, though in what order we don’t know.</p>



<p><strong>HUGUES FABRICE ZANGO• BURKINA FASO</strong></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2053959764.jpg" alt="" class="wp-image-62539" style="width:510px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2053959764.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2053959764-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2053959764-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">(Photo by Alex Pantling/Getty Images)</figcaption></figure></div>


<p>Zango won bronze in Tokyo, but his form in the triple jump has improved immea- surably since then and he is perhaps a favorite for gold in Paris. He won irst prize at the World Championships and was rated number one in 2023, having also taken gold at the World Indoor Championships, seting himself up as the man to beat. </p>


Untitled design (16)

The List: African Sports Stars Likely To Take The Top Places On The Olympics Podium


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



<p>Google parent Alphabet came in above Wall Street’s lofty expectations in its second-quarter earnings report released Tuesday afternoon, as the internet behemoth continues to rake in tens of billions of advertising dollars.</p>



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



<p>Alphabet’s $84.7 billion of second-quarter revenue was slightly above average analyst estimates of $84.2 billion, according to FactSet, a 14% year-over-year increase.</p>



<p>The company tallied earnings per share of $1.89, also topping forecasts of $1.84, while its $23.6 billion net income was just shy of Q1’s prior record of $23.7 billion.</p>



<p>Shares of the Silicon Valley kingpin rose slightly immediately after the earnings announcement.</p>



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



<p>Alphabet’s report is part of a flurry of second-quarter earnings, with 25% of S&amp;P 500 companies scheduled to report fiscal results this week, according to Bank of America. A digital age conglomerate whose products include leading search engine Google, paid cable alternative YouTube TV, Microsoft Office 365 competitor Google Workspace and generative artificial intelligence chatbot ChatGPT’s rival Gemini, Alphabet is an advertising business at its core. About three-fourths of its Q2 revenues were from ads, including $49 billion from its search business and $9 billion on YouTube ads. Like it has been for many other big tech stocks during the AI boom, it’s been a very nice stretch for Alphabet stock, returning about 50% over the last year and over 100% from its late 2022 low. Alphabet is the fourth-most-valuable company in the world by market value, worth nearly $2.3 trillion as of Tuesday’s stock market closure, trailing only fellow West Coast tech companies Apple, Microsoft and AI golden child Nvidia in market capitalization. Google paid its first ever quarterly cash dividend of $0.20 per share last month.</p>



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



<p>31%. That’s how much higher Alphabet’s second-quarter adjusted earnings per share was than the same period last year. The company is expected to contribute to the fourth-greatest share of profit growth to the S&amp;P,&nbsp;<a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_071924.pdf" rel="noreferrer noopener" target="_blank">according</a>&nbsp;to FactSet, trailing only Nvidia, Google Cloud competitor Amazon and advertising foe Meta, the parent company of Facebook and Instagram.</p>



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



<p>Alphabet’s potential <a href="https://www.cbinsights.com/research/google-biggest-acquisitions-infographic/" target="_blank" rel="noreferrer noopener">largest-ever</a> acquisition, a $23 billion purchase of Israeli cybersecurity firm Wiz, <a href="https://www.forbes.com/sites/alexkonrad/2024/07/22/google-is-not-buying-wiz-for-23-billion-after-all/">fell through</a> late Monday after the sides were <a href="https://www.wsj.com/business/deals/google-near-23-billion-deal-for-cybersecurity-startup-wiz-622edf1a?mod=article_inline" target="_blank" rel="noreferrer noopener">reportedly</a> in advanced talks for a deal last week.<a href="https://www.forbes.com/sites/dereksaul/"></a></p>


FRANCE-ECONOMY-TECHNOLOGY-VIVATECH

Google Earnings Top Estimates With $24 Billion Quarterly Profit


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



<p>Women diagnosed with endometriosis may have a “markedly increased” risk of developing ovarian cancer compared to women without the disease, according to a <a href="https://jamanetwork.com/journals/jama/fullarticle/2821194?guestAccessKey=9570cb60-051f-4c10-9a64-0fe9e9fe6ad1&amp;utm_source=For_The_Media&amp;utm_medium=referral&amp;utm_campaign=ftm_links&amp;utm_content=tfl&amp;utm_term=071724" target="_blank" rel="noreferrer noopener">study</a> published Wednesday in the JAMA Network, following years of speculation about whether the two diseases are linked.</p>



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



<p>Endometriosis, a disease causing tissue from inside the uterus to grow outside of the uterus, is associated with a four-times higher risk of ovarian cancer and a seven-times higher risk of developing a mild form of the cancer, according to the&nbsp;<a href="https://jamanetwork.com/journals/jama/fullarticle/2821194?guestAccessKey=9570cb60-051f-4c10-9a64-0fe9e9fe6ad1&amp;utm_source=For_The_Media&amp;utm_medium=referral&amp;utm_campaign=ftm_links&amp;utm_content=tfl&amp;utm_term=071724" rel="noreferrer noopener" target="_blank">study</a>, which analyzed health data on nearly 500,000 women in Utah age 18 to 55.</p>



<p>Women who have severe forms of endometriosis have a 9.7 times higher risk, researchers suggested.</p>



<p>The risks have likely been underestimated because the data did not include whether the women were using oral contraceptives like birth control, which researchers said has been linked with a lower risk of ovarian cancer.</p>



<p>Additional prevention studies are necessary to better determine the link between endometriosis and ovarian cancer, researchers said, adding women with endometriosis could be an “important population” for cancer screening.</p>



<p>190 million. That’s how many women are affected by endometriosis globally, though that number is likely higher because access to diagnosis is limited in low-income regions, <a href="https://www.who.int/news-room/fact-sheets/detail/endometriosis" target="_blank" rel="noreferrer noopener">according</a> to the World Health Organization. The disease can result in infertility or “severe, life-impacting” pain during periods, in addition to chronic pelvic pain, abdominal bloating and fatigue, the organization said. The cause of endometriosis is unknown and there is no cure, though some treatments like hormonal medicines are often prescribed to mitigate pain.</p>



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



<p>Researchers have studied a possible link between endometriosis and ovarian cancer for years. In 2017, a&nbsp;<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5563086/" rel="noreferrer noopener" target="_blank">study</a>&nbsp;found up to 19% of cases of a form of ovarian cancer were associated with endometriosis, including an increased risk among younger women. Another study in 2020&nbsp;<a href="https://academic.oup.com/humupd/article/27/2/393/5986656?login=false" rel="noreferrer noopener" target="_blank">indicated</a>&nbsp;endometriosis was associated with a higher risk of ovarian and thyroid cancers, in addition to a minimal risk of breast and cervical cancer. Researchers from the University of Queensland in Australia released a&nbsp;<a href="https://imb.uq.edu.au/article/2022/03/endometriosis-and-ovarian-cancer-genetically-tied" rel="noreferrer noopener" target="_blank">study</a>&nbsp;in 2022 suggesting endometriosis and ovarian cancer were genetically linked, meaning women who have the disease could also have “genetic markers” for developing ovarian cancer.</p>


Aerial view of the hands of a scientist pouring fluid with the pipette into a petri dish in a laboratory with a green atmosphere.

Women With Endometriosis Face ‘Markedly Increased’ Risk Of Ovarian Cancer, Study Suggests


<p><strong>Africa’s richest man Aliko Dangote and other members of a new 31-member economic council will meet and report monthly to Nigeria&#8217;s President, who has presented an emergency plan for the next six months.</strong></p>



<p>Aliko Dangote, President of the Dangote Group, expressed optimism about Nigeria&#8217;s economic future following his recent inauguration into the Presidential Economic Coordination Council (PECC) by President Bola Tinubu at the State House in Abuja, the country’s Federal Capital Territory.</p>



<p>The council includes a mix of government officials, top private sector players, and consultants, such as Dangote; Abdulsamad Rabiu, founder of BUA Group and Nigeria&#8217;s third wealthiest individual; and Tony Elumelu, Chairman of the United Bank for Africa (UBA).</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="333" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-1024x333.jpg" alt="" class="wp-image-62363" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-1024x333.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-300x98.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-768x250.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-1536x499.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><em><strong>PECC; image courtesy Dangote Group</strong></em></figcaption></figure></div>


<p>Nigeria, Africa&#8217;s most populous nation, has been grappling with economic issues such as high unemployment rates, inflation, and infrastructural deficits. The new council, as outlined by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, aims to tackle these challenges head-on with interventions amounting to nearly ₦2 trillion (approximately $1.3 billion). This includes investments in sectors such as gas.</p>



<p>&#8220;You can see intervention in gas. What the Honourable Minister said earlier on, getting [Obiafu-Obrikom-Oben gas pipeline project] OB3 alone to work will have an additional $2 billion inward into the economy. It will help,&#8221; Dangote explained to the press, referring to the $700 million gas pipeline project in southern Nigeria, which, upon its proposed completion in August, is expected to enhance gas supply, boost industrial activities, and generate substantial revenue.</p>



<p>&#8220;Our role in the private sector is to invest heavily and create jobs. The government doesn&#8217;t really create jobs; they provide the right policies, which we now have,&#8221; the founder and chair of Dangote Cement, the continent&#8217;s largest cement producer, added.</p>



<p>He also stressed the need for collaborative efforts to implement effective economic policies. “I think the choice of people we have at this presidential economic coordinating committee is good enough to advise the government on how to implement.&#8221;</p>



<p>Despite the nation&#8217;s current economic woes, Dangote remains optimistic about Nigeria&#8217;s potential for rapid recovery and growth. &#8220;Our issues are not that bad. This economy can be turned around within a few months, and I think we&#8217;re on that path…we&#8217;ll start meeting immediately, and I assure you, you&#8217;ll see a lot of changes coming.</p>



<p>&#8220;I know everyone is in a hurry, but we have what it takes to turn this economy around. Things are not going to be bad. We&#8217;re not going to hit rock bottom; instead, we&#8217;re going to rise and make every Nigerian proud to be Nigerian,&#8221; Dangote said.</p>


Nigerians struggle with the cost of living

New Presidential Council In Nigeria To Turn Around Economy Includes Billionaires Dangote And Rabiu


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



<p>Lettuce and eggs have seen the highest price increases among all food and drink items through the start of 2024, according to the latest six-month data from the Bureau of Labor Statistics, while citrus fruits have plummeted in price after recovering from a tough 2023.</p>



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



<p>Lettuce prices increased 10.3% from last November through May, according to consumer price index data, in part because of low supply as a result of poor weather for growing in California and Arizona, Miguel Gómez, food and agricultural economist at Cornell University, told Forbes.</p>



<p>Lettuce is tricky as it can largely only grow in western states struggling with water supply and it’s labor-intensive, meaning it’s more expensive to produce, especially in states like California that have raised the minimum wage and are potentially passing that cost to consumers, Colorado State University professor Dawn Thilmany said.</p>



<p>Following lettuce, eggs had the biggest increase at 9.5%, which Gómez said may be the result of suppliers overcorrecting after prices jumped from quite high to quite low last year, and Thilmany said could still be tied to recovering from what avian influenza did to laying houses and supply in recent years.</p>



<p>Citrus fruits, oranges and tangerines, and apples were three of the five items with the highest decreases, something Gómez said is because citrus growth has been good in the U.S. this year, so there’s an excess domestic supply on top of what is already being imported from other countries—reversing a&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/12/29/this-beverage-had-the-greatest-price-spike-of-any-grocery-item-in-2023-even-as-inflation-eased/">rough 2023</a>&nbsp;for citrus.</p>



<p>Thilmany echoed Gómez’s read on the decreased prices of some fruits, adding there were “really good growing conditions” for winter crops like citrus that could result in the lower costs.</p>



<h2 class="wp-block-heading">FOOD AND DRINK ITEMS WITH BIGGEST PRICE INCREASES (NOVEMBER TO MAY)</h2>



<ol>
<li>Lettuce, 10.3% increase</li>



<li>Eggs, 9.5% increase</li>



<li>Tomatoes 3.9% increase</li>



<li>Other condiments, 3.9% increase</li>



<li>Other beverages including tea, 3.2%</li>
</ol>



<h2 class="wp-block-heading">FOOD AND DRINK ITEMS WITH BIGGEST PRICE DECREASES</h2>



<ol>
<li>Citrus fruits, 7.8% decrease</li>



<li>Apples, 6.2% decrease</li>



<li>Other uncooked poultry including turkey, 4.1% decrease</li>



<li>Oranges, including tangerines, 3.9% decrease</li>



<li>Potatoes, 3.6% decrease</li>
</ol>



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



<p>0.9%. That was the overall increase for food and beverage prices in U.S. cities from November to May. Inflation stood at 1.7% for all items generally.</p>



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



<p>When asked what consumers can look forward to in the back half of the year, Thilmany said shoppers might need to appropriately set their expectations. “I think people are gonna have to have an epiphany that we&#8217;re not going back to those prices,” she told Forbes, “but we are going to quit seeing this continued escalation.”</p>



<h2 class="wp-block-heading">SURPRISING FACT</h2>



<p>Just four foods saw no price change in the last six months, according to the CPI data: cereals and bakery products, bread, poultry and food at elementary and secondary schools. Gómez told Forbes bakery products and cereal have likely stayed steady because markets for the key ingredients, like grain crops, have remained “relatively stable” through the first half of the year.</p>



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



<p>Following years of high inflation tied partly to the COVID-19 pandemic, inflation started to cool last year into this year—including for usually volatile&nbsp;<a href="https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm" rel="noreferrer noopener" target="_blank">food prices</a>. Overall year-over-year inflation stood at 3.3% in May, an improvement from the same month in 2023 (4%) and 2022 (8.6%). Last year, the U.S. saw factors like supply chain issues and wholesale prices ease compared to 2022, which saw a 9.9% overall increase in food prices. 2023 had an overall increase of just 5.8%, according to the&nbsp;<a href="https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/" rel="noreferrer noopener" target="_blank">U.S. Department of Agriculture</a>. Eggs were a key element of increased inflation that Americans were suffering from, as the median cost of a dozen eggs in the U.S.&nbsp;<a href="https://www.forbes.com/sites/anthonytellez/2023/01/12/why-are-egg-prices-still-so-high-its-not-the-reason-you-think/?sh=af5166a7c6b6">last January</a>&nbsp;was $4.25—more than twice what it was a year prior—because of the avian flu making a dent on supply. Heading into the November election, food inflation is top-of-mind for many voters: A recent&nbsp;<a href="https://www.ipsos.com/sites/default/files/ct/news/documents/2024-06/Ipsos%202024%20Swing%20State%20Election%20Tracking%20Topline%20June%202024.pdf" rel="noreferrer noopener" target="_blank">Ipsos poll</a>&nbsp;of swing states voters found a&nbsp;<a href="https://www.forbes.com/sites/saradorn/2024/06/20/trump-leads-biden-in-all-seven-swing-states-as-inflation-and-immigration-top-voter-concerns-latest-survey-shows/">plurality</a>&nbsp;of voters believed inflation and increasing costs was the most important issue facing the country. Despite concerns, the USDA predicts food inflation will continue to decelerate throughout the year and see a moderate total increase of around 2.2%. Inflation for food at home like groceries was just 1% higher in May than the previous year, and food away from home like restaurant purchases increased about 4% compared to the previous year, according to the&nbsp;<a href="https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/" rel="noreferrer noopener" target="_blank">consumer price index</a>.</p>


Egg Prices Plunge More Than 50% Since December Highs

Eggflation Is Back: These Foods Have Faced 2024’s Biggest Price Hikes


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



<p>British Pharma giant GSK&nbsp;<a href="https://www.gsk.com/en-gb/media/press-releases/gsk-and-curevac-to-restructure-collaboration-into-new-licensing-agreement/" rel="noreferrer noopener" target="_blank">said</a>&nbsp;on Wednesday it will pay as much as $1.5 billion to take control of several mRNA vaccines from vaccine developer CureVac, sending shares of the struggling German biotech soaring during premarket trading and strengthening the British drugmaker’s vaccine portfolio as it tries to compete with the likes of Moderna, Pfizer and BioNTech.</p>



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



<p>GSK said it would pay €400 million ($430 million) upfront to CureVac to take full control of developing and manufacturing mRNA vaccines for COVID-19, seasonal flu and avian influenza (bird flu).</p>



<p>The British drugmaker said it would pay an additional €1.05 billion ($1.13 billion) upon reaching various development, regulatory and sales milestones for the shots, as well as royalties from sales.</p>



<p>The shots for COVID and flu are in mid stage clinical trials and the deal could see GSK regularly update vaccines to combat seasonal variants and potentially develop&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/06/10/modernas-covid-flu-vaccine-shows-stronger-immune-response-than-individual-shots-late-stage-trial-finds/">joint COVID-flu shots</a>, while GSK said the bird flu vaccine is in the earliest stage of clinical trials.</p>



<p>Available data for all vaccine candidates suggest they could be “best-in-class new vaccines,” GSK said.</p>



<p>GSK’s chief scientific officer Tony Wood said the company is “excited about our flu/COVID-19 programmes and the opportunity to develop best-in-class mRNA vaccines to change the standard of care” and the company told Reuters the deal will&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/gsk-buys-full-rights-make-covid-influenza-vaccines-curevac-2024-07-03/" rel="noreferrer noopener" target="_blank">not impact</a>&nbsp;the size of GSK’s $140 million stake in CureVac.</p>



<p>Shares for GSK during trading hours in London were flat Wednesday morning but shares for Nasdaq listed CureVac were up around 25% during premarket trading and CEO Alexander Zehnder said the deal strengthens the company’s “financial position and enables us to focus on efforts in building a strong R&amp;D pipeline.”</p>



<h2 class="wp-block-heading" id="h-what-happened-to-curevac-and-what-will-it-do-now">WHAT HAPPENED TO CUREVAC AND WHAT WILL IT DO NOW?</h2>



<p>mRNA specialist CureVac&nbsp;<a href="https://www.gsk.com/en-gb/media/press-releases/gsk-and-curevac-announce-strategic-mrna-technology-collaboration/" rel="noreferrer noopener" target="_blank">started</a>&nbsp;working with GSK to develop shots using the technology during the early stages of the COVID-19 pandemic. The pair fell behind other companies like Moderna, Pfizer and BioNTech, who rapidly brought shots to market, and the duo has failed to develop shots of comparable efficacy in the time since. While pharma titan GSK, one of the world’s biggest vaccine manufacturers, was able to weather the storm, CureVac has never recovered from the precipitous drop in its share price brought about by its failure to bring an mRNA product to market, plunging from around $115 per share in mid 2021 and to around $4 today, a figure that includes today’s spike. CureVac’s dim outlook was similar in nature to that of the other mRNA specialists that rose to fame in the COVID-19 pandemic, notably Boston-based Moderna and Germany’s BioNTech, and like them CureVac is turning its attention to other medical applications of mRNA platforms. The company&nbsp;<a href="https://www.curevac.com/en/curevac-initiates-strategic-restructuring-to-align-resources-with-focus-on-high-value-mrna-pipeline-opportunities/" rel="noreferrer noopener" target="_blank">said</a>&nbsp;it will use the cash injection to prioritize “high-value opportunities” such as&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/06/04/what-to-know-about-personalized-mrna-cancer-vaccines-after-promising-trials-from-moderna-and-merck/">mRNA cancer vaccines</a>&nbsp;and other areas “of substantial unmet medical need.” CureVac also said it will lay off 30% of staff as part of a wider restructuring effort to “streamline” operations.</p>



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



<p>CureVac said it expects to report data from early stage clinical trials of its mRNA cancer vaccine candidate for glioblastoma in the second half of 2024. By the end of 2025, CureVac said it expects to have two clinical cancer vaccine candidates ready for solid tumors and blood cancers, with clinical trials set to begin by the end of 2026. The cash from the GSK deal, alongside expected savings from restructuring, will “extend CureVac’s cash runway into 2028,” the company said.</p>



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



<p>“Now, we can embark on a new chapter for CureVac,” Zehnder said in a statement. While describing the layoffs as unfortunate, Zehnder said he is “convinced that this is a necessary step to ensure the long-term success of CureVac.”</p>



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



<p>CureVac’s vaccine&nbsp;<a href="https://www.curevac.com/en/pipeline/" rel="noreferrer noopener" target="_blank">pipeline</a>&nbsp;includes a candidate shot for H5N1 influenza, a variant of bird flu that is tearing through poultry and cattle farms in the U.S. Given growing concerns of a potential pandemic in humans brewing, it is an area that could garner GSK interest and funding for rapid development in the near future, particularly given the easily modifiable nature of mRNA vaccines that make them ideal for responding to emerging outbreaks. Vaccine rival Moderna&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/07/02/moderna-scores-federal-funding-for-mrna-bird-flu-vaccine-as-pandemic-fears-grow/">inked</a>&nbsp;a deal to secure $176 million in U.S. government funding on Tuesday to test avian flu vaccines in humans with a view to bringing a “pre-pandemic” shot to market.</p>



<p>.</p>


Thailand Rolls Out Pfizer Vaccine

GSK Secures mRNA Vaccines For Bird Flu, COVID And Seasonal Flu From Struggling Biotech CureVac


<p><strong>Andrew Robinson has an impressive track-record of building big businesses in Africa and around the world.</strong></p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>“The biggest thing Covid taught me is that when something is failing, another thing is succeeding.”</p>
</blockquote>



<p>With ventures that span multiple industries and countries, at 46, Andrew Robinson is someone who already holds many titles – CEO of Siand, founder of SiSebenza, Executive Director of WeWork South Africa, Co-founder of AM Vineyards and Co-founder of TradingHouse Global. From farming to commodities trading to making the WeWork model successful in South Africa, Robinson’s incredibly diverse business portfolio is not only a testament to his strategic insight but also his pragmatism. As an entrepreneur, Robinson has managed to remain grounded, prioritizing his physical and mental wellbeing while maintaining a minimalist lifestyle. Everything works because of this inherent practicality. &nbsp;</p>



<p>“Business is simple,” he says. “Anybody who I sit down with that complicates business is genuinely less successful. At the end of the day, you’ve got to make sure that you sell it for more than it costs you to service and that you’ve got enough fat in to make profit.”</p>



<p>For Robinson, a business cannot simply be a passion project, investment requires numbers – the basic fundamentals of revenue, costs and profitability. Although he has a proactive, excited attitude, Robinson understands the importance of never romanticizing his business ventures. “The numbers will tell you if it’s an investable thing because at the end of the day, numbers are the language of business,” he adds.</p>



<p><strong>Making WeWork work</strong></p>



<p>In 2017, Robinson approached WeWork to become its African partner. “At the time, WeWork was going through massive growth but didn’t really know much about the South African market,” he elaborates. “We weren’t able to do the deal at the time – they weren’t ready for us.” Stepping out of the picture but staying close to the global WeWork team, it took seven years to get the co-working space into the country.</p>



<p>“Today, we have the most innovative, exciting startups as well as some of the biggest companies in the world taking space at WeWork South Africa. It&#8217;s a hive of activity, the lighthouse of the city,” he smiles, adding that through SiSebenza, his holding company, there are plans to open WeWork offices in Kenya, Nigeria, Ghana and Mauritius. “SiSebenza was born to catch this mythological unicorn… but we weren’t able to,” laughs Robinson. “Instead, SiSebenza became a private equity investment vehicle for disruptive technologies and businesses.”</p>



<p><strong>Making an impact</strong></p>



<p>From TradingHouse Global, a commodity trading operation that sources, warehouses and delivers physical products across the globe (and includes supplying humanitarian aid to some of the world’s most distressed areas) to AM Vineyards, a premium yet sustainable wine production business that has become a massive player in the Chinese market, Robinson knows what it means to diversify as well as why it’s an important part of mitigating risk. “The biggest thing Covid taught me is that when something is failing, another thing is succeeding,” he adds.</p>



<p>Born in Africa, TradingHouse is one of Robinson’s most interesting ventures to date. With long-term contracts in place, he describes it as a simple logistics business – they’re moving containers; trading commodities. “But because we’ve learned how to operate in different environments, there’s now a new division in the business that focuses on humanitarian aid,” he says. “We operate in some of the most complicated places on the planet as well as in countries that are in difficult spaces. In <a href="https://www.forbesafrica.com/opinion/2024/06/03/limbo-luxury-and-the-long-road-to-a-new-home/">Albania</a>, for example, there was a call for help from our partners. We’re not making money out of it but we’re doing good work.”</p>



<p><strong>The end game</strong></p>



<p>Even though everything Robinson is involved with differs, as a businessman, his approach remains consistent – he’s solution-oriented but also someone who understands the value of discernment. “The older I&#8217;ve got, the more I&#8217;ve learned to say no. I used to say yes to everything and you kind of find yourself on this hamster wheel of not being efficient. It zaps your energy,” he explains. Being active in so many organizations requires good partnerships and smart people, something Robinson has found with Stefano Migliore, the CEO of WeWork South Africa and Executive Director of SiSebenza.</p>



<p>Forever focused on the outcome – the end game – is what Robinson believes is his ‘secret power’. “When I get involved in a business, I see what the end is. It’s a very strange thing. When somebody brings an opportunity to me or we&#8217;re trying to figure something out, I always see what the outcome is,” says Robinson. “When an artist starts painting, he knows the painting before he begins. For a business, I see the painting, what the business looks like… it’s just my thing.”</p>



<p>For Robinson, this unconventional approach is a gift. He believes that success comes from understanding what the problem is before you can solve it. “First seek to understand before you are understood,” he adds. This is why jumping into something headfirst without planning is not an option, especially within the distressed environments he operates in. “It’s not only a lot of thought, it’s contingency. This and that happens. You cannot go in and expect to figure things out after. It’s a chess game that you play and you have to be ten moves ahead on the board.”</p>


Andrew Robinson; Photo by Manelisi Dabata

The South African Serial Entrepreneur On Co-Working Spaces And Staying Grounded


<p><strong>Ayana Parsons, cofounder of The Fearless Fund, took the stage at the ForbesBLK Summit. The Fund is in court defending its right to support Black women founders.</strong></p>



<p>When Ayana Parsons, cofounder of&nbsp;<a href="https://www.thefearless.foundation/" rel="noreferrer noopener" target="_blank">The Fearless Fund</a>, took the stage today at the ForbesBLK Summit in Atlanta, it was an emotional moment. She was there alongside political leader Stacey Abrams and Dr. Sesha Joi Moon, chief diversity officer for the 117th and 118th Congresses. “Anytime you are surrounded by Black women, they are going to pour into you,’’ Parsons said. “So, when I walked on this stage, these eyes were watering because they understood the heavy burden that is on all of us in this country.’’</p>



<p>Part of the heavy burden on Parsons these days is a&nbsp;<a href="https://media.ca11.uscourts.gov/opinions/pub/files/202313138.pdf" rel="noreferrer noopener" target="_blank">preliminary injunction</a>&nbsp;issued earlier this month by the U.S. Court of Appeals for the 11th Circuit blocking the Fearless Fund from&nbsp;<a href="https://www.forbes.com/sites/dariashunina/2024/06/04/court-blocks-fearless-funds-exclusive-grants-for-black-women/">awarding grants exclusively to Black women entrepreneurs</a>–it’s very purpose. The court determined that this practice likely violates Title 42 of the U.S. Code, which prohibits private parties from discriminating on the basis of race when making or enforcing contracts.</p>



<p><em>(Update: On June 26th, Parsons announced she has stepped down as general manager of the Fearless Fund,</em><a href="https://www.ajc.com/news/business/co-founder-of-fearless-fund-steps-down-amid-battle-with-conservative-group/CAD5WYN3BFCRTBIYWRY6ZEUTYM/" rel="noreferrer noopener" target="_blank"><em>&nbsp;but told the Atlanta Journal-Constitution&nbsp;</em></a><em>that the move was unrelated to the lawsuit.)</em></p>



<p>While<a href="https://www.forbes.com/sites/emilymason/2024/03/20/revenge-of-the-bootstrapped-startup/">&nbsp;less than 1% of start-ups with employees</a>&nbsp;receive venture capital investment to get rolling, VC dollars play a crucial role in the highest growth start-ups. Moreover, businesses who receive VC money enjoy related benefits, including alternative funding sources, valuable mentorship and industry connections, and increased representation in the business world. That can be particularly important for Black entrepreneurs who might not otherwise have access to those contacts.</p>



<p>At the ForbesBLK Summit, &#8220;access&#8221; and “bias” were consistently highlighted when discussing venture capital. It’s no mystery why: Startups run by Black women received just&nbsp;<a href="https://www.weforum.org/agenda/2023/03/the-ebb-and-flow-of-vc-funding-how-to-support-black-women-in-business/" rel="noreferrer noopener" target="_blank">0.34%</a>&nbsp;of U.S. venture capital dollars in 2022.</p>



<p>The Fearless Fund’s Parsons put it this way: “As Black people there are three things we need—love, money, and power. And as Black people we have a whole lot of love, but what we don&#8217;t have is a lot of money and we don&#8217;t have the power.”</p>



<p>Yelitsa Jean-Charles, founder and CEO of&nbsp;<a href="https://healthyrootsdolls.com/" rel="noreferrer noopener" target="_blank">Healthy Roots Dolls</a>, a toy company that empowers young girls and celebrates the beauty of diversity through its dolls and storybooks, has been a rare recipient of VC investment. “I was one of the first Black women to raise $1 million in venture capital, and that is a problem. There is always a start-up program and 5-week boot camp, but no one is cutting the check,” she said.</p>



<p>The&nbsp;<a href="https://www.weforum.org/agenda/2023/03/the-ebb-and-flow-of-vc-funding-how-to-support-black-women-in-business/" rel="noreferrer noopener" target="_blank">World Economic Forum</a>&nbsp;suggests that the death of George Floyd drew attention to Black startups–at least for a brief time. In 2020, VC funding of Black businesses surged to between $850 million and $1.2 billion. But by 2022, as overall VC funding fell, the money going to Black start-ups declined even more sharply–by 45%.</p>



<p>One panel at the ForbesBLK Summit explored ways to turn that around. Its title:&nbsp;<em>Show Me the Money: Get the Attention of Investors to Raise Capital.&nbsp;</em>Panelist Michael Pronam, a partner and managing director for Scrum Sports &amp; Entertainment, suggested that networking is the key to increasing the number of minority businesses that receive venture capital. “There is a direct correlation between underfunded and under-networked. One thing that you can actually own is your network. Even if that particular start-up doesn&#8217;t get funded they should leave the pitch meeting with connections.”</p>



<p>Stacey Abrams has been pioneering other ways to increase funding; she’s co-founder of the Now Account Network which provides working capital to small businesses by converting their trade receivables almost immediately into cash.</p>



<p>In closing, Abrams, a lawyer and author, gave the audience her take on how Black Americans can thrive economically. “We have to stand firm and hold our businesses accountable. We have to speak up. We have to tell our stories. We have to stay connected. There are organizations doing the work and investing in our future because we are winning and we cannot win if we give up.”</p>


Business and Leadership Success

Black Founders Still Struggle For Their Share Of Venture Capital Funding


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



<p>An ongoing&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2024/06/12/bird-flu-h5n1-explained-bird-flu-h5n1-explained-toddler-infected-with-another-strain-second-human-case-in-india/">bird flu</a>&nbsp;outbreak among U.S. dairy cows has led to three confirmed human cases in dairy workers, and although there aren’t any confirmed cases of human-to-human transmission, experts warn safety measures like masks, vaccines and safety goggles will be needed if a pandemic is declared due to the virus’s deadly nature.</p>



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



<p>The Centers for Disease Control and Prevention told Forbes it’s monitoring human and animal exposure to H5N1 bird flu and watching the situation carefully, though “the current public health risk is low.”</p>



<p>Although rare, bird flu typically affects humans who’ve&nbsp;<a href="https://www.cdc.gov/flu/avianflu/h5n1-human-infections.htm" rel="noreferrer noopener" target="_blank">come in contact</a>&nbsp;with infected birds, and there aren’t any confirmed cases of human-to-human transmission.</p>



<p>The virus may spread from animals to humans through airborne transmission and through contact with infected surfaces, Dr. Jessica Justman, an infectious disease specialist and epidemiologist at Columbia University, told Forbes, though the exact transmission process isn’t fully understood.</p>



<p>Former CDC director Robert Redfield—who helped oversee the agency during the COVID-19 pandemic—<a href="https://www.youtube.com/watch?v=QGsM9IgVAJo" rel="noreferrer noopener" target="_blank">told</a>&nbsp;NewsNation earlier this month a bird flu pandemic is inevitable, so “it’s not a question of if, it’s a question of when.”</p>



<p>Redfield brought up bird flu’s high death rate as a cause for concern if a pandemic were to be declared: Of the 889 confirmed human cases between 2003 and May, 52% resulted in death, according to&nbsp;<a href="https://cdn.who.int/media/docs/default-source/wpro---documents/emergency/surveillance/avian-influenza/ai_20240621.pdf?sfvrsn=78c8c282_5" rel="noreferrer noopener" target="_blank">data</a>&nbsp;from the World Health Organization.</p>



<p>WHO defines&nbsp;<a href="https://www.who.int/westernpacific/activities/preparing-for-pandemics" rel="noreferrer noopener" target="_blank">pandemics</a>&nbsp;as large-scale outbreaks that can claim millions of lives, disrupt societies and devastate economies; it&nbsp;<a href="https://iris.who.int/bitstream/handle/10665/66155/WHO_CDS_CSR_EDC_99.1.pdf?sequence=1&amp;isAllowed=y#:~:text=The%20Pandemic%20will%20be%20declared,one%20segment%20of%20the%20population." rel="noreferrer noopener" target="_blank">won’t declare</a>&nbsp;a bird flu pandemic until the virus causes several outbreaks in at least one country and spreads to another with high death rates in at least one segment of the population.</p>



<h2 class="wp-block-heading" id="h-what-safety-measures-may-be-put-in-place-if-a-bird-flu-pandemic-is-declared">WHAT SAFETY MEASURES MAY BE PUT IN PLACE IF A BIRD FLU PANDEMIC IS DECLARED?</h2>



<p>Experts have cautioned that if a bird flu pandemic is declared, safety measures will need to be put in place to mitigate the spread. Dr. Donal Bisanzio, a senior epidemiologist with the nonprofit research institute RTI International, told Forbes methods like masking and social distancing should be the first implemented. “Those are all the kinds of interventions we need to put in place to buy time for the vaccine,” Bisanzio said. Justman told Forbes new methods like protective eyewear may be effective safety measures, especially among farm workers who have daily contact with potentially infectious animals. This is because all&nbsp;<a href="https://www.cdc.gov/media/releases/2024/p0530-h5-human-case-michigan.html" rel="noreferrer noopener" target="_blank">three</a>&nbsp;U.S. dairy farmers infected with bird flu had eye-related symptoms like pink eye and irritation, indicating the virus may spread when humans touch or rub their eyes with infected hands. She also pointed to a recent CDC bird flu&nbsp;<a href="https://www.cdc.gov/bird-flu/spotlights/study-ferrets-eye-exposure.html" rel="noreferrer noopener" target="_blank">study</a>&nbsp;that found ferrets—that as mammals have similar respiratory tracts to humans—became infected after eye exposure. Dr. Maciej Boni, an epidemiologist and professor at Temple University, told Forbes he doesn’t think safety measures for a bird flu pandemic will be similar to those put in place during the COVID-19 pandemic because experts don’t know yet how the virus will behave if it mutates and begins transmitting between humans. “H5N1 is not 10 or 20 times more deadly [than COVID-19], it’s 1,000 times more deadly,” Boni said.</p>



<h2 class="wp-block-heading" id="h-are-there-human-bird-flu-vaccines">ARE THERE HUMAN BIRD FLU VACCINES?</h2>



<p>There are several FDA-approved bird flu vaccines, including ones made by <a href="https://www.fda.gov/vaccines-blood-biologics/audenz" target="_blank" rel="noreferrer noopener">Sequirs</a> and <a href="https://www.fda.gov/vaccines-blood-biologics/safety-availability-biologics/influenza-h5n1-virus-monovalent-vaccine-adjuvanted-manufactured-id-biomedical-corporation-questions" target="_blank" rel="noreferrer noopener">Biomedical</a> Corporation of Quebec, a subsidiary of GlaxoSmithKline Biologicals. The U.S. has a <a href="https://www.scientificamerican.com/article/do-we-have-enough-bird-flu-vaccines-for-a-potential-pandemic/" target="_blank" rel="noreferrer noopener">stockpile</a> of FDA-approved bird flu vaccines, but they’re not enough to vaccinate the entire country. Sequirs said it <a href="https://www.precisionvaccinations.com/vaccines/audenz-avian-influenza-vaccine" target="_blank" rel="noreferrer noopener">expects</a> to have 150 million vaccines ready within six months of an announcement of a human bird flu pandemic. “I think the right course of action is to simply premanufacture several 100 million doses of vaccines and just have them ready,” Boni said regarding pandemic preparation. Sequirs also <a href="https://www.cslseqirus.us/news/csl-seqirus-announces-us-government-award-in-response-to-avian-influenza" target="_blank" rel="noreferrer noopener">announced</a> in May it was selected by a brand of the Department of Health and Human Services to create almost 5 million doses of its bird flu vaccines as a form of pre-pandemic preparedness. Bisanzio pointed out better communication between public health agencies and the public will be needed for a bird flu vaccine rollout because “there was a lot of misinformation [about the COVID-19 pandemic], and that caused issues with the vaccine rollout, and some people didn’t even want to get a vaccine,” he said.</p>



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



<p>As of May 21, more than 97 million poultry (primarily chickens) in 48 states have been euthanized because of bird flu since 2022, and cases have been confirmed in 118 dairy cow herds across 12 states, according to&nbsp;<a href="https://www.cdc.gov/flu/avianflu/avian-flu-summary.htm" rel="noreferrer noopener" target="_blank">data</a>&nbsp;from the CDC (unlike chickens, cows&nbsp;<a href="https://www.cbsnews.com/news/milk-bird-flu-cow-testing/" rel="noreferrer noopener" target="_blank">appear to recover</a>&nbsp;from the virus). The Department of Agriculture believes wild migratory birds are the original source of the cow outbreaks that recently has experts concerned the virus may mutate and spread more easily in humans. Jeremy Farrar, chief scientist for WHO,&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2024/04/18/who-warns-threat-of-bird-flu-spreading-to-humans-is-great-concern/?sh=32a2a3cb1176">called</a>&nbsp;the cattle infections in the U.S. a “huge concern,” urging public health officials to continue closely monitoring the situation “because it may evolve into transmitting in different ways.” Though there’s no evidence a human has contracted bird flu from eating infected meat, the USDA&nbsp;<a href="https://www.usda.gov/sites/default/files/documents/avian-influenza-food-safety-qa.pdf" rel="noreferrer noopener" target="_blank">urges</a>&nbsp;people to eat meat prepared at safe temperatures. To be properly cooked, whole beef cuts must be cooked to an internal temperature of&nbsp;<a href="https://www.cdc.gov/foodsafety/communication/bbq-iq.html" rel="noreferrer noopener" target="_blank">145 degrees</a>&nbsp;Fahrenheit, ground meat must be cooked to 160 degrees and poultry must be cooked to 165 degrees. Rare and medium rare steaks&nbsp;<a href="https://www.certifiedangusbeef.com/kitchen/doneness.php" rel="noreferrer noopener" target="_blank">fall below</a>&nbsp;this temperature. Properly cooked eggs with an internal temperature of 165 degrees Fahrenheit kill bacteria and viruses including bird flu,&nbsp;<a href="https://www.cdc.gov/flu/avianflu/spotlights/2021-2022/bird-flu-poses-low-risk-public.htm" rel="noreferrer noopener" target="_blank">according</a>&nbsp;to the CDC. Consuming unpasteurized dairy products is also&nbsp;<a href="https://www.fda.gov/food/alerts-advisories-safety-information/updates-highly-pathogenic-avian-influenza-hpai" rel="noreferrer noopener" target="_blank">advised against</a>.</p>



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



<p><a href="https://www.forbes.com/sites/ariannajohnson/2024/06/12/bird-flu-h5n1-explained-bird-flu-h5n1-explained-toddler-infected-with-another-strain-second-human-case-in-india/">Bird Flu (H5N1) Explained: Toddler Infected With Another Strain—Second Human Case In India</a>&nbsp;(Forbes)</p>


Monkeypox and Covid Tests Processing at AEGIS Labs

Here’s Why COVID Measures Like Masking And New Ones Like Safety Goggles Could Return If A Bird Flu Pandemic Is Declared


<p><strong>President Cyril Ramaphosa&#8217;s second term begins with a historic Government of National Unity, sparking cautious market optimism. While the Rand rallies and JP Morgan upgrades South Africa’s rankings, some warn that deep-seated structural issues and potential policy conflicts could impede sustained economic growth.</strong></p>



<p>Today marked the second-term swearing-in of South Africa’s President Cyril Ramaphosa of the African National Congress (ANC), which has for the first time since 1997 been forced to form a Government of National Unity (GNU). The ANC, having lost its parliamentary majority for the first time since the dawn of democracy in the country, has formed a coalition with the opposition Democratic Alliance (DA) among others, an odd set of bedfellows between the proclaimed socialist ANC and neoliberal DA, and a direct response to the more economically left-leaning established Economic Freedom Fighters (EFF) and newly-formed Umkhonto we Sizwe (MK) party led by South Africa’s former President Jacob Zuma.</p>



<p>The move has sparked cautious optimism as well as more deliberate takes from markets and economists. Following the announcement of the GNU, the South African rand rallied 0.44% against the dollar against its previous close. Yesterday, global bank JP Morgan upgraded South Africa’s rankings from underweight to overweight. As Ramaphosa took his oath of office on a crisp winter’s morning in the country’s capital Pretoria, the rand broke below R18 to 1USD for the first time in almost a year.</p>



<p>“We affirm our resolute quest to build a growing and inclusive economy that offers opportunities and livelihoods to all people,” said Ramaphosa in his inauguration speech. “They want a transformed, growing, and inclusive economy.”</p>



<p>Unmeasured optimism isn’t the only sentiment, however, despite the short-term reaction of the markets. While noting the positive response, economist Dawie Roodt makes clear that the underlying structural problems are not only to be fixed overnight but that even these short-term benefits are unlikely to be realized for the majority of the populace.</p>



<p><strong>A Problem of Structure</strong></p>



<p>“The recent market optimism, it’s really good news,” said Roodt, Chief Economist of the Efficient Group, to FORBES AFRICA. “But you have to remember that the financial markets are not going to spill over that much into the real economy.”</p>



<p>South Africa has long been grappling with long-term challenges that have hampered economic growth; a battling state-owned electrical utility has meant regular outages to both business and public for nearly two decades. Railways and basic service delivery have redoubled these challenges, and coupled with a shrinking tax base, the short-term economic response will not necessarily lead to any strong long-term economic gains.</p>



<p>“The basic problem in South Africa is service delivery. Unfortunately, the damage that has been done to all levels of government over the past couple of years is really extensive – fixing that is going to be a major issue,” says Roodt. “The GNU’s commitment to infrastructure development and basic service provision is a positive step, but the extent of its impact will depend on the government’s ability to implement these changes effectively.”</p>



<p><strong>There Might Be a Will, But Not a Way</strong></p>



<p>“The people of South Africa have spoken about the land they want to farm, about the businesses they want to run,” said Ramaphosa today. “&#8230; about the things and products they want to make, about the skills they want to learn.”</p>



<p>It&#8217;s unclear at this point politically from where these results will come.</p>



<p>Despite both the DA and ANC appearing to make strong commitments toward the GNU, it’s early days yet. Both parties compromised extensively to achieve the agreement, with the DA confirming it would not support a motion to re-investigate President Ramaphosa over the Phala Phala farm scandal, whilst the ANC is open to negotiating with the DA on top cabinet positions.</p>



<p>The free-market-leaning DA, and the ostensibly more left-leaning ANC are also joined by the Zulu nationalist Inkatha Freedom Party (IFP) and conservative but stated economically centrist Patriotic Alliance (PA) in the GNU, all of whom have crucially different stances on economic and social policy.</p>



<p><strong>Long-Term Ramifications</strong></p>



<p>Therein lies the challenge to long-term success, comments Roodt; not only are underlying structural problems unlikely to be solved easily, but what is likely is that a divergence of views could cause inaction and strife within the GNU.</p>



<p>“There are major challenges ahead. Both the DA and the ANC will try to prevent conflicts over policies and ideologies, but inevitably, conflicts will arise,” he comments. “What concerns me is that these conflicts could lead to the end of the coalition and even instability within the ANC itself… I doubt we will see a full five-year term for this new government due to these inevitable policy conflicts.”</p>



<p>In the most economically-unequal country in the world, the consequences of such a lack of action could be dire.</p>



<p><strong>First Surety, Then Credit</strong></p>



<p>As South Africa navigates this new political landscape, the long-term ramifications of the GNU’s policies are uncertain. President Ramaphosa&#8217;s commitment to economic reform is evident in his inauguration speech where he stated, &#8220;We affirm our resolute quest to build a growing and inclusive economy that offers opportunities and livelihoods to all people.&#8221; This commitment is crucial for addressing the country&#8217;s deep-rooted economic challenges, but it will require effective implementation and unwavering political will.</p>



<p>Roodt highlights the significant hurdles ahead, particularly the need for structural adjustments. &#8220;In order to fix the real economy, we need to make some structural adjustments,&#8221; Roodt emphasized. These adjustments, while necessary, are politically challenging and could lead to tensions within the coalition government. The ability of the GNU to navigate these challenges will be a key determinant of its success.</p>



<p><strong>Delivering What The People Want</strong></p>



<p>Ramaphosa&#8217;s vision for a more inclusive and just society also hinges on effective governance and anti-corruption measures. &#8220;The people have demanded an end to the theft of public funds and the capture of the state,&#8221; Ramaphosa asserted. Ensuring transparency and accountability in government operations will be essential for gaining public trust and fostering a conducive environment for economic growth.</p>



<p>As South Africa moves forward, the world watches closely. The GNU represents a bold step towards inclusive governance and economic reform, but the journey is fraught with challenges. The initial market optimism must be tempered with the reality of the structural issues that need to be addressed.</p>



<p>Roodt&#8217;s cautionary words serve as a reminder of the uphill battle that lies ahead. &#8220;This is not going to be an easy route. It is still a serious uphill battle ahead of us,&#8221; he warned. The coalition&#8217;s success will largely depend on its ability to navigate internal conflicts and make the tough structural adjustments needed to revive the economy.</p>



<p>Ramaphosa&#8217;s pledge to work with all sectors of society to address these challenges is a positive sign. &#8220;As the President of the Republic, I will work with everyone to reach out and work with every political party and sector that is willing to contribute to finding solutions to the challenges our country faces as we transition to a new decade of freedom,&#8221; he declared. In this pivotal moment, South Africa has the opportunity to forge a new path. The coming months and years will reveal whether the GNU can deliver on its promises and steer the nation towards sustainable economic growth and social justice. Only time will tell if this new era will truly bring about the transformative change that South Africans so desperately need.</p>


Cyril Ramaphosa Starts New Term As President Of South Africa

Ramaphosa Sworn In For Second Time: Can South Africa’s GNU Deliver On Economic Reforms?


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



<p>South Korean forces fired warning shots at North Korean soldiers who crossed the heavily guarded border zone separating the two countries Tuesday, the&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2024/06/11/south-korea-says-it-fired-warning-shots-after-north-korean-soldiers-briefly-crossed-border/">second time</a>&nbsp;such an incident had happened in less than two weeks amid growing tensions between the two countries.</p>



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



<p>The South Korean Joint Chiefs of Staff said around 20 to 30 North Korean soldiers “carrying work tools” crossed the military demarcation line that runs between the Demilitarized Zone (DMZ), separating the two countries, Yonhap News Agency&nbsp;<a href="https://en.yna.co.kr/view/AEN20240618004751315?section=nk/nk" rel="noreferrer noopener" target="_blank">reported</a>.</p>



<p>The incursion took place around 8.30 a.m. local time somewhere in the central section of the border.</p>



<p>The South Korean military responded to the incursion by broadcasting warnings and firing warning shots at the North Koreans, who then returned to their side of the border.</p>



<p>There was no further confrontation between the two sides and South Korean military officials believe the incursion was likely accidental.</p>



<p>The joint chiefs said it suspects construction work is being carried out at the border to make it harder for prospective defectors to leave the country.</p>



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



<p>A similar incident occurred last Sunday when 20 North Korean soldiers&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2024/06/11/south-korea-says-it-fired-warning-shots-after-north-korean-soldiers-briefly-crossed-border/">violated the border</a>&nbsp;while working in the DMZ. It is unclear if the previous breach happened in the same location, but that was also described as taking place somewhere in the central section of the border. The previous incident was also resolved after South Korean troops fired warning shots.</p>



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



<p>The border violations come at a time of heightened tensions between North and South Korea. Late last month, North Korea&nbsp;<a href="https://www.aljazeera.com/news/2024/5/29/north-korea-flies-rubbish-filled-balloons-to-south-in-tit-for-tat-attack" rel="noreferrer noopener" target="_blank">flew</a>&nbsp;hundreds of balloons carrying trash and feces across the border into the South. Pyongyang said the trash balloons were in response to long-running efforts by South Korean activists and North Korean defectors to deliver propaganda material to their country with the use of balloons. The materials in question included leaflets criticizing the Kim Jong-un regime and USB thumb drives with South Korean media like K-pop songs and K-dramas. North Korea has continued flying hundreds more trash balloons across the border this month—angering South Korean officials. In response, Seoul has&nbsp;<a href="https://apnews.com/article/north-korea-south-korea-peace-deal-trash-balloons-86eea9752b665b335d4d84abb614f7f3" rel="noreferrer noopener" target="_blank">suspended</a>&nbsp;a 2018 deal between the two countries to reduce border tensions.</p>



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



<p>On Tuesday, Russian President Vladimir Putin will make his first visit to North Korea in 24 years to attend a summit meeting with the country’s leader Kim Jong-Un. Before his arrival, Putin&nbsp;<a href="https://apnews.com/article/putin-kim-jong-un-russia-north-korea-05f0ed66f9978ac1ba34f2d708ad7504" rel="noreferrer noopener" target="_blank">thanked</a>&nbsp;North Korea and Kim for supporting his invasion of Ukraine and he vowed to work together with Pyongyang to overcome international sanctions. Putin’s visit will further raise Washington and Seoul’s concerns about growing military cooperation between Russia and North Korea.</p>



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



<p><a href="https://www.forbes.com/sites/siladityaray/2024/06/11/south-korea-says-it-fired-warning-shots-after-north-korean-soldiers-briefly-crossed-border/">South Korea Says It Fired Warning Shots After North Korean Soldiers Briefly Crossed Border</a>&nbsp;(Forbes)</p>



<p><a href="https://en.yna.co.kr/view/AEN20240618004751315?section=nk/nk" target="_blank" rel="noreferrer noopener">N. Korean soldiers briefly cross border for 2nd time in less than 2 weeks</a> (Yonhap News Agency)</p>


N. Korean, S. Korean military guard posts

South Korea Fires Warning Shots After North Korean Soldiers Cross Border Again Ahead Of Putin-Kim Summit


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



<p>Apple finally joined the great AI arms race this week after months of lagging behind big tech rivals like Google, Microsoft and Meta, unveiling a series of products juiced with artificial intelligence that it has pitched as a more secure, privacy-focused alternative to how its competitors process requests in the cloud.</p>



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



<p>Apple, which for years has sought to position itself as one of Silicon Valley’s most privacy- and security-focused firms,&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2024/06/10/all-the-major-features-unveiled-at-apples-keynote-from-ai-iphones-to-siri-enhancements/">previewed</a>&nbsp;an array of AI features at its annual WWDC event on Monday including voice transcription, Siri upgrades, improved photo editing and integrating OpenAI’s popular chatbot ChatGPT into devices.</p>



<p>Apple said its new features — part of the company’s broader vision for AI it calls “Apple Intelligence” — have been designed with privacy “at the core,” which it said will be achieved by keeping as much of the computer processing needed to fulfill an AI task as possible on users’ devices, rather than shipping it off elsewhere in the cloud.</p>



<p>Many firms rely on&nbsp;<a href="https://www.zdnet.com/article/what-is-cloud-computing-everything-you-need-to-know-about-the-cloud/" rel="noreferrer noopener" target="_blank">cloud computing</a>&nbsp;for their AI services, a system that delivers computer services like data processing, software and storage remotely over the internet, given the high computer processing and power demands required to fulfill many requests and the need to use this data to answer the request means it cannot be hidden from providers in the same way that encrypted messages are.</p>



<p>By nature, data processed in the cloud is more vulnerable to access and exploitation than data processed locally on the device itself, and Apple said its AI features will prioritize keeping data on users’ devices by making use of whatever resources like battery and processing power they have at their disposal.</p>



<p>Inevitably, some AI tasks will require more power than an iPhone, Mac or other Apple device can muster, and for these Apple said it has developed a new privacy-preserving method of sending data to cloud servers.</p>



<p>Apple said it will only send absolutely necessary data to cloud servers, will encrypt it on the way there, and will not save or use any data aside from what is necessary to complete the AI task, adding that it will allow independent researchers access to inspect and verify the system’s security.</p>



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



<p>Apple’s privacy-focused debut to the AI arms race has reignited a long-simmering debate over data privacy in Silicon Valley. Unlike many of its marquee competitors such as Alphabet’s Google, Instagram parent Meta and&nbsp;<a href="https://www.theguardian.com/technology/2022/feb/27/the-data-game-what-amazon-knows-about-you-and-how-to-stop-it" rel="noreferrer noopener" target="_blank">Amazon</a>, Apple cares less about collecting user data as more of its profits come from hardware like iPads, iPhones and MacBooks. As a result, Apple can afford to position itself more as a privacy-focused firm, though at times it has still found itself&nbsp;<a href="https://www.theguardian.com/technology/2022/sep/23/apple-user-data-law-enforcement-falling-short" rel="noreferrer noopener" target="_blank">under fire from activists</a>. Apple is now trying to capitalize on its privacy reputation when it comes to rolling out AI as well, going as far as to promise not to utilize user data for quality control or maintenance either, which is usually standard. It is clear Apple plans to use privacy as a key differentiator between it and its primarily cloud-using, data-collecting rivals. Many of these have already been attacked by digital rights groups and consumers over their use of user data and AI features, including field leaders like&nbsp;<a href="https://www.bbc.co.uk/news/articles/cd11rje1mrro" rel="noreferrer noopener" target="_blank">Microsoft</a>, ChatGPT maker&nbsp;<a href="https://www.bbc.co.uk/news/technology-68128396" rel="noreferrer noopener" target="_blank">OpenAI</a>&nbsp;(which has gotten billions in investments from Microsoft),&nbsp;<a href="https://www.bbc.co.uk/news/articles/cw99n3qjeyjo" rel="noreferrer noopener" target="_blank">Meta</a>,&nbsp;<a href="https://mashable.com/article/adobe-users-outaged-new-policy-trains-ai-their-work" rel="noreferrer noopener" target="_blank">Adobe</a>&nbsp;and&nbsp;<a href="https://www.reuters.com/legal/transactional/google-defeats-class-action-over-ai-training-data-now-2024-06-06/" rel="noreferrer noopener" target="_blank">Google</a>.</p>



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



<p>“You shouldn’t have to hand over all the details of your life to be warehoused and analyzed in someone’s AI cloud,” Apple software engineering chief Craig Federighi&nbsp;<a href="https://www.fastcompany.com/91138692/apple-data-privacy-ai" rel="noreferrer noopener" target="_blank">said</a>&nbsp;at the WWDC event on Monday, highlighting a crucial difference between it and other companies.</p>



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



<p>Elon Musk was so incensed at Apple’s decision to partner with OpenAI for its “Apple Intelligence” vision that he threatened to bar Apple devices from his companies’ campuses. He branded Apple’s AI tools as “creepy spyware” and claimed the connection to OpenAI represented an “unacceptable security violation.” In posts that were later corrected by crowdsourced fact-checkers on his own social media platform, X, formerly Twitter, Musk said it was “patently absurd” to think Apple could ensure OpenAI protected user data and alleged the company had “no clue what’s actually going on once they hand your data over.” Musk has a history of feuding with OpenAI, which he cofounded and later left amid alleged conflicts of interest, and particularly with fellow<a href="https://www.forbes.com/sites/roberthart/2024/02/16/musk-reignites-feud-with-sam-altman-over-openais-ditched-non-profit-promise/"> cofounder Sam Altman</a>. He also founded and runs what could become a major competitor to OpenAI, <a href="https://www.forbes.com/sites/roberthart/2023/11/03/elon-musks-artificial-intelligence-startup-launching-its-first-product-saturday---heres-what-to-know-about-xai/">xAI</a>, and styled its only product, chatbot Grok, as a direct rival to ChatGPT.</p>


gettyimages-1207642189-594×594

Apple Promises AI Privacy: Here’s Why It Claims Its AI Tech Will Be More Secure Than Competitors


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



<p>Paramount Global shares slid nearly 8% shortly before market close Tuesday after National Amusements, the media conglomerate’s parent company, scrapped merger discussions with Skydance Media, according to&nbsp;<a href="https://www.wsj.com/business/media/shari-redstones-nai-decides-to-stop-discussions-with-skydance-1b81985b?mod=hp_lead_pos1" rel="noreferrer noopener" target="_blank">multiple</a>&nbsp;<a href="https://www.cnbc.com/2024/06/11/national-amusements-stops-discussions-with-skydance-on-paramount-deal-sources-say.html?taid=6668ac8977e9400001fe219a&amp;utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=twitter%7Cmain" rel="noreferrer noopener" target="_blank">outlets</a>, bringing an end to a&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2024/04/10/paramount-global-shares-hit-14-year-low-then-rebound-as-board-members-reportedly-depart-amid-merger/">tedious</a>, months-long&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2024/05/03/paramount-may-reportedly-turn-down-both-skydance-and-sony-deals-what-we-know-about-the-negotiations/">negotiation process</a>.</p>



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



<p>National Amusements owner and controlling Paramount shareholder, Shari Redstone, ended discussions with Skydance, according to&nbsp;<a href="https://www.wsj.com/business/media/shari-redstones-nai-decides-to-stop-discussions-with-skydance-1b81985b?mod=hp_lead_pos1" rel="noreferrer noopener" target="_blank">The Wall Street Journal</a>, which noted Redstone will likely look to sell off National Amusements without merging Paramount with another company.</p>



<p>Paramount Global shares closed down 7.8% at $11.04, erasing small gains made by the stock in late May.</p>



<p>The merger deal would have involved Skydance acquiring National Amusements for about $1.7 billion, the Journal reported—though other reports have said the price tag was closer to about $2.2 billion, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-06-11/paramount-special-committee-meets-to-vote-on-skydance-deal" rel="noreferrer noopener" target="_blank">Bloomberg</a>.</p>



<p>Skydance did not immediately respond to Forbes’ request for comment.</p>



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



<p>About 77%. That’s how much of Paramount’s voting class A common stock National Amusements owns.</p>



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



<p>Skydance reached a tentative agreement in April to buy Redstone’s controlling stake in Paramount, entering a 30-day exclusive negotiating window that expired shortly after a joint bid for the entertainment conglomerate was made by Sony and private equity firm Apollo Global Management. The Sony-Apollo takeover bid involved a&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2024/05/02/paramount-stock-jumps-13-after-reported-26-billion-sony-apollo-takeover-bid/?sh=16c8174f2c39">$26 billion offer</a>&nbsp;for Paramount Global, one that would have made Sony the majority shareholder in Paramount and Apollo the minority shareholder. That takeover is being reconsidered following investor concerns about Sony’s finances,&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-05-07/sony-shares-fall-as-offer-for-paramount-spurs-financing-concerns" rel="noreferrer noopener" target="_blank">Bloomberg</a>&nbsp;reported, as the company’s shares have fallen nearly 9% this year. Redstone has sought a merger as Paramount has dealt with mounting debt ($14.6 billion at the end of 2023) and troubles with its Paramount + streaming numbers. The company reported $286 million in streaming losses in the first quarter of this year, improving upon a $511 million streaming loss posted in the same period last year.</p>



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



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2024/05/03/paramount-may-reportedly-turn-down-both-skydance-and-sony-deals-what-we-know-about-the-negotiations/">Paramount May Reportedly Turn Down Both Skydance And Sony Deals—What We Know About The Negotiations</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/tylerroush/2024/05/02/paramount-stock-jumps-13-after-reported-26-billion-sony-apollo-takeover-bid/?sh=16c8174f2c39">Paramount Stock Jumps 13% After Reported $26 Billion Sony-Apollo Takeover Bid</a>&nbsp;(Forbes)</p>


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