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



Apple on Tuesday announced its next product update event on September 12, where it’s expected to unveil the iPhone 15 and next generation Apple Watch—with rumors and early reporting suggesting new features including a larger screen and a standardized USB-C charger.



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



Bloomberg’s Mark Gurman, a longtime Apple reporter who’s revealed numerous product leaks over the years,&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-07-30/apple-iphone-15-pro-features-usb-c-port-new-design-thinner-bezels-lkpemg29" target="_blank" rel="noreferrer noopener">reports</a>&nbsp;that Apple designers have long dreamed of creating an iPhone where the screen stretches across the entire face of the device with no borders or cutouts for cameras or sensors.



The iPhone 15, Bloomberg reports, will get them closer to that goal by removing the cutout at the top of the screen that makes space for the camera and facial recognition sensor and putting those two components behind what’s called a “dynamic island,” which uses new technology that allows them to operate from underneath the screen and allows the user to display a number of interactive modules such as quick access to maps or pausing and playing music.



That dynamic island feature has already been implemented in the more expensive pro version of the iPhone 14, but Bloomberg reports that it will become standard on all models of the iPhone 15.



Additionally, the higher end Pro and Pro Max versions of the iPhone 15 will have borders that are .7 millimeters thinner than the current version which have 2.2-millimeter borders, according to Bloomberg.



Additionally, numerous reports including&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-07-30/apple-iphone-15-pro-features-usb-c-port-new-design-thinner-bezels-lkpemg29" target="_blank" rel="noreferrer noopener">Bloomberg</a>,&nbsp;<a href="https://www.tomsguide.com/news/iphone-15" target="_blank" rel="noreferrer noopener">Tom’s Guide</a>&nbsp;and&nbsp;<a href="https://www.inc.com/jason-aten/these-5-features-coming-to-iphone-15-could-make-it-biggest-upgrade-in-years.html" target="_blank" rel="noreferrer noopener">Inc.com</a>&nbsp;suggest that the iPhone’s charger might switch from its proprietary lightning cable technology to USB-C, which is a standardized connector used across the tech industry, a move the European Union is mandating, though North American regulators haven’t made any such requirements.



<a href="https://www.inc.com/jason-aten/these-5-features-coming-to-iphone-15-could-make-it-biggest-upgrade-in-years.html" target="_blank" rel="noreferrer noopener">Inc.com</a>&nbsp;is also reporting rumors that the new iPhone could have a camera with a “periscope lens,” which is new technology that uses a series of mirrors to provide a higher-quality optical zoom, and that some versions of the new iPhone 15 might use titanium instead of aluminum.



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



The Apple Watch is expected to see more modest updates. Apple reportedly plans to unveil the Series 9 lineup of the Apple Watch which will have faster chips and offer new case colors, according to Bloomberg.



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



Apple was rumored to have a major change to its side buttons, but that was reportedly canceled after a number of engineering problems. Engineers were reportedly working on new buttons to replace the current volume and power buttons for the higher end versions of the iPhone 15, according to&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-07-30/apple-iphone-15-pro-features-usb-c-port-new-design-thinner-bezels-lkpemg29" target="_blank" rel="noreferrer noopener">Bloomberg</a>&nbsp;and&nbsp;<a href="https://twitter.com/mingchikuo/status/1585852274680950784" target="_blank" rel="noreferrer noopener">other sources</a>. The new buttons would’ve used haptic feedback to allow users to feel vibrations and motion in the buttons. However, the mute/ring button will reportedly turn into a so-called “action button,” allowing users to change a number of new settings through it.



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



Apple&nbsp;<a href="https://www.apple.com/apple-events/" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;its reveal event online Tuesday. The event is set to take place at 10 a.m. Pacific Time September 12 at Apple’s Steve Jobs Theater in Cupertino, California. It will be streamed online. The event is expected to unveil four models of the iPhone 15: two lower-end versions and two higher-end.&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-08-29/apple-sets-sept-12-date-for-launch-of-iphone-15-new-watches?srnd=premium" target="_blank" rel="noreferrer noopener">Bloomberg</a>&nbsp;is reporting that Apple’s sales have slid for three straight quarters, meaning there’s likely a lot of pressure on Apple to deliver during this presentation. The iPhone makes up 48.5% of the company’s revenue, while wearables like the Apple Watch comprise 10.1%, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-08-29/apple-sets-sept-12-date-for-launch-of-iphone-15-new-watches?srnd=premium" target="_blank" rel="noreferrer noopener">Bloomberg</a>.



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



<a href="https://www.bloomberg.com/news/articles/2023-08-29/apple-sets-sept-12-date-for-launch-of-iphone-15-new-watches?srnd=premium" target="_blank" rel="noreferrer noopener">Apple Sets Sept. 12 Date for Launch of iPhone 15, New Watches</a>&nbsp;(Bloomberg)



<a href="https://www.bloomberg.com/news/newsletters/2023-07-30/apple-iphone-15-pro-features-usb-c-port-new-design-thinner-bezels-lkpemg29" target="_blank" rel="noreferrer noopener">The iPhone 15 Pro Will Have Thinner Bezels in Step Toward Apple’s Dream</a>&nbsp;(Bloomberg)



<a href="https://www.inc.com/jason-aten/these-5-features-coming-to-iphone-15-could-make-it-biggest-upgrade-in-years.html" target="_blank" rel="noreferrer noopener">These 5 Features Expected to Come to the iPhone 15 Could Make It the Biggest Upgrade in Years</a> (Inc.com)

Apple_announce-iphone12pro_10132020

Apple To Unveil New IPhone And Apple Watch In September—Here Are Some New Features To Expect

With Roger Federer following Williams into retirement and Rafael Nadal winding down his career, opportunities abound for young players—on and off the court.



When Holger Rune&nbsp;started watching Rafael Nadal, he was about 7, maybe 8, growing up in Denmark and worshiping the Spanish tennis legend for what Rune calls his “fighting spirit.” Then he started looking up to Roger Federer, for his elegance and his transition game coming to the net.



“If I was going to idolize them, I was trying to idolize them all the way. So I wore the same clothes; I played with the same racket,” Rune tells&nbsp;Forbes, confirming that the mimicry extended to wearing Federer’s signature bandana. “I even tried the one-handed backhand, but luckily my coach told me to stick to your own tennis.”



Rune’s tennis has taken him pretty far—onto practice courts with both Nadal and Federer and into competitive matches against another player he has long admired, world No. 2 Novak Djokovic, whom Rune has actually beaten in two of their three meetings. His game has also sent the 20-year-old skyrocketing to No. 4 in the world rankings, from outside the top 100 at the start of 2022.



And he is not tennis’ only precocious player. A fellow 20-year-old, Carlos Alcaraz of Spain, sits atop the ATP Tour’s rankings while 22-year-old Jannik Sinner of Italy and 24-year-old Casper Ruud from Norway are seen as real contenders to win a Grand Slam, whether at this year’s U.S. Open or going forward.



On the women’s side, Polish phenom Iga Swiatek is No. 1 and owns four major titles at age 22, and American Coco Gauff is a 19-year-old rising star who reached the French Open final last year and won the two biggest tournaments of her career this month.



To be sure, no one—whether tournament organizers or broadcast executives or sponsors—is racing to chase Federer, who retired last year, or Nadal, who has said 2024 will likely be his final season, out of the sport. And while Djokovic is 36 and less than a year younger than Nadal, he continues to play at the highest level, winning titles at this year’s Australian Open and French Open and losing to Alcaraz in a thrilling five-set final at Wimbledon. Still, there is a recognition that tennis tends to go through cycles of talent—just as Pete Sampras and Andre Agassi ruled the era before the Big Three—and there is a growing belief that a new generation is ready to fill the void, on and off the court.



“For sure, it’s not the worst time to be in tennis,” Rune says with a smile.



He and his fellow prodigies have quite the tennis shoes to fill. Djokovic has won a record 23 major singles titles, followed by Nadal with 22 and Federer with 20—no other man has won more than 14 (Sampras). Add it all up, and the Big Three have captured 65 of a possible 80 Slams dating to Federer’s first title at Wimbledon in 2003. Their dominance has been so absolute for so long that tennis pundits speak of a “lost generation,” and the numbers back that up: Players younger than Djokovic have won a combined six Grand Slam titles since Federer exploded on the scene, with four of them coming in the last three years (Dominic Thiem in 2020, Daniil Medvedev in 2021 and Alcaraz in 2022 and 2023).



And while she did not have as much company at the top of the sport, Serena Williams, who like Federer&nbsp;<a href="https://www.forbes.com/sites/brettknight/2022/08/09/serena-williams-tennis-retirement-net-worth-earnings/">announced her retirement</a>&nbsp;last year before backtracking somewhat in subsequent interviews, herself piled up 23 major singles titles, a women’s record for tennis’ Open Era.



The four tennis legends have an equally imposing legacy off the court. A mainstay near the top of&nbsp;Forbes’&nbsp;annual list of the&nbsp;<a href="https://www.forbes.com/lists/athletes/">world’s highest-paid athletes</a>, the 42-year-old Federer is one of&nbsp;<a href="https://www.forbes.com/sites/mattcraig/2022/06/12/billion-dollar-ballers-these-athletes-tiger-woods-lebron-james-federer-messi-ronaldo-mayweather-have-earned-more-than-1-billion-apiece/">just seven athletes</a>&nbsp;with career pre-tax earnings over $1 billion, having cultivated a sponsor portfolio filled nearly top to bottom with premium brands, including Rolex, LVMH and NetJets. “Novak, he tried to be ahead in technology, and Nadal, he just tried to be a little bit different,” Lisa Delpy Neirotti, associate professor of sports management at George Washington University, notes of two players who have crossed $500 million in career earnings. Meanwhile, Williams, who made an estimated $440 million across her career, was a trailblazer among athletes as a&nbsp;<a href="https://www.forbes.com/sites/kurtbadenhausen/2019/06/03/inside-serena-williams-plan-to-ace-venture-investing/">venture investor</a>&nbsp;and a&nbsp;<a href="https://www.forbes.com/sites/kerryadolan/2022/12/08/serena-williams-feels-your-pain/">startup founder</a>, and transcended the sport into mainstream pop culture, appearing in two Super Bowl commercials in 2023 alone.



Alessandro Barel Di Sant Albano, who represents Gauff at Team8 and has worked with Federer, says Williams and the Big Three “have been the GOATs that have taken the traditional TV-watching fan into thinking about athletes as brands. They’re the pioneers that have taken us to a new way of looking at tennis as more of an entertainment platform, and more than just a sport.”



And all of that is setting aside the societal changes of the last 20 years, starting with the rise of social media. The upshot: The players coming of age today are entering a dramatically different, and increasingly global, sponsorship market, with more brands looking to spend more money on tennis than ever before.



The players have already started to take advantage of sponsorship opportunities, with&nbsp;<a href="https://www.forbes.com/sites/brettknight/2023/08/25/the-worlds-highest-paid-tennis-players-2023/">eight of the sport’s ten highest-paid</a>&nbsp;now under 30. Shoe and apparel companies typically come calling first—often by age 13, Delpy Neirotti notes—but other brands have also seen “a unique opportunity to align themselves with someone who can carry the torch,” says Marijn Bal, Ruud’s agent at IMG. “They know that if they get in early, they can get a lot of bang for their buck.”



So what will it take for a young player to reach the heights that Federer did? It starts with winning, which brings more attention from marketers and can also come with a direct payoff because endorsement deals often carry bonuses—sometimes in the seven figures—for climbing up the rankings or winning Grand Slams. For instance, Emma Raducanu raked in $18 million from endorsements and appearances in 2022, after winning the 2021 U.S. Open as a virtual unknown, and Naomi Osaka’s four major titles helped her eclipse Williams’ earnings record for a female athlete with at least $50 million off the court in both 2021 and 2022.



But “you need continued dominance—you can’t be dominant for just a few months, or a couple of years,” adds John Tobias, an agent at GSE Worldwide. “And it’s also about staying healthy in a really physically demanding sport—basically an 11-month-a-year sport that requires an insane amount of travel, an insane amount of dealing with time zones. Then you have to have the right personality and the right, we say,&nbsp;passport—or you come from the right country—and the ability to communicate with people on a global scale.”



Authenticity remains another important factor, which Bal says starts with “don’t endorse Coca-Cola when you’re drinking Pepsi” but extends to aligning with brands that fit the image you’re trying to cultivate for yourself—the way that Federer made himself synonymous with luxury and Nadal cast himself as a rebel.



In addition, “social responsibility and cause marketing are more important now than they ever were before,” says Joe Favorito, a veteran marketing consultant and former executive with the WTA Tour and the U.S. Tennis Association. While the great Arthur Ashe was once questioned for talking about social issues, Osaka’s support for the Black Lives Matter movement and her statements about&nbsp;<a href="https://www.forbes.com/sites/brettknight/2021/06/02/naomi-osaka-is-the-highest-paid-female-athlete-ever-and-her-french-open-exit-may-actually-help-her/">mental health</a>&nbsp;have made her even more valuable for brands, Favorito says.



Even with all of those boxes checked, there is no guarantee anyone will follow Federer to $1 billion in earnings. Players have to be willing to commit to their off-court endeavors, even amid the grind of the tennis schedule—and the teenaged Gauff, for instance, is taking a slow and steady approach as she develops as a player and a person. The 25-year-old Osaka, meanwhile, was once pegged as a perennial champion but has taken an unexpected detour over the last couple of years because of injuries and a recent pregnancy. “The story arc is never that simple because that’s real life,” says Stuart Duguid, who represents Osaka at Evolve, the talent agency they cofounded. “Life happens.”



Still, the number of talented players hitting their primes at once means exciting times ahead for the sport—and, presumably, for their wealth advisors.



“They all push each other, and they’re all friendly with each other,” Bal says. “[Ruud] got to Toronto early—he practiced with Medvedev, with Rune and with Sinner three consecutive days. So these guys are not shy, they’re playing with each other, they’re pushing each other, and it’s great for the sport.”

Western & Southern Open – Day 8

Tennis’ Big 3 And Serena Won 88 Majors And Made $2.5 Billion. A New Generation Is Ready For Their Shot.

Dangote Cement Plc, a prominent player in the cement industry, has reported a profit of N178.6 billion ($234.8 million) in the first half of the year, with a net profit increase of 3.8%. In an exclusive interview with FORBES AFRICA, the Group Managing Director, Arvind Pathak, attributes this to several key factors.



Dangote Cement Plc, a prominent player in the cement industry, has reported a profit of N178.6 billion ($234.8 million) in the first half of the year, with a net profit increase of 3.8% propeled by a host of measures aimed at enhancing profitability.



Dangote Cement Plc operates as a subsidiary of Dangote Industries, a venture established by Aliko Dangote back in 1981, initially rooted in importing commodities like bagged cement, rice, sugar, flour, salt, and fish. The entity now stands as one of the foremost cement companies in sub-Saharan Africa, boasting an annual production capacity of 51.6 million tonnes across 10 nations.



In an exclusive interview with FORBES AFRICA, Dangote Cement Plc&#8217;s Group Managing Director, Arvind Pathak, attributes the performance in the first half of the year to several key factors.



&#8220;The growth in revenue was due to few reasons. Firstly, we delivered double digit volume growth in our pan-Africa business. Secondly, we realized some price increases in line with inflationary realities, especially in some of our pan-Africa operations. Thirdly, there was an improvement in our product and location mix, thereby optimizing our sales for better economic value.&#8221;


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-803x1024.jpg" alt="" class="wp-image-59298" style="width:404px;height:515px" width="404" height="515" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-803x1024.jpg 803w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-235x300.jpg 235w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-768x980.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-1204x1536.jpg 1204w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-1605x2048.jpg 1605w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/Arvind-Pathak-Group-MD-of-Dangore-Cement-in-Nigeria-scaled.jpg 2007w" sizes="(max-width: 404px) 100vw, 404px" /><figcaption class="wp-element-caption">Arvind Pathak, Group MD of Dangote Cement in Nigeria</figcaption></figure></div>


He notes maintaining profitability alongside sales surge required diligent attention to operational efficiencies and sustainability.



&#8220;Dangote Cement was able to maintain profitability and sales growth by focusing on operational efficiencies (cost optimization) and customer needs. We continue to build on our robust cost reduction strategy, amid the high operating cost environment. We achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of alternative fuel to replace more expensive fossil fuels, such as coal and gas.



&#8220;We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment. These efforts enabled us to enhance our competitiveness while maintaining high levels of quality and customer service,&#8221; says Pathak.



In a fiercely competitive market, Dangote Cement prioritizes customer-centric strategies.



&#8220;We support customers through various measures such as trainings on best practices in cement application, continued customer engagement and truck empowerment scheme, etc. In addition, the National Consumer Promotion &#8216;Bag of Goodies&#8217; is another way we reward our loyal customers and increase customer awareness of our products.&#8221;



Dangote Cement&#8217;s pursuit of growth has led to forays into new markets and regions. The commencement of operations at the Takoradi grinding plant in Ghana expanded the company&#8217;s installed capacity to 52.0Mta. Additionally, the company explored export opportunities, sending Clinker from Congo to Cameroon, Zambia to Zimbabwe, and Nigeria to Ghana, contributing to the growth momentum.



Unveiling profit-boosting measures, Pathak narrates: &#8220;We streamlined our core focus into optimizing the efficiency of our existing assets, increasing output, and containing cost. Under our &#8216;Build Momentum&#8217; program, we initiated various fuel and power efficiency improvement measures.&#8221;



According to Pathak, the company&#8217;s export strategy fortified by foreign currency revenue enabled effective handling of foreign obligations. Also, the diversification of geographic portfolios mitigated isolated risks, while Pan-Africa investments generated robust cash flows, achieving a record earnings before Interest, taxes, depreciation, and amortization (EBITDA) margin of 28%.

Dangote Cement

Dangote Cement Plc’s Profits Surge In The First Half Of The Year Driven By Strategic Innovations And Operational Excellence, Says Group Managing Director

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



New Covid boosters pending approval will only target the coronavirus’ Eris strain and other XBB subvariants, which make up most cases in the U.S., causing some experts to encourage patients to wait for the new shots instead of getting a current bivalent booster.



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



In June, a Food and Drug Administration panel&nbsp;<a href="https://www.fda.gov/media/169591/download?attachment" target="_blank" rel="noreferrer noopener">recommended</a>&nbsp;Pfizer, Moderna and Novavax formulate their new Covid booster shots to be monovalent and only protect against the XBB.1.5 variant and other XBB sublineages—as opposed to the currently available shots, which were designed to combat earlier coronavirus strains.



The companies are still awaiting FDA approval: The new vaccines are estimated to be ready by late September but probably won’t be widely available until October, CBS News&nbsp;<a href="https://www.cbsnews.com/news/covid-vaccine-booster-xbb-variants-september-2023/" target="_blank" rel="noreferrer noopener">reports</a>.



XBB.1.5 (also known as “Kraken”) is a descendent of the omicron variant and was the&nbsp;<a href="https://www.ama-assn.org/delivering-care/public-health/xbb15-omicron-subvariant-questions-patients-may-have" target="_blank" rel="noreferrer noopener">most dominant</a>&nbsp;strain in the U.S. earlier this year, but is now the eighth dominant strain.



The reason the FDA recommended monovalent boosters that protect against one strain is because most of the circulating variants are XBB descendants—as of June, over 95% of the Covid variants in the U.S. were XBB sublineages, the agency said in its report.



<a href="https://www.forbes.com/sites/ariannajohnson/2023/08/10/what-we-know-about-eris-covid-variant-eg5-the-dominant-stain-driving-an-uptick-in-cases/?sh=22a519ab1627">EG.5</a>&nbsp;or “Eris” is an XBB subvariant and the dominant strain in the U.S., accounting for 20.6% of all cases in the U.S. between August 6 and 10,&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#variant-proportions" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.



The second most common variant, FL.1.5.1, made up 13.3% of cases in the country within that same time period and is also an XBB subvariant.



On Thursday, Moderna&nbsp;<a href="https://investors.modernatx.com/news/news-details/2023/Moderna-Clinical-Trial-Data-Confirm-Its-Updated-COVID-19-Vaccine-Generates-Robust-Immune-Response-in-Humans-Against-Widely-Circulating-Variants/default.aspx" target="_blank" rel="noreferrer noopener">said</a>&nbsp;its new Covid vaccine generated a “robust immune response” against Eris and other XBB variants.



A&nbsp;<a href="https://www.nature.com/articles/s41591-023-02228-4" target="_blank" rel="noreferrer noopener">report</a>&nbsp;published in&nbsp;Nature Medicine&nbsp;found that although any available booster offers good protection against Covid, variant-specific shots—like the new monovalent XBB ones awaiting approval—offer about 1.6 times more immunity.



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



676,728,782. That’s how many vaccines have been administered in the U.S. according to CDC&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-booster-percent-pop5" target="_blank" rel="noreferrer noopener">data</a>. However, only 17% of the population has received an updated bivalent booster.



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



Some experts believe that since the new vaccines expected to release this fall are specifically aimed at targeting XBB variants, Americans should hold off on getting updated boosters until then. Paul Sax, the clinical director of the division of infectious diseases at Brigham and Women’s Hospital,&nbsp;<a href="https://www.nytimes.com/article/covid-booster-fall.html#:~:text=The%20short%20answer%2C%20according%20to,the%20Omicron%20XBB.1.5%20variant" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the&nbsp;New York Times&nbsp;that “waiting makes more sense” for most people looking to get a new vaccine. The current booster is a bivalent shot designed to protect against omicron subvariants BA.4 and BA.5, which were once the dominant strains in the U.S. but now make up less than&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#variant-proportions" target="_blank" rel="noreferrer noopener">1%</a>&nbsp;of cases combined. A January&nbsp;<a href="https://www.cdc.gov/mmwr/volumes/72/wr/mm7205e1.htm?s_cid=mm7205e1_w" target="_blank" rel="noreferrer noopener">study</a>&nbsp;conducted by the CDC found the bivalent vaccines were about 50% effective at protecting against XBB and XBB.1.5 in most adults and about a third effective in those 65 years and older. Raina MacIntyre, head of the biosecurity program at the medical research organization the Kirby Institute,&nbsp;<a href="https://www.smh.com.au/national/nsw/four-fifths-of-australian-adults-have-failed-to-get-a-bivalent-booster-here-s-why-that-is-a-problem-20230814-p5dwb5.html#" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the Sydney Morning Herald&nbsp;the available bivalent boosters “do not provide enough protection against EG.5.1, but the XBB subvariant boosters that are being made by most companies will protect against EG.5.1.” Similarly, University of Michigan infectious disease expert Preeti Malani&nbsp;<a href="https://www.npr.org/sections/goatsandsoda/2023/08/11/1193229029/coronavirus-faq-is-it-wiser-to-get-a-booster-now-or-wait-for-the-new-fall-booste" target="_blank" rel="noreferrer noopener">told NPR</a>&nbsp;the updated booster shots “will provide a better match to the currently circulating variants,” so most patients are better off waiting for it to be approved.



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



The CDC&nbsp;<a href="https://www.cdc.gov/vaccines/covid-19/clinical-considerations/interim-considerations-us.html" target="_blank" rel="noreferrer noopener">still recommends</a>&nbsp;that most people receive at least one bivalent booster shot. The agency&nbsp;<a href="https://www.forbes.com/sites/madelinehalpert/2022/09/01/cdc-advisory-panel-recommends-new-covid-booster-shots-targeting-omicron-heres-what-you-need-to-know/?sh=e92dc701da8c">first signed off</a>&nbsp;on Pfizer and Moderna’s updated boosters almost a year ago.



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



A new Covid variant called BA.2.86, or “Pirola,” was&nbsp;<a href="https://twitter.com/WHO/status/1692255671687794902" target="_blank" rel="noreferrer noopener">labeled</a>&nbsp;as a variant under monitoring by the World Health Organization on Thursday due to the “large number of mutations it carries.” That same day, the CDC&nbsp;<a href="https://twitter.com/CDCgov/status/1692326710262304890?s=20" target="_blank" rel="noreferrer noopener">said</a>&nbsp;it was monitoring the variant as it’s been reported in the U.S., Israel and Denmark. It is the descendant of omicron subvariant BA.2, which was the&nbsp;<a href="https://www.ama-assn.org/delivering-care/public-health/what-doctors-wish-patients-knew-about-ba2-omicron-subvariant" target="_blank" rel="noreferrer noopener">dominant strain</a>&nbsp;in the U.S. earlier this year, at one point making up 85% of cases in the country. An&nbsp;<a href="https://slides.com/jbloom/new_2nd_gen_ba2_variant?ftag=YHF4eb9d17#/3" target="_blank" rel="noreferrer noopener">analysis</a>&nbsp;by Jesse Bloom, an evolutionary biologist at Fred Hutch Cancer Center, found the variant had 36 additional spike protein mutations than XBB.1.5 and 34 more mutations than BA.2. The number of mutations BA.2.86 has in comparison to other variants makes it “comparable to [the] number of mutations in [the] first Omicron strains relative to” the original Covid strain, according to Bloom. Although its prevalence in the U.S. isn’t large enough to appear on the CDC’s variant tracker—it’s being lumped in with BA.2 cases—there might be concern that the new monovalent vaccines won’t protect against it because it’s not an XBB variant. However, in a report shared with&nbsp;Forbes,&nbsp;Pfizer-BioNTech said evidence shows their new monovalent boosters should offer some protection against BA.2.86.



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



<a href="https://www.forbes.com/sites/ariannajohnson/2023/08/10/what-we-know-about-eris-covid-variant-eg5-the-dominant-stain-driving-an-uptick-in-cases/?sh=22a519ab1627">What We Know About ‘Eris’ Covid Variant EG.5: The Dominant Strain Driving An Uptick In Cases</a>&nbsp;(Forbes)



<a href="https://www.nytimes.com/article/covid-booster-fall.html#:~:text=The%20short%20answer%2C%20according%20to,the%20Omicron%20XBB.1.5%20variant" target="_blank" rel="noreferrer noopener">Don’t Get Your Next Covid Booster Quite Yet</a>&nbsp;(New York Times)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/01/26/covid-vaccines-heres-evidence-they-work-despite-persistent-misinformation-along-with-side-effects-and-common-misconceptions/?sh=2d67186147c3">Covid Vaccines: Here’s Evidence They Work—Despite Persistent Misinformation—Along With Side Effects And Common Misconceptions</a> (Forbes)

A healthcare worker administers the Pfizer-BioNTech (

New Covid Boosters Expected This Fall: Why Some Doctors Suggest Holding Off On Getting Your Next Booster Until Then

The new domestic soccer season gets underway in August and the Mamelodi Sundowns dynasty lives on. Can anyone break their stranglehold on the South African domestic league title? We speak to some of the top coaches.



Mamelodi Sundowns won an unprecedented sixth South African DStv Premiership title in a row in the 2022/23 season as their dominance of the domestic league continues in relentless fashion.



It is not just the fact they have lifted the trophy, but the manner of the victories has been so emphatic that the last three seasons in particular have been a one-horse race from the off.



They finished 13 points clear in 2020/21, and 16 points in front of second place in each of the last two seasons. The remainder of the league simply could not keep up with them.



Looking to the new campaign that starts in August, the question 



now is whether anyone can rise from the chasing pace and dethrone The Brazilians.



The most likely pretenders to the throne are Orlando Pirates, a giant of the local game who last lifted the league trophy in 2011/12 but went toe-to-toe with Sundowns in the second half of last season after a sticky start.



Pirates picked up 35 points in their final 15 games and Sundowns 33, as The Buccaneers’ Spanish coach José Riveiro got to grips with the DStv Premiership and the players at his disposal in his first year in charge.



If they can keep up that level through the 30 games of this coming season, they will have an excellent chance of being crowned champions.



“We have a fantastic group [of players] and resources,” Riveiro tells FORBES AFRICA.



“Emotionally, it’s been a tough fi rst season. It is not easy to do what you love in a different country. For me to be here, the learning process was dificult and things were not easy from the start.



“If we do the same things [next season], we are going to get less [success], so we have to do different things to improve.”



One factor that may hold the Pirates back in the coming campaign is that they will have the considerable distraction of the CAF Champions League.



The same is true for Sundowns, but at this stage the latter perhaps have a squad with more depth that makes them better equipped to juggle domestic and continental matters. Riveiro is confident his side can make an impact in both though.



“We are going into Africa to dream that we have the potential to go all the way. I’m a very optimistic person, so I have the intention to win it.



“We know we will fi nd dificult trips, difficult opponents and dificulties from the referees, but Mamelodi Sundowns did a fantastic job in the competition [last season] and showed that it’s possible for South African teams to compete.”



It will mean bolstering his squad, and just who they manage to sign will be key.



“There’s going to be players coming and going like every season. I hope not too many because it is important to have continuity to build on the things we have done already.”



As for who else could rival Sundowns, the pickings are slim. Kaizer Chiefs continue to falter and went backward in the last campaign, while SuperSport United overachieved but are in a constant cycle of having to sell their best players to balance the books. This transfer window looks no different.



“They’ve set the bar so high, I don’t think anybody is going to catch them in the next few years,” SuperSport United coach Gavin Hunt says, adding other teams simply cannot match Sundowns in the transfer market. 



“Give us the fi ve to six players from Sundowns and we will show you where we can go,” he says ruefully. “We have a salary cap here, that is how we operate. That’s unfortunate, but we will have to find new players, try to build a team that is competitive and try to close the gap.”



Former Chiefs head coach Arthur Zwane, who has since been replaced in the hotseat by Molefi Ntseki but remains an assistant with the team, also doesn’t see Sundowns dropping their level anytime soon, so it is up to the rest of the league to find a way to close that gap. 



“I think it is a challenge for everyone to take our game to another level. For us, we are a work in progress and we are getting better and better,” Zwane said. “It boils down to a lot of things: chemistry, preparation and having a long-term plan. We still have a long way to go. I wouldn’t talk about other teams because I don’t know what their plan is.



But as for us, we are on that journey of trying to revive the glory days.”



For anyone else hoping to win the DStv Premiership this coming season, the only thing that will get them over the line is consistency in performance, because relying on Sundowns to falter looks a pipe dream.

sundowns

Mamelodi Sundowns’ Dominance Of The South African Domestic League Title

Time is money for London-based luxury watchmaker William Adoasi, and he is now using it to support quality education in sub-Saharan Africa.



William Adoasi grew up in one of the roughest council estates in London and for as long as he could remember, wanted to get out. His parents emigrated from Ghana to the United Kingdom (UK) before Adoasi was born and, being the first of seven children, he saw first-hand the chaos that surrounded his estate in Peckham, South London.



A social housing project built by local authorities to provide shelter and other amenities like schools and shops, council estates in the UK have become notorious as breeding grounds for various social problems over the years.



This prompted two former prime ministers, David Cameron and Tony Blair, to advocate for the redevelopment of these estates citing their propensity to entrench poverty as well as create an environment for criminality to thrive, as the core reasons.



To shield Adoasi from the negative elements of the estate, his parents encouraged his education. Adoasi did well enough in school to secure a scholarship and move into a private boarding school in the midlands, and finally, out of the council estate.



“One day a fight broke out in a rugby game between my team and another team and I heard some of my teammates calling the other team ‘council estate scam’, not knowing that I grew up on a council estate myself. It really shaped the way I am in terms of my drive because there is always a part of me that wants to disprove the myth of a council estate boy who does not amount to anything in life,” says Adoasi.



Initially the drive was simply motivated by his need to create a luxury life far away from the tentacles of poverty that always gripped his childhood. His determination to succeed led him to drop out of university to start a sports academy, with which he made a six-figure income by the age of 19.



“I [ran] that for two years until the government pulled the funding, which meant that it wasn’t viable anymore,” says Adoasi.



After that stint, he worked in London as an insurance broker and recruiter. During this time, he went back to school and finished his education and, very soon, began to think outside the confines of his nine-to-five job for a way to make more money.



He was always interested in watches and by the time he was in the city, Adoasi was making enough money to upgrade his taste to the high-end brands, the likes of Patek Philippe and Audemars Piguet. That was when his light bulb moment happened.



“I wanted to find a middle ground of a watch that was super premium and has a high-end aesthetic, made with high-end materials but with a price point that wasn’t wild… I started speaking to multiple factories and haggling prices down between the factories until I perfected my sample batch,” says Adoasi.



At the age of 26, he quit his job and became the founder and lead designer of Vitae London.



“I felt that working in the city was a drain on me and that I had to do something with a bigger purpose where I wake up everyday and my motivation was not just money. Vitae means ‘lives’ in Latin. Our mantra from the get-go was to be the watch brand changing lives,” says Adoasi.



After launching the brand, Vitae London got shortlisted by Richard Branson to receive a startup loan of £20,000



(approximately $25,000 today) out of 10,000 applicants. To date, the brand has raised a total of $190,000 from the likes of US-based venture capital firm, Backstage Capital and, with that, total sales revenue to date is around £1.3 million ($1.6 million).



Adoasi has also kept his promise – 10% of everything the company makes goes back to empower children in sub-Saharan Africa to receive quality education. Through a partnership with charity organization, House of Wells, he has supported over 10,000 children with school uniforms and finance.



Vitae London is also currently stocked in leading US retailers, Macy’s and Nordstrom. The partnership with billionaire mogul Branson also helped attract other celebrities to the brand.



As Adoasi reflects, two things stand out for him.



“Firstly, entrepreneurship is about creating something much bigger than yourself… Secondly, money is a great motivator but if it is the only reason you get out of bed, then you have an unfulfilled life.”<img loading="lazy" decoding="async" width="15" height="14" src="">His next milestone is to be able to go to his parents and tell them they no longer need to work, and from the looks of things, time is on his side

peace11

Time To Tell: The London-Based Watchmaker Supporting Education In Africa

Africa’s secret weapon in the global energy race – green hydrogen. The continent has the potential to flip the script, transitioning from a fossil fuel consumer to a green energy titan.



The global energy transition has a burgeoning champion – green hydrogen. Often overshadowed by solar and wind, this renewable resource is increasingly crucial for a sustainable future.



The current global hydrogen market is over $130 billion. The World Bank predicts an annual growth of over 9%. Although the surge is likely niche until 2030, the growing demand for renewable energy means that green hydrogen could accelerate rapidly thereafter. Regions with low-cost markets and abundant renewable resources, like Africa, become attractive production markets.



The principle is straightforward. Use renewable energy sources to split water into hydrogen and oxygen. The result? A fuel source that releases only water upon consumption. The applications are limitless, from powering cars to heating homes.



<h3 class="wp-block-heading" id="h-what-is-green-hydrogen">What is green hydrogen?</h3>



At its core, green hydrogen is simple. It’s hydrogen, the universe’s most abundant element, produced environmentally friendly. But how do we make it, and why does it matter?



Green hydrogen is generated via electrolysis, which splits water into hydrogen and oxygen using electricity. But for the hydrogen to be ‘green’, the electricity must come from renewable sources, like wind or solar power. The only byproduct is oxygen, a harmless gas we breathe every day.



In contrast, most hydrogen produced today is ‘grey’ or ‘blue’. It’s derived from fossil fuels, mainly natural gas, and the process releases significant amounts of carbon dioxide, a harmful greenhouse gas. Green hydrogen represents a shift away from this environmentally damaging status quo. However, green hydrogen faces challenges. Currently, it accounts for less than 1% of all hydrogen production. The main obstacle is the production cost, which is not yet competitive compared to grey or blue hydrogen. Most green hydrogen is used in energy-intensive industries like steel and chemical manufacturing.



The path to economic viability for green hydrogen lies in a combination of technological advancements, increased global development investment, and legislative commitments. These factors are expected to make green hydrogen a serious market contender in the coming decades.



Africa is fast becoming a frontrunner in the green hydrogen race.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="682" src="https://cms.forbesafrica.com/wp-content/uploads/2023/08/GettyImages-1240573620.jpg" alt="" class="wp-image-59195 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/08/GettyImages-1240573620.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/GettyImages-1240573620-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/GettyImages-1240573620-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“FROM SOLAR TO BIOGAS, FROM WIND TO BATTERY STORAGE, THESE INVESTMENTS ARE LEADING ONE OF THE MOST IMPORTANT GROWTH INDUSTRIES IN OUR COUNTRY.&#8221;
<cite>—South African President Cyril Ramaphosa</cite></blockquote>
</div></div>



Blessed with an abundance of sunlight and wind, Africa is ideally positioned to exploit green hydrogen’s potential. Groundbreaking projects are taking shape across the continent.



From the ambitious SA-H2 venture announced recently in South Africa to a green hydrogen initiative between Namibia and Botswana, these projects signal profound economic opportunities for job creation, growth, and sustainable development.



The Africa Green Hydrogen Alliance (AGHA), established in 2022, emphasizes Africa’s competitive edge due to low production costs. Masopha Moshoeshoe, Green Economy Specialist at the Investment and Infrastructure Office in the Presidency of South Africa, stated in a press release issued by the United Nations Framework Convention on Climate Change on the launch of the alliance: “Green hydrogen has the potential to marry South Africa’s significant mineral endowment with its significant renewable revolutionize its energy sector. The SA-H2 fund, which aims to establish a hydrogen ecosystem in South Africa, is at the forefront of this exciting transition.



The $1-billion fund was announced in June as part of a joint effort between the Netherlands, Denmark and South Africa.



“From solar to biogas, from wind to battery storage, these investments are leading one of the most important growth industries in our country,” said South African President Cyril Ramaphosa at the announcement in Pretoria.



Blended finance is a key concept underpinning this project.



Andrew Johnstone, the CEO of Climate Fund Managers, explains to FORBES AFRICA that it refers to the strategic use of public



or philanthropic funds to mobilize private sector investment in sustainable development. In the context of SA-H2, this means bringing together private and public funding to make projects economically viable.



“They (the funds) act as a “spark” to ignite and mobilize belief, technology, and other forms of capital,” says Johnstone.



“The SA-H2 project should be seen as part of a larger effort across the region to leverage blended finance for sustainable energy development.”



The project is financed by a combination of different forms of capital, each with a different return requirement. This includes donor capital, commercial capital, and guarantees. By bringing these diverse sources of funding together, the project achieves a lower average cost of capital.



Johnstone explains, “Blended finance means in this context&#8230; to bring in capital in defined proportions in pursuit of a low average cost of capital.” Notably, this blended finance model also allows



for differential risk sharing. If a project underperforms, certain investors may not receive a return, thus sharing the risk in a structured and agreed-upon manner.



Once a project is up and running, it has an obligation to repay its funders, whether those are lenders through equity or energy loans, or others through dividends. Johnstone describes this repayment as a “waterfall”, with those who took the least risk and accepted a lower return being repaid first.



It’s important to highlight the transparency and regulation of these funds. They operate similarly to companies, are regulated by appropriate bodies, and are overseen by advisory boards and investment committees populated by investors or independent representatives. This governance structure ensures a high level of oversight and accountability.



Another key aspect of the SA-H2 project is the co-existence of different funds. The development side of the project is planned with public contracts and equity funds in mind. This co-existence helps redefine what “bankable” means in the context of these projects, potentially accelerating the implementation process.



These blended finance projects aim to create scalable, replicable, and improvable markets, serving as a catalyst for broader change in the energy sector.



South Africa’s SA-H2 initiative is not alone in its ambition.



Namibia is also making significant strides in the green hydrogen sector.



Noteworthy is a project in the Tsau Khaeb National Park, near Lüderitz, with the Namibian government proactively confirming a 24% equity stake in this $10 billion project, almost equivalent to the country’s gross domestic product.



This initiative, led by Hyphen Hydrogen Energy, is gaining momentum with several key partners signing a Memorandum of Understanding to collaborate on the necessary infrastructure for Namibia’s green hydrogen production ambitions.



“Namibia is perfectly positioned to produce low-cost green hydrogen and ammonia for domestic and international markets,” said Frans Kalenga, Technical Advisor to the Minister of Mines and Energy of Namibia on Namibia’s joining of the AGHA, in a press statement. “[It] provides a platform for us to collaborate with neighboring countries. AGHA’s report reaffirms the potential, and provides important recommendations on how we can work together to unlock the extraordinary potential.”



This potential is estimated to generate 15,000 jobs during the direct construction of the project, and a further 3,000 created permanently when the project is fully underway.



Namibia’s Vice President Nangolo Mbumba acknowledged the global transition toward green hydrogen, as well as the country’s abundant natural resources and landscape assisting in the suitability of its development as an industry.



“We are now approaching new fields of economy. Everybody is talking about green hydrogen. Three-four years ago, even the pronunciation was not known,” he said, speaking during the Forbes Under 30 Summit Africa in Botswana in April. “People need energy, and plenty of it,” he continued, acknowledging the international collaboration, local training and investment in education to develop the skills needed for green hydrogen initiatives.



“If we succeed, we will produce enough energy for the whole region of southern Africa,” added Mbumba.



<h3 class="wp-block-heading">Policy and profitability</h3>



A confluence of factors is propelling the growth of green hydrogen in Africa. The continent’s abundant natural resources, particularly sunlight and wind, provide an ideal setting for green hydrogen production. Escalating global demand for clean energy is creating opportunities for African nations to emerge as green hydrogen exporters. Moreover, policymakers are increasingly recognizing green hydrogen’s potential in achieving climate goals and fostering sustainable development.



The advent of green hydrogen presents a substantial opportunity for job creation across the African continent.



With Africa positioned as a potential global exporter of green hydrogen, the sector could become a significant contributor to the continent’s GDP. Moreover, the revenues generated from green hydrogen exports could be reinvested into local communities, improving infrastructure, education, and healthcare.



An analysis by McKinsey on behalf of AGHA identified a possible increase in GDP for member countries of between $66 billion and $126 billion by 2050, as well as up to 4.2 million new jobs as a result of green hydrogen investments.



The potential offers a pathway for nations to build a more resilient future, mitigating economic risks tied to unpredictable oil and gas prices. By developing a green hydrogen industry, nations could foster local technological innovation and enhance their manufacturing capabilities.



This prospect could shift Africa’s role in the global energy landscape, transitioning from a net importer of fossil fuels to a significant exporter of clean energy.



However, the promise of green hydrogen is not solely economic. It also offers a sustainable solution that addresses the pressing issues of economic development and climate change simultaneously.



<h3 class="wp-block-heading">Green Hydrogen is a tool for survival</h3>



As the world stands on the brink of a pivotal moment in its fight against climate change, green hydrogen emerges as a powerful ally. As a clean, carbon-free source of energy, green hydrogen can replace fossil fuels in various sectors, leading to a dramatic reduction in greenhouse gas emissions.



In Africa, where climate change threatens both people and ecosystems, investing in green hydrogen will not only enable nations to contribute to global emission reductions but also helps them build resilience against climate change impacts at home.



Even though Africa is responsible for only a fraction of global carbon emissions, the continent is actively taking steps to reduce its carbon footprint.



Green hydrogen can play a significant role in these efforts, replacing carbon-intensive fuels across the economy and leading to substantial emission reductions.



Moreover, exporting green hydrogen to other continents could further reduce global carbon emissions, enhancing Africa’s contribution to the global fight against climate change.



Renewable energy has been identified by many African countries as a key element of their climate change mitigation strategies. Incorporating green hydrogen into these strategies could hasten their progress towards achieving climate goals.



By offering a means to store and transport renewable energy, green hydrogen could solve one of the significant challenges of the energy transition: the intermittency of wind and solar power. This could facilitate a more extensive and efficient use of renewable energy, driving further emission reductions.



At the heart of the global energy transition, green hydrogen stands out as a beacon of hope. This renewable resource, making waves in the energy sector worldwide, has found a promising home in Africa. The continent, blessed with abundant wind and sunlight, is quickly gaining recognition as a potential global leader in green hydrogen production.



Pioneering projects across the continent signify Africa’s commitment to embracing green hydrogen.



Yet, the narrative of green hydrogen extends beyond economics. It is a tale of resilience and innovation in the face of climate change. Looking ahead, it’s clear that green hydrogen could reshape Africa’s energy landscape, transforming the continent from a net importer of fossil fuels to a major exporter of clean energy. Such a transformation could not only stimulate economic growth but also enhance Africa’s influence in global energy and climate policy discussions.



For Africa, the opportunity is now. It’s an opportunity that calls for further research, investment, and policy support, for the sake of the continent and the world.

Aerial view of hydrogen tank terminal at sea

The Rise Of Green Hydrogen In Africa

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



Global oil demand reached record levels in June and is poised to peak again in August, the International Energy Agency&nbsp;<a href="https://www.iea.org/reports/oil-market-report-august-2023" target="_blank" rel="noreferrer noopener">said</a>&nbsp;on Friday, warning that price hikes could be on the horizon as slowing outputs from major suppliers like Saudi Arabia tighten supply.



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



World oil demand hit a record 103 million barrels a day in June, the IEA said.



The agency said demand could rise further in August and demand for 2023 as a whole is expected to reach 102.2 million barrels a day.



The figure, an increase of around 2.2 million barrels a day from the year before, would mark the highest ever annual level, the agency said.



China is responsible for the lion’s share of this growth, accounting for more than 70% of the uptick, the IEA said, adding that demand there was “stronger than expected” and reached new highs “despite persistent concerns over the health of the economy.”



Strong summer air travel and the increased use of oil in power generation also contributed to increased demand, the IEA said.



The IEA forecast continued, albeit slower, growth for oil demand in 2024, pointing to “lacklustre economic conditions,” new electric vehicles and the “post-pandemic rebound running out of steam.”



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



Oil prices could be poised to rise even higher in coming months as major producers, particularly Saudi Arabia, move to constrict supplies. Previous production cuts from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have helped&nbsp;<a href="https://www.reuters.com/markets/commodities/oil-benchmark-brents-price-structure-reflects-tighter-market-2023-08-10/" target="_blank" rel="noreferrer noopener">drive</a>&nbsp;oil prices up and the IEA warns the bloc’s targets, if maintained, pose “a risk of driving prices still higher.”



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



The IEA said Russia’s oil exports breached the price cap put in place by the Group of Seven (G7) nations. Prices reached an average of $64.41 a barrel last month, the IEA said, above the $60 a barrel cap the group set. The cap was designed to limit Moscow’s ability to fund its war in Ukraine while simultaneously averting chaos in global energy markets by keeping its oil on the markets and it limits how companies can move Russian oil by cutting access to things like insurance and other key services should they pay more than this threshold. The rule has changed the map of global oil supply chains and exports from Russia, a major producer, away from Europe and towards Asia. The IEA said crude exports to India and China accounted for 80% of Russia’s shipments.



Forbes Daily: Get our best stories, exclusive reporting and essential analysis of the day’s news in your inbox every weekday.Sign Up



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



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



While oil demand dropped during the Covid-19 pandemic and as the world shifted to greener forms of energy, supplies have also tightened from output cuts and disruption from Russia’s invasion of Ukraine. The recent squeeze, spearheaded by Saudi Arabia’s voluntary production cuts, have helped push prices up and Brent crude, a key international benchmark, was trading at $88 dollars a barrel on Thursday, a six month&nbsp;<a href="https://www.reuters.com/markets/commodities/iea-lowers-2024-oil-demand-growth-forecast-2023-08-11/" target="_blank" rel="noreferrer noopener">high</a>.



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



<a href="https://www.forbes.com/sites/roberthart/2023/07/19/electricity-demand-slows-in-2023-as-economic-downturn-and-energy-crisis-weighs-on-growth-iea-says/">Electricity Demand Slows In 2023 As Economic Downturn And Energy Crisis Weighs On Growth, IEA Says</a>&nbsp;(Forbes)



<a href="https://www.bloomberg.com/news/articles/2023-08-11/global-oil-demand-hits-record-and-prices-may-climb-iea-says" target="_blank" rel="noreferrer noopener">Global Oil Demand Hits Record and Prices May Climb, IEA Says</a>&nbsp;(Bloomberg)



<a href="https://www.reuters.com/markets/commodities/iea-lowers-2024-oil-demand-growth-forecast-2023-08-11/" target="_blank" rel="noreferrer noopener">IEA sees slower 2024 oil demand growth, tightening market this year</a>&nbsp;(Reuters)



<a href="https://www.bbc.com/future/article/20230726-an-experts-guide-to-peak-oil-and-what-it-really-means" target="_blank" rel="noreferrer noopener">Is the decline of oil in sight?</a> (BBC)<a href="https://www.forbes.com/sites/roberthart/"></a>

Oil pump with candle stick graph chart in the background. World Oil Industry

Oil Prices Poised To Soar As Global Demand Hits Record High, IEA Says

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



New research found that organs like the heart, liver and kidneys may still be affected by Covid well after the lungs have healed, affirming previous research that long Covid can affect multiple organs.



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



A new&nbsp;<a href="https://www.science.org/doi/10.1126/scitranslmed.abq1533" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in&nbsp;Science Translational Medicine&nbsp;on Wednesday reviewed how Covid can negatively affect organs other than the lungs, resulting in long Covid.



Long Covid (also called post-Covid) is lingering symptoms—like loss of smell or taste, chest pain, shortness of breath or brain fog—following recovery from a Covid infection that can last for weeks or even years,&nbsp;<a href="https://www.cdc.gov/coronavirus/2019-ncov/long-term-effects/index.html" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.



The cause of the issue stems from when the virus’ proteins bind to the genes of the mitochondria, the cells’ energy producer, which can negatively impact the body’s organs, leading to dysfunction.



The study also found that even if mitochondrial gene expression recovered in the lungs, the first organ&nbsp;<a href="https://www.lung.org/lung-health-diseases/lung-disease-lookup/covid-19/about-covid-19" target="_blank" rel="noreferrer noopener">affected</a>&nbsp;by Covid infection, it can still negatively impact other organs, including the heart, liver and kidneys.



Long Covid most commonly affects people who suffered from severe Covid symptoms, people with underlying conditions, the unvaccinated and those who had multisystem inflammatory syndrome—a rare&nbsp;<a href="https://www.cdc.gov/mis/index.html" target="_blank" rel="noreferrer noopener">condition</a>&nbsp;associated with Covid in which body parts like the kidneys and brain become inflamed—during or after Covid, the National Library of Medicine&nbsp;<a href="https://medlineplus.gov/postcovidconditionslongcovid.html" target="_blank" rel="noreferrer noopener">reports</a>.



A study published in February by the American College of Cardiology&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/02/23/long-covid-linked-to-heart-problems-here-are-the-symptoms--and-whos-at-risk/?sh=43b1469c6890">found</a>&nbsp;having long Covid doubled a person’s risk of developing cardiovascular health issues.



A separate&nbsp;<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9955527/#:~:text=The%20results%20of%20these%20investigations,in%20long%2DCOVID%2D19." target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in the journal of&nbsp;International Urology and Nephrology&nbsp;found that long Covid may play a part in the development of chronic kidney disease and acute kidney injury.



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



“This study provides us with strong evidence that we need to stop looking at Covid-19 as strictly an upper respiratory disease and start viewing it as a systemic disorder that impacts multiple organs,” Douglas C. Wallace, the study’s coauthor, said in a statement. “The continued dysfunction we observed in organs other than the lungs suggests that mitochondrial dysfunction could be causing long-term damage to the internal organs of these patients.”



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



65 million. That’s how many people worldwide are estimated to suffer from long Covid, according to a&nbsp;<a href="https://www.nature.com/articles/s41579-022-00846-2" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in&nbsp;Nature&nbsp;in February.



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



A recent&nbsp;<a href="https://www.thelancet.com/journals/eclinm/article/PIIS2589-5370(22)00354-6/fulltext" target="_blank" rel="noreferrer noopener">report</a>&nbsp;published in the&nbsp;Lancet&nbsp;found that Covid vaccines could potentially reduce the risk of developing long Covid, with data suggesting two doses is more effective at protection than one.&nbsp;<a href="https://medlineplus.gov/postcovidconditionslongcovid.html" target="_blank" rel="noreferrer noopener">According</a>&nbsp;to MedlinePlus, a site run by the National Institutes of Health’s National Library of Medicine, post-Covid symptoms may present in one of three ways: Patients may develop new health issues months after a Covid infection; they seem to recover from Covid, but their symptoms come back; or they have symptoms that can linger for a span of days to years. Long Covid&nbsp;<a href="https://www.cdc.gov/coronavirus/2019-ncov/long-term-effects/index.html" target="_blank" rel="noreferrer noopener">symptoms</a>&nbsp;can include heart palpitations, chest pain, diarrhea, stomach pain, coughing, shortness of breath or neurologic symptoms—like brain fog, headaches or sleep problems. There is not a certain test for long Covid. To diagnose it, a physician will ask about a patient&#8217;s medical history, conduct a physical exam and they may order blood work and imaging tests.



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



New&nbsp;<a href="https://www.medrxiv.org/content/10.1101/2023.06.29.23292056v1" target="_blank" rel="noreferrer noopener">research</a>&nbsp;published in&nbsp;medRxiv&nbsp;suggests that genetics may play a role in who develops long Covid. The researchers looked at data from 24 different studies with almost 6,500 participants and found that patients with long Covid were more likely to share DNA around a gene called FOXP4, which is a gene that may be involved in immune responses in the air sacs of the lungs. However, just because a patient has the FOXP4 gene doesn’t guarantee they will develop long Covid. The gene has previously been&nbsp;<a href="https://pubmed.ncbi.nlm.nih.gov/25994569/" target="_blank" rel="noreferrer noopener">found</a>&nbsp;to play a role in tumor growth in lung cancer.



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



<a href="https://www.forbes.com/sites/ariannajohnson/2023/02/23/long-covid-linked-to-heart-problems-here-are-the-symptoms--and-whos-at-risk/?sh=43b1469c6890">Long Covid Linked To Heart Problems: Here Are The Symptoms – And Who’s At Risk</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/06/15/more-people-got-diabetes-during-the-covid-pandemic-heres-why/?sh=65ea758f31d3">More People Got Diabetes During The Covid Pandemic—Here’s Why</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/05/10/covids-no-longer-a-public-health-emergency-heres-how-that-may-affect-you/?sh=33db5d4d20e3">Covid’s No Longer A Public Health Emergency: Here’s How That May Affect You</a> (Forbes)

TUNISIA-HEALTH-VIRUS-TOURISM-HOSPITAL

Long Covid May Affect Organs Like The Heart And Kidneys After Lungs Recover, New Research Says

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



Moderna and BioNTech shares both cratered to their lowest price in years Monday as the companies behind the most widely-circulated mRNA Covid-19 vaccines grapple with investor disappointment with crashing revenues.



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



BioNTech and Moderna’s stocks fell 8% and 6%, respectively, a decline spurred by BioNTech’s earnings report revealing the German firm’s sales fell 95% year-over-year last quarter.



Moderna’s fresh decline came after it reported a 93% annual decline in quarterly revenues in its own earnings release Thursday.



Moderna’s $101.20 close Monday was its lowest since November 2020, while BioNTech’s $98.50 close was its lowest since March 2021.



BioNTech, which developed a Covid vaccine with Pfizer, said Monday it expects to generate $5.5 billion in Covid vaccine sales this year, a 70% decline from 2022, while Moderna’s $6 billion to $8 billion in forecasted Covid jab sales is similarly about two-thirds below its $18 billion of revenue in the unit last year.



The stock crashes moved against broader market gains, with the Dow Jones Industrial Average’s 408-point, or 1.2%, rally its strongest since June 2.



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



Shares of Moderna are down 78% from their September 2021 high of $456, making the Massachusetts-based pharmaceutical company the worst-performing stock listed on the S&amp;P 500 during the period, according to FactSet data. BioNTech, which isn’t listed on the S&amp;P, is also down 78% from its 2021 peak share price. Moderna and Pfizer are among the worst-performing stocks listed on the S&amp;P this year as the rival firms both grappled with&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/01/31/pfizer-expects-covid-vaccine-and-pill-revenues-will-fall-60-in-2023/?sh=182d46027bee">declining demand</a>&nbsp;for Covid prevention and treatment.



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



About $340 billion. That’s how much market capitalization BioNTech (down $85 billion) and Moderna (down $157 billion) have lost over the last two years.



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



Until BioNTech gets “the COVID guidance monkey off its back, this will remain purgatory for most investors,” Jefferies analysts led by Akash Tewari wrote in a Monday note to clients.



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



<a href="https://www.forbes.com/sites/dereksaul/2023/07/03/worst-stocks-of-2023s-first-half-battered-banks-and-vaccine-makers/" target="_blank" rel="noreferrer noopener">MORE FROM FORBESWorst Stocks Of 2023&#8217;s First Half: Battered Banks And Vaccine MakersBy Derek Saul</a>

In this photo illustration the medical syringe is seen with

Covid Vaccine Makers’ Stocks Crash To Multiyear Lows Monday As Sales Keep Sliding

The recent coup in Niger has escalated tensions in West Africa as the junta defies ECOWAS&#8217;s deadline for reinstating President Mohamed Bazoum.



Niger has closed its airspace following the expiration of a deadline imposed by the Economic Community of West African States (ECOWAS) for the reinstatement of elected President Mohamed Bazoum. This comes after Bazoum was ousted in a coup by a military junta, marking a significant crisis in West Africa&#8217;s diplomatic landscape.



ECOWAS, a regional political and economic union of fifteen West African countries, has been pushing for democratic stability in the region, and military action to reinstate the president is now a possibility. The situation has attracted international attention, with the coup igniting tensions in an already fragile part of the continent.



The coup, which was declared last month by the head of the Presidential Guard, General Abdourahamane Tchiani, blamed a lack of economic growth and continuing insecurity for the ousting of Bazoum. However, the country has long seen divisions between the democratic political sphere and the military, with the last coup attempt being mere days before Bazoum’s inauguration in 2021.



Niger under Bazoum has served as a critical strongpoint for the European Union in an attempt to block illegal migration from Africa, and an important ally from which France has based its military operations on the continent after relations with Malian authorities soured last year. The United States also considers Niger an ally, and has supported the country with foreign aid, some of which has been paused in light of the coup.



African heads of state as well as European and American bodies have condemned the coup, and ECOWAS’ stated deadline for Bazoum’s reinstatement reflected the body’s hard stance against his deposition.



However, the closure of Nigerien airspace yesterday indicates that the junta will not comply with demands, increasing tensions, as it remains to be seen whether this non-compliance will result in a military invention by ECOWAS in the already unstable region.

Demonstration of coup supporters in Niger

Niger Airspace Closure Signals Deepening Crisis As ECOWAS Deadline Passes

Among the key topics to be addressed at the BRICS Summit in August are the expansion of the bloc, a common currency within it, and ensuring food and energy security.



After three years of virtual summits, South Africa is hosting in person the 15th BRICS Summit at the Sandton Convention Centre in Johannesburg from August 22 to 24.



An acronym for the world economies of Brazil, Russia, India, China, and since 2010, South Africa, BRICS, according to Trevor Bester, CEO of BRICS Global Television Network (expected to launch on August 20), “is a continuation of a vision established in 2010 as a platform to trade with a common currency, decreasing reliance on the dollar as the global reserve currency. The fastest-growing economies joined together to become the dominant global economies by 2050”.



The summit comes at a vital time in the alliance’s history as more than 20 countries have expressed interest in joining. None is more certain than Saudi Arabia, largely because of its interest in funding the BRICS Bank.



This will have massive positive implications for the emerging economies in the bloc and their development.



Iran is also likely to be accepted. It has embraced the global south and expressed its desire to eliminate Western dominance, one of the goals of BRICS, and will not hesitate to embrace and assist in de-dollarization efforts.



The United Arab Emirates, Indonesia, Bangladesh, Argentina and Egypt all stand a chance of also being accepted and bring with them varying benefits.



Among the key topics to be addressed at the summit are the expansion of BRICS, a common currency within the bloc and ensuring food and energy security.



“BRICS already accounts for 31.5% of global GDP and by 2030 will account for 50%. China is the fastest-growing economy at the moment but India is likely to take over,” says Bester.



“BRICS countries’ combined population is at 3.24 billion, which represents almost half the world’s population and have a combined GDP of $26.03 trillion. This, combined with the gradual decrease of unemployment in the BRICS countries from 4.8% in 2022 to 4.7% in 2023, illustrates the progressive nature of the concerned economies.”



The New Development Bank, formerly referred to as the BRICS Development Bank, established in 2014, offers member countries a platform to trade with each other in either local currency or a new currency backed by gold.



“The benefits of this bank, amongst others, is to finance infrastructure and sustainable development projects in emerging markets and countries,” says Redge Nkosi, Executive Director and Head of Research at Firstsource Money and Monetary Reform, to FORBES AFRICA.



“BRICS members will be able to achieve a level of self-sufficiency in international trade.”



The move could make it easier for economies to take on the US dollar and challenge its global reserve status.



In the last 18 months, BRICS nations have increased their gold buying expenditure and are stockpiling the precious metal.



The dollar is now a risky asset as it comes with the dangers of debt. If the debt ceiling crisis worsens, it could cause a domino effect of financial problems in developing countries. Therefore, a handful of countries in Asia,



Africa, Latin America, and Europe are looking to stay away from the dollar for global settlements.



For Africa, this is an opportunity. In recent years, BRICS has expanded its involvement on the continent. BRICS members are now Africa’s largest trading partners and significant investors, especially in the manufacturing and service sectors.



Pursued properly, BRICS participation can position South Africa and other African countries as being among the world’s fastest-growing economies.



Pravin Maharaj, Chairman of Trade BRICS, believes that by South Africa hosting the summit, “the time for Africa has arrived, it has moved from vision to reality”.



“The summit will focus on bringing about less poverty, less inequality and more development. Youth will have more to look forward to as education is also a key focus area at the summit,” he says to FORBES AFRICA.

BRICS summit

‘Less Inequality And More Development’: What To Expect At The BRICS Summit

A week before the 2023 French Open, South African tennis ace and paralympian Kgothatso Montjane said on radio that she wanted to top her achievements with a Grand Slam win “to validate everything”.



“And then I went out to win the Grand Slam, it was just unbelievable!” she says now, back in South Africa at the end of June as a Roland Garros women&#8217;s wheelchair doubles champion with Yui Kamiji from Japan as the two clinched an impressive 6-2, 6-3 victory over Diede de Groot and Maria Moreno.



Speaking to FORBES AFRICA soon after her win, she reminisces that this was not the career she had originally envisioned for herself.



“I picked up a racket at the age of 19 for the first time,” says the 37-year-old. “At school, I was playing quite a lot of sport. So I think that&#8217;s the reason why [with] tennis, they came directly to me. They were like ‘you’ve got to go try this’. So I was somehow forced into it.”



The Limpopo-born tennis player remembers going to university not sure about wanting to continue the sport.



“At school, I felt like I was good at table tennis. So for me, that&#8217;s what I was looking forward to playing when I got to university, but it wasn&#8217;t there. Even wheelchair basketball, I think I would have settled for, but tennis, it was foreign to me. I have never seen it anywhere. And I just never understood this whole thing of them wanting me to play the sport.”



A few years later, she was approached to play professionally, which came with the opportunity to travel the world. At first, it seemed an attractive proposition but it was not without its challenges, especially when she had to start securing her own sponsorships.



“It was glamorous at the beginning, because there was someone taking care of everything,” Montjane explains. “We didn&#8217;t have to worry, we just had to pack our bags and go to the airport. I didn&#8217;t know the financial implications that were involved, the admin and the entering of tournaments.”



This meant that she had to learn to be business-savvy. So the young sportswoman set off to learn to draft proposals and approach sponsors across the board.



All of this is what led to Montjane’s illustrious career including being named ‘South Africa&#8217;s disabled sportswoman of the year’ three times (2005, 2011 and 2015), holding 29 singles titles and winning wheelchair tennis tournaments such as the Belgian Open and Swiss Open.



Montjane also made history as the first South African woman to win at Roland Garros since Tanya Harford’s and Rosalyn Fairbank&#8217;s victory in 1981.



“I still can&#8217;t believe it happened. When someone says ‘Grand Slam champion’, I am like ‘Nah, you are not talking to me’. It&#8217;s still to sink in,” she says. “I just want people to know that disability doesn&#8217;t mean inability. It&#8217;s just a condition that limits you in a certain way… At the end of the day, we people with disabilities – we are human, we are capable, we are talented.”

IMG-2912

‘Disability Does Not Mean Inability’: South Africa’s Wheelchair Tennis Champ

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



The U.S. women’s national team game against the Netherlands was last week’s most-watched show on television as it broke records for the highest-ever English language viewership of a group stage match in women’s FIFA World Cup history.



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



The match, which saw the two teams draw 1-1, was watched by 6.4 million people last Wednesday, Nielsen data shows, and is the second U.S. game from this year’s World Cup to score record viewership.



The Netherlands match was the most-watched ever in a group stage and the July 21 game, a 3-1 win over Vietnam, was watched by 5.3 million people, making it the third most-viewed group stage game in Women&#8217;s World Cup history behind the 2019 U.S. game against Chile in second place.



The game against the Netherlands was the most-watched broadcast show last week by almost 1 million viewers—CBS&#8217;s&nbsp;60 Minutes&nbsp;saw 5.6 million viewers in second place, followed by Tuesday&#8217;s episode of&nbsp;America&#8217;s Got Talent&nbsp;with 5.8 million watchers and&nbsp;Celebrity Family Feud, which drew 3.6 million.



Viewership numbers for the final group-stage match for the U.S., a game played against Portugal Monday, have not been released but likely won’t hold up to the others because of timing—the Portugal game aired at 3 a.m. ET as opposed to 11 p.m. and 9 p.m. for the Vietnamese and Netherlands matchups, respectively.



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



The next game. The 0-0 tie against Portugal allowed the U.S. team to finish second in Group E and narrowly advance. The team will play its first World Cup knockout stage game at 5 a.m. Sunday against Sweden. The World Cup is now down to its last 16 teams.



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



The U.S. team has won the FIFA Women&#8217;s World Cup four times—more than any other country. The Americans are the current champions after winning the 2019 tournament in France and they also won the title in 2015 in a game that became the second most-watched soccer game in American history with 26.9 million viewers,&nbsp;<a href="https://www.inquirer.com/philly/blogs/thegoalkeeper/most-watched-soccer-games-united-states-world-cup-copa-america.html" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;the&nbsp;Philadelphia Inquirer.&nbsp;No country has ever won three consecutive men&#8217;s or women&#8217;s World Cups and the feat is rare at the professional level in any sport. The&nbsp;<a href="https://www.usatoday.com/story/sports/2022/06/15/major-sports-teams-three-peat-last-50-years/7635754001/" target="_blank" rel="noreferrer noopener">last American team</a>&nbsp;to do it was the Los Angeles Lakers, which won the NBA Championships in 2000, 2001 and 2002. Other teams include the Chicago Bulls from 1996 to 1998, New York Yankees from 1998 to 2000 and the WNBA&#8217;s Houston Comets, which won four championships from 1997 to 2000.



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



Fox News continued its domination in the cable sphere last week, Nielsen data shows, with nine of the 10 most-watched cable shows. All five episodes of the round-table talk show&nbsp;The Five&nbsp;were in the top 10, with Wednesday&#8217;s airing the most watched at 3.1 million viewers. MSNBC&#8217;s&nbsp;Rachel Maddow Show&nbsp;was the only non-Fox show to break in—2.5 million people watched the Monday episode, ranking it ninth place. Fox News saw a 26% jump in ratings&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/26/fox-news-ratings-surge-26-amid-post-tucker-carlson-shakeup-and-trump-interview/?sh=4e84af1d180e">two weeks ago</a>&nbsp;when it premiered its reshuffled lineup with Jesse Watters in the 8 p.m. spot once held by Tucker Carlson, and last week’s numbers show viewership has climbed even higher. Fox News averaged 1.84 million primetime viewers for the week of July 24, up from 1.81 million in the previous week.



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



<a href="https://www.forbes.com/sites/brianbushard/2023/07/27/womens-world-cup-hits-record-tv-viewership-for-group-stage/?sh=6a248029358e">Women’s World Cup Hits Record TV Viewership For Group Stage</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/26/fox-news-ratings-surge-26-amid-post-tucker-carlson-shakeup-and-trump-interview/?sh=1033bef0180e">Fox News Ratings Surge 26% Amid Post-Tucker Carlson Shakeup—And Trump Interview</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/brettknight/2023/07/21/womens-world-cup-highest-paid-alex-morgan-megan-rapinoe/?sh=ceabde45acdd">The Highest-Paid Players At The 2023 Women’s World Cup</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/kellyphillipserb/2023/07/21/money-equity-and-taxes-make-news-early-at-the-2023-womens-world-cup/?sh=54fbd7196386">Money, Equity And Taxes Make News Early At The 2023 Women’s World Cup&nbsp;</a>(Forbes)



<a href="https://www.forbes.com/sites/manasipathak-1/2023/07/18/netflix-will-follow-united-states-at-womens-world-cup/?sh=c4b66c12524c">Netflix Will Follow United States At Women’s World Cup</a> (Forbes)

South Africa v Italy: Group G – FIFA Women’s World Cup Australia & New Zealand 2023

The Women’s World Cup Was TV’s Most-Watched Show Amid Record-Breaking Viewership

“It’s not just a knowledge-sharing initiative,” Business Unity South Africa (BUSA) CEO, Cas Coovadia, tells FORBES AFRICA of its collaboration with government. This is following a pledge by CEOs from over 115 of the country’s leading corporations to contribute to addressing challenges around energy, logistics, crime and corruption.



With CEOs from over 115 of South Africa’s leading companies signing a pledge recently, stating their firm belief in the potential of the country and their aim to achieve sustainable, inclusive economic growth, there is new hope from Big Business and a message – that it’s keen to work with government and build the country.



The companies span a range of sectors and include the likes of Anglo American, Sasol, SAB, RCL Foods, Coca-Cola, Unilever, Arcelor Mittal, PPC, Mondi, Hollard, Allan Gray, Deloitte, KPMG, Naspers, EOH, Growthpoint, Fidelity, and more.



The reported market cap of the 115+ entities exceed R11 trillion ($598 billion) and they together employ more than 1.2 million people.



“Through strategic partnerships and focused interventions, we have the power to make a significant and positive impact on our nation, creating hope for all South Africans. We are resolutely committed to being a force for good,” the pledge concludes.



Business Unity South Africa (BUSA) has said, in a statement on this pledge, that through the Business for South Africa (B4SA) structure, it is collaborating with government to implement key interventions in energy, logistics and transport, and crime and corruption.



BUSA CEO Cas Coovadia says following their dialogue with President Cyril Ramaphosa, which resumed earlier this year, they are collectively working on a structure to tackle these issues.



“We don’t want to reinvent the wheel in trying to determine what the problems are. We’re actually giving three pages on each of these – so these are the interventions you need to make and if you make those interventions, this will be the impact on investment, growth and jobs.



“We briefed a broad range of CEOs on this and what we suggested is that if they can sign a pledge along the lines of the one you’ve seen, which basically backs up this work we are doing.”



He adds that this move reinforces the message that business is keen on working with government.



“We will put in the resources and capacity to make all of this happen, provided we have a structured relationship with government, with clear outcomes, with clear timeframes and their people are sitting with us in a real partnership – that’s what the pledge is all about.”



President Ramaphosa had a follow-up meeting with business leaders on Tuesday, continuing their collaborative efforts.



South Africa’s energy challenges have been well-documented. According to an International Monetary Fund (IMF) country focus, published in June, the economy grew by 0.4% between January and March this year, with power cuts, volatile commodity prices and a challenging external environment the main contributions to the weak growth.



The fund adds that it projects that, by year-end, real GDP growth will fall sharply from last year.



“The country has faced rolling blackouts after years of mismanagement of the state-owned utility, Eskom, prompting the authorities to ease the registration process and licensing requirements for energy production to encourage private sector investment,” cites the report.



“Additional far-reaching reforms are needed to achieve job-rich, inclusive, and greener growth. These include improving the country’s energy and logistical constraints, reducing barriers to private sector investment, addressing structural rigidities in the labor market, and tackling crime and corruption.”



Encouragingly, Coovadia says that energy is actually where government and business have made the most progress.



“[The President] put together a National Energy Crisis Committee (NECOM) in his office. He then realized he doesn’t have the expertise to implement the plan and approached us. We discussed this – we were happy with the plan on the basis that there were some good people at NECOM under very difficult circumstances, trying to actively get the plan implemented,” he says.



This is where the Resource Mobilization Fund (RMF) came in. The Presidency reported in March that the fund had raised R100 million ($5.4 million) from businesses and philanthropies.



“We put together a light touch, not for profit, called the Resource Mobilization Fund to do two things – raise the money and procure the expertise. We raised half the money from our global foundation, the rest from South African business. We put together a procurement team made up of procurement people from five corporates. On the basis of the expertise NECOM needed, we went through an open RFP (request for proposal) process.



“As of three weeks ago, expertise have been donated to NECOM and they started working with NECOM to implement the plan as a matter of urgency. We’ve put engineers into four power stations to increase the energy factor in those power stations so we’re working well with them on energy. There’s good progress.”



While South Africa’s challenges in energy do clearly impact the economy, Coovadia says progress in logistics is equally, if not more, crucial.



“Logistics is probably a bigger problem than energy in the sense that the opportunity costs on our ports degrading, our rail system degrading, as a result of goods being transferred by road – our road system degrading – the cost to business, of that, are severe,” he says.



“We believe if we get that right, we will have a significant impact on instilling confidence in the country, on investors coming in and on actually reducing the cost of doing business, and the cost of production and businesses operating efficiently. To us, that’s a big issue.”



Coovadia reiterates that the massive problem with crime and corruption is that it has a direct impact on business, the confidence of investors and in the lives of the country’s people. But the focus on these three areas does not mean they are the only areas of concern.



“Let’s get to a stage where we can show results on these and then we can look at other stuff.”



He also mentions the importance of impacting more than just the country’s major companies.



“One of the pieces of work we’ve done in addition to this is looking at what are the factors that can lead to employment, looking at the informal sector, the SME sector and so on. As part of this, we would want to see one, from a regulatory point of view, what needs to be done, but secondly, how does bigger business relate to SMEs and the informal sector,” says Coovadia.



“Firstly, in the SME sector, to try and get SMEs in the value chains, to support SMEs, to look at why so many SMEs are failing and what we can do about that. From an informal trading point of view – to see what light touch regulation [and] management that can actually get those informal traders into more impactful situations, and how points and supermarkets in townships can work with informal traders. As soon as we’re ready to release that, we will do so.”



Coovadia concludes that the business sector is going into this collaboration with their eyes open and will assess and review their stance in the next four or five months if there’s no traction or progress being made.

Tag: COVID-19

FORBES AFRICA SOCIAL MEDIA