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



Chinese officials on Thursday dismissed talks of any progress in trade negotiations with the U.S. and reiterated their stance that Washington must drop all unilateral tariffs against Beijing, two days after President Donald Trump appeared to soften his stance on levies against China and signaled trade talks between both sides could happen soon.



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



In a press briefing, Chinese Ministry of Commerce spokesperson He Yadong addressed&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2025/04/23/us-futures-and-asian-markets-rise-after-trump-suggests-china-tariffs-will-come-down-substantially/">comments</a>&nbsp;by Trump and Treasury Secretary Scott Bessent about lowering tariffs with China through trade negotiations.



The spokesperson said China is open to talks, but any such dialogue must be “conducted on an equal footing and based on mutual respect,” and the U.S. must correct its “wrong practices” before engaging with Beijing.



The spokesperson accused the U.S. of “unilaterally” provoking a trade war and warned that “pressure, threats and blackmail” were not the right approach to deal with China.



On Trump’s comments about “substantially” lowering tariffs on Chinese goods, He said the “unilateral tariff increase” was started by the U.S. and if Washington wants to resolve the issue, it must: “cancel all unilateral tariff measures against China.”



He also noted that any claims of progress in China and U.S. trade talks were “groundless and have no factual basis.”



<h2 class="wp-block-heading">What Else Has Beijing Said About Trump’s Talks Of Lowering Tariffs?</h2>



Chinese Foreign Ministry spokesperson Guo Jiakun also addressed the matter during the ministry’s&nbsp;<a href="https://www.mfa.gov.cn/eng/xw/fyrbt/lxjzh/202504/t20250423_11602511.html" rel="noreferrer noopener" target="_blank">daily press conference</a>, saying the “tariff war” was “launched by the U.S.,” and while China was not looking for a fight, it is not afraid of it. “We will fight if we must,” but Beijing’s “doors are open, if the U.S. wants to talk.” Guo noted Washington must stop “threatening and blackmailing China” and said: “To keep asking for a deal while exerting extreme pressure is not the right way to deal with China and simply will not work.”



<h2 class="wp-block-heading">What Did Trump Say About Lowering Tariffs?</h2>



On Tuesday, Trump&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2025/04/23/us-futures-and-asian-markets-rise-after-trump-suggests-china-tariffs-will-come-down-substantially/">told reporters</a>&nbsp;at the Oval Office that he expected Chinese President Xi Jinping to negotiate a trade deal with him, as he promised to be “very nice” to China. The president said he was hopeful a deal would happen soon and acknowledged that the current 145% tariff rate against China was “very high.” The President then suggested he was prepared to lower the tariffs, saying: “It won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.”



<h2 class="wp-block-heading">What Has Scott Bessent Said About Negotiations With China?</h2>



Trump’s remarks were made shortly after Bessent expressed concerns that the high tariffs both the U.S. and China had imposed on each other was effectively halting all trade between the two countries. Speaking at a event on Tuesday, Bessent&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-04-22/bessent-sees-de-escalation-with-china-situation-unsustainable" rel="noreferrer noopener" target="_blank">acknowledged</a>&nbsp;the 145% tariff on China was essentially a “trade embargo” and such high tariffs were “unsustainable.” At the time, Bessent said he believed the trade tensions would cool in the next few months but noted that a full fledged deal could take two to three years. On Wednesday, Bessent&nbsp;<a href="https://www.cnbc.com/2025/04/23/bessent-china-tariffs-trade-trump.html" rel="noreferrer noopener" target="_blank">addressed the issue</a>&nbsp;again saying “there is an opportunity for a big deal” between China and the U.S. on trade and added, “If they want to rebalance, let’s do it together.” However, the treasury secretary told&nbsp;<a href="https://www.reuters.com/world/china/bessent-says-china-tariffs-are-not-sustainable-us-signals-willingness-de-2025-04-23/" rel="noreferrer noopener" target="_blank">reporters</a>&nbsp;that Trump was not offering to unilaterally lower tariffs on China.



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



<a href="https://www.forbes.com/sites/siladityaray/2025/04/23/us-futures-and-asian-markets-rise-after-trump-suggests-china-tariffs-will-come-down-substantially/">U.S. Futures And Asian Markets Rise After Trump Suggests China Tariffs Will ‘Come Down Substantially’</a>&nbsp;(Forbes)

Donald Trump Attends Roundtable Discussion On Threat Of China On U.S. Agriculture

China Demands Rollback On All Unilateral Tariffs As It Rebuffs Trump’s Offer To Negotiate

Stitch is one of the latest startups to secure backing from major international firms as global investor appetite for African fintechs continues to rise.



South Africa-based company, Stitch announced a $55 million Series B funding round, which will enable it to deepen and expand its in-person payments offering, move into the acquiring space, and further bolster its online payments suite.



The round was led by QED Investors, a VC in the fintech space, with participation from Norrsken22, Flourish Ventures and Glynn Capital, and angels, including comedian Trevor Noah.



Junaid Dadan, Co-Founder and President at Stitch tells FORBES AFRICA that the company, which helps businesses connect to the financial system, was founded because this system in South Africa was not transforming quickly enough as business models and the economy transformed.



“In the last ten years, there have been a lot of changes especially when we look at how people build businesses,” he says.



“But the financial system doesn’t necessarily fully reflect all of those changes.”



One example that Dadan highlights is how online businesses operate 24/7 and all year round—often serving customers, globally, across time zones—and banks still process payments strictly during traditional business hours, creating a disconnect that can hinder growth and efficiency.



While Stitch has managed to scale rapidly and attract major backing, many African startups do still struggle to move beyond early-stage funding.



According to a MacAdebowale 2025 report, Small and Medium Enterprises (SMEs) on the continent make up over 90% of the businesses and are responsible for about 50% of the total GDP in sub-Saharan countries, however they only receive only a fraction of available funding.



The report further notes that in 2019, venture capitalists poured over $2 billion into African startups yet SMEs, the backbone of Africa’s economy, saw less than 20% of that capital.



Despite this hurdle, Dadan adds that, at the core, people need to provide solutions that fully accommodate the customer.



“If one is building a real business that’s solving real customer problems with proper fundamentals and metrics which support investment, then I think funding is available for that,” he says.



“Customers have always been our biggest advocates, ultimately, and therefore funding has followed.”



QED Investors Partner and Head of Africa and the Middle East, Gbenga Ajayi said in a statement: “Having closely followed the Stitch team over the past four years, it’s been impressive to watch their rapid growth and execution in becoming a trusted payment provider”.



Although this is something to celebrate there is still the matter of global investors potentially hindering the African market from becoming a self-sustaining ecosystem.



However, Dadan explains that there is room for both, especially when looking at the appetite of each of the investors. From his experience, international investors have a higher risk appetite.



“They have more experience with early-stage ventures, how to assess them and how to take a risk on them, and are willing to take those leaps of faith.”



He also believes that African investors have a better lay of the land and can help reach local markets. They help with regulation and compliance as they understand the sectors that they operating in as well, wherein foreign investors may have some difficulty with that.



“It’s always important to have a blend of the two, and [to see] what each brings to the table, both from a pros and cons perspective.”



The company offers solutions encompassing unified commerce, collections and account top-ups. Total funding has reached $107 million since its inception in 2021.

JunaidDadan_Headshot

‘Customers Have Always Been Our Biggest Advocates ’: South African Fintech Seeks To Bolster Online Payments Suite

Twenty-one countries around the world will host F1 RACES in 2025. The African continent is vying to be a part of it too in the near future-for the prestige and profits down the road.



The sound of roaring supercars is hardly unfamiliar in Africa’s emerging urban landscapes; yet, the distinctive rumble of Formula One (F1) engines has not been heard on the continent since 1993.



For context, Jurassic Park was the highest-grossing film that year, Bill Clinton had just assumed his seat in the Oval Office, and South Africa’s Rainbow Nation was not yet in technicolor.



At the 1993 South African Grand Prix, the 72-lap race at Johannesburg’s Kyalami race-track saw Alain Prost take pole position, beating Ayrton Senna. But as the finish line was crossed and typical Johannesburg thundershowers cascaded, it signaled what has now become more than three decades of Africa being the only inhabited continent without a Grand Prix on the calendar.



Twenty-one countries will host F1 races in 2025. Despite there being only 24 fixtures on the annual schedule, both South Africa and Rwanda are vying for a spot for 2027.



“You can’t call it a World Championship if you don’t have a race in Africa,” Motorsport South Africa CEO, Vic Maharaj, points out. “Besides Europe, I think Africa has more of a motorsport culture than just about any other continent on Earth,” claims veteran F1 broadcaster, Sasha Martinengo.



That passion for cars is evident everywhere—from high-performance vehicles to everyday taxis and bakkies (pickup trucks in South Africa) that drivers customize with pride.



Mandla Mdakane, who has been racing since age four and drives for the Toyota Gazoo Racing Team, has witnessed it firsthand.



“You can travel to places and see an old Toyota Cressida, decked out, paint looking lovely. People tuning their exhaust pipes, their rims. We just are car lovers as a nation.”



Seven-time F1 world champion, Lewis Hamilton, has told the Fédération Internationale de l’Automobile (FIA) that it cannot continue adding other locations to the F1 calendar while “ignoring Africa” and has been vocal about his desire to race in Mzanzi before putting the brakes on his career—a dream that incumbent Sports Minister, Gayton McKenzie, has vowed to fulfill.



“The chance of hosting a Formula One Grand Prix in 2027 is the most promising that we’ve had in 20 years,” Martinen- go believes.



It is a sentiment shared by Maharaj, who is a member of the governmental bid’s appropriately-titled Steering Committee. “We were at the altar twice and never got married. This time, we’ve got the rings, the dress, and everything we need”.



The wedding metaphor seems fitting, as any couple who has embarked on the costly excursion would know.



“There’s a commercial rights fee, probably in the region of around $30 million to $40 million per year,” Maharaj explains. “That’s before you’ve even started to put the event on.” Beyond that, there’s the cost of infrastructure, logistics, and operational expenses. The head of Motorsport SA puts it bluntly: “It’s like hosting the Olympics every two weeks.”



In a country riddled with potholed roads, critics argue that these funds could be better spent on infrastructure, electricity, and public services. But others, like Martinengo, feel the returns justify the investment when considering the magnitude of tourism it will generate.



“The amount of wealth and prestige that hosting a Grand Prix brings is astounding. People will come to South Africa, watch the Grand Prix in Johannesburg, then probably head to the Kruger Park or hop on a plane to spend a week in Cape Town. If we do a five-year deal, for example, by the time we do our third Grand Prix, everyone is turning a profit.”



South African political economy analyst, Daniel Silke, believes there is some legitimacy to that, but maintains that transparency is key: “I don’t think we should necessarily ig- nore the concept of a Formula One on the basis that the coun- try’s economy is struggling… that said, I wouldn’t want to see a cost-benefit assessment done by politicians. I would like to see an independently audited cost-benefit analysis.”



What was once considered South Africa’s race to lose has become a fascinating continental competition with Rwan- da. President Paul Kagame, an avid petrolhead, has actively pushed for motorsport in the East African country, even host- ing the 2024 FIA awards ceremony in Kigali last December.



South Africa’s Kyalami track has undergone extensive upgrades and is working towards meeting F1’s strict Grade 1 requirements. “Kyalami is a European-spec track now. It’s undu- lating, technical, and thrilling. Every lap there is amazing,” says Mdakane.



“If Europe and the U.S. can have multiple Grands Prix, why can’t Af- rica?” Maharaj challenges.



Although the financial obstacles cannot be dismissed, Silke can spot glimpses of the checkered flag&#8230;



“It would, I think, be beneficial for Africa as a whole. An event of the global magnitude of a Formula One Grand Prix tends to put a country on the map. Even though South Africa is certainly at a low ebb economically with low growth, an event like this, much like the World Cup, does again provide that lift for a country.”



And while here, why not showcase some of Africa’s deep- rooted—if unconventional—driving culture?



“If you want a real motorsport event in South Africa, I say let’s have a HiAce taxi race,” quips Martinengo. “Now that would be something to watch!” Motorsport encapsulates the spirit of fighting for every inch, overcoming obstacles, and never giving up—charac- teristics that resonate profoundly in Africa. The continent is ready to get behind the wheel. Now, it’s up to F1 to decide if they are too.

F1 Grand Prix of Saudi Arabia

Africa’s Return To Formula One: What Lies Ahead

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



Meta’s oversight board criticized the company’s updated hateful conduct policies, which included a provision allowing users to describe LGBTQ people as mentally ill, among other controversial updates, urging the company to assess the “human rights impact” of the policy on LGBTQ people, minors and immigrants.



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



The Meta&nbsp;<a href="https://www.oversightboard.com/news/wide-ranging-decisions-protect-speech-and-address-harms/" rel="noreferrer noopener" target="_blank">oversight board</a>, which makes company decisions and conducts mediations and is sometimes referred to as Meta’s “Supreme Court,” issued a response to Meta’s hateful conduct policy change Wednesday, criticizing the update as “hastily” made.



Meta’s hateful conduct policy was updated “in a departure from regular procedure, with no public information shared as to what, if any, prior human rights due diligence the company performed,” the oversight board said.



The oversight board called on Meta to assess whether its updated hateful conduct policy would pose a threat to human rights, demanding the company provide a public report.



The oversight board also urged Meta to assess the effectiveness of its “community notes” policy, which it had adopted after abandoning third-party fact checking.



A Meta spokesperson told Forbes the company “respond to their full recommendations within 60 days in accordance with the bylaws.”



<h2 class="wp-block-heading" id="h-how-did-meta-update-its-hateful-conduct-policy">How Did Meta Update Its Hateful Conduct Policy?</h2>



Meta announced sweeping changes to its hateful conduct policy and other content moderation standards on Jan. 7, which it billed as an attempt to improve free speech and reduce censorship on its social media platforms. The policy changes included renaming the “hate speech” policy to “hateful conduct,” and according to the&nbsp;<a href="https://transparency.meta.com/policies/community-standards/hateful-conduct/" rel="noreferrer noopener" target="_blank">policy’s change log</a>&nbsp;on the Meta website, many references to specific examples of hateful conduct were erased, while other controversial examples were added. Among the updated policy changes is a provision that clarifies: “We do allow allegations of mental illness or abnormality when based on gender or sexual orientation, given political and religious discourse about transgenderism and homosexuality and common non-serious usage of words like ‘weird.’” Under a section barring dehumanizing speech, Meta erased a previous provision that had prohibited people from evoking offensive stereotypes, including referring to “women as household objects or property or objects in general” and “transgender or non-binary people as ‘it.’” Meta also abandoned its&nbsp;<a href="https://about.fb.com/news/2025/01/meta-more-speech-fewer-mistakes/" rel="noreferrer noopener" target="_blank">third-party fact-checking</a>&nbsp;program in favor of a community notes program like that on X, stating it would be “less prone to bias.”



<h2 class="wp-block-heading" id="h-why-were-meta-s-conduct-policy-updates-controversial">Why Were Meta’s Conduct Policy Updates Controversial?</h2>



Meta’s updated policies drew scrutiny and allegations it would lead to increased discrimination against LGBTQ people, women and people of color. The&nbsp;<a href="https://www.hrc.org/news/metas-new-policies-how-they-endanger-lgbtq-communities-and-our-tips-for-staying-safe-online" rel="noreferrer noopener" target="_blank">Human Rights Campaign</a>&nbsp;said these policy changes “create fertile ground for misinformation, identity-based harassment, and abuse, and threaten LGBTQ+ inclusion and safety across Meta,” accusing the company of taking “specific aim at LGBTQ+ people.”



<h2 class="wp-block-heading" id="h-how-did-mark-zuckerberg-defend-meta-s-policy-updates">How Did Mark Zuckerberg Defend Meta’s Policy Updates?</h2>



Meta CEO Mark Zuckerberg had defended Meta’s content moderation policy updates as a move to improve free speech, particularly during a high-profile appearance on Joe Rogan’s podcast, which has more than 9 million views on Rogan’s&nbsp;<a href="https://youtu.be/7k1ehaE0bdU?feature=shared" rel="noreferrer noopener" target="_blank">YouTube</a>&nbsp;channel. Zuckerberg said Facebook’s fact-checking policy was like “something out of 1984,” stating people felt the fact-checkers were too biased. “It really is a slippery slope, and it just got to a point where it&#8217;s just, OK, this is destroying so much trust, especially in the United States, to have this program,” praising Elon Musk’s X for adopting a community notes program in place of fact-checking. Zuckerberg said cracking down on hate speech “got to this point where there were things that you couldn’t say which were mainstream discourse,” citing Secretary of Defense&nbsp;<a href="https://apnews.com/article/pete-hegseth-background-defense-secretary-confirmation-hearing-e160e10c86385a8beff110d9190fb34e" rel="noreferrer noopener" target="_blank">Pete Hegseth’s</a>&nbsp;prior statement that women should not serve in certain combat roles, stating this type of speech should be allowed on social media if Hegseth could say it on the floor of Congress. Zuckerberg also said in the Rogan interview companies should adopt more “masculine” energy and accused former President Joe Biden’s administration of calling Meta to “scream” about monitoring Covid-19-related posts.



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



<a href="https://www.theguardian.com/technology/2025/jan/08/permitted-hateful-conduct-what-users-can-now-say-on-meta-platforms" rel="noreferrer noopener" target="_blank">Revisions of ‘hateful conduct’: what users can now say on Meta platforms</a>&nbsp;(The Guardian)



<a href="https://www.axios.com/2025/01/10/mark-zuckerberg-joe-rogan-facebook-censorship-biden" rel="noreferrer noopener" target="_blank">Zuckerberg on Rogan: Facebook&#8217;s censorship was &#8220;something out of 1984&#8221;</a>&nbsp;(Axios)

Meta CEO Mark Zuckerberg Interview On The Circuit

Meta Oversight Board Urges Company To Assess ‘Human Rights Impact’ Of Hateful Conduct Policy

The township economy in South Africa contributes almost 6% to the country’s GDP. At the epicenter of this growth are the innovation hubs, breaking the barriers for aspiring entrepreneurs and creating a new wave of economic transformation in historically underserved communities.



Located just 30km north of South Africa’s administrative capital Pretoria is Soshanguve, a township known for its vibrant Bacardi dance scene and Se Pitori (Pretorian Sotho) language. This township, nestled east of Mabopane, is also home to entrepreneur, Mapula Ramothwala, the founder of Kool Crew, a manufacturing company that produces personal hygiene products for young people, aged six to 18, to boost their self-confidence.



“I didn’t grow up wanting to be an entrepreneur,” Ramothwala shares with FORBES AFRICA. With a background in agriculture, she had hoped to work in her farm. With a BTech degree in Animal Science, she also figured she would work in government, at institutes such as the Department of Agriculture, Labour or Rural Development. But that didn’t happen, and she instead, developed an interest in entrepreneurship.


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="987" src="https://cms.forbesafrica.com/wp-content/uploads/2025/04/Mapula-Ramothwala-Founder-Kool-Crew1-1024x987.jpeg" alt="" class="wp-image-65296" style="width:415px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/04/Mapula-Ramothwala-Founder-Kool-Crew1-1024x987.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/Mapula-Ramothwala-Founder-Kool-Crew1-300x289.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/Mapula-Ramothwala-Founder-Kool-Crew1-768x740.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/Mapula-Ramothwala-Founder-Kool-Crew1.jpeg 1280w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Mapula Ramothwala, Founder Kool Crew</figcaption></figure></div>


About 140m from Soshanguve lies Orange Farm, one of South Africa&#8217;s youngest townships. According to the City of Johannesburg, it is today the country’s biggest and most populous informal settlement. It is here that Gontse Selaocoe founded and built his business, All Day Jam, specializing in organic jam spreads.



“Township economies have vast potential for growth and development,” Selaocoe says. “But businesses in townships often face unique challenges, such as limited access to funding, markets, and resources.”



Despite being over an hour apart, both Ramothwala and Selaocoe share a common thread: they both turned to The Innovation Hub’s eKasiLabs to help build their businesses.



Ramothwala first heard of The Innovation Hub when she was chosen to be part of a competition they were hosting. “I applied, pitched my business, and got selected. That’s how I joined the Cap Accelerator Program [Cosmetic Accelerator Program]. From there, I became one of the clients of The Innovation Hub. The support I received included mentorship as well as access to markets, marketing, and funding to help expand our businesses.”



She explains the rationale behind her company, Kool Crew: “Many kids today experience body odor at a very early age. Research has shown that most parents feel helpless because there aren’t many products specifically formulated for that age group, particularly children between six and eight years old.



“Active kids, especially those in sports, are more prone to sweating and need to follow a proper hygiene routine. That’s the problem Kool Crew aims to solve.”



Launched in 2019, the business was conceived with a deep understanding of local needs. “We started in our township because we identified a gap in our community and understood the need for such products.”



Selaocoe’s All Day Jam, founded the same year, focuses on agro-processing, offering organic jam spreads with a commitment to sustainability, food security, and job creation in his community.



“We were inspired to launch in the township because we saw an opportunity to transform a former dumping site into a thriving organic farm, providing healthy produce to our community and creating employment,” he says.&nbsp;



Both entrepreneurs embody a wave of township entrepreneurs who, despite the challenges they face, are dedicated to revitalizing their local economies. However, many like them also need support to scale their businesses. This is where centers like The Innovation Hub play a crucial role.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="768" src="https://cms.forbesafrica.com/wp-content/uploads/2025/04/Gontse-Selaocoe-and-team-Founder-all-Day-Jam1-1024x768.jpeg" alt="" class="wp-image-65298" style="width:559px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/04/Gontse-Selaocoe-and-team-Founder-all-Day-Jam1-1024x768.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/Gontse-Selaocoe-and-team-Founder-all-Day-Jam1-300x225.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/Gontse-Selaocoe-and-team-Founder-all-Day-Jam1-768x576.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/Gontse-Selaocoe-and-team-Founder-all-Day-Jam1-1536x1152.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/Gontse-Selaocoe-and-team-Founder-all-Day-Jam1-2048x1536.jpeg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Gontse Selaocoe and team Founder All Day Jam</figcaption></figure></div>


James Segooa, Acting Executive Manager for Township Economic Revitalization at The Innovation Hub, specializes in the development of small, medium and micro enterprises (SMME) and the innovation ecosystem in both the public and private sectors.&nbsp;



“I am passionate about SMME development and believe they can [be] or are the drivers of economic growth and the employment creators this country needs,” Segooa says. “From our observations and interactions with township entrepreneurs, the biggest challenge we’ve identified is a lack of business skills. This affects everything they do. We’re seeing many entrepreneurs who have never had the opportunity to be part of any entrepreneurship development program.”



According to an opinion piece by Luvuyo Mncanca on the University of Cape Town’s website, township businesses face similar challenges to those of South African SMMEs: lack of management skills, difficulties accessing finance and credit, limited market access, low government support, and lack of appropriate technology.



“The township economy’s contribution to the country’s GDP is extremely high,” says Bulelani Balabala, founder of the Township Entrepreneurs Alliance (TEA). “But the challenge then is that the mainstream or&nbsp; formal markets still consider it as informal, as mass market.”&nbsp;



A report by Lesaka Technologies emphasizes how the informal market is fueling growth, noting that the township economy is valued at approximately R900 billion (about $49.4 billion).



At the heart of the township economy is its people–engaged in buying, selling, producing, consuming, and creating, within the township and beyond it.



GG Alcock, author of KasiNomics, told FORBES AFRICA last year that the contributions of the township economies could be a lot more–with the right numbers stymied by a lack of data. He estimated that over R45 billion ($2.4 billion) comes from spaza shop rentals and the backyard rental market alone.



Despite these challenges, the South African government is taking steps to empower small businesses.



“Micro, small, and medium enterprises and cooperatives together form a vital part of our economy with immense growth potential,” said South African President, Cyril Ramaphosa, in an address at the Presidential Micro, Small and Medium Enterprises and Cooperatives Awards in 2024. “Whether they are small businesses in townships or cooperatives in rural areas, whether they are well-established or just starting, these businesses are integral to the future of our economy.”



This is, perhaps, where incubators and accelerators such as The Innovation Hub comes in.&nbsp;



“We learned about The Innovation Hub through a local business network,” says Selaocoe, who went through the incubation process at the Sebokeng eKasiLab. “The hub provided us with valuable support, including business mentorship, training, and access to funding opportunities. Their incubation program helped us refine our business model, improve our operations, and scale our production.”



The hub forms part of the Gauteng Growth and Development Agency (GGDA) established by the provincial government to promote the economic development, innovation and competitiveness of South Africa’s Gauteng province.



“Our program offers business skills training at various centers,” Segooa explains. “We’re currently operational in 14 townships across Gauteng. I believe we’re one of the largest enterprise development programs within the township space, with 14 active centers.”



Segooa adds that aspiring entrepreneurs come to the hub with an idea or an already established product.&nbsp;



“They haven’t thought about pricing or a business model. We’re not even at the stage of talking about funding yet. In their minds, they know they need money, but they don’t know where to start to access it. And if you ask them, ‘do you need funding?’ they’ll say yes. But if you follow up with, ‘what do you need it for?’ that’s where the problem starts—because they haven’t thought that far ahead.”



Ramothwala adds that the biggest challenge for her was gaining market visibility and accessing the market.



“Through the mentorship we received, we gained valuable knowledge on how to build brand awareness. The mentors also advised us on compliance and how to properly run our business, which played a significant role in getting the business to where it is today.”



In February, in his State of the Nation address, President Ramaphosa stated that a transformation fund worth R20 billion ($1.09 billion) a year would be set up over the next five years to fund black-owned and small business enterprises.&nbsp;



“We are expanding our support for small and medium enterprises and for the informal economy, which sustains millions of jobs and livelihoods across our country,” he added.&nbsp;



While this funding is needed, Segooa emphasizes that skills need to be prioritized.&nbsp;



The Innovation Hub currently supports over 272 companies, with Segooa noting that in just 15 of the companies using the eKasi Lab program, 188 jobs have been created.



“I’ve witnessed real growth,” he says, laughing.



As a passionate advocate of township entrepreneurship, Balabala notes that innovation hubs play a critical role from multiple perspectives, thus reducing failure rates and accelerating business growth.



“For me, they become critical because entrepreneurship is solely predicated by the speed at which you fail. If you can learn fast and fail fast, then it means that you can position your business much quicker and iterate what your business model needs to be, and then go to market.”&nbsp;



“The township economy is indeed overlooked, and holds immense potential as a driver of social and economic development,” Ramothwala says.



“[What we are doing as township entrepreneurs] is building a foundation for inclusive growth, as in job creation. By investing in townships, the barriers of access to goods and services are lowered for residents, and we empower communities and give them incredible motivation tailored specifically for their community needs.”



She adds: “When an entrepreneur starts to realize that there is a gap and a need in the community, we also become an inspiration to many.”



“Be open to learning and adapting, and don’t be afraid to ask for help. Most importantly, believe in yourself and your business, and stay committed to your vision,” Selaocoe concludes.&nbsp;

Ekasi Lab3

South Africa’s Townships As The Cool New Hubs Of Innovation

With a number of notable (and sizeable) solar projects on the continent, could this renewable power source be the solution to economic development, job creation and more?



In a continent where more than half the population—some 600 million people—live without electricity, it seems painfully ironic that Africa is also one of the sunniest places on Earth. The marriage of solar power and the continent feels not only inevitable but long overdue.



“Africa is the region with the most solar potential worldwide–and also the region with the most to gain from the solar revolution,” explains Global Solar Council strategy director, Alyssa Pek.



South Africa, home to 46% of the continent’s new solar installations in 2024, per the Global Solar Council, is a leader in Africa’s ascent towards the utilization of renewable energy resources, followed closely by Egypt at 29%. Both countries could hold the key to Africa’s most ambitious energy projects.



The former boasts KaXu Solar One, a $891-million solar plant covering an area of approximately three square kilometers. According to the Industrial Development Corporation, its output is exuberant, providing clean, sustainable electricity to over 400,000 South Africans while providing job opportunities throughout the construction phase and around 80 permanent jobs during operation.



In Egypt, near the Nile River is where you&#8217;ll find a solar juggernaut: the Benban Solar Park. Stretching across 37 square kilometers, it incorporates 34 solar plants, a testament to the continent’s shift toward large-scale clean energy.



And here lies the smoking gun—a shift away from coal and gas, and towards more accessible solutions.



“When it comes down to financials and economics, what we’re seeing now is that solar is the cheapest form of electricity in the world,” notes Jonathan Hall, Chief Commercial Officer at SOLINK, a technical advisor and project facilitator in renewable energy and battery energy storage.



“How quickly the infrastructure can be built is another plus; when you compare it to a coal power station or nuclear, which can take fifteen to twenty years to build, a large-scale utility solar project can go up in under two years.”



The Global Solar Council forecasts a 42% increase in African solar infrastructure for 2025, illustrating optimism in the continent’s green revolution. Its ability to connect rural areas in Africa, via modular devices, can empower local economies and expand markets.



“More and more, governments across Africa are realizing that solar can be the backbone for realizing a country’s sustainable development goals,” Pek tells FORBES AFRICA, adding that, “solar brings in investment, creates jobs and powers businesses, gives people and communities energy access from urban centers to rural areas [and] can power schools, hospitals and other essential services–and that’s just the tip of the iceberg for what solar can deliver for African countries”.



In collaboration with Investec and Rand Merchant Bank, SolarAfrica, an integrated solutions provider in sub-Saharan Africa’s renewable energy sector, secured around ZAR1.8 billion ($96.7 million) in funding earlier this year, giving the go-ahead for SunCentral solar farm in South Africa.



Meanwhile, Egypt&#8217;s Benban Solar Park attracted $4 billion in investments before breaking ground, with major backers reportedly including the European Bank for Reconstruction and Development, the Green Climate Fund, and the Dutch Development Bank.



World banks and multinational corporations have leapt onto the African solar sector bandwagon. Not only does this show confidence in renewable energy, but the uptick in investment resembles a shifting global trend in energy demand.



According to the International Energy Agency, global renewable energy demand rose by 38% in 2024, compared to 15% for coal and 11% for oil.



“It’s clear that the socioeconomic benefits of solar make it a no-brainer for policymakers, especially as costs for solar and storage are plummeting rapidly making it one of the cheapest and fastest energy sources to deploy to meet the continent’s surging energy demand,” Pek adds.



From powering local communities to creating jobs, cutting energy costs, and reducing carbon emissions, Africa’s solar revolution isn’t just smart—it’s the future.

Aerial view of solar powered house.

A Green Energy Revolution: The Sun Is Shining On Africa’s Solar Sector

If you don’t hold the trump cards in life, you end up with a mushy future. A future you have no control over. A despicable way of living.



The world is agog with all the terrible things people are saying and doing.



Old loyalties are torn apart, protectionism is exacerbated, and truth has become a matter of opinion.



But one thing holds true as it always has. God helps those who help themselves.



The meek are unlikely to inherit the Earth.



When great powers become one, usually through conquest, exploitation and outright larceny; they offer the lesser ones a motley diet of olive branches, a rule book and a promise to help in exchange of good behavior.



This is a quote often attributed to Jomo Kenyatta, the first President of Kenya: “When the missionaries came to Africa, they had the Bible, and we had the land. They said, ‘let us pray’. We closed our eyes. When we opened them, we had the Bible, and they had the land.”



And we the masses, the mere mortals, fall for it, hook, line and sinker; into believing that the ones who used us so easily will actually be our savior too. If we behave that is.



That is the reality that is being dismantled today.



But change happens out of destruction. Powers shift when hubris sets in. Opportunities open up when schisms occur.



My adopted continent has to therefore understand this. As a wakeup call. As a door that is opening.



If recent world leadership has taught us anything, it is that ‘it’s okay to think for oneself first’. It’s perfectly fine to ‘lie than take things lying down’. And of course, it’s all right to practise ‘might is right’.



African political leadership, mired as they are with the Bretton Woods strait-jacket and forward-sold to the Chinese, believe they have limited options.



But I see a silver lining. Because it’s par for the course to renege on agreements. It’s common to make new friends. It’s acceptable to be tough, hard and unfair, to make Africa Great Again.



And yes, we have some aces too.



Allow me to repeat the seven wonders the continent has–and the world covets.



Resources: for batteries, et al. Africa possesses 30% of the world&#8217;s known mineral reserves, 60% of manganese, 70% of cobalt, and 70% of iridium.



Renewables: to green the world? Africa has an almost unlimited potential of solar capacity (10 TW), abundant hydro (350 GW), wind (110 GW), and geothermal energy sources (15 GW).



Markets: for companies eager to grow. Africa has the world&#8217;s fastest-growing consumer markets and is projected to boast 1.7 billion consumers by 2030.



Politics: need African votes for legitimacy? Africa is 28% of all United Nations members.



Food security: to feed the world. Africa has 60% of the world&#8217;s uncultivated arable land. Farming will be a trillion-dollar industry.



Green house: to absorb the world’s emissions. Africa’s forest resources comprise 650 million hectares, about 17% of the world total carbon sinks.



Immigration and militancy: as youth find few opportunities, they will migrate.



Africa’s population is estimated to almost double in the next decade while its GDP per capita is estimated to only grow by around one-third.



If ‘we the people’ don’t understand the above and realize the bargaining chips we have; then we will keep buying Musk perfume from Europe and never smell the coffee which is ours.



One makes one’s own destiny.



For too long, leadership in Africa has been conditioned to believe it needs alms to survive and accolades to feel good.



Yet, we have strong local businesses, banks and development institutions.



And our reserves (parked in the G7) and our pension savings exceed our total external debt, which in aggregate is around $1.2 trillion. And it’s only a quarter of our GDP.



Yet we suffer from a debt burden because of usurious interest costs while earning peanuts on our reserves. How is that clever and tenable?



Everything comes to us that belongs to us if we create the capacity to receive it, so said renowned Indian poet Rabindranath Tagore.



We have been seeds for too long. Buried and alive. Time to come out and build our own shadows. For us to be protected by ourselves.



It is believed that Ernest Hemingway said: “I never knew of a morning in Africa when I woke up that I was not happy.”



Now let’s make our own children and their children happy. Not some outsiders waxing lyrical about their ill-gotten paradise.



The gauntlet has been thrown. Let’s pick it up and run for ‘ourselves’!

African American farmer checking dirt in field

Expert-Speak: ‘Everything Comes To Us That Belongs To Us If We Create The Capacity To Receive It’

Emergency funds and reforms aim to stabilize Mali’s economy after the worst flooding in decades deepens humanitarian crisis.



Following extreme flooding in the second half of 2024 that overwhelmed infrastructure, crippled agricultural output and deepened an already precarious humanitarian crisis, the International Monetary Fund (IMF) has approved $129 million (SDR 93.3 million) in emergency financing for Mali under its Rapid Credit Facility (RCF),



The new funding is aimed at addressing urgent balance-of-payments needs in the aftermath of what authorities have described as a one-in-fifty-year flood. The disbursement is paired with an 11-month Staff-Monitored Program (SMP) designed to help stabilize the economy, strengthen resilience, and promote governance reforms.



The landlocked West African nation—one of the world’s poorest—has long grappled with overlapping challenges: persistent insecurity, weak institutions, and widespread food insecurity. But the floods of 2024 pushed the country into deeper crisis.



In July and August, torrential rains inundated towns and rural communities across Mali, damaging key infrastructure, including health centers, schools, roads, and bridges.



According to Mali’s Minister of Health and Social Development, Colonel Assa Badiallo Touré, the floods led to the collapse of over 47,000 homes and the destruction of nearly 3,000 granaries and warehouses. Thousands of livestock were swept away and more than 88,000 households were directly affected by the loss of farmland and other livelihoods.



The disaster prompted the government to declare a national state of emergency in August and launch a $73 million action plan to rebuild damaged infrastructure and restore essential services. However, the needs have far outstripped domestic capacity, especially as Mali remains under pressure from rising global borrowing costs and dwindling external development assistance.



The IMF’s emergency funding will be used to help Mali import essential goods and repair critical infrastructure. At the same time, the SMP seeks to rebuild macroeconomic stability and credibility with development partners.



&#8220;Heightened security risks, lower gold production, ongoing power outages, and a sharper-than-expected-fiscal consolidation all weighed on growth,&#8221; Kenji Okamura, IMF Deputy Managing Director and Chair, said in a statement. &#8220;Many of the economic headwinds are likely to persist in 2025, and recently announced cuts to official development assistance are expected to create additional pressures.&#8221;



Okamura added that the SMP includes structural benchmarks aimed at improving fiscal transparency and governance, particularly in the management of public resources and state-owned enterprises such as Energie du Mali (EDM), the national electricity provider.



Mali has committed to reforms that include enhancing domestic revenue mobilization, improving public financial management, and ensuring the efficient use of resources. The authorities also pledged to strengthen social safety nets and expand food assistance to vulnerable populations.



Mali’s floods were part of a broader environmental catastrophe that affected several countries in the Central Sahel, including Niger and Nigeria. The region experienced the worst flooding in three decades,



displacing hundreds of thousands and killing hundreds. Rising temperatures—now increasing 50% faster than the global average—are amplifying inequality in a region where most people depend on subsistence farming.



The floods, coupled with record heat earlier in April 2024, illustrate how climate change is intensifying the humanitarian and economic risks for countries like Mali, which are least equipped to respond.



While Mali’s current debt is assessed as sustainable, the IMF has warned that risks have increased. To preserve macroeconomic stability and pave the way for recovery, Mali has been advised to push forward with structural reforms, resolve domestic and external arrears, and create a predictable policy environment to attract investment.

TDV distributes food parcels to families in need affected by floods in Mali

Mali Secures $129 Million IMF Lifeline Amid Devastating Flood Fallout

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



Russian President Vladimir Putin on Monday said he is open to direct bilateral talks with Ukraine for the first time in three years, while Ukrainian President Volodymyr Zelenskyy pushed for a moratorium on strikes against civilian targets, just days after Washington expressed displeasure about the lack of progress towards a peace deal between both sides and threatened to walk away from negotiations.



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



<a href="https://www.youtube.com/watch?v=5zTE84oVLFM" rel="noreferrer noopener" target="_blank">Speaking to state media reporters</a>&nbsp;in Moscow on Monday, the Russian president said his government has “always looked positively on any peace initiatives,” adding that he hopes officials in Kyiv feel the same way.



Putin also claimed Ukraine agreed to the temporary Easter ceasefire after being pressured to do so by “someone smarter—most likely foreign handlers.”



In a&nbsp;<a href="https://x.com/ZelenskyyUa/status/1914402951084322862" rel="noreferrer noopener" target="_blank">post on X</a>, Ukrainian President Volodymyr Zelenskyy restated Kyiv’s push to extend the Easter ceasefire, saying it shows that peace was possible “when Russia chooses to reduce the killing.”



Zelenskyy said his country “stands by its offer” for an agreement to halt all strikes on civilian infrastructure and the “obvious, simplest, and most reliable way” to do that would be by stopping “missile and long-range drone attacks.”



The Kremlin’s top spokesperson, Dmitry Peskov,&nbsp;<a href="https://tass.com/politics/1946993" rel="noreferrer noopener" target="_blank">later clarified</a>&nbsp;Putin’s comments, saying the Russian president’s comments were “about the option of negotiating the issue of not striking civilian infrastructure facilities, [on] a bilateral basis…he was particularly referring to negotiations and discussions with the Ukrainian side.”



Despite Peskov’s comments and Ukraine’s offer, Putin&nbsp;<a href="https://tass.com/politics/1946969" rel="noreferrer noopener" target="_blank">ordered</a>&nbsp;Russian forces to resume combat operations after the Easter truce.



<h2 class="wp-block-heading">What Do We Know About U.s. Threats To ‘walk Away’ From Russia-Ukraine Talks?</h2>



<a href="https://www.forbes.com/sites/siladityaray/2025/04/18/us-prepared-to-ditch-russia-ukraine-peace-talks-if-there-is-no-progress-soon-rubio-says/">Last week</a>, Secretary of State Marco Rubio expressed frustration about the lack of progress in peace negotiations between Russia and Ukraine and said President Donald Trump’s administration is prepared to “walk away” from the negotiation table if significant progress is not made soon. After a meeting with European leaders in Paris, Rubio told reporters: “If it is not possible to end the war in Ukraine, we need to move on.” He added that the Trump administration would not “continue with this endeavor for weeks and months on end…So we need to determine very quickly now, and I&#8217;m talking about a matter of days, whether or not this is doable in the next few weeks.” The secretary of state also added that Trump felt very strongly about ending the conflict and has “dedicated a lot of time and energy to this,” but there were other “really important things” which deserve “just as much, if not more attention.”



<h2 class="wp-block-heading">What Has Trump Said About Russia-Ukraine Talks?</h2>



When asked about Rubio’s comments, Trump told reporters that if one of the two parties made peace negotiations difficult, “we’re just going to say: ‘You’re foolish. You’re fools. You’re horrible people,’ and we’re going to just take a pass…But hopefully we won’t have to do that.” Trump, however, stopped short of giving a specific deadline, saying he did not have “a specific number of days” in mind but wanted it done &#8220;quickly&#8221;. The president later followed those comments up with a&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114372126396548824" rel="noreferrer noopener" target="_blank">Truth Social post</a>&nbsp;early on Monday, saying he hoped both sides would “MAKE A DEAL THIS WEEK.” In an apparent bid to incetivize such a move, Trump added: “BOTH WILL THEN START TO DO BIG BUSINESS WITH THE UNITED STATES OF AMERICA, WHICH IS THRIVING, AND MAKE A FORTUNE!”



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



<a href="https://www.forbes.com/sites/siladityaray/2025/04/18/us-prepared-to-ditch-russia-ukraine-peace-talks-if-there-is-no-progress-soon-rubio-says/">US Prepared To ‘Move On’ From Russia-Ukraine Peace Talks If There Is No Progress Soon, Rubio Says</a>&nbsp;(Forbes)

President Putin Meets Attends Forum By Agency For Strategic Initiatives In Moscow

Putin Says He’s Open To Direct Talks With Kyiv Amid U.S. Threat To Abandon Negotiations

In these uncertain times, Geoffrey Qhena, the chairman of EXXARO, one of South Africa’s largest black- empowered and diversified mining companies, speaks about how Africa’s biggest economy must focus on strengthening its markets and redoubling efforts to expand trade ties.



Talking business with one of South Africa’s most formidable corporate titans, the conversation pivots to how challenges can be turned to opportunities for the country’s good.



Exxaro Chairman Geoffrey Qhena says South Africa–the country in Africa singled out by United States (U.S.) President Donald Trump for sanctions and tariffs–must use the unwanted spotlight to expand its trade partnerships beyond traditional friends.



While President Trump’s tariffs made for an unpredictable business environment, Qhena argues it also gives Africa’s biggest economy a chance to diversify its markets, with a particular focus on Africa, home to some of the fastest-growing economies in the world.



“It&#8217;s a bit tricky because the environment has changed so much. But it also creates opportunities,’’ Qhena says, in an interview with CNBC Africa. “So, for me, it&#8217;s to say, let&#8217;s use this to reflect on which other markets we can look at. Let&#8217;s diversify if we haven&#8217;t and if we have, how do we strengthen those? It&#8217;s an opportunity for us.’’



In one of his first acts back in office, President Trump falsely claimed the country’s Afrikaans-speaking farmers were being persecuted by the South African government. The crisis escalated in mid-March when his government expelled the South African Ambassador to the U.S. in Washington, Ebrahim Rasool for criticizing his administration.



The tension with one of the country’s biggest trading partners and sources of investment should spur the government to redouble efforts to expand trade ties with Africa using the African Continental Free Trade Area (AfCFTA) agreement, according to Qhena, who also chairs Johannesburg Stock Exchange-listed telecommunications operator Telkom and sits on several boards including Investec SA, one of the country’s biggest banks.



‘’It&#8217;s a no-brainer,’’ Qhena says, when asked about the opportunity presented by the four-year-old AfCFTA. ‘’Have we taken enough advantage of it? Truth be told, we haven&#8217;t. I know it&#8217;s not easy. It&#8217;s complex. (But)…there are some low-hanging fruits and I know we can do more before we look outside the rest of the continent.’’



The African Union formally launched the AfCFTA in January 2021, the youngest and largest trading bloc in the world seeking to create a common market with a combined gross domestic product of $3.4 trillion that’s projected to grow to $16.5 trillion by 2035, according to the World Bank.



South Africa has also upped its partnership with the European Union, with President Cyril Ramaphosa hosting the European Commission President Ursula von der Leyen and European Council President António Costa at the 8th South Africa-European Union Summit in March at which some €4.7 billion ($5.1 billion) in investments was pledged.



Qhena has praise for South Africa’s Department of Trade, Industry and Competition under new minister Parks Tau who he says understands the impact of policy decisions on the economy. Before the formation of South Africa’s government of national unity last June, many in the private sector had complained that some of the African National Congress’s foreign policies were harming the country’s business interests.



One of President Trump’s reasons for reevaluating aid to South Africa was that the country was hostile to U.S. interests and was befriending its adversaries including China and Russia. The U.S. is also unhappy with South Africa’s prosecution of its ally Israel at the International Court of Justice in the Hague. South Africa denies the charges, maintaining its foreign policy is anchored on non-alignment.



On the domestic front, Qhena says the government’s structural reforms and collaboration with the private sector were bearing fruit. Under President Ramaphosa’s Operation Vulindlela, the government has driven policy reforms that have helped the country eliminate power shortages that crippled growth in the past two years, and is now tackling transport bottlenecks preventing the country’s mines and other exporters from exporting optimally.



The collaboration should continue but specific timelines and targets must be agreed to ensure this delivers the desired results, Qhena says. While government bureaucracy may slow implementation, the private sector complements that through faster decision-making, he adds.



He said while some guardrails were needed to ensure there was no overreach from each side, this shouldn’t be to the detriment of delivering faster implementation of the agreed projects. Analysts say South Africa has a lot of good plans but often falls short on implementation. &nbsp;



“There is a lot of good talk and there is a lot of good plans but we need implementation,’’ Qhena says. “But there are good signs and there are good improvements.’’



South Africa’s economy is projected to grow by 1.8% this year, more than double last year’s 0.6% on the back of stable power supplies and lower interest rates after the Central Bank began a cutting cycle that’s expected to continue in 2025. China’s efforts to re-boot growth are also seen as positive for South Africa and other commodity-producing countries.



But growth remains below the unity government’s target of 3% in the medium-term, hamstrung by slow progress in fixing the country’s transport sector where utility Transnet remains short of funds, and a fledgling public/private sector partnership model that remains untested.



“We know government has to run government but we need each other,’’ Qhena says. “At the end of the day, we are all South Africans. If we work together smartly, we all win. But it has to be a smart partnership.’’

Cover stars

CEO Strategies: ‘If We Work Together Smartly, We Will Win’

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



Pope Francis has died, the Vatican announced on Monday—after months of severe health ailments, including a bout of severe pneumonia—ending a more than decade-long reign where he pushed to make the Roman Catholic Church a more inclusive institution despite pushback from traditionalists.



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



Francis’ death was&nbsp;<a href="https://www.vaticannews.va/en/pope/news/2025-04/pope-francis-dies-on-easter-monday-aged-88.html" rel="noreferrer noopener" target="_blank">announced</a>&nbsp;by Cardinal Kevin Farrell, the top administrator of the office of the Holy See, who said: “At 7:35 this morning, the Bishop of Rome, Francis, returned to the house of the Father.”



Francis, who was born Jorge Mario Bergoglio in the Argentinian capital Buenos Aires, was 88-years-old.



Over the past two months the pope had been in the hospital for several days due to severe health ailments including a bout of bilateral pneumonia and bronchitis.



After a 38-day hospital stay in February and March, the pope returned to his official residence and resumed some of his papal duties.



Francis made his last public appearance less than 24 hours before his death, as he greeted cheering crowds at St. Peter&#8217;s Square while seated in his popemobile on Easter Sunday.



<h2 class="wp-block-heading">What Has The Vatican Said About The Pope’s Death?</h2>



“He taught us to live the values of the Gospel with fidelity, courage, and universal love, especially in favor of the poorest and most marginalized,” Farrell said in his announcement mourning the Pope’s death.



<h2 class="wp-block-heading">How Have World Leaders Reacted To Francis’ Death?</h2>



Several world leaders have expressed their condolences over the Pope’s passing. Italian Prime Minister Giorgia Meloni&nbsp;<a href="https://x.com/GiorgiaMeloni/status/1914239044885569647" rel="noreferrer noopener" target="_blank">wrote</a>&nbsp;on X: “This is news that grieves us deeply, because he leaves us a great man and a great pastor. I was privileged to enjoy his friendship, advice and teachings, which never failed even in times of trial and suffering&#8230;His magisterium and legacy will not be lost.” French President Emmanuel Macron&nbsp;<a href="https://x.com/EmmanuelMacron/status/1914234073406488855" rel="noreferrer noopener" target="_blank">said</a>: “From Buenos Aires to Rome, Pope Francis wanted the Church to bring joy and hope to the poorest of the poor. To unite people with one another and with nature. May this hope be resurrected unceasingly beyond him.” Spanish Prime Minister Pedro Sanchez&nbsp;<a href="https://x.com/sanchezcastejon/status/1914235723026231483" rel="noreferrer noopener" target="_blank">tweeted</a>&nbsp;Francis’ “commitment to peace, social justice and the most vulnerable leaves a profound legacy.”



This is a developing story.

Pope Francis Leads Way Of The Cross On Rio’s Copacabana Beach

Pope Francis Has Died At 88, The Vatican Says

Senzo Mfundo Vilakazi is known as the ‘big brother’ in the country’s hip hop scene. He sat down with FORBES AFRICA to discuss his anticipated sixth studio album, which is set to be released in May, and reflects on his journey and growth as an artist.



With a career that began at 15 years old and one born in his birthplace, Katlehong–a Gauteng township located in the south-east of Johannesburg–Senzo Mfundo Vilakazi believes that his latest album, titled ‘The Big Bro Theory’, allowed him to reflect on his journey.



“I wanted to make an album that was positive more than anything,” Vilakazi, known professionally as Kwesta, tells FORBES AFRICA.



“For the space of Hip-hop, the culture [of Hip-hop] is very competitive and everyone wants to be ‘dope’. Everyone wants to be called ‘dope’; and I had a fear of what if one day we lose enjoying this culture and this genre because we don&#8217;t enjoy the music anymore, where we just want to hear what this person came up with and call ‘dope’. So, I wanted to go against that and not fight for a spot [anymore] because Hip-hop is big on that.”



Although there seems to be an amplification of African music on the continent (and abroad), specifically with regards to Amapiano and Afrobeats, Hip-hop still plays an important role in the music scene in Africa.



In 2023, when the reported 50th anniversary of hip-hop was celebrated, enthusiasts said, as per a CNN report, that although the birthplace of the genre is New York City in the U.S., “many believe the artistic foundation of the genre can be traced back to Africa”.



“Rap is fundamentally based on vocal styling, based on call-and-response, which is the foundation of all Black music,” Obi Asika, a Nigerian entrepreneur and record executive told CNN in 2023. “Music is embedded in the form and function of African society from day one because it is also tied to the metronome of our hearts.”



Vilakazi says that the African sound boom, particularly for Afrobeats and Amapiano, was long overdue and amazing to witness, especially as he sees more African representation on the global stage.



“And the question is, ‘how do I fit in?’ I don’t know; I think that’s for the people who watch and study culture and music and things like that. I’m a Hip-hop guy. I came up through Hip-hop. [It] was the music of choice for me, possibly because I’m a terrible singer, but generally, I’ve always ‘messed’ with Hip-hop, and I will always choose that. But in the end, it’s all the same people representing the same place.



“The Amapiano artist grew up just down the road from you and the Hip-hop artist maybe grew up just up the road. I’m just happy that there’s attention to African artists and African music… these are my neighbors.”



As the ‘grootman’ (big brother) in the industry, Vilakazi says he sees his role now, both musically and culturally, to remind artists, at the core, to care just about the music and not to “weaponize our music” but rather enjoy the craft.



“It’s a great weapon when used for unselfish reasons, it works perfectly, and it’s dope to spread a message,” he adds. “But I think when you use music as a weapon selfishly, then it’s not music.”

Screenshot 2025-04-20 at 21.39.53

Changing The State Of The Hip-Hop Game In South Africa

NEIL DU PREEZ left his job overseas to return home to South Africa and offer low-maintenance urban mobility solutions now transforming the country’s transportation landscape.



In East Africa, the use of electric motorcycles has gained momentum and they are ubiqui- tous like never before.



Comparatively, the adoption of electric vehicles (EVs) has been slow in South Africa. While popular brands like Volvo and Toyota have seen some uptake, the transportation and delivery sectors are lagging behind in the transition to electric options.



Setting the stage to fast-track this shift is Stellenbosch- based Neil du Preez. With a background in commodities trading and chemistry, his journey started in 2012 when he gave up his overseas job to return to South Africa and manufacture light EVs to change the course of the trans- port sector.



“I wanted to create a sustainable, cost-effective urban mobility solution tailored for last-mile deliveries,” du Preez tells FORBES AFRICA.



“The goal was to offer an efficient alternative to motorcycles and traditional delivery vans. Initially, we designed passenger vehicles&#8230; called MellowCabs.”


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="768" src="https://cms.forbesafrica.com/wp-content/uploads/2025/04/WhatsApp-Image-2024-12-12-at-13.27.04_0bdf3897-2-1024x768.jpg" alt="" class="wp-image-65264" style="width:498px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/04/WhatsApp-Image-2024-12-12-at-13.27.04_0bdf3897-2-1024x768.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/WhatsApp-Image-2024-12-12-at-13.27.04_0bdf3897-2-300x225.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/WhatsApp-Image-2024-12-12-at-13.27.04_0bdf3897-2-768x576.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/WhatsApp-Image-2024-12-12-at-13.27.04_0bdf3897-2.jpg 1280w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


South Africa’s population is heavily reliant on public transport and the country boasts a thriving minibus-taxi industry. Statista estimates that taxis contribute around R40 billion ($2.16 billion) to the gross domestic product (GDP) annually. The industry reportedly transports approximately 15 million people daily.



Du Preez was at the right place at the right time.



In 2019, logistics company DHL wanted to use his MellowCabs for deliveries but only if they were converted into delivery vans. Du Preez saw more potential in parcel deliveries and cargo transport, so seized the opportunity, and pivoted to MellowVans. 



He says the company became the first South African automotive Original Equipment Manufacturer (OEM) to achieve European and British homologation. Last year, the EV company partnered with Ite-mate Solutions to launch a new mobile store solution to serve African telecommunications firms. Du Preez says the low-maintenance vehicles are developed specifically for Africa’s tough landscape.



“[The MellowVans] have become a common sight in South Af- rica’s urban centers where brands take advantage of their low operating cost, easy maintenance, and extensive technology and data to enhance their last-mile delivery,” he adds.



Du Preez is proud of the partnerships with corporates like e- commerce company Takealot, and retail giant Spar. The company has now expanded to other African countries, launched in Europe, and set up a new production facility in South Africa.



“We’re also finalizing plans for an assembly hub in Europe,” he says. His vehicles offer the lowest cost per kilometer of any last-mile solution, he adds. “Our vehicles have a range of 130km per charge, which at current Eskom (South Africa’s national electricity provider) rates, translates to 15c-per-km cost. In addition, our technology platform provides real-time insights into vehicle performance, driver behavior, and other metrics, allowing operators greater control and visibility over their fleet.”



However, this has not come without its challenges, especially as South Africa’s adoption of EVs still shows that there is room for improvement.



Du Preez opines that acceleration of the sector has been hin- dered by the absence of comprehensive regulations and incentives for electric two-wheelers.



“Governments can offer incentives and charging infrastructure, while private players can innovate on financing models and fleet adoption,” du Preez suggests.



However, there are encouraging signs. In February 2024, South Africa’s Finance Minister Enoch Godongwana highlighted the government’s commitment by announcing a 150% tax deduction on qualifying EV and hydrogen vehicle production investments.



“To encourage production of EVs in South Africa, the govern- ment will introduce an investment allowance for new investments, beginning 1 March 2026,” Godongwana said. According to reports, this legislation is expected to unlock approximately $27 billion in new investments within the country’s EV sector.



It means entrepreneurs like du Preez are on the right track to growth. As the founder and CEO of MellowVans, some sound strategizing over the years has also earned him multiple accolades and prestigious national and international awards. 



“[My leadership strategies] that have helped scale MellowVans has been agility, strong partnerships, and a focus on solving real customer pain points rather than just pushing technology.” As the EV industry continues on its path to progress, and more entrepreneurs find themselves in the space, the advice that du Preez offers is simple: “Start lean, focus on solving specific problems, and build strong local partnerships to navigate regulatory and market challenges.”

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All The Right Moves: This Entrepreneur Is Fast-Tracking E-Mobility In South Africa

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



Netflix had its best quarter ever, according to earnings results announced Thursday afternoon, setting the stakes for Netflix stock moving forward after it emerged as a perhaps surprising stock market safe haven during the recent&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/14/trump-celebrates-last-weeks-largest-gain-in-stock-market-history-but-stocks-are-still-down-during-his-second-term/">slump</a>.



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



In its Q1 report released shortly after 4 p.m. EDT market close, Netflix reported its best-ever quarterly earnings per share and revenue numbers.



Netflix scored $6.61 EPS ($2.9 billion net income) and $10.54 billion last quarter, besting consensus analyst estimates calling for the entertainment titan to report $5.67 adjusted EPS ($2.5 billion net income) and $10.5 billion in sales, according to FactSet data.



The company said it expects $11 billion in sales and $7.03 EPS during the second quarter, topping top and bottom line forecasts of $10.9 billion and $6.25, respectively.



Shares of Netflix rose 1.2% to $973 on Thursday, surging another 3% in after-hours trading to nearly $1,000 per share.



<h2 class="wp-block-heading" id="h-netflix-stock-emerges-as-a-potential-recession-winner">Netflix Stock Emerges As A Potential Recession Winner</h2>



Netflix has emerged from the 2025 stock losses stronger, gaining 4% since April 2 and 9% year-to-date. That came as the S&amp;P 500 (down 6% since April 2, 10% year-to-date excluding dividends) and the Nasdaq (-7%, -15%) both pulled back as President Donald Trump’s trade war heightened recession concerns. Many analysts herald Netflix stock as a safe parking spot as economic slowdown fears swirl. “If a recession hits, we would expect Netflix subscribers to be sticky as Netflix is a stay-at-home cheap diversion, of the type that has held up well in past recessions,” Rosenblatt analyst Barton Crockett wrote in a Monday note to clients. “Amid recent market volatility, Netflix&#8217;s strong subscription model with critical entertainment (which historically has performed well in a recession) has made the stock a defensive choice for investors,” Bank of America analysts led by Jessica Reif Ehrlich concurred in a Tuesday note.



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



Netflix has far outperformed other members of the “FAANG” group, smashing returns this year from the other high-growth technology names: Facebook parent Meta (down 14% year-to-date excluding dividends), Amazon (-21%), Apple (-21%) and Google parent Alphabet (-19%). Netflix has also outperformed Disney (-23% year-to-date) and Max parent Warner Bros. Discovery (-23%), though audio streamer Spotify’s 29% gain this year tops Netflix’s.



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



Fellow FAANG constituents Alphabet and Amazon will join Netflix in reporting Q1 earnings next week. Both West Coast titans will deliver results next Thursday.

Video Streaming Platforms Stock Photos

Netflix Earnings: Record Profits And Sales Send Stock To Nearly $1,000

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



A bipartisan House panel released a report Wednesday accusing DeepSeek of posing a “profound threat” to U.S. national security, alleging the Chinese AI startup harvests user data on behalf of the Chinese government, as efforts to ban DeepSeek have escalated in recent months amid national security concerns.



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



A&nbsp;<a href="https://selectcommitteeontheccp.house.gov/media/reports/deepseek-unmasked-exposing-ccps-latest-tool-spying-stealing-and-subverting-us-export" rel="noreferrer noopener" target="_blank">report</a>&nbsp;from the House Select Committee on the Chinese Communist Party claims while DeepSeek “presents itself as just another AI chatbot,” the company “siphons” user data for the Chinese government and relies on stolen U.S. technology.



The House panel alleges DeepSeek founder Liang Wenfeng oversees the company in an “integrated ecosystem” with ties to a state-linked hardware distributor and the Chinese research institute Zhejiang Lab.



The panel’s&nbsp;<a href="https://selectcommitteeontheccp.house.gov/sites/evo-subsites/selectcommitteeontheccp.house.gov/files/evo-media-document/DeepSeek%20Final.pdf" rel="noreferrer noopener" target="_blank">report</a>&nbsp;cites testimony from OpenAI, which told the committee DeepSeek likely relied on “unlawful” techniques to train its AI models and alleged DeepSeek employees “circumvented guardrails” to accelerate development at lower costs, including using OpenAI’s model to help “transform training data.”



DeepSeek “covertly manipulates” search results to align with Chinese propaganda and relied on Nvidia chips that are restricted from export, the House panel claims, though Nvidia has denied this claim, telling&nbsp;<a href="https://www.cnbc.com/2025/01/27/nvidia-calls-chinas-deepseek-r1-model-an-excellent-ai-advancement.html" rel="noreferrer noopener" target="_blank">CNBC</a>&nbsp;in January that DeepSeek used chips that are “fully export control compliant.”



Neither DeepSeek nor High-Flyer, the hedge fund that backs DeepSeek, immediately responded to requests for comment.



<h2 class="wp-block-heading" id="h-is-deepseek-controlled-by-the-chinese-government">Is Deepseek Controlled By The Chinese Government?</h2>



DeepSeek is a privately held company, but the startup and Liang have been embraced by the Chinese government, which is&nbsp;<a href="https://www.reuters.com/breakingviews/china-is-reshaping-not-choking-private-business-2024-10-30/" rel="noreferrer noopener" target="_blank">usually essential</a>&nbsp;for private businesses to thrive under the country’s communist one-party rule. Liang was among several industry leaders to&nbsp;<a href="https://www.reuters.com/world/china/chinas-xi-attends-symposium-private-enterprises-delivers-speech-2025-02-17/" rel="noreferrer noopener" target="_blank">meet with</a>&nbsp;Chinese President Xi Jinping in February, weeks after&nbsp;<a href="https://www.washingtonpost.com/world/2025/01/28/deepseek-liang-wenfeng-ai-technology/" rel="noreferrer noopener" target="_blank">meeting</a>&nbsp;China’s Premier Li Qiang. A meeting with Xi marked an apparent approval for the company, as DeepSeek is used by some government offices in China, while Communist Party-backed committees and police departments train workers to use the app, the New York Times&nbsp;<a href="https://www.nytimes.com/2025/03/18/business/china-government-deepseek.html" rel="noreferrer noopener" target="_blank">reported</a>. The cybersecurity analysis firm Feroot Security&nbsp;<a href="https://apnews.com/article/deepseek-china-generative-ai-internet-security-concerns-c52562f8c4760a81c4f76bc5fbdebad0" rel="noreferrer noopener" target="_blank">told</a>&nbsp;the Associated Press that DeepSeek had hidden code that could send user login information to China Mobile, which the U.S. has&nbsp;<a href="https://docs.fcc.gov/public/attachments/DOC-357372A1.pdf" rel="noreferrer noopener" target="_blank">banned</a>&nbsp;from operating in the states after citing ties between the company and the Chinese military.



<h2 class="wp-block-heading" id="h-will-deepseek-be-banned-in-the-u-s">Will Deepseek Be Banned In The U.s.?</h2>



The House panel did not recommend banning DeepSeek, and instead suggested the U.S. implement new export guardrails and prohibit the federal government from using China-based AI models. A bipartisan bill&nbsp;<a href="https://www.congress.gov/bill/119th-congress/house-bill/1121" rel="noreferrer noopener" target="_blank">banning</a>&nbsp;DeepSeek from federal devices was introduced in the House in February, though it’s not immediately clear whether the measure will be backed by other lawmakers. Other U.S. agencies have restricted access to DeepSeek, including the U.S. Navy, which&nbsp;<a href="https://www.cnbc.com/2025/01/28/us-navy-restricts-use-of-deepseek-ai-imperative-to-avoid-using.html" rel="noreferrer noopener" target="_blank">cited</a>&nbsp;“potential security and ethical concerns” linked to the app, and NASA, whose chief AI officer&nbsp;<a href="https://www.cnbc.com/2025/01/31/nasa-becomes-latest-federal-agency-to-block-chinas-deepseek.html" rel="noreferrer noopener" target="_blank">reportedly</a>&nbsp;expressed national security concerns. Australia banned DeepSeek from government devices, claiming the app posed an “unacceptable risk” to national security, while officials in&nbsp;<a href="https://garanteprivacy.it/home/docweb/-/docweb-display/docweb/10097450#english" rel="noreferrer noopener" target="_blank">Italy</a>,&nbsp;<a href="https://www.rfa.org/english/china/2025/02/03/china-taiwan-deep-seek-ban/" rel="noreferrer noopener" target="_blank">Taiwan</a>&nbsp;and&nbsp;<a href="https://www.reuters.com/technology/artificial-intelligence/south-koreas-industry-ministry-temporarily-bans-access-deepseek-security-2025-02-05/" rel="noreferrer noopener" target="_blank">South Korea</a>&nbsp;have also moved to ban DeepSeek from government devices.



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



DeepSeek’s generative AI model quickly rose in popularity after its release in the U.S. in January. The company claimed its chatbot outpaced its competitors, including OpenAI’s ChatGPT, and industry analysts speculated DeepSeek ran at a fraction of the cost of its rivals. President Donald Trump called DeepSeek’s release a “wake-up call” for U.S. industries, after it sparked a widespread selloff at the U.S. stock market led by Nvidia’s single-day loss of nearly $600 billion. DeepSeek has drawn criticism over its&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2025/01/27/does-deepseek-censor-its-answers-we-asked-5-questions-on-sensitive-china-topics/">refusal</a>&nbsp;to answer questions on some controversial topics involving China, including questions about China’s treatment of Uyghurs, Taiwan’s status with China and what happened at Tiananmen Square in 1989.



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



<a href="https://www.forbes.com/sites/tylerroush/2025/02/06/deepseek-should-be-banned-from-federal-devices-lawmakers-urge-after-ai-chatbot-linked-to-banned-chinese-firm/">DeepSeek Should Be Banned From Federal Devices, Lawmakers Urge—After AI Chatbot Linked To Banned Chinese Firm</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/tylerroush/2025/03/25/deepseek-launches-ai-model-upgrade-amid-openai-rivalry-heres-what-to-know/">DeekSeek Launches AI Model Upgrade Amid OpenAI Rivalry—Here’s What To Know</a>&nbsp;(Forbes)

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