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



An all-female crew including pop star Katy Perry, broadcast journalist Gayle King and Jeff Bezos’s fiancée Lauren Sanchez will blast off to space in a livestreamed launch Monday morning on a flight manned by Blue Origin, marking the company’s latest star-studded trip that will take its crew on a brief trip into space.



<h2 class="wp-block-heading">Key Facts</h2>



Perry, King and Sanchez will be joined Monday by scientists Amanda Nguyen and Aisha Bowe, as well as independent film producer Kerianne Flynn, marking the first all-female space trip since 1963.



The mission will take flight on Blue Origin’s New Shepard vehicle, which has already carried several celebrities to space and can reportedly cost passengers millions.



<h2 class="wp-block-heading">When Is The Blue Origin Launch And How Can I Watch It?</h2>



Blue Origin is targeting 9:30 a.m. EST for&nbsp;<a href="https://www.blueorigin.com/missions/ns-31" rel="noreferrer noopener" target="_blank">launch</a>, though takeoff could be pushed back slightly due to weather-related or technology-related delays. Blue Origin began live coverage and a livestream of the launch on its social media&nbsp;<a href="https://x.com/blueorigin/status/1910799194937290837" rel="noreferrer noopener" target="_blank">channels</a>&nbsp;and its&nbsp;<a href="https://www.blueorigin.com/missions/ns-31" rel="noreferrer noopener" target="_blank">website</a>&nbsp;earlier Monday.



<h2 class="wp-block-heading">Why Are Katy Perry And Gayle King Going To Space?</h2>



The space mission is the latest flight on Blue Origin’s New Shepard vehicle, which was created for commercial space flights and is a key figure in the growing, and costly, space tourism industry. In a cover story about the space mission, Perry told&nbsp;<a href="https://www.elle.com/culture/celebrities/a64341516/blue-origin-female-flight-crew-space-interview-2025/" rel="noreferrer noopener" target="_blank">Elle</a>&nbsp;she has “wanted to go to space for almost 20 years” and wanted to make space “glam.” She told the&nbsp;<a href="https://apnews.com/article/katy-perry-spaceflight-interview-ced939b06e1b8b82fa84fe3c2ce41ad9" rel="noreferrer noopener" target="_blank">Associated Press</a>&nbsp;she has “always been interested in astrophysics and interested in astronomy and astrology and the stars,” adding she wants to “inspire young girls to go, ‘I’ll go to space in the future.’” The crew members told Elle they wanted to set an example for women in space exploration, citing statistics that only about 11% of all people to travel to&nbsp;<a href="https://theconversation.com/almost-90-of-astronauts-have-been-men-but-the-future-of-space-may-be-female-125644" rel="noreferrer noopener" target="_blank">space</a>&nbsp;have been women.



<h2 class="wp-block-heading">How Long Is Blue Origin’s Space Mission—and Where Are They Going?</h2>



The&nbsp;<a href="https://www.blueorigin.com/news/new-shepard-ns-31-mission" rel="noreferrer noopener" target="_blank">flight</a>&nbsp;is expected to last just 11 minutes. The spacecraft will take the crew about 62 miles past the Kármán line, which is the internationally recognized boundary of space. The crew will feel several minutes of weightlessness while in space before returning to Earth. There will not be any pilots on board, as the rocket is fully autonomous.



<h2 class="wp-block-heading">Which Celebrities Has Blue Origin Taken To Space?</h2>



Bezos, the world’s second-richest person and the founder of Blue Origin, went to space on a New Shepard flight in July 2021, the spacecraft’s first mission with a crew. Bezos was joined by his brother, Mark Bezos, aviator Wally Funk and then-18-year-old Oliver Daemen. Daemen was selected to join the mission after crypto billionaire&nbsp;<a href="https://www.forbes.com/profile/justin-sun/">Justin Sun</a>&nbsp;won an auction for a whopping $28 million to join the crew, but&nbsp;<a href="https://www.washingtonpost.com/technology/2021/07/15/blueoriginjeffbezos28millionauctionspace/" rel="noreferrer noopener" target="_blank">deferred</a>&nbsp;his flight due to scheduling conflicts. Actor&nbsp;<a href="https://www.usatoday.com/story/news/nation/2025/04/12/blue-origin-spaceflights-new-shepard-rocket/83007319007/" rel="noreferrer noopener" target="_blank">William Shatner</a>&nbsp;flew to space on a New Shepard rocket in October 2021, becoming the oldest person to travel to space, while television host and former NFL player Michael Strahan participated in a New Shepard flight in December 2021.



<h2 class="wp-block-heading">How Much Does A Blue Origin Flight Cost?</h2>



Tickets for travel on Blue Origin’s flights can cost millions. To reserve a seat, customers must fill out a&nbsp;<a href="https://www.blueorigin.com/new-shepard/reserve-a-seat" rel="noreferrer noopener" target="_blank">form</a>&nbsp;on the company’s website that includes a deposit of $150,000. Coby Cotton, a YouTube star who co-founded the popular Dude Perfect channel, flew on a New Shepard rocket in August 2022, and&nbsp;<a href="https://qz.com/emails/space-business/1849365590/space-business-moondaos-golden-tickets" rel="noreferrer noopener" target="_blank">Quartz reported</a>&nbsp;his seat cost $1.25 million. Blue Origin has not publicized how much it charges for space flights, though&nbsp;<a href="https://observer.com/2022/06/blue-origin-space-tourism-pricing-marketing/" rel="noreferrer noopener" target="_blank">Observer reported</a>&nbsp;the company has offered some flights at no cost, while charging others steeper prices. “It’s not about money; it’s about who you are, your social capital, whether you align with their launch purposes,” Roman Chiporukha, co-founder of SpaceVIP, which helps wealthy people book space trips, told Observer.



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



The upcoming space flight has prompted mixed reactions. Actress&nbsp;<a href="https://www.usatoday.com/story/entertainment/celebrities/2025/04/04/olivia-munn-blue-origin-space-comments/82851284007/" rel="noreferrer noopener" target="_blank">Olivia Munn</a>&nbsp;criticized the space trip in an appearance on “Today with Jenna &amp; Friends” last week, calling it “gluttonous.” “It&#8217;s so much money to go to space,” Munn said, adding there are “a lot of people who can&#8217;t even afford eggs.” Some social media users have reacted to the upcoming trip with concern. One&nbsp;<a href="https://www.tiktok.com/@katyperrycrave/video/7489184745314716950?is_from_webapp=1&amp;sender_device=pc" rel="noreferrer noopener" target="_blank">TikTok video</a>&nbsp;praising the space flight garnered 3 million likes, though many of the most-liked comments are from users stating they are anxious about the trip.



<h2 class="wp-block-heading">Further Reading</h2>



<a href="https://www.usatoday.com/story/news/nation/2025/04/12/blue-origin-spaceflights-new-shepard-rocket/83007319007/" rel="noreferrer noopener" target="_blank">11 minutes with a window view of Earth: What to know about Blue Origin spaceflights</a>&nbsp;(USA TODAY)



<a href="https://www.nytimes.com/2021/10/13/science/space/blue-origin-ticket-cost.html" rel="noreferrer noopener" target="_blank">How much does a ticket to space on New Shepard cost? Blue Origin isn’t saying.</a>&nbsp;(New York Times)

11th Breakthrough Prize Ceremony – Arrivals

Katy Perry And Gayle King Head To Space Today: Why They’re Going And How To Watch

Over the past decade, Mauritania has emerged as a region known for its octopus fishery. Can this African desert country, with only 0.5% of arable land and extensive mineral resources, continue to cash in on its coast?



On The extreme northwest corner of the African continent, two nations famous for their arid terrain—Mauritania and Morocco—are enjoying a high tide, thanks to booming prices for their primary oceanic export: octopus. After several down years, following the 2020-21 Covid-19 pandemic, both countries are seeing strong demand for catches of Octopus vulgaris, a species that thrives across a combined 3,000km of Atlantic coastline.



For the Islamic Republic of Mauritania, the nation’s official name, that zone stretches out along a shallow continental shelf whose temperatures and salinity are among the best on earth for the eight-armed Cephalopod, which belongs to a family of seafood varieties that include squid, cuttlefish and nautiluses, and whose market prices also are climbing since last summer.



According to a report from trade publication Seafood Media, from August 2024, Mauritania’s octopus prices have skyrocketed by around $500 per ton since the 2024-2025 season opened, with prices for Morocco only slightly behind.



Merchants like Liman Beirouk of Beirouk Fish Trading, a Mauritanian vendor, are savoring the moment.



“Last summer, during the France Olympics, raw octopus was getting almost €15 [$16.18] per kilo at the dock,” he told FORBES AFRICA earlier this month, adding, “we were sell- ing it for twice that amount in Paris”.



Those prices have held up throughout the winter, where weeks of stormy weather kept catches low, effectively raising prices for whatever fishing crews managed to bring to shore. So brisk has the demand been, Beirouk says, that it even made sense to ship frozen octopus by truck, a two-day journey from Africa, costing €6,000 ($6,492) per truckload. Indeed, these are heady times for one of Africa’s least developed countries.



Over the past decade, the country has emerged as a power in the octopus world, thanks not only to Mauritania’s proximity to markets across North Africa and Europe, but also to a special relationship with consumers in Japan, whose fishing expertise propelled Mauritania’s rise among octopus exporters worldwide.



As per Fortune Business Insights, the global seafood market size stood at around $386.73 billion in 2024. According to additional reports, Africa claims less than 5% of this. Yet within that small portion, Mauritania is a giant.



“Fishing now is number one for Mauritania in terms of foreign exchange and employment,” says Isselmou Hmeida, Commercial Director of the Federación Mauritanie des Pêches, the country’s seafood marketing arm.



“Within the industry,” he says, “number one is octopus”.



The country’s rise in octopus fish- ing began around the 1970s, with the Japanese, who were depleting their traditional stock around the island of Hokkaido. They responded by send- ing teams to Africa to teach Japanese harvest techniques to the locals, dropping pots to the ocean floor and trapping octopus much like lobsters.



By the turn of the new century, Mauritania was emerg- ing as an octopus fishery. According to researchers, Assane Dedah Fall and Berchie Asiedu, from 14,000 metric tons in 2006, octopus landings nearly tripled to over 33,000 by 2018. The following year, in 2019, the country’s catch nearly dou- bled, to a record 55,000 tons.



SeaBOS further calculates some 65,000 Mauritanians to- day are actively involved in octopus’ procurement, with an estimated 200,000 more joining the octopus supply chain. Out of a population of just over five million, about one of ev- ery 20 Mauritanians somehow makes a livelihood from the octopus catch.



Yet today, with the world growing hungrier for its catch, Mauritania faces several dilemmas. For one: who should be al- lowed to catch the Octopus vulgaris, and in what quantities? For another: whose needs come first: the fish or the fishermen?



These are not hypothetical concerns. Countries like Mauritania that discover riches just offshore could also find that the temptation to over-produce soon threatens their capacity to produce at all. “For some years now, the octopus fishery has been show- ing signs of depletion as a result of increasing fishing pressure and high levels of exploitation,” Fall and Asiedu concluded in 2024.



“Landings and yields appear to be declining. There are concerns about the sustainability of the octopus stock.”



So, although prices for octopus today are high, an uncertain future looms.



Signs of Mauritania’s decline already can be seen as far away as Japan. “Mauritania is considered number one qual- ity in Japan,” says Eiki Shimizu, CEO of Shimizu Shoten Co. Ltd a fishery product processing business.



“But it’s getting hard to get. More people are demanding more octopus. Prices are going up.” Shimizu says he’s beginning to look for alternatives from South Korea and elsewhere. “Now the supply from Mauritania is changing,” Shimizu tells FORBES AFRICA. “They used to sell us 90% of the catch. Now it’s more like 40%.”



Over-fishing, many claim, has resulted in harvests of smaller-sized fish, which command lower prices from wholesalers. For artisanal fishers, this amounts to a literal race to the bottom as more crews compete for a species that appears to be growing scarcer on West Africa’s coast.



“The majority of the octopus harvested have been smaller in size,” notes Matilde Mereghetti of the London-based industry research publication, Undercurrent News. “This scarcity of larger octopuses has intensified competition among buyers.”



Therein lies Mauritania’s dilemma: how to regulate against overfishing while still allowing Mauritanians a chance to earn a living from the sea.



Mokhtar Ba, for example, runs a company called Kossi Baye Enterprise with 200 fishermen working out of Senegal’s coastal hub of Saint-Louis, which shares land and sea borders with Mauritania. He is a dual citizen of both countries and has his own views on his country’s octopus dilemma. On the one hand, he praises Mauritania for initiating strict harvest rules and for enforcing them. On the other, he recognizes the many ways commercial fisheries can evade those rules. Moreover, Ba says, well over half the workforce hauling seafood along the coast increasingly comes from other African countries, especially Senegal and Nigeria. They are the ones most tempted to flout regulations by fishing in Mauritanian waters but sell- ing their catch elsewhere.



Yet, there are reasons for optimism.



Nicolas Guichoux, Chief Program Officer for the London-based Marine Stewardship Council, has been keeping an eye on Mauritania and holds out hope. “The good news with fishing is that it’s never too late,” he tells FORBES AF- RICA. He points to his organization’s origins, responding in the 1990s to the catastrophic collapse of codfish stocks along the Atlantic’s Grand Banks. What looked like ruin eventually turned to recovery and more sustainable fishing practices. In 2018, Mauritania received funding from a Switzerland-based NGO, the MAVA Foundation, to begin work improving coastal fisheries. The council built what it calls a “pathway project” involving 15 coastal species. Guichoux treats such initiatives as first steps, essentially building technical capacity in advance of an action plan.

Close-up of crab on rock

Tentacle Temptation: Mauritania Is Known For Its Octopus But It’s Not All Smooth Sailing

As African content continues to be ramped up globally, more creative collaborations are emerging not just in Nollywood, but East Africa too.



The African film industry is almost synonymous with Nollywood, produced out of Nigeria.



But East Africa is also playing to the gallery more so now, with its own content and collaborations.



A fact reiterated by entities such as D&amp;R Studios, which has created shows such as The Real Housewives of Nairobi, Sol Family, This Love, Being Bahati, and Young Rich, and Rushlake Media, a network that creates, develops, and scales streaming brands worldwide. The two recently announced a partnership to have more Kenyan TV content streamed internationally.



Eugene Mbugua, CEO of D&amp;R studios, tells FORBES AFRICA it is a game-changer for African storytelling, especially for Kenya. “They open doors, not just for distribution, but for collaboration, co-productions and resource sharing that can elevate the quality and reach of our content. For too long, African stories have either been overlooked or told through a foreign lens. Collaborations like this one ensures that we tell our own stories on our own terms, but with infrastructure to compete and appear globally.”



Philipp Hoffmann, founder and CEO of Rushlake Media, corroborates: “[We have always] focused on African storytelling, [for us] it was kind of an obvious thing to try and reach out and work with them.”



“The partnership gives us access to a wider distribution network, but more importantly, it positions Kenyan TV as a serious contender in the global content space.”



In its Africa Entertainment and Media Outlook 2022-2026 report, PricewaterhouseCoopers states that Kenya&#8217;s TV subscription revenue was estimated at around $420 million “recording an all-time high” in 2021. The report further says that the film and TV industry in Kenya experienced significant growth in the past two decades, with a focus on producing high-quality content that appeals to both local and international audiences with the film industry being estimated to be worth KES 5.3 billion ($49 million).



In a 2024 interview with FORBES AFRICA, Kenyan actor Sarah Hassan also agreed about the booming entertainment sector in the East African country.



“I would say the film space in Kenya has really grown. Even if you look at TV, we have a lot of different shows,” says Hassan, who has many shows and accolades under her svelte belt. “Looking at what there is, it’s a testament to the growth of the industry… We still have a long way to go, but we are moving in the right direction.”



“In an ideal world, [Kenyan] films can definitely cross into markets or to audiences which are not necessarily [just] African. This can widen the idea, the picture, the image of the African continent,” Hoffmann says. “Of course, we all know the bad stories from the continent, the cruel things [being said] and the bad things happening. But there&#8217;s so much more. There&#8217;s so much more to be seen and be discovered.”



“We&#8217;ve always believed that Kenyan stories deserve a global stage,” Mbugua adds.

Videographer, camera and man filming in studio for photography, production and media. Behind the scenes, backstage and person with stabilizing equipment on set shooting videos, documentary or film

‘Kenyan TV As A Serious Contender In The Global Content Space’

As Washington recalibrates its trade policy in a high-stakes global game, Abuja may be forced to re-evaluate its own trade approach and position in the international economy.



Nigeria will face a reduced blanket United States (U.S.) tariff of 10% until July, but its main export—oil and gas—remains unaffected, cushioning the immediate economic impact.



The U.S. announced a temporary reprieve on tariffs for most trading partners, including Nigeria, following an escalation in trade tensions marked by a steep increase in tariffs on Chinese imports.



The new measures, announced by U.S. President Donald Trump, follow weeks of speculation about an expansion of U.S. protectionist trade policies. Trump, who raised tariffs on Chinese exports to 125%, said countries that have not retaliated against U.S. tariffs—including Nigeria—will benefit from a 90-day pause and a lower, uniform 10% tariff rate. The decision signals a recalibration of America’s trade stance, particularly toward countries it does not view as economic adversaries.



Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, played down the potential impact of the new tariff regime. “Nigeria’s exports to the U.S. were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022, 2023, and 2024 respectively,” Edun reportedly said in response. “Fortunately, oil and mineral exports accounted for 92%—N5.08 trillion—while non-oil exports were just N0.44 trillion. So the tariff effect is negligible if we sustain our oil and minerals export volume.”



Nevertheless, Edun said Nigeria would revisit its 2025 budget assumptions in light of shifting global trade dynamics and domestic revenue projections.



U.S. frustration with Nigeria’s own trade practices also played a role in the decision. According to a report from the Office of the United States Trade Representative (USTR), Nigeria’s ban on 25 categories of imported goods—including agricultural products, pharmaceuticals, and beverages—has created significant barriers for American exporters. Items such as beef, pork, poultry, fruit juices, spirits, and medicaments are among those restricted, leading to lost revenue and reduced market access for U.S. businesses.



“This feels like a strategic move to influence Nigeria’s protectionist trade stance,” Nigerian economist Opeoluwa Bamiro tells FORBES AFRICA.



Corroborating the minister&#8217;s claim that the new U.S. tariffs are unlikely to affect the West African nation significantly, Bamiro notes: “Nigeria maintains a trade surplus with the U.S., not a deficit. In fact, the U.S. had a year-to-date surplus of $44 million with Nigeria in February.”

Oil And Gas Operations In Nigeria

Exemption Of Economic Lifeline Offers Africa’s Largest Oil Producer Some Breathing Room Amid Tariffs War

Access to the internet remains a significant barrier for many informal sectors in South Africa.



As artificial intelligence (AI) becomes more prevalent, township economies cannot afford to fall behind.



Jo Griffiths, founder of Global Innovation Initiative Group that specializes in funding and fostering innovation across Africa, emphasizes that AI could be a game-changer to revolutionize township economies but acknowledges barriers such as limited infrastructure, lack of internet access and low digital literacy. Lack of awareness is also key.



“Language and context barriers present another hurdle, as most AI models are trained primarily in English, limiting accessibility for those who operate in local languages and dialects,” she says.



So, how can township entrepreneurs fully leverage AI for business growth?



Balabala of TEA says that it comes back to digital literacy. “It’s important that we not only focus on bringing digital trans- formation into these spaces but [that we] also prioritize digital literacy as a key part of the conversation.”



Innovation hubs can play a pivotal role in bridging the digital divide and making AI more accessible to township entrepreneurs, according to Griffiths. These centers also offer shared workspaces with stable internet access, AI-powered software, and access to expert guidance, which can significantly lower the barriers to AI adoption.



“Most importantly, these hubs facilitate collaborations with investors and corporates, unlocking funding opportunities and accelerating the adoption of emerging technologies,” she explains.



“Integrating AI into these innovation hubs can further empower township entrepreneurs by offering AI skills boot camps, hands-on access to AI-driven business tools, and AI-mentored business incubation programs that provide data-driven insights for growth strategies. Encouraging the development of community-led AI solutions tailored to local challenges can also drive sustainable innovation.”

South African Retail Economy And Maponya Mall

AI’s Role In Propelling Township Economies Forward

It was a banner year for Africa’s billionaires, whose cumulative wealth surpassed $100 billion for the first time ever. Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year.



It’s no small feat to generate this level of wealth on the continent, where political uncertainty, currency crises and challenging consumer markets are routine. Last May, Zimbabwe ditched the country’s Zimbabwe dollar in favor of the ZiG, a gold-backed currency aimed at curbing the nation’s hyperinflation problem. Still, the growth for Africa’s wealthiest is in line with global equity markets, which rose 22% in the 12 months ended February 2025, according to MSCI.



Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago. The big jump in his fortune is primarily due Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays. The refinery struggled for years to take off due to regulatory disputes and other setbacks, but started refining a small amount of oil in early 2024 and is slated to reach full capacity this month. That has allowed Nigeria–a major oil-producing country–to begin exporting some refined petroleum products.



“This is a very, very big relief,” Dangote, 67,&nbsp;<a href="https://www.forbes.com/sites/johnhyatt/2025/02/17/africas-richest-man-doubled-his-fortune-on-a-massive---and-risky---23-billion-bet/">told&nbsp;Forbes&nbsp;in February</a>. Dangote, now one of the world’s 100 richest people, believes that his latest project is “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”



The second richest African is South African luxury goods tycoon Johann Rupert, whose fortune rose 39% to $14 billion, the second-largest gain among the billionaires. Rupert has held onto the No. 2 spot since 2022. Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40% in the past year following a jump in revenue and profits.



Two African billionaires who made the list in the past and then fell off are back on again. Anas Sefrioui, a Moroccan housing billionaire, returns to the ranking as shares of real estate firm Douja Promotion Groupe Addoha, which he controls, more than doubled in the past year as the company reported increased home sales. Jannie Mouton, founder of a South African investment firm, appears once again following a 59% jump in the share price of Capitec Bank Holdings, one of Mouton’s most significant holdings.



Among the four whose fortunes slipped since last year: Zimbabwean telecommunications magnate Strive Masiyiwa, whose fortune was caught in the crosshairs of the country’s currency change.&nbsp;Forbes&nbsp;estimates his net worth at $1.2 billion, down about 33% from the 2024 list.



South Africa had the largest number of billionaires this year, with seven, followed by four from Nigeria and four from Egypt. The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewiji) and one (Masiyiwa) from Zimbabwe.



<h3 class="wp-block-heading" id="h-methodology">METHODOLOGY</h3>



Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen; and South African Nathan Kirsh, who operates out of London and has his business in the U.S. and U.K. Net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025.



Net worth changes were measured from&nbsp;Forbes’&nbsp;2024 African Billionaires list, published in January 2024. To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks or days–of our measurement date. For daily updated net worths, see&nbsp;Forbes’&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#55188f883d78">Real-Time Billionaires List</a>.

974×548

Africa’s Billionaires Are Richer Than Ever

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



President Donald Trump’s tariffs on Chinese imports are even higher than the 125% rate initially announced, as the White House confirmed Thursday there’s now a 145% tariff on many goods from China—and higher in some cases.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



Trump announced Wednesday he was imposing a 125% tariff on Chinese imports in response to Beijing retaliating against his tariffs, after previously ratcheting up his tariffs on the country to 104%.



In an&nbsp;<a href="https://www.whitehouse.gov/presidential-actions/2025/04/modifying-reciprocal-tariff-rates-to-reflect-trading-partner-retaliation-and-alignment/" rel="noreferrer noopener" target="_blank">executive order</a>&nbsp;published Thursday that codified that tariff increase, the White House said it was modifying previous executive orders on China to impose the 125% tariff rate.



That 125% tariff rate refers to this most recent round of tariffs rather than the tariff rate on Chinese goods overall, the White House confirmed Thursday, meaning that number does not include other tariffs that have previously been levied on China—most notably a 20% tariff that Trump levied because of China’s role in the fentanyl crisis.



That means a combined 145% tariff is now in place for many goods from China, though Trump’s more recent 125% tariff rate&nbsp;<a href="https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits/" rel="noreferrer noopener" target="_blank">exempts</a>&nbsp;some categories of imports, like copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, and energy and energy products.



The rate is even higher than 145% in some cases, as the White House confirmed to Forbes that&nbsp;<a href="https://usacustomsclearance.com/process/section-301-tariffs-a-comprehensive-guide/#:~:text=The%20Section%20301%20tariffs%20that,and%20plastics%2C%20and%20much%20more." rel="noreferrer noopener" target="_blank">other tariffs</a>&nbsp;on China Trump imposed during his first term also remain in place, such as those on electronics, furniture, machinery and plastics, which range between 7.5% to 25%.



While the stock market rallied Wednesday after Trump paused broader tariffs on foreign imports, registering&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/09/stocks-shoot-to-one-of-biggest-gains-everas-trump-announces-90-day-tariff-pause/">historic gains</a>, stocks have fallen Thursday amid the continued uncertainty over Trump’s trade war and tariffs on China, with the Dow Jones Industrial Average dropping by nearly 1,500 points as of 12 p.m. EDT—which CNBC&nbsp;<a href="https://www.cnbc.com/2025/04/09/stock-market-today-live-updates.html" rel="noreferrer noopener" target="_blank">notes</a>&nbsp;wipes out half the gains it made Wednesday.



<h2 class="wp-block-heading" id="h-how-has-china-responded">How Has China Responded?</h2>



China imposed 84% retaliatory tariffs on U.S. imports on Wednesday, after the 104% additional rate took effect. That was before Trump hiked his tariffs up higher to 125% plus existing tariffs, however, and it’s unclear if Beijing could further raise its tariffs on the U.S. in response.



<h2 class="wp-block-heading" id="h-what-tariffs-are-now-in-place">What Tariffs Are Now In Place?</h2>



In addition to the tariffs on Chinese imports, the Trump administration has also kept in place a baseline 10% tariff on most foreign imports, even as it paused higher tariffs on many countries’ goods for 90 days while the White House negotiates with other countries. Tariffs also remain in place on goods from Canada and Mexico, as Trump has imposed tariffs of up to 25% on a range of goods from those countries that are not exempted under the U.S.-Mexico-Canada Agreement. Canada and Mexico are not subject to the blanket 10% rate Trump imposed Wednesday.



<h2 class="wp-block-heading" id="h-will-trump-and-china-negotiate-on-tariffs">Will Trump And China Negotiate On Tariffs?</h2>



Neither China nor the U.S. has shown any sign of backing down on their steep tariffs as the trade war between the two countries has escalated, though Trump told reporters Wednesday he hopes Chinese President Xi Jinping will ultimately negotiate. “I think President Xi is a very smart guy, and I think we’ll end up making a very good deal for both [countries],” Trump said. “We’ll get a phone call at some point, and it’ll be off to the races.” Foreign policy experts have been less sure that China will ultimately back down, with Daniel Russel, vice president for international security and diplomacy at the Asia Society Policy Institute, telling&nbsp;<a href="https://www.politico.com/news/2025/04/09/trumps-tariffs-china-relations-00282822" rel="noreferrer noopener" target="_blank">Politico</a>&nbsp;that Beijing has so far taken the approach to “stand firm, absorb pressure and let Trump overplay his hand.” “Beijing believes Trump sees concessions as a weakness, so giving ground only invites more pressure,” Russel said.



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



Trump’s tariffs fulfill a central campaign promise made by the president, who has repeatedly touted tariffs despite warnings from economists that imposing them would raise prices for U.S. consumers and harm the economy. Trump has long particularly focused his tariff efforts on China, launching a trade war against the country during his first term before making it one of the first targets of his tariff agenda after being inaugurated in January. The president has accused China of not doing enough to curb the flow of fentanyl into the U.S., and has more broadly targeted Chinese manufacturing, as he claims tariffs will help persuade companies to move manufacturing back to the U.S. China is the <a href="https://ustr.gov/countries-regions" target="_blank" rel="noreferrer noopener">largest</a> exporter of goods in the world and has been the <a href="https://www.usitc.gov/research_and_analysis/tradeshifts/2023/us_trade_industry_sectors_and_selected_trading" target="_blank" rel="noreferrer noopener">second-biggest</a> source of imports to the U.S. behind Mexico, with the two countries trading approximately <a href="https://www.conference-board.org/research/global-economy-briefs/us-china-trade-war-escalates" target="_blank" rel="noreferrer noopener">$582 billion</a> worth of goods in 2024.

Republican Presidential Nominee Donald Trump Holds Election Night Event In West Palm Beach

Trump’s Tariffs On China Are Now At Least 145%, White House Confirms—Higher Than He Previously Claimed

With traditional powerhouses retrenching and realigning, and Chinese brands aggressively entering with competitive pricing and tech-savvy models, the next few years promise significant disruption in the South African premium car market.



A decade ago, the South African premium vehicle segment was a picture of German precision and dominance. BMW South Africa sold over 24,000 vehicles a year, Mercedes-Benz was hot on its heels, and Audi comfortably moved around 15,000 units annually. Fast forward 10 years, and those numbers have reportedly shrunk by as much as 70%, forcing a dramatic reshaping of the luxury automotive landscape–opening the floodgates for an influx of Chinese automotive brands.



From a trio of titans to a thinning crowd, the contraction of the premium segment has led to dealership closures and consolidation. In the meantime, Chinese manufacturers are capitalizing on the vacuum. As of March 2025, South Africa is home to 13 Chinese car brands–with at least seven more set to join the fray.



One of the latest moves? A strategic agreement between Saudi-based Jameel Motors and China’s Changan Automobile to distribute SUVs, sedans, pickups and new energy vehicles (NEVs) in South Africa. It begs the question: who’s next?



In response to changing market dynamics, Audi South Africa is reducing its dealership network from 31 to just 20 by 2030. The announcement came during the national launch of its flagship Q7 and Q8 SUVs in Cape Town this March, where Sascha Sauer, Head of Audi SA, acknowledged the shifting ground underfoot.



“The premium segment is under pressure,” he said, “and consumer behavior is changing. We have to evolve with it.”



On the sidelines of the launch, FORBES AFRICA caught up with Audi SA’s leadership team, who emphasized that despite the structural changes, the brand’s focus remains firmly on customer experience.



“The optimization of our dealer network will include dedicated service hubs in areas where full dealerships are reduced,” said Ashley Reddy, Head of Aftersales. “We’re committed to ensuring a seamless transition for our customers.”



Asif Hoosen, Head of Retail, Planning and Supply Chain, offered a snapshot of Audi’s current position. “Even though the premium market declined by 9% in 2024, Audi held its ground and claimed an 18% share–moving into the number two spot behind BMW and ahead of Mercedes-Benz.”



It’s a big win in a tough market, and Audi isn’t backing down. “The premium SUV segment still shows strong momentum, and we’re ready to lead in that space,” Hoosen added.



Volvo Car South Africa is taking an even bolder step. The Swedish brand is reducing its dealership network from 19 to just seven–a move driven by strategic realignment and sustainability.



“This restructure ensures long-term viability,” explained Felipe Yagi, Volvo SA’s Head of Marketing &amp; Communications. “We’re consolidating through four key dealer groups (CMH, SMH Bedfordview, Tom Campher Motors and Rola Motors Somerset) operating in seven locations across Gauteng, KZN and the Western Cape.”



While acknowledging the headwinds in the premium market, Yagi sees reason for cautious optimism. “We expect modest growth towards the end of the decade.”



That optimism is echoed by Managing Director Tarcisio Triviño, who is aiming high. Speaking at the recent launch of the all-electric EX90 in Cape Town, he revealed Volvo’s target of a 20% share of South Africa’s premium segment–a figure inspired by the brand’s performance in peer markets like Mexico and Brazil.



At the top of the premium vehicle chain, BMW Group South Africa is choosing a more measured path. While not immune to market pressures, the brand is confident in its ability to hold fort.



“Competition drives innovation and expands customer choice,” said Angela Konert, BMW SA’s Head of Business Communications. “While Chinese brands are growing in the entry and mid-market segments, the premium segment demands trust, a strong dealer footprint, and a legacy of performance.”



BMW, which has led the premium segment in South Africa for two consecutive years, continues to dominate the local battery electric vehicle (BEV) market–with a commanding 85.5% share across BMW and MINI.



Though she didn’t confirm whether dealer closures are on the cards, Konert noted that such moves often stem from operational efficiencies, shifting business models or market conditions.



“Our focus is on sustainability, innovation and digital mobility. Those will be our differentiators as the market evolves.”



What remains to be seen is whether South Africa’s affluent motorists will remain loyal to their legacy badges–or whether the new kids from the East will win them over with value, versatility and a fresh take on mobility. For now, all eyes are on who rolls in next!

New cars in a row at dealership

At A Crossroads: Premium Car Sales Slide In South Africa While Chinese Brands Shift Into Gear

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



Luxury fashion firm Prada Group reached an agreement with Capri Holdings to acquire designer brand Versace in a deal valued at $1.38 billion, Prada&nbsp;<a href="https://www.pradagroup.com/en/news-media/press-releases-documents/2025/25-04-10-prada-group-versace.html" rel="noreferrer noopener" target="_blank">announced</a>&nbsp;Thursday, after earlier reports indicated the two Italian fashion staples struggled to close the transaction as President Donald Trump’s tariffs roiled markets.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



Prada will fund its acquisition of Versace, approved by both companies’ boards, with about $1.6 billion in new debt after borrowing more than $1 billion, Prada&nbsp;<a href="https://www.pradagroup.com/en/news-media/press-releases-documents/2025/25-04-10-prada-group-versace.html" rel="noreferrer noopener" target="_blank">announced</a>&nbsp;Thursday.



Prada and Versace expect the transaction to close in the second half of the year, pending approval by regulators.



A deal between Prada and Versace was nearly derailed after Trump announced reciprocal tariffs on U.S. trade partners, requiring companies to start relying on higher costs to source raw materials as fears of a recession loomed, the Wall Street Journal&nbsp;<a href="https://www.wsj.com/business/deals/prada-deal-for-versace-at-risk-of-collapsing-with-market-in-turmoil-93a285fc" rel="noreferrer noopener" target="_blank">reported</a>.



The value of Versace’s parent company, the New York-based Capri Holdings, fell to as low as $1.5 billion as Trump’s tariffs led to a historic selloff in the U.S. stock market, and Prada had negotiated the price to buy Versace down from $1.6 billion to just under $1.4 billion, people with direct knowledge of the talks&nbsp;<a href="https://www.wsj.com/business/deals/prada-deal-for-versace-at-risk-of-collapsing-with-market-in-turmoil-93a285fc" rel="noreferrer noopener" target="_blank">told</a>&nbsp;the Financial Times.



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



Capri has tried to sell its business for years: A $8.5 billion deal to sell itself to Coach owner Tapestry&nbsp;<a href="https://www.capriholdings.com/news-releases/news-releases-details/2024/Capri-Holdings-Announces-Termination-of-Merger-With-Tapestry/default.aspx" rel="noreferrer noopener" target="_blank">fell through</a>&nbsp;in 2024 after the Federal Trade Commission successfully&nbsp;<a href="https://www.nytimes.com/2024/10/24/business/tapestry-capri-merger-coach-versace.html" rel="noreferrer noopener" target="_blank">argued</a>&nbsp;the transaction would “substantially lessen competition” among luxury handbag makers.



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



Versace, founded in 1978 by Gianni Versace, was&nbsp;<a href="https://www.wsj.com/articles/michael-kors-reaches-deal-to-buy-italian-fashion-house-versace-1537876642?mod=article_inline" rel="noreferrer noopener" target="_blank">acquired</a>&nbsp;by Capri Holdings—then known as Michael Kors—for $2.1 billion in 2018. That deal was reached under Donatella Versace, who succeeded her brother Gianni as the company’s chief creative officer after he died in 1997. Speculation of Versace’s latest acquisition efforts has swirled in recent months, including after Donatella Versace, 69,&nbsp;<a href="https://www.instagram.com/donatella_versace/?utm_source=ig_embed&amp;ig_rid=d381e670-32df-45c2-90e4-b08e4822ba09" rel="noreferrer noopener" target="_blank">announced</a>&nbsp;she would step down from her role last month. Capri previously asked for more than $3 billion for Versace before Donatella’s absence impacted negotiations, the Financial Times&nbsp;<a href="https://www.ft.com/content/b8a23686-e39a-4e4e-81c3-2cea135813e3" rel="noreferrer noopener" target="_blank">reported</a>. Capri forecast a $810 million drop in revenue in its current fiscal year, down from $1 billion in 2024.



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<a href="https://www.ft.com/content/b8a23686-e39a-4e4e-81c3-2cea135813e3" rel="noreferrer noopener" target="_blank">Prada Cuts Versace Purchase Price By $200 Million After Trump Tariffs</a>&nbsp;(Financial Times)



<a href="https://www.nbcnews.com/business/business-news/donatella-versace-steps-head-versace-rcna196196" rel="noreferrer noopener" target="_blank">Donatella Versace Steps Down As Head Of Versace</a>&nbsp;(NBC News)

Prada SpA Moves Closer to Versace Deal for Up to 1.5 Billion

Prada Buys Versace For Nearly $1.4 Billion—After Trump’s Tariffs Almost Derailed Acquisition

With Africa continuing its march as a magnet for the world’s tourists, the 2025 Hotel Development Pipeline Report, the definitive study of international hospitality projects across Africa, revealed development activity has been growing impressively in North Africa, which saw a 23% year-on-year increase, compared to a 6% increase in sub-Saharan Africa (SSA).



The report, which looks at international hospitality development projects in Africa, showed that overall activity is up 13.3% as there are 577 hotels and resorts, with 104,444 rooms, in the development pipeline. Over the past five years, the hotel development pipeline has grown at an annualized rate of 4% in SSA, 12% in North Africa and 7% overall.



W Hospitality Group, who compiled the study, said that Egypt continues to lead with 143 hotels and 33,926 rooms in the pipeline. Second to that is Morocco with 8,579 rooms in 58 hotels. Despite its clear leadership in the absolute pipeline numbers, Egypt has fewer than 50% of rooms under construction, a significantly lower proportion than second-placed Morocco, with over 72%.



Notably also in the top 10 is Nigeria with 7, 320 rooms in development and Ethiopia and Cape Verde both with over 5,000 rooms in the pipeline. Kenya, South Africa and Tunisia have over 4,000 rooms in development and Tanzania and Ghana have over 3,000. According to the report, international hotel chains have deals signed in 42 of Africa’s 54 countries. %. Of the top 10 countries, Ethiopia has the highest ratio of rooms “on site”, followed by Morocco and Ghana. Cape Verde, Nigeria and Tanzania have some of the lowest percentages.



“However, ‘under construction’ does not necessarily mean that there is activity and progress towards completion and opening–many of the sites in Nigeria and Ghana, for example, have been closed for several years, with hardly a hard hat in sight,” the report reads.



“Despite the various trials that the continent faces, the fact that hotel chains signed 125 new deals last year, with 21,000 rooms, is evidence that opportunities for further development abound,” Trevor Ward, Managing Director of W Hospitality Group, said in a statement. “According to the Global Cities Institute, by the year 2100, 10 of the world’s 16 largest cities will be in Africa, with all but one of them (Cairo) in sub-Saharan Africa. So, one might say that development activity in Africa has barely scratched the surface.” &nbsp;

Royal Rojana Resort, hotel complex, beach, coast, Sharm El-Sheikh, Red Sea, Sinai, Egypt

North Africa Drives 23% Surge in Hotel Developments Across the Continent

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



Stocks roared back to life Wednesday afternoon after President Donald Trump announced a 90-day delay on the most significant of his tariffs, just hours after the levies went into effect, sparking extensive&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/08/stocks-slide-again-as-tariff-losses-worsen-in-another-dow-down-8000-points-from-peak/">carnage</a>&nbsp;across financial markets.



<h2 class="wp-block-heading">Key Facts</h2>



The S&amp;P 500, which follows 500 of the largest public American companies across industries, jumped almost 10% on the day, while the tech-concentrated Nasdaq soared 12% and the blue chip Dow Jones Industrial Average shot up 8%, or about 3,000 points.



Wednesday was a historically great day for stocks, as it marked the best percentage gain for the Dow since March 24, 2020, the S&amp;P since Oct. 28, 2008 and for the Nasdaq since Jan. 3, 2001, according to FactSet data.



It was by far the largest point gain for all three indexes in their five-decade-plus histories.



Trump said Wednesday afternoon he signed a 90-day pause on implementing the more than 10% tariffs on 75-plus countries, sending stocks badly battered by this trade policy soaring.



“BE COOL! Everything is going to work out well,” Trump posted to his Truth Social site shortly after market open, adding “THIS IS A GREAT TIME TO BUY!”



Trump had shown no sign he’d reverse course on the tariffs, encouraging companies to simply move all operations to the U.S. in a morning social media&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114307832213562859" rel="noreferrer noopener" target="_blank">post</a>, and China dug in further in its resistance to Trump’s more than 100% tariffs on Chinese imports, slapping an&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-04-09/china-raises-tariffs-on-us-goods-to-84-as-trade-rift-escalates" rel="noreferrer noopener" target="_blank">84%</a>&nbsp;levy on U.S. imports to the Asian country.



<h2 class="wp-block-heading">What Stocks Surged The Most In The Tariff Pause Rebound?</h2>



Nearly every stock surged on the tariff relief, as 484 of the S&amp;P’s 500 constituents were in the green, according to FactSet data. Companies considered most vulnerable in a recession benefited the most, as the S&amp;P’s information technology and consumer discretionary sectors jumped 11% and 12%, respectively. The most notable risers included tech giants, as shares of Amazon, Apple, Nvidia, Mera and Tesla all enjoyed more than 10% gains Wednesday. Delta Airlines, Expedia and United Airlines all ranked among the top 30 biggest gainers in the rally as the travel industry received a jolt.



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



Tariffs have still wreaked havoc on equity valuations. The Dow is down 10%, or more than 4,000 points, from its December peak, the Nasdaq has lost 15% from its December high and the S&amp;P has fallen 11% from its February high.



<h2 class="wp-block-heading">Chief Critic</h2>



“The tariff clouds parted for the first time today, but it’s too soon to know how sunny the skies will be tomorrow—or 90 days from now,” Daniel Skelly, Morgan Stanley Wealth Management’s head of market research and strategy, wrote in emailed comments.



<h2 class="wp-block-heading">What’s Happening In The Bond Market?</h2>



After strengthening immediately after Trump’s announcement last week as investors fled stocks for assets perceived to be safer, U.S. government bonds joined in on the selloff. Yields for the benchmark 10-year U.S. Treasury note shot up 40 basis points from Monday to Wednesday afternoon, at 4.4%, reversing the initially lower yields<a href="https://www.reuters.com/markets/rates-bonds/us-10-year-yield-wont-dance-bessents-tune-mcgeever-2025-04-08/" rel="noreferrer noopener" target="_blank">&nbsp;celebrated</a>&nbsp;by Trump and Treasury Secretary Scott Bessent as a sign of cheaper borrowing costs to come. It was a “perfect storm of bad news” for U.S. bonds, remarked Lawrence Gillum, LPL Financial’s chief fixed income strategist. “Sticky inflation, a patient Fed, potential foreign buyer boycotts, hedge fund deleveraging, rebalancing out of bonds into cash, and an illiquid Treasury market are all reasons why Treasury yields continue to move higher,” Gillum explained. Higher yields mean less valuable bonds, as fixed income investors demand higher annual payouts to hold onto federal government debt. Yields were little changed amid the equity rally.



<h2 class="wp-block-heading">Jpmorgan Boss Jamie Dimon Warned Of Recession</h2>



A<a href="https://www.forbes.com/sites/dereksaul/2025/04/09/forbes-recession-tracker-recession-odds-spike-as-trumps-tariff-liberation-day-approaches/">&nbsp;recession</a>&nbsp;is the most “likely outcome” for the U.S., JPMorgan Chase CEO Jamie Dimon said in a Wednesday interview with Fox Business’ “Mornings With Maria.” “Markets aren&#8217;t always right, but sometimes they&#8217;re right,” Dimon remarked about the pain seen across asset classes in recent days. “And I think this time they&#8217;re right because they&#8217;re pricing uncertainty at the macro level, uncertainty at the micro level, at the actual company level, and then how it affects consumer sentiment,” Dimon continued. In that interview, Dimon encouraged the Trump administration to lean into strengthening trade with allies in Europe and Asia: “I think the goal of this trade stuff should be to make Europe and our trading partners, Japan, Korea, Philippines, stronger, not weaker. Bring them closer.”

President Trump Signs New Executive Orders At The White House

Stocks Shoot To One Of Biggest Gains Ever As Trump Announces 90-Day Tariff Pause

According to the newly-released State of the Industry Report on Mobile Money (SOTIR) 2025 by GSMA, a global organization unifying the mobile ecosystem, sub-Saharan Africa (SSA) recorded 1.1 billion of the 2 billion mobile money accounts registered globally as of 2024.



The report underlines how mobile money has become a core component of economic life in the region. In 2023 alone, mobile money contributed approximately $190 billion to SSA’s GDP—up from $150 billion in 2022—demonstrating the sector’s growing economic influence.



The concept of mobile money, which allows users to store, send, and receive funds through their mobile phones, was first widely adopted in Kenya in the late 2000s with the launch of M-Pesa. Since then, it has expanded rapidly across East, West, and Southern Africa, filling a gap left by traditional banking systems, which often failed to reach rural or low-income populations.



“From an economic perspective, mobile money is now seen to be contributing to the GDP of many countries with a service in sub-Saharan Africa,” Ashley Olson Onyango, Head of Financial Inclusion and AgriTech at GSMA, says to FORBES AFRICA.



Onyango attributes the region’s leadership to a mix of enabling regulations, supportive national financial inclusion strategies, telecom investments in connectivity, and the availability of simple, affordable services.



In 2024, global mobile money transactions exceeded $1.7 trillion, with over 500 million monthly active users. East Africa, followed by Southeast Asia and West Africa, drove the growth in monthly activity. Within Sub-Saharan Africa, East Africa continues to lead in both adoption and innovation.



Beyond basic money transfers, mobile money providers are evolving into digital-first financial platforms. Many now offer credit, savings, and insurance products, often in partnership with underwriters and insurtech firms. Some providers have even secured licenses to offer insurance directly, particularly in East and Southern Africa.



Mobile apps have become instrumental to this evolution, enabling users to access a broader array of financial and third-party services. “Many providers are looking to transition into a one-stop shop for a range of financial services,” Onyango says, noting that external investment in mobile money companies has grown, thanks in part to improved profitability and rising revenues.



Global payment giants are taking notice. Mastercard, for instance, has recently signed partnerships with multiple mobile money providers operating across SSA.



Yet the industry faces challenges. Fraud remains a critical concern, and both regulators and providers are stepping up efforts to improve digital and financial literacy among users. By 2024, at least 60% of providers had implemented financial literacy initiatives.



International remittances are another area ripe for growth. Mobile-enabled transfers are typically cheaper than traditional channels, but inconsistent regulations across countries, according to Onyango, continue to limit cross-border expansion.

Sydney Economy Ahead of Australia Consumer Price Index Figures

Sub-Saharan Africa Dominates Global Mobile Money Landscape With 1.1 Billion Accounts, New Report Finds

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



<a href="https://www.forbes.com/sites/dereksaul/2025/04/08/stocks-slide-again-as-tariff-losses-worsen-in-another-dow-down-8000-points-from-peak/#open-web-0"></a>



<a href="https://www.forbes.com/sites/dereksaul/2025/04/08/stocks-slide-again-as-tariff-losses-worsen-in-another-dow-down-8000-points-from-peak/#open-web-0"></a>



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



Stocks soared then came down to Earth on Tuesday as investors digested the latest developments in President Donald Trump’s “Liberation Day” trade war, with the markets failing to sustain a recovery from&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/04/tariffs-cause-another-stock-market-rout-losses-approach-5-trillion-as-dow-plummets-another-2200-points/">historically bad</a>&nbsp;losses over the last week, as China, the world’s second-largest economy,&nbsp;<a href="https://apnews.com/article/china-us-tariffs-trade-trump-b5010acb08114304d8c36267b47eda13" rel="noreferrer noopener" target="_blank">threatens</a>&nbsp;to “fight to the end” with the U.S. over the soaring import duties.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



All three major U.S. stock indexes fell further Tuesday, as the Dow Jones Industrial Average slipped 0.8%, or 320 points, the S&amp;P 500 declined 1.6% and the tech-heavy Nasdaq dropped 2.2%.



That was a major reversal from a morning surge, in which the Dow spiked more than 1,400 points and the S&amp;P and Nasdaq jumped about 4% apiece, which would have been the indexes’ steepest respective gains since 2022.



Tuesday’s session mirrored more of a dead cat bounce, in which a financial asset in decline briefly rallies before falling further, rather than a sustained improvement in sentiment, with the lost steam coming after no tangible reversal of the White House’s tariff plans materialized.



The Dow is down 12%, or 5,040 points, since Trump’s wide sweeping tariff announcement last Wednesday, and the S&amp;P and Nasdaq have lost 13% and 14% over the four trading session span, respectively.



Monday’s trading session was similarly rocky, as the S&amp;P bounced between what was as much as a 3.4% daily gain and a 4.5% daily loss before closing with a 0.2% decline.



The S&amp;P narrowly dodged closing in a 20% bear market, ending 18.9% below its Feb. 19 all-time high.



<h2 class="wp-block-heading" id="h-big-number">Big Number</h2>



7,370 points. That’s how much the Dow has dropped from its December closing record through Tuesday, a 16% dive.



<h2 class="wp-block-heading" id="h-surprising-fact">Surprising Fact</h2>



If the S&amp;P does slip into a 20% bear market, this would be the third-fastest such drawdown ever, trailing only 1929’s Great Depression crash and 2020’s brief COVID-19 crash,&nbsp;<a href="https://x.com/bespokeinvest/status/1909695157806547158" rel="noreferrer noopener" target="_blank">according</a>&nbsp;to Bespoke Investment Group.



<h2 class="wp-block-heading" id="h-why-were-stocks-up-this-morning">Why Were Stocks Up This Morning?</h2>



The morning recovery came as Wall Street thirsted for any signs the Trump administration would leave the door open for&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2025/04/07/will-trump-negotiate-tariffs-president-orders-talks-with-japan-and-says-he-wants-fair-deals-with-other-countries/">negotiations</a>&nbsp;on the tariffs viewed by&nbsp;<a href="https://www.barrons.com/articles/sp500-earnings-tariffs-0b9cf2d2" rel="noreferrer noopener" target="_blank">many</a>&nbsp;to be devastating to corporate earnings. Those signs were led by Treasury Secretary Scott Bessent’s&nbsp;<a href="https://www.youtube.com/watch?v=79wmUgaRCro" rel="noreferrer noopener" target="_blank">comments</a>&nbsp;Tuesday to CNBC’s Squawk Box that he believes “we can end up with some good deals” if other countries come to the table.



<h2 class="wp-block-heading" id="h-trump-heralded-bond-rally-also-lost-steam">Trump-Heralded Bond Rally Also Lost Steam</h2>



Trump has already lost one development he took a&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/04/trump-shares-claim-hes-crashing-stock-market-on-purpose-as-he-lobbies-for-emergency-rate-cuts/">victory lap</a>&nbsp;on last week. Yields for 10-year U.S. Treasury notes, the benchmark to which many borrowing rates are tied to, climbed about 10 basis points to nearly 4.3%, higher than they stood prior to Liberation Day, up nearly 40 basis points from their Friday low. Higher yields indicate less valuable bonds as investors sour on the idea of holding U.S. government debt, and the rising 10-year signals borrowing costs are not coming down. The 10-year is almost exactly flat from where it stood at Election Day.



<h2 class="wp-block-heading" id="h-what-to-watch-for">What To Watch For</h2>



Trump’s country-by-country tariffs, beyond the 10% universal duties, are scheduled to go into effect at 12:01 a.m. EDT on Wednesday. The White House&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/04/07/trump-90-day-tariff-pause-rumor-causes-stock-whipsaw-before-white-house-calls-it-fake-news-heres-what-happened/">called</a>&nbsp;a report it was considering a pause, similar to delays on Canada and Mexico tariffs earlier in Trump’s second term, “fake news,” though billionaire Trump donor Bill Ackman officially&nbsp;<a href="https://x.com/BillAckman/status/1909586890887438817" rel="noreferrer noopener" target="_blank">lobbied</a>&nbsp;for a 30-day or longer pause Tuesday.



<h2 class="wp-block-heading" id="h-china-and-scott-bessent-war-over-who-is-making-mistake">China And Scott Bessent War Over Who Is Making ‘mistake’</h2>



Trump&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114297331052690348" rel="noreferrer noopener" target="_blank">said</a>&nbsp;Monday he would slap an additional 50% tariff on Chinese imports over the country’s retaliatory tariffs, which the Chinese Commerce Ministry&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-04-08/china-vows-to-fight-to-the-end-if-us-insists-on-new-tariffs" rel="noreferrer noopener" target="_blank">called</a>&nbsp;a “mistake on top of a mistake” that “China will fight to the end.” Bessent, the U.S.’ top economic official,&nbsp;<a href="https://www.cnbc.com/2025/04/08/treasury-secretary-bessent-says-chinas-escalation-was-big-mistake-country-playing-with-losing-hand.html" rel="noreferrer noopener" target="_blank">said</a>&nbsp;Tuesday the Chinese response was a “big mistake” and it’s a “losing hand” for the Asian power to engage in a tariff war.



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<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<a href="https://www.forbes.com/sites/dereksaul/2025/04/07/forbes-recession-tracker-recession-odds-spike-as-trumps-tariff-liberation-day-approaches/" target="_blank" rel="noreferrer noopener">ForbesForbes Recession Tracker: Goldman, JPMorgan Say Recession Incoming If Trump Doesn’t Blink On TariffsBy&nbsp;Derek Saul</a>



<a href="https://www.forbes.com/sites/alisondurkee/2025/04/07/will-trump-negotiate-tariffs-president-orders-talks-with-japan-and-says-he-wants-fair-deals-with-other-countries/" target="_blank" rel="noreferrer noopener">ForbesWill Trump Negotiate Tariffs? President Orders Talks With Japan And Says He Wants ‘Fair Deals’ With Other CountriesBy&nbsp;Alison Durkee</a>



<figure class="wp-block-image"><img decoding="async" src="https://sync.graph.bluecava.com/ds.png?p=4cb3430d-9dfd-11ef-a5fe-4201ac100015&amp;segment=forbeseval" alt=""/></figure>

Dow Jones Average Falls Steeply, As Investors Doubt Future Interest Rate Cut After Surprise Jobs Report

Stocks Slide Again. The Dow Is Down More Than 7,000 Points From Peak.

The island nation is poised to see the farming of aquatic foods thrive, thanks to its historical links and promising location.



The farming of aquatic foods either from tanks on land or within enclosures out on open water—also known as aquaculture—offers a promising response to many of the pitfalls and risks encountered when harvesting wild fish in Africa.



Issues of illegal fishing, overfishing and environmental contamination could be managed under conditions where the enterprise controls inputs–from hatchery to harvest.



In 2018 the United Nations’ Food and Agriculture Organization (FAO) launched the Blue Growth Initiative aimed at reducing African food insecurity by supporting more productive, responsible and sustainable fisheries and aquaculture sectors.



The FAO’s target countries include Burundi, Ethiopia, Kenya, Rwanda, Somalia, South Sudan and Uganda.



Ferme Marine de Mahebourg Ltd (FMM), based on the periphery of Africa, on the island of Mauritius, is an innovative fish hatchery located on the east coast near Pointe aux Feuilles, and it could well be a model for what private sector players can bring to the discussion.



The 15-year-old project marries location to opportunity through a network of international treaties as well as Mauritius’ rather unique history as a colony of two European powers. The island—located south of India in the Indian Ocean—also claims a unique mix of heritages: British, French, South Asia, East Asian and, of course, African.



For starters, there is its location of the business, in a lagoon that separates the farm’s nursery from the open sea. That means no pollution from ocean-going vessels, and very few native predators beneath the ocean surface.



“Pure, pure water,” says Alessandro Galioto, FMM’s chief operating operator. “From six cages when we started, we’re doing 112 cages now.”



Then there’s the product, itself. Two hundred tons raised monthly of a single species. American consumers call it Red Fish (the scientific name being Sciaenops ocellatus), known in other areas around the globe as Red Drum, Channel Bass, Tambour Rouge, Corvinon Ocelado and Ombrina Ocellata.



Pierre-Yves Semasse, FMM’s director, notes the species is native to the waters of the Caribbean Sea—Cajun food enthusiasts enjoy the peppery “blackened” recipe served up in New Orleans’ eateries—but its popularity in Africa dates to the 1980s.



That’s when a French government agency began a food-security initiative aimed at some of the country’s overseas assets, including Guadeloupe and Martinique in the Americas and the islands of Réunion, Seychelles, Mayotte, Madagascar extending from Africa’s east coast, then all the way out to Mauritius.



Due to Mauritius’ status as a former French and British colony, shipments of FMM’s Red Fish enjoy favorable import status across Europe. Another break is the daily flights of tourists from Europe mean daily access to cheap back-haul rates on air freight.



“Also, the hotels those tourists go to,” Semasse explains, adding, “We sell our harvested fish there, as well”.



Besides the trade pacts and air routes tying Mauritius to Europe, FMM’s African links are not insignificant, particularly with regards to employment. The company boasts a multinational workforce: divers from Tunisia, processors from Madagascar, Mozambique and Zimbabwe, technicians from Europe and India.



Mauritius is one of 16 members of the Southern African Development Community (SADC), which helps FMM utilize labor from the continent, when needed.



“I just got authorization for 50 more [workers],” Semasse says.

Fishermen and big tuna fish on the Tamarin beach

Hooked On The Haul: Mauritius Makes Waves In Aquaculture

Traditionally, Africa has been seen as a recipient of global health interventions rather than a leader in medical research, but Uganda’s Ebola vaccine trial is changing that narrative, and represents a major landmark for Africa’s scientific community.



In late January 2025, a nurse at Mulago National Referral Hospital in Uganda collapsed at work, showing symptoms that had been mistaken for malaria. Within days, he was dead. His diagnosis—confirmed only after his passing—was Ebola. His case became the first confirmed fatality in the outbreak, prompting health authorities in Kampala to declare an emergency and move swiftly to contain the virus before it spread further. It was the country’s first Ebola outbreak in two years.



The healthcare worker’s widow, a midwife named Afiya (name changed to protect privacy), was left to care for their two young children alone. She, too, tested positive for Ebola, along with the youngest child. “I was already in shock that my man had died. I thought, now the whole family is going to have Ebola, because I know how it spreads. I felt like God had betrayed me at that moment.” After several weeks in isolation and receiving treatment, Afiya and her one-year-old were discharged from hospital. But they returned to a community that no longer embraced them. Neighbors whispered, pointing at them in the streets, some actively avoided them. Sadly, so did family. “They turned against me,” she laments. “They sent away my people from the funeral, threatening them, telling them that I should never go back because I will get killed. I have not stepped there ever since. It’s been very traumatic.”



In Uganda, as in many parts of Africa, burial traditions involve washing and preparing the body—a practice that becomes particularly dangerous during an Ebola outbreak. The virus remains highly infectious—if not more so—after death, posing an extreme risk to those who come into contact with the body. To combat this, health officials have introduced “safe and dignified burials”, designed to allow families to grieve while minimizing contact with the deceased. However, implementing these measures has proven difficult, particularly in rural areas where traditional customs are deeply ingrained.



The outbreak that claimed the life of Afiya’s husband is now the focal point of a groundbreaking vaccine trial. The Sudan strain of Ebola, which has plagued Uganda for decades, is different from the better-known Zaire strain.



“Ebola has a number of strains. The major difference is in their genetic composition and immune response,” explains the Executive Director of the Uganda Virus Research Institute (UVRI), Prof Pontiano Kaleebu.



The vaccine that successfully controlled the Zaire strain does not work against the Sudan variant, making this new vaccine an urgent necessity. While it mimics its predecessor with regards to minimal side-effects like mild fever and soreness at the injection site, the new inoculation is more conducive for use in African settings, as Prof Joseph Okeibunor, a scientist in the Emergency Prevention and Response Program at the World Health Organization (WHO), explains.



“Previous vaccines required ultra-cold storage between-60 degrees to -80 degrees centigrade. The new vaccine is designed to be stored between 2 to 8 degrees centigrade, aligning it more to our environment.”



Beyond the logistical and medical hurdles, there are for- midable challenges such as misinformation and distrust, compounded by the global wave of vaccine skepticism during the Covid-19 pandemic that has created an atmosphere where many people fear being part of a clinical trial.



“People think they are being used as guinea pigs. Some believe that vaccines are used to depopulate African countries. But, of course, the whole idea is to gather knowledge that will help us to improve health security for one and all,” says Okeibunor.



An aggressive awareness campaign has been launched, making use of radio announcements, venturing into churches and mosques, and leveraging community leadership. “A trusted message comes from a trusted messenger,” explains Dr Mosoka Fallah, Acting Director for the Science and Innovation Directorate at the Africa Centers for Disease Control and Prevention (CDC).



“It’s about getting to the community, hearing from them, making them a part of the co-creation of the messages.”



In some areas, however, hesitancy remains. “Most Africans still believe in traditional healers, so they might go to them for the treatment of the virus,” Fallah notes. “Then by the time we pick it up in the healthcare facility, it’s already too late.” Even among those who understand the need for an Ebola vaccine, the idea of taking an experimental drug is daunting. “It’s difficult to get people to consent, especially in the middle of an outbreak when fear is high,” Kaleebu says. “We have to assure them that their safety is our top priority.”



Some healthcare workers have also been hesitant. “I encountered a doctor, a physician, who refused to be vaccinated in this very Ebola outbreak,” reveals Okeibunor. “He’s not actively telling others to avoid it, but he declined it himself.” Despite these challenges, the Ebola vaccine trial represents a major milestone for Africa’s scientific community. Traditionally, Africa has been seen as a recipient of global health interventions rather than a leader in medical research, but this trial is changing that narrative.



“This is an African-led initiative, with African researchers and institutions at the forefront,” Kaleebu declares. “If this vaccine proves effective, it could set the stage for Africa to take a leading role in dis- ease prevention, not just for Ebola but for other emerging diseases,” says Fallah. “We are devel- oping the expertise and infrastructure needed to respond to outbreaks quickly and effectively.” Uganda’s Ebola vaccine trial is more than just a response to the current outbreak—it is a sign of Africa’s growing capacity to tackle public health challenges on its own terms, as well as a testament to the resilience of communities like the one that Afiya and her children must nownavigate on their own. For her, the vaccine came too late to save her husband, but she hopes it will spare others the same pain. “I think about my loved one, I think about the responsibilities I was left with,” she says. “But if this vaccine can save lives, maybe his death won’t be in vain…”

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