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



Spotify will start using artificial intelligence to translate podcasts into other languages, the company announced Monday as part of a partnership with OpenAI, as Spotify becomes the latest to use generative AI for its products.



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



Spotify&nbsp;<a href="https://newsroom.spotify.com/2023-09-25/ai-voice-translation-pilot-lex-fridman-dax-shepard-steven-bartlett/" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;Monday that it is releasing a pilot for its “Voice Translation” feature, which will translate podcasts into other languages that will match the original speaker’s voice and style.



The feature was created in partnership with OpenAI, which&nbsp;<a href="https://openai.com/blog/chatgpt-can-now-see-hear-and-speak" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;Monday that it was releasing new “voice and image capabilities” for ChatGPT, allowing users to speak with the AI chatbot with generated “human-like audio from just text and a few seconds of sample speech.”



Spotify’s new feature is based on OpenAI’s voice transcription tool Whisper, which transcribes English speech and translates other languages into English.



The pilot includes three podcast episodes—including the&nbsp;Lex Fridman Podcast,&nbsp;Armchair Expert&nbsp;and&nbsp;The Diary of a CEO with Steven Bartlett—available in Spanish to both subscribed and unsubscribed users, with episodes available in French and German “in the coming days and weeks.”



All translated podcasts will be available in Spotify’s “<a href="https://spoti.fi/VoiceTranslation" target="_blank" rel="noreferrer noopener">Voice Translations Hub</a>,” which will be updated with additional episodes and podcasts “over the coming weeks and months.”



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



100 million. That’s how many users “regularly” listen to podcasts on Spotify, according to the company.



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



Other companies have started to use generative AI for its products in recent months. Meta&nbsp;<a href="https://www.forbes.com/sites/irenebenedicto/2023/08/02/meta-launches-tool-to-create-music-using-ai-heres-what-to-know/?sh=4eddc404444d">announced</a>&nbsp;earlier this year that it would release AudioCraft, a tool that allows users to create AI-generated music and sounds. The&nbsp;<a href="https://www.ft.com/content/6f022306-2f83-4da7-8066-51386e8fe63b?list=intlhomepage" target="_blank" rel="noreferrer noopener">Financial Times</a>&nbsp;reported in August that Google and Universal Music Group were in discussions over whether to license artists’ melodies and vocals for AI-generated music. Google also&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/09/19/google-expands-ai-chatbot-bard-to-apps-like-gmail-drive-and-youtube/?sh=3282847f4905">announced</a>&nbsp;earlier this month that it had integrated its AI chatbot Bard into its other applications, including YouTube, Gmail and Drive. Amid concerns over privacy and safety, OpenAI said it was gradually releasing its image and voice capabilities for ChatGPT, after the company warned the new features could present new risks, including “the potential for malicious actors to impersonate public figures or commit fraud.”



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



<a href="https://www.forbes.com/sites/tylerroush/2023/08/08/google-and-universal-music-group-negotiating-ai-generated-music-tool-report-says/?sh=3d4d29cf22e7">Google And Universal Music Group Negotiating AI-Generated Music Tool, Report Says</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/irenebenedicto/2023/08/02/meta-launches-tool-to-create-music-using-ai-heres-what-to-know/?sh=4eddc404444d">Meta Launches Tool To Create Music Using AI—Here’s What To Know</a> (Forbes)<a href="https://www.forbes.com/sites/tylerroush/"></a>

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Spotify Will Translate Podcasts Into Other Languages Using AI

President Bola Tinubu recently rang the closing bell at the NASDAQ stock market, signaling a new era of opportunities for foreign investment in Africa&#8217;s economic powerhouse. We spoke exclusively with Scott Eisner, President of the US Chamber of Commerce’s US-Africa Business Center.



In New York recently, President Bola Tinubu of Nigeria rang the closing bell at NASDAQ, continuing his efforts to attract foreign direct investment into the country.



Tinubu was accompanied by Nigerian business leaders, governors, ministers, and officials from the Nigerian Stock Exchange (NSE), as the event took place on the sidelines of the 78th session of the United Nations General Assembly UNGA).



In an exclusive interview with FORBES AFRICA, Scott Eisner, President of the US Chamber of Commerce&#8217;s US-Africa Business Center, commended Tinubu&#8217;s efforts to attract foreign capital into Nigeria.



Surrounded by the bustling atmosphere of the famous stock exchange, NASDAQ, ranked as the second-largest in the world, the Nigerian leader seized the opportunity to highlight the investment potential in Africa&#8217;s economic powerhouse.



He conveyed his enthusiasm for bringing Nigeria to the global stage and assured potential investors that Nigeria was a secure destination for their capital.



&#8220;It&#8217;s a great honor for me to be here. I am happy to bring Nigeria to your doorsteps, and I am honored that we are here today with a thriving Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria; there is immense opportunity in Nigeria where you can invest your money without fear,&#8221; Tinubu declared.



He underlined his government&#8217;s commitment to addressing long-standing challenges and impediments, such as restoring and unifying the foreign exchange rate market, ensuring stability, and making it easier for new investors to bring their capital into Nigeria with confidence.



&#8220;You&#8217;re free to invest and withdraw your money. I count on you to invest in Nigeria,&#8221; Tinubu emphasized.



Eisner, a prominent advocate for strengthening economic ties between the US and African nations, stressed the importance of Tinubu&#8217;s participation in the NASDAQ event. &#8220;The United States is one of Nigeria&#8217;s largest trading partners and a significant foreign investment source. In light of this, President Tinubu&#8217;s participation in the NASDAQ bell-ringing ceremony presented an opportunity to strengthen economic ties between the two nations. The ceremony served as a symbol of cooperation and collaboration between the United States and Nigeria, emphasizing the importance of maintaining a mutually beneficial partnership. Both countries can achieve more significant economic growth and prosperity by working together to enhance trade and investment relations,&#8221; he tells FORBES AFRICA.



According to Eisner, Tinubu&#8217;s participation has significantly bolstered the relationship between the US and Nigeria&#8217;s business communities. &#8220;This development is expected to pave the way for greater collaboration and increased investment between the nations.&#8221;



He further emphasized the potential benefits of increased collaboration between the two nations, including growth in the technology sector, enhanced agricultural trade, improved infrastructure, increased manufacturing, and more significant investment.



&#8220;Moreover, it can facilitate technology transfer between the two continents, helping African businesses adopt new technologies and enhance productivity. Finally, the event can promote cultural exchange between Africa and the United States, building understanding and respect between these two cultures. Overall, the presence of the Nigerian president at NASDAQ can have significant long-term benefits across Africa, making it a noteworthy event with the potential to drive positive change,&#8221; says Eisner.



Following the closing bell ceremony, the Nigeria-US Executive Business Roundtable provided a platform for President Tinubu to assure prospective investors of Nigeria&#8217;s attractiveness. He underscored that Nigeria&#8217;s unique combination of a burgeoning youthful population and a rapidly growing economy made it an unparalleled investment opportunity.



US Deputy Secretary of the Treasury, Wally Adeyemo, who had just returned from a visit to Nigeria, praised Tinubu&#8217;s reforms and efforts to boost confidence among global investors. &#8220;Nigeria is proving to be a new frontier for investment. We will encourage our companies from our end as those reforms continue to deepen,&#8221; Adeyemo stated.



The resulting collaborations are expected to create jobs, drive economic growth, and improve the quality of life for citizens in both countries, while also having a positive impact across Africa.

Image supplied

‘Symbol Of Cooperation And Collaboration’: US Chamber Expert On Nigeria President’s Participation In NASDAQ Bell-Ringing Ceremony

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



Sold out iPhone 15 pre-orders and long queues in cities around the world signaled the launch of Apple’s latest iPhone Friday—more than a month after the company reported its <a href="https://www.theguardian.com/technology/2023/aug/03/apple-revenues-fall-third-straight-quarter#:~:text=Apple%20boss%20Tim%20Cook%20announced,fell%201.4%25%20to%20%2481.8bn." target="_blank" rel="noreferrer noopener">third straight quarter</a> of declining sales.



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



Lines formed in&nbsp;<a href="https://x.com/KateKozuch/status/1705186743106916842?s=20" target="_blank" rel="noreferrer noopener">New York</a>,&nbsp;<a href="https://www.khaleejtimes.com/uae/iphone-15-in-uae-long-queues-of-buyers-at-dubai-mall-apple-store-barricaded" target="_blank" rel="noreferrer noopener">Dubai</a>,&nbsp;<a href="https://x.com/Reuters/status/1705260668356567522?s=20" target="_blank" rel="noreferrer noopener">Shanghai</a>&nbsp;and other cities for the launch of the iPhone 15, which features camera upgrades, new colors and USB-C charging among other subtle changes from the previous model.



Apple CEO Tim Cook made an&nbsp;<a href="https://x.com/tim_cook/status/1705258046681686288?s=20" target="_blank" rel="noreferrer noopener">appearance</a>&nbsp;at one of the launches in New York, where several customers waited in line hours prior to the opening of Apple&#8217;s Fifth Avenue store.



Reservations for in-store pickups have sold out quickly, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-09-22/apple-s-iphone-15-goes-on-sale-in-test-of-holiday-resurgence" target="_blank" rel="noreferrer noopener">Bloomberg</a>, which reported online orders for the highest-end iPhone 15 models won’t reach customers in several countries until at least mid-November—an indication of high demand.



Apple is in its most drawn out sales slump since 2016, according to&nbsp;<a href="https://www.theguardian.com/technology/2023/aug/03/apple-revenues-fall-third-straight-quarter#:~:text=Apple%20boss%20Tim%20Cook%20announced,fell%201.4%25%20to%20%2481.8bn." target="_blank" rel="noreferrer noopener">The Guardian</a>,&nbsp;with the company reporting last month its third straight quarter of revenue declines, with third quarter sales falling 1.4% to $81.1 billion over the last year.



Analysts expect the company to break the slump next quarter with slight revenue growth, the&nbsp;<a href="https://www.wsj.com/articles/apple-aapl-q3-earnings-report-2023-46673f8f" target="_blank" rel="noreferrer noopener">Wall Street Journal</a>&nbsp;reported.



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



Apple shares closed up more than 0.49% at $174.79 Friday as the tech giant’s stock continues to trade up more than 39% since the start of the year.



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



<a href="https://www.cnbc.com/2023/08/04/apple-shares-slide-after-it-reports-decreased-hardware-revenue.html" target="_blank" rel="noreferrer noopener">$39.7 billion</a>. That’s how much revenue Apple’s iPhone brought in for the company in the third quarter.



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



We estimate Cook to be worth&nbsp;<a href="https://www.forbes.com/profile/tim-cook/?sh=2a64b4273ea4">$1.9 billion</a>, a sum of wealth bolstered by hundreds of millions of dollars’ worth of Apple shares he’s sold over the years.



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



Declines in iPhone sales are the main culprit behind Apple’s minor slump, as the product typically makes up about half of the company’s total sales. The June period is typically the&nbsp;<a href="https://www.cnn.com/2023/08/03/tech/apple-earnings-third-quarter/index.html#:~:text=iPhone%20revenue%20came%20in%20at,revenue%20was%20down%20nearly%2020%25." target="_blank" rel="noreferrer noopener">slowest quarter</a>&nbsp;of the year for Apple. The company usually reveals its new iPhone models in September after consumers have held out on phone upgrades until the new models hit the market. However, June was the same month Apple surpassed&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/06/30/apple-hits-3-trillion-market-value-and-could-soar-another-800-billion/?sh=2af94dd852b1">$3 trillion</a>&nbsp;in market value, making it the first company ever to reach past the mark. Apple is worth nearly as much as Tesla, Meta, Berkshire Hathaway, UnitedHealth and Visa—firms in the top 10 of America&#8217;s most valuable companies—<a href="https://www.forbes.com/sites/dereksaul/2023/06/30/apple-hits-3-trillion-market-value-and-could-soar-another-800-billion/?sh=2af94dd852b1">combined</a>.



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



<a href="https://www.forbes.com/sites/gordonkelly/2023/09/01/apple-iphone-15-pro-max-ultra-design-camera-display-price-new-iphone-release/?sh=267597b442b0">Apple Analyst Details iPhone 15, iPhone 15 Pro Design, Display, Camera, Color Changes</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/davidphelan/2023/09/18/iphone-15-pro-max-serious-problem-highlighted-by-apple-insider-iphone-16-pro-leak/?sh=70265fd72faa">iPhone 15 Pro Max Serious Problem Highlighted By Apple Insider</a>&nbsp;(Forbes)

iPhone15 On Sale in Chongqing

iPhone 15 Global Debut Marked By Long Lines And Consumer Hype As Apple Looks To Turn Around Sales Slump

Barely two years after his first sip of wine, Joseph Dhafana was head sommelier at the iconic La Colombe restaurant in Cape Town and began to explore making his own wine. His Mosi Wines and Spirits is a household name today.



<blockquote class="wp-block-quote">
“We can’t all be actors or artists to tell our stories but I chose to tell mine by bottling it.”
</blockquote>



With its prolific wine region and world-class restaurants, Cape Town has long been the jewel in South Africa’s tourism crown. Yet the industry isn’t powered by good food and wine alone, but rather, by the dedication of its people. People like Joseph Tongai Dhafana, sommelier, wine judge and founder of Mosi Wines and Spirits. Impressive title aside, it’s Joseph’s story that truly sets him apart.



Dhafana now lives in Cape Town but grew up in Zimbabwe, an entire world away from his current life. He was raised in Chirumhanzu in the Midlands province, by parents who were subsistence farmers.



“I remember waking up as early as 03:00, going to the field to till the land with an ox-drawn plough. Then, when the sun rose I would run back home via the river to take a bath and get ready for a 12km walk to school – sometimes barefoot,” he explains. “These early mornings before school were very tough but they made me who I am today.”



This resilience is what would ultimately change the course of his life forever. In 2008, at the peak of Zimbabwe’s crisis, Dhafana made the difficult decision to leave his home country in search of better opportunities in South Africa. “Leaving was very painful and I had never dreamed of living outside Zimbabwe,” he says.



Initially, he worked as a gardener in Riebeek-Kasteel, a small town 80km outside of Cape Town, which led him to work in the garden for a local bar. Here, he moved to washing dishes and waiting tables and was soon promoted to barman, where life took another fortuitous turn. Here, Dhafana celebrated his 29th birthday and had his first taste of wine – a sparkling wine from nearby Riebeek Valley Wine Co. His first thoughts? “I didn’t like it,” he says simply. “I remember, the wine was quite tart and astringent with cutting acidity and that was very foreign to my palate.” He adds, “Now I can describe it but back then I had no words to explain how I felt. They now call me the ‘wine poet’.” &nbsp;



Despite a rocky start, this taste of wine awakened something in Dhafana, and before long he had enrolled to do a course at the Wine &amp; Spirit Education Trust; he joined the Cape Wine Academy and eventually, the South African Sommeliers Association, the Michael Fridjhon Wine Judging Academy and Court of Master Sommeliers Europe. Barely two years after that first sip, Dhafana was head sommelier at the iconic La Colombe restaurant and began to explore making his own wine.



“I had saved money and bought grapes to make a barrel each of Chenin Blanc and Syrah… in Riebeek-Kasteel, where it all started.”



Today, Joseph’s Mosi Wines and Spirits – named after breath-taking Victoria Falls nestled between Zimbabwe and Zambia – is a household name. Regularly appearing on the wine lists of the country’s top restaurants, there is no denying that his hard work and determination have paid off. “Seeing people swirling and sipping my wine just melts my heart,” he says. “I believe wine is a bottled story and this brand has a lot to say.”



Dhafana’s story is nothing short of remarkable, but as he says, there are a lot of stories like his out there. “I am proud of the person I am today but I am thankful to those who helped me.” He doesn’t take this gratitude lightly and now helps others wanting to enter the industry. “The journey has just started because I am already helping young up-and-coming sommeliers and wine stewards to do better than what I did.” And it doesn’t end there. Along with his work as a sommelier and a wine judge, he also helped establish and captain Team Zimbabwe at the World Blind Tasting Championships in 2017 and 2018, documented in the documentary, Blind Ambition. He is a board member of the Black Cellar Club, a non-profit that aims to promote a responsible wine and beverage industry in South Africa and is a judge for the country’s biggest annual restaurant awards, hosted by Eat Out magazine.



Having triumphed over immense challenges, Dhafana’s continued commitment to wine has enriched the industry. “We can’t all be actors or artists to tell our stories but I chose to tell mine by bottling it,” he adds.

Joseph Dhafana image supplied

From Zimbabwean Refugee To ‘Wine Poet’ In South Africa

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



Paxlovid—Pfizer’s antiviral Covid-19 treatment—is 37% effective at preventing hospitalization or death in high-risk patients compared with no treatment, according to <a href="https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2809779" target="_blank" rel="noreferrer noopener">a study</a> published Thursday in the JAMA Network Open, well below the 88% effectiveness rate Pfizer and regulators <a href="https://www.fda.gov/news-events/press-announcements/coronavirus-covid-19-update-fda-authorizes-first-oral-antiviral-treatment-covid-19" target="_blank" rel="noreferrer noopener">reported</a> in clinical trials in 2021—though it remains very effective at staving off death.



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



The study found that when excluding hospitalizations and looking at death alone, the drug is 84% effective.



The observational study analyzed electronic health records from thousands of patients at the Cleveland Clinic Health System in 2022 and early 2023 to determine Paxlovid’s effectiveness, using real-world data rather than the clinical trials that were used before.



The study also found another antiviral Covid-19 treatment, Merck’s Lagevrio, was 42% effective in preventing hospitalization or death and 77% effective against death alone.



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



Why the effectiveness has fallen. The study authors noted the clinical trials were conducted among unvaccinated patients who had limited natural immunity, whereas this study was conducted in a real-world population including vaccinated and previously infected patients who had some other defenses against the coronavirus. They also noted the original clinical studies were completed when the Delta variant was the most common strain of the virus while their study was conducted when the Omicron variant was, suggesting that the drug could work differently with different strains.



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



While they note the effectiveness has fallen, the study’s authors still say these drugs are useful tools in fighting Covid-19, arguing both drugs can be used in nonhospitalized Covid-19 patients to prevent the most severe outcomes.



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



Paxlovid is still “definitely recommended for high-risk patients,” said University of North Carolina professor Danyu Lin, one of the study’s authors, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-09-21/paxlovid-study-shows-effectiveness-against-covid-has-declined?srnd=premium" target="_blank" rel="noreferrer noopener">Bloomberg</a>.



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



Paxlovid, a course of oral pills, first&nbsp;<a href="https://www.pfizer.com/news/press-release/press-release-detail/pfizers-paxlovidtm-receives-fda-approval-adult-patients#:~:text=PAXLOVID%20has%20been%20available%20in,remain%20consistent%20with%20the%20EUA." target="_blank" rel="noreferrer noopener">became available</a>&nbsp;in December 2021 and is to be taken early in a patient’s infection. They’re designed to prevent patients who already have Covid-19 from becoming hospitalized or dying, particularly patients who are at an elevated risk of severe Covid-19 due to age or medical conditions. New information on Paxlovid’s effectiveness comes amid fears of a new wave of Covid-19 this fall. In the week ending September 9, 20,538 people were hospitalized for Covid-19, a 7.7% increase over the week prior, according to the&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#maps_percent-covid-deaths" target="_blank" rel="noreferrer noopener">Centers for Disease Control and Prevention</a>. Since the onset of the pandemic, 1.14 million people have died of the virus.



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



<a href="https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2809779" target="_blank" rel="noreferrer noopener">Nirmatrelvir or Molnupiravir Use and Severe Outcomes From Omicron Infections</a>&nbsp;(JAMA Network Open)



<a href="https://www.forbes.com/sites/brianbushard/2023/05/25/pfizers-paxlovid-covid-pill-granted-full-fda-approval/?sh=385c6c1014ec">Pfizer’s Paxlovid Covid Pill Granted Full FDA Approval</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/roberthart/2022/04/21/who-endorses-pfizers-antiviral-pill-paxlovid-for-high-risk-covid-patients-but-says-benefits-trivial-for-low-risk-groups/?sh=14dd5ff3623b">WHO Endorses Pfizer’s Antiviral Pill Paxlovid For High-Risk Covid Patients But Says Benefits ‘Trivial’ For Low-Risk Groups</a> (Forbes)

Vaccinations at Egoli Township as Omicron Cases Spread

Covid Drug Paxlovid Now Less Effective Than In Early Trials—But It’s Still Great At Preventing Death

South Africa remains resolute in hosting the AGOA summit despite prior tensions with the US. The upcoming event, slated for November, signifies renewed commitment to strengthen trade ties. South Africa&#8217;s call for a decade-long AGOA extension underscores the pivotal role this partnership plays in fostering economic growth and cooperation.



South Africa is set to host the African Growth and Opportunity Act (AGOA) Summit later this year, despite recent diplomatic tensions between the country and the United States (US). In June this year, US legislators called for the relocation of the summit due to controversy surrounding alleged arms shipments to Russia by South Africa. Cleared of any wrongdoing by an internal judicial panel, the US has reaffirmed its commitment to shared growth with South Africa.



“The AGOA Forum is an opportunity for the United States to build upon the success of the Africa Leaders’ Summit and further our economic partnership with AGOA countries,” stated US Ambassador Katherine Tai in a statement announcing this year&#8217;s summit from Washington.



South African President Cyril Ramaphosa not only celebrated the country&#8217;s hosting of the summit but also called for the renewal of the agreement for another decade. The current format of AGOA is set to expire in 2025. Emphasizing the importance of South Africa-US relations, Ramaphosa declared: &#8220;The US remains a very important economic partner in trade and investment, with great potential to further expand economic ties,&#8221; in a press release.



AGOA currently benefits eligible sub-Saharan countries by providing access to US markets for several thousand products, including duty-free access for some exports. South Africa continues to be the largest exporter in the agreement, generating approximately $2.7 billion in revenue for the country as of 2021, primarily from vehicles, jewelry, and metals.



The controversy surrounding the visit of a Russian ship, the Lady R, docking at a South African military base in December 2022, led to the politicization of the AGOA agreement by bipartisan representatives in the US. However, a subsequent South African investigation cleared the country of exporting arms to Russia as part of the incident, resulting in a restored commitment by representatives of both countries to mend strained relations.



The AGOA summit, scheduled for early November in South Africa, will bring together key delegations from all member countries, regional economic entities, as well as representatives from the private and public sectors. The goal is to strengthen trade and economic ties between the US and sub-Saharan Africa.



The summit will also feature a ‘Made in Africa’ exhibition, specifically focused on demonstrating regional value chains on the continent.



“AGOA has helped promote the export of African goods to the United States, and we believe there is scope to deepen its impact on African industrialization,&#8221; said South Africa&#8217;s Minister of Trade and Industry, Ebrahim Patel, reaffirming Ramaphosa&#8217;s commitment to extending the deal. &#8220;Extending it beyond 2025 will promote inward investment in Africa and support our efforts to increase growth through the African Continental Free Trade Area (AfCFTA), which will cover 54 countries and 1.4 billion people.”

Untitled design (33)

Renewed Commitment: South Africa To Host AGOA Summit Amid Calls for Extension

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



Adidas CEO Bjorn Gulden <a href="https://youtu.be/YdWtvbkSJlY?feature=shared&amp;t=876" target="_blank" rel="noreferrer noopener">said</a> in a recent podcast interview that he doesn’t think rapper Ye, formerly known as Kanye West, “meant what he said” about Jewish people last year, adding he doesn’t think Ye is “a bad person, it just came across that way.”



<h3 class="wp-block-heading" id="h-key-facts">KEY FACTS</h3>



When asked about what happened with Adidas and Ye on&nbsp;In Good Company, a podcast from Norges Bank Investment Management, Gulden recognized the artist made some statements that weren’t “that good,” leading Adidas to break the contract.



But Gulden, who was not yet&nbsp;<a href="https://www.adidas-group.com/en/media/news-archive/press-releases/2022/bjorn-gulden-become-ceo-adidas-ag/#:~:text=The%20Supervisory%20Board%20of%20adidas,and%20CEO%20of%20adidas%20AG." target="_blank" rel="noreferrer noopener">leading</a>&nbsp;the company at the time of the controversy, also offered praise for Ye, saying he’s “one of the most creative people in the world, both in music and … street culture.”



Gulden called the Yeezy shoe line one of the “most successful collabs” in history; it cost Adidas $440 million in sales in the first quarter of this year alone to discontinue the Yeezy line,&nbsp;<a href="https://www.adidas-group.com/en/media/news-archive/press-releases/2023/adidas-reports-revenues-on-prior-year-level-in-the-first-quarter/" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the sportswear company.



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



Last October, Ye spouted antisemitic comments, conspiracy theories and criticized Black Lives Matter in a number of interviews and public appearances, leading to broken business relationships, his&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2022/10/08/musk-welcomes-kanye-west-back-to-twitter-after-hes-blocked-by-instagram-over-apparent-antisemitic-post/?sh=7ee386ca50da">removal</a>&nbsp;from social media platforms and widespread criticism. At the start of the month, Ye had models at his fashion show in Paris wear “White Lives Matter” shirts, a term that’s associated with a neo-Nazi group. Just days later, he took to X—formerly known as Twitter—to claim he was going to go “death con 3 on Jewish people.” He said it wasn’t antisemitic for him to tweet that because “black people are actually Jew also,” and his account was&nbsp;<a href="https://www.forbes.com/sites/carlieporterfield/2022/10/09/twitter-deletes-kanye-west-post-about-jewish-people/?sh=f9375e1302f7">locked</a>. Ye also repeatedly made comments that the Anti-Defamation League said use “age-old anti-Semitic myths about Jewish greed and power and control of the entertainment industry.” Ye said he didn’t regret his remarks, but did apologize for the “death con 3” comment on&nbsp;Piers Morgan Uncensored. In November, NBC News&nbsp;<a href="https://www.nbcnews.com/news/us-news/kanye-west-ye-settlement-anti-semitic-jewish-hitler-nazis-allegations-rcna54485" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;people who previously worked with Ye said he made several pro-Hitler and pro-Nazi remarks as far back as 2018. In addition to Adidas, Gap, Balenciaga, Vogue and JP Morgan Chase all&nbsp;<a href="https://www.businessinsider.com/kanye-west-companies-cutting-ties-adidas-gap-balenciaga-vogue-tweet-2022-10" target="_blank" rel="noreferrer noopener">broke ties</a>&nbsp;with the artist. The essential collapse of his business empire caused Ye to&nbsp;<a href="https://www.forbes.com/sites/lisettevoytko/2023/04/05/heres-why-kanye-west-dropped-off-the-forbes-billionaires-list/?sh=369e75cd1866">lose his billionaire status</a>.



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



“When you work with third parties that could happen and it’s part of the game,” Gulden said on the podcast. “That can happen with an athlete, it can happen with an entertainer, so it’s part of the business.”



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



$565 million. That’s how much Adidas made in May when it opted to sell the unsold Yeezy shoes that were left over after the company stopped working with Ye. The sale of Yeezy inventory helped Adidas reduce its projected operating loss for the year from $775 million to $598.56 million, the company&nbsp;<a href="https://www.adidas-group.com/media/filer_public/4d/5f/4d5fbc81-6eee-4e9e-b21d-1f9247d3aff6/adidasag_q22023_pre-announcement_final_en.pdf" target="_blank" rel="noreferrer noopener">said</a>.



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



We estimate Ye’s net <a href="https://www.forbes.com/profile/kanye-west/?sh=4cef8adb56f1">worth at $400 million</a>—a fraction of his $2 billion estimated net worth last year.

adidas + KANYE WEST New Partnership Announcement

Adidas CEO: Kanye West Didn’t Mean Antisemitic Comments, Isn’t A Bad Person

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



Six Palestinians were killed by Israeli forces and dozens more injured during three separate incidents in the occupied West Bank and Gaza Strip over the past 24 hours, the Palestinian Ministry of Health told <a href="https://www.cnn.com/2023/09/20/middleeast/israeli-military-palestinians-intl/index.html" target="_blank" rel="noreferrer noopener">CNN</a>—incidents that come during a controversial meeting between Israeli Prime Minister Benjamin Netanyahu and U.S. President Joe Biden.



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



Four people died and over 30 were injured when the Israeli military invaded the Jenin refugee camp Tuesday evening and exchanged fire with Palestinian militants,—Israel claims the Palestinian militants fired first—CNN reported, citing the ministry and an anonymous witness, who said that electricity was knocked out from the camp for some time.



The Israeli Defense Forces said in a statement that troops entered the camp as part of “counterterrorism activity” and claimed that “armed gunmen opened fire” at them before they returned fire.



Meanwhile, on Tuesday afternoon, a Palestinian man was killed and several others were injured when Israeli forces fired across the Gaza border fence at protesters who had been holding regular protests along the border for the past week; the earlier protests had, at times, turned violent, with protesters throwing explosive devices and burning tires as well as occasionally firing guns at Israeli guards.



The IDF said in a statement, “hundreds of rioters gathered in a violent riot adjacent to the security fence in the Gaza Strip…a number of explosive devices were activated by the rioters.”



On Wednesday morning, a Palestinian man was killed by Israeli military who entered the Aqabat Jaber refugee camp in Jericho.



Israeli forces said they were attempting to apprehend 10 wanted suspects when explosive devices were hurled at them and they returned fire.



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



The West Bank and the Gaza strip have been under military occupation by Israel since 1967. The West Bank has been embroiled by nearly daily violence throughout 2023, spurred by nightly raids from Israeli forces, putting the region on track for its bloodiest year since 2005. Notably, in July, Israel&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/06/19/5-palestinians-die-in-the-conflicts-most-ferocious-fighting-in-years/?sh=5e3671687ab2">struck</a>&nbsp;the refugee camp in Jenin—the same one that saw four people die on Tuesday—with gunfire, armored bulldozers and at least one Apache helicopter, the first time a helicopter gunship had been used in the conflict since the second Palestinian uprising around two decades ago. That fighting lasted 10 hours, killed five and injured 91.



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



The violence unfolded while Israel’s leader Netanyahu was visiting Biden and New York during the United Nations General Assembly Wednesday, the&nbsp;<a href="https://apnews.com/article/israel-netanyahu-biden-white-house-united-nations-c6dab3cc0357f67b2054446f3c6cdc52" target="_blank" rel="noreferrer noopener">Associated Press reported</a>. The meeting will be the first between the two since Netanyahu formed his far-right coalition government last year, a buck to tradition as the U.S. has typically invited Israeli leaders to the White House within weeks of them starting their tenure. The delay, as well as the meeting taking place in New York instead of Washington, D.C., is widely seen as a signal of Biden’s displeasure with Netayahu’s new government, which has taken a hardline on the conflict with the Palestinians and attempted to overhaul the country’s judiciary in a way that makes it more favorable to them, according to the AP. Biden opened the meeting by saying they would discuss “some tough issues” including “upholding democratic values that lie at the heart of our partnership, including checks and balances.”



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



<a href="https://www.cnn.com/2023/09/20/middleeast/israeli-military-palestinians-intl/index.html" target="_blank" rel="noreferrer noopener">Six Palestinians killed by Israeli military in three separate incidents over 24 hours</a>&nbsp;(CNN)



<a href="https://www.forbes.com/sites/willskipworth/2023/06/19/5-palestinians-die-in-the-conflicts-most-ferocious-fighting-in-years/?sh=5e3671687ab2">5 Palestinians Die In The Conflict’s Most Ferocious Fighting In Years</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/anafaguy/2023/09/19/us-considering-defense-treaty-with-saudi-arabia-that-includes-israel-normalization-report-says/?sh=652d65239e37">U.S. Considering Defense Treaty With Saudi Arabia That Includes Israel Normalization, Report Says</a>&nbsp;(Forbes)

Israeli army bulldozer on duty during the demolition of

Six Palestinians Killed In Three Separate Incidents By Israeli Forces Over 24 Hours

<h2 class="wp-block-heading" id="h-topline"><a href="https://policies.google.com/privacy" target="_blank" rel="noreferrer noopener"></a>TOPLINE</h2>



A drought in Spain, record-high temperatures and a pause in Turkish exports have driven prices of Spanish olive oil to a record high of $8,900 per ton this month, and there&#8217;s no clear indication as to when they&#8217;ll fall.



Extreme hot weather and persistent drought conditions have dealt a severe blow to olive oil&nbsp;&#8230; [+]ANADOLU AGENCY VIA GETTY IMAGES



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



&#8220;Extremely dry weather in much of the Mediterranean&#8221; has been blamed for the skyrocketing prices of olive oil—up 130% from last year—by the&nbsp;<a href="https://apps.fas.usda.gov/psdonline/circulars/oilseeds.pdf" target="_blank" rel="noreferrer noopener">U.S. Department of Agriculture</a>, which warns the only thing that could bring them down in the coming months would be improved growing conditions.



The Catalonia region of Spain&nbsp;<a href="https://www.euronews.com/green/2023/08/09/we-have-never-seen-it-so-low-spain-introduces-water-restrictions-as-reservoirs-run-dry#:~:text=Drought%20is%20leaving%20reservoirs%20empty&amp;text=Spain%20registered%20the%20driest%20start,Andalusia%20being%20the%20most%20affected." target="_blank" rel="noreferrer noopener">declared</a>&nbsp;a drought emergency in 24 municipalities in August after 30 months of little rain, and the drought has dried up reservoirs, parched olive groves and led to restrictions on water use across the country, per&nbsp;<a href="https://earthobservatory.nasa.gov/images/151366/spain-browned-by-drought" target="_blank" rel="noreferrer noopener">NASA</a>.



The lack of rain has coincided with the nation’s third-hottest summer on record: The Spanish meteorological agency&nbsp;<a href="https://www.aemet.es/en/noticias/2023/09/avance_verano_2023" target="_blank" rel="noreferrer noopener">says</a>&nbsp;four heat waves were recorded this summer, temperatures were 2.3°F (1.3°C) higher than normal on average and meteorologists are predicting a warmer-than-normal autumn.



Italy and Greece, which also grow a significant portion of the world’s olives, have also seen hot, dry seasons, with Italy recording&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/08/07/extreme-heat-in-southern-italy-increased-july-death-rate-officials-say/?sh=4ab63d9c2664">temperatures</a>&nbsp;over 40°C (104°F), and Greece, where major tourist attractions&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/07/15/europes-dangerous-heat-wave-greece-closes-acropolis-as-warnings-issued-across-italy-spain-and-germany/?sh=7b774c7e39c0">were closed</a>&nbsp;due to the heat, notching temperatures just as high.



Spain, the world’s largest producer and exporter of olive oil, made 50% less oil in its most recent season, CNBC&nbsp;<a href="https://www.cnbc.com/2023/09/19/olive-oil-prices-surge-over-100percent-leading-to-cooking-oil-thefts.html" target="_blank" rel="noreferrer noopener">reported</a>, and prices have been further impacted by Turkey&#8217;s decision&nbsp;<a href="https://apps.fas.usda.gov/psdonline/circulars/oilseeds.pdf" target="_blank" rel="noreferrer noopener">to suspend</a>&nbsp;bulk oil exports until at least November 1 in a move meant to ensure domestic supplies and alleviate price pressure.



Before this August, the previous record price for olive oil was set at $6,242 per ton in 1996, according to the USDA.



Picture shows healthy olives grown using an irrigation system developed by researchers of the&nbsp;&#8230; [+]AFP VIA GETTY IMAGES



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



610,000 tons. That&#8217;s how much olive oil Spain produced in the recent season, compared to a usual yield of 1.3 to 1.5 million tons.



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



The global olive oil market was valued at $14.2 billion in 2022 and is projected to grow to $18.4 billion by 2030, Fortune Business Insights&nbsp;<a href="https://www.fortunebusinessinsights.com/industry-reports/olive-oil-market-101455" target="_blank" rel="noreferrer noopener">predicts</a>. Spain manufactures almost half of the world&#8217;s olive oil,&nbsp;<a href="https://www.internationaloliveoil.org/the-world-of-olive-oil/" target="_blank" rel="noreferrer noopener">followed by</a>&nbsp;producers in Italy, Greece, Portugal, Tunisia, Turkey and Morocco. Greeks are the largest olive oil consumer per capita,&nbsp;<a href="https://www.aboutoliveoil.org/olive-oil-production-by-country" target="_blank" rel="noreferrer noopener">according to&nbsp;</a>the North American Olive Oil Association, followed by Spain and Italy. Greeks consume about 20 liters of olive oil per person each year, compared to about 1 liter per American. The size of the United States compared to other nations, however—only about 10.6 million people live in Greece compared to 331 million in the U.S.—makes the nation a major consumer: The&nbsp;<a href="https://apps.fas.usda.gov/psdonline/circulars/oilseeds.pdf" target="_blank" rel="noreferrer noopener">USDA</a>&nbsp;said American imports usually make up about 30% of the global olive oil trade, and that number is expected to rise to between 35% and 37% this year.



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



A theft of about 50,000 liters of extra virgin olive oil left one of the nation&#8217;s family-owned mills, Marin Serrano El Lagar, out about $450,000, local news&nbsp;<a href="https://www.elmundo.es/andalucia/2023/08/31/64f0462efc6c8312768b459c.html" target="_blank" rel="noreferrer noopener">reported</a>. No arrests have been made in the theft and a spokesperson for the Civil Guard told&nbsp;El Mundo&nbsp;that stealing in bulk, rather than bottles, makes tracking the oil particularly hard. Just two weeks before that, another 6,000 liters of extra virgin olive oil—$53,500 worth—<a href="https://www.elmundo.es/andalucia/2023/08/23/64e5e1bdfc6c8303668b4591.html" target="_blank" rel="noreferrer noopener">was stolen</a>&nbsp;from the Terraverne oil mill.



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



Olive oil isn&#8217;t the only commodity to have seen cost jumps this summer,&nbsp;Business Insider&nbsp;<a href="https://markets.businessinsider.com/news/commodities/foodflation-cocoa-surges-12-year-high-orange-juice-hit-record-2023-7?_gl=1*1147odj*_ga*MTgyMjM0ODk0OC4xNjg2NzU2MDU1*_ga_E21CV80ZCZ*MTY5NTIxNjY5My4yNS4xLjE2OTUyMTY4OTIuMjMuMC4w" target="_blank" rel="noreferrer noopener">reported</a>. Cocoa, orange juice, wheat and soybeans all surged this summer as heavy rainfall and disease impacted West Africa&#8217;s cocoa supply, a crop disease hit citrus plants in Florida and Brazil and Russia pulled out of the deal allowing the export of grain from Ukraine. Soybean prices&nbsp;<a href="https://www.reuters.com/article/global-grains-idAFL1N38128J" target="_blank" rel="noreferrer noopener">also soared</a>&nbsp;this summer after the USDA reported much lower-than-expected soy plantings.



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



<a href="https://www.forbes.com/sites/maryroeloffs/2023/08/23/india-to-ban-sugar-exports-in-addition-to-rice-as-corn-soybeans-and-more-crops-falter-in-extreme-heat-and-drought/?sh=56d252986d6c">India To Ban Sugar Exports In Addition To Rice—As Corn, Soybeans And More Crops Falter In Extreme Heat And Drought</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/08/21/out-with-shrimp-in-with-jellyfish-seafood-industry-facing-potential-overhaul-due-to-climate-change/?sh=2c38609723bb">Out With Shrimp, In With Jellyfish? Seafood Industry Facing Potential Overhaul Due To Climate Change</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/chloesorvino/2022/06/26/heres-the-latest-data-on-climate-and-food-and-its-not-good/?sh=1229c7592e52">Here’s The Latest Data On Climate And Food And It’s Not Good</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/chloesorvino/2022/09/02/us-farmers-struggle-through-drought-to-bring-food-to-the-table-but-face-more-challenges-ahead/?sh=7119cadcfc08">U.S. Farmers Struggle Through Drought To Bring Food To The Table But Face More Challenges Ahead</a> (Forbes)

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

Olive Oil Prices Jump 50%—And Climate Change Might Be Why

Riding through its past grandeur, this writer photographed several monumental buildings but missed the city as it appears in old wood prints and paintings.



Leaving Dakar, Senegal’s capital and largest city, by taxi, I was excited to visit the World Heritage City of Saint-Louis four hours away. The city sits on an island at the mouth of the Senegal River. By 1817, it became



the administrative center of the colony of Senegal thus becoming the focal point of French commercial and political activities in the region, gradually built up with military buildings and public and religious institutions such as hospitals, schools and a cathedral. In 1895, it became the capital of the four initial territorial colonies of French West Africa.



Today, Senegal is one of the most stable electoral democracies in Africa that has also undergone two peaceful transfers of power since 2000.



I had come to Senegal during its national elections and reported about it in this magazine in 2019. On that trip, I had visited the slave trade island of Gorée, which was active until 1848, just outside of Dakar, and also Saint-Louis, giving me an opportunity to see two different sides of French colonial governance.



Arriving on a very hot day, I chose a horse and buggy ride to slowly meander through the streets and the waterfront of the once magnificent city.



UNESCO had designated it a World Heritage City citing its importance for “exhibiting its influence on the development of education, culture, architecture, craftsmanship and services in West Africa”.



By the late 18th century, history says it had grown into an important commercial hub of the trade in enslaved captives.



Crucial to the conduct of trade and the running of the island were the group of women called signares, many of whom were married to French or British traders and their descendants, who came to be called habitants.



As the slave trade was replaced by the trading of gum and groundnuts, the habitants managed to position themselves as middlemen between the hinterland production and French traders.



<img decoding="async" loading="lazy" width="20" height="20" src="">Habitants had participated in the partial governance of the colony, with the first habitant mayor of Saint-Louis elected in 1778. However, history was made in 1914 when the first African, Blaise Diagne, won a seat in the French National Assembly.



By 1946, all the African colonial subjects of Senegal gained voting rights previously reserved for the habitants.



However, after 1957, when the country became independent and the island of Saint-Louis lost its privileged capital position to Dakar, it lost its French population and the military departed, diminishing its capability to maintain the historic buildings in the absence of a robust economy.



Riding through its past grandeur on my trip, I photographed several monumental buildings, including the Governor’s palace, the Cathedral and many of the crumbling French colonial villas from the 19th century. Despite funding from UNESCO, I personally observed a lack of effort to restore this beautiful city.



Corruption, I was told, was diluting the funds available for that purpose.



Crossing the famous over 1,000ft-long Faidherbe iron bridge (opened in 1897) to the African mainland, I visited a local establishment to taste a native meal – the Yassa poulet-Senegalese- braised chicken with caramelized onions.



While very pleased to have visited this historic city, I left with an empty feeling that it is far from how it appears in old wood prints and paintings. Like the many colonial cities I have visited in Africa and Asia, population increase, poverty and a reported anti-colonial bent slowly seem to be dissolving these places into oblivion.

somewhere in afrca

The Democratic Heritage Of Saint-Louis In Senegal

Nigeria&#8217;s economic growth has faced a significant slowdown, with its Gross Domestic Product (GDP) growing at just 2.51% year-on-year in the second quarter of the year.



This rate is notably lower than the 3.54% recorded during the same period in 2022.



As the country grapples with challenging economic conditions, concerns are rising about the possibility of entering a recession.



The recently published GDP report by the National Bureau of Statistics (NBS) highlights the various contributing factors to this decline in economic growth.



In the second quarter of the year, the services sector emerged as the primary driver of growth, experiencing a 4.42% expansion and contributing a substantial 58.42% to the overall GDP.



Additionally, the agriculture sector displayed improved performance, with a growth rate of 1.50%, compared to 1.20% in the same quarter of 2022.



Conversely, the industry sector faced a significant setback, with a growth rate of -1.94% in the reported period, compared to -2.30% in the previous year.



In terms of their contribution to the GDP, both the agriculture and industry sectors played smaller roles in the period compared to the same period in 2022.



The aggregate GDP reached N52.1 trillion ($66.5 billion) in nominal terms, marking a notable increase from the N45 trillion ($57.6 billion) recorded in the second quarter of 2022.



This signifies a year-on-year nominal growth rate of 15.77%.



Economist Kelvin Emmanuel offers insight into the economic slowdown, stating to FORBES AFRICA: &#8220;The slowdown in the GDP growth rate to 2.51% reflects the capital squeeze resulting from various factors. Not only are foreign investments affected by a weak balance of payment position, but the government&#8217;s inability to clear outstanding FX forwards has also had an impact. Moreover, the high inflation and high-interest rate environment has reduced corporate incentives to borrow from the banking system. As capital per unit of labor decreases and employment growth stagnates, the GDP growth rate is inevitably impacted.&#8221;



Emmanuel further raises concerns, saying, &#8220;Nigeria has now reported a GDP growth rate lower than its population growth rate of 3% for two consecutive quarters. If this trend persists into Q3, the nation&#8217;s economy could officially enter a recession, signifying the need for immediate corrective measures.&#8221;

Graph Falling Down in Front Of Nigeria Flag. Crisis Concept

Nigeria’s Slowing Growth And Recession Concerns

Hacker, IT and person with code on computer, programming and phishing scam with malware or virus. Hacking, system glitch and cloud computing error in dark room, cyber crime and cybersecurity fail

How AI Is Supercharging Financial Fraud–And Making It Harder To Spot

Albert Einstein once said, “We cannot despair of humanity, since we ourselves are human beings.”



Einstein’s words deeply resonated with me as I pondered Africa’s human capacity.



The continent’s population, particularly its youth, are arguably a vital but often untapped resource in Africa’s story.



Africa’s population is growing at an astounding rate. The African Development Bank estimates that it has increased by 2.42% per year for the past 30 years. By 2050, it is projected to grow to 2.4 billion and is expected to expand to 4.2 billion in the next century. Currently, of the more than 1 billion people who live in Africa, half are under the age of 20. As the bank declared: “Human capital promises to be the key driver of African growth.”



Alongside this promise, there are expectations of access. Yet, a growing population presents its own risks. For example, access to healthcare, education, employment and sustainable development are fundamentally challenged. How do we begin to address these growing challenges? 



The African Union (AU) has outlined a human capacity development plan based on six key factors: transformative leadership, citizen empowerment, tapping into Africa’s potential, skills and resources, evidence-based knowledge and innovation, capacity developers and integrated planning.



Yet, a key question is how do we begin to implement this plan when the continent is demonstrably lagging behind in science, technology and innovation – prerequisites for global competitiveness? Our burgeoning youth population is not enough – we need to begin reframing our understanding of human capacity development to leverage it as a resource effectively. 



In recent months, I have argued that our adaptation to the fourth industrial revolution (4IR), which refers to rapid changes to technology, industries, societal patterns, and processes, needs to be accompanied by societal impact. In other words, as we embrace intelligent technologies, we must remain human-centric in our approach. This entails ensuring that this technology complements our human capacity.



It calls for the application of technology to ameliorate some of our most pressing humanistic challenges. Necessary in this process is an investment in education that equips the youth with the necessary skills, fostering ethical, technological development, promoting localized research and development, promoting human and intelligent technology collaboration, addressing disparities, and facilitating responsible technological adoption. This ensures that we tap into the potential of the 4IR while prioritizing the wellbeing and empowerment of humans.



As Africa continues to grapple with developmental challenges, merely embracing the 4IR is not enough. Policymakers and institutions must ensure that the shift is mindful of the knock-on effect on society. This calls for an ubuntu approach to leadership. In the African Journal of Social Work in 2020, Jacob Rugare Mugumbate and Admire Chereni defined ubuntu as: “A collection of values and practices that people of Africa or of African origin view as making people authentic human beings. While the nuances of these values and practices vary across different ethnic groups, they all point to one thing – an authentic individual human being is part of a larger and more significant relational, communal, societal, environmental and spiritual world.”



An ubuntu leadership style goes beyond the traditional hierarchical notions of leadership and focuses on building strong relationships, fostering social cohesion, creating purpose, and encouraging environments that promote collective well-being. Ubuntu offers an alternative approach to current leadership models in that it prioritizes interconnectedness and seeks to build bridges between different communities and groups. There is an argument to be made that this is the very lens we should be viewing the 4IR through. This is how we ensure that our approach emphasizes humanity and allows for a more just and equitable world to emerge. Critical in this process is seeing the continent’s growing youth population as a tool for 4IR with societal impact. Africa’s youth have the potential to become active participants and beneficiaries of technological advancements. We have to begin investing in our youth to realize this potential fully.



As the founder and chairman of the World Economic Forum, Klaus Schwab, phrased it: “The Fourth Industrial Revolution has the potential to empower individuals and communities, as it creates new opportunities for economic, social, and personal development. But it also could lead to the marginalization of some groups, exacerbate inequality, create new security risks, and undermine human relationships.” 



Ubuntu, and by implication, investment in human capacity, I would argue, emerges as the great divider between these realities.

Real estate agent on a meeting with customer at home – wearing face mask

Developing Human Capacity Should Prioritize The Continent’s Growing Youth Population

OpenSea, once the leading marketplace for non-fungible tokens, was built on a promise of perpetual royalties for digital artists. Then came upstart Blur, whose no-fee, trader-friendly platform put the focus on pricing and costs.



It only took a few months to kill the art world’s <a href="https://www.forbes.com/sites/digital-assets/2023/03/17/what-blurs-success-reveals-about-nft-marketplaces/?sh=19e61c2a189f">utopian dream</a> of long-lasting income streams for content creators.



As of September 1, OpenSea, once the leading marketplace for art linked to non fungible tokens, rescinded its policy of mandatory royalty payments to NFT creators. The decision came after it lost its dominance to no-fee competitor Blur, which only appeared on the scene in October but then quickly gobbled up market share by not charging platform processing fees and became the top NFT trading site in February. Overall NFT trading volume has plummeted from about $5.36 billion in January 2022, according to The Block, to $410 million in August. OpenSea’s share of the struggling NFT market has plummeted to under 30%.



Besides the lack of platform fees, Blur does not force sellers to abide by royalty agreements, which creators who launch their works on OpenSea and a few smaller marketplaces can require on transactions in their artworks after the initial sale. OpenSea, which did police such arrangements, said it would no longer do so after August 31, and it seems unlikely that many buyers will offer the payments.



Without the guarantee of a long-term royalty stream, the appeal of creating works linked to NFTs lessens, and prices for the kind of computer-generated art often linked to the tokens are plunging anyway. So why should artists bother with NFTs?



“Making art is an act of risk-taking,” says Amy Whitaker, associate professor of art business at New York University. “It makes sense, therefore, for artists to share in the upside that they helped to create.” She termed OpenSea’s decision to abandon royalties “unfortunate.”



Digital works encoded onto blockchains rose in popularity in 2021 after the artist Beeple sold a collection of images previously published on his Instagram page for $69 million. Seeing the big bucks to be made in a seemingly simple process–just upload a digital file to an NFT marketplace, which would encode it, for a fee, onto a blockchain–hundreds, if not thousands of artists joined in. NFT aficionados, including artists and collectors, claimed that blockchain-linked art would democratize access to a murky and difficult-to-break-in market, making the opaque system of well-connected galleries and deep-pocketed buyers obsolete. The decentralized system for royalty payments, they contended, would also ensure that artists would directly participate in the appreciation of their works, typically earning a 10% cut on each subsequent sale.



Each marketplace maintained its own policy for awarding royalties to artists. Beeple for example, famously would sell his “drops” for $1 each, but as they were bid up and resold on NFT marketplace Nifty Gateway for hundreds of thousands of dollars, he earned tens of thousands in royalties on each transaction.



In its brief life, NFT-linked art has largely been digital, often in series of similar images with various unique features that make some more collectible than others. But anything can be linked to a token–traditional art, real estate, even musical instruments–and then tracked on its associated blockchain. So, the technology could speed transactions and cut out middlemen in many industries.



<abbr>T</abbr>he fight for royalty payments has largely played out in the court of NFT marketplaces, websites that allow creators and sellers to list their pieces in primary and secondary transactions. In order to better compete with Blur, OpenSea launched what it called its operator filter, which allowed creators of NFTs to prohibit their tokens from being sold in marketplaces that did not enforce royalties. In other words, the filter blocked OpenSea’s competitors and required collections to trade either on its own marketplace or others that did enforce royalty payments, keeping them away from Blur.



Market forces did not cooperate with OpenSea’s strategy. Free trades and optional royalty payment policies quickly drew sellers, which in turn attracted buyers. Since prices and volume were controlled by traders, seeking quick, if marginal, returns, voluntarily paying royalties to artists were easily dismissed by them.



OpenSea’s trading volume plummeted to 27% in August as Blur’s skyrocketed from a mere 5% to 60% in the same time frame, according to data from&nbsp;<a href="https://www.theblock.co/data/nft-non-fungible-tokens/marketplaces" target="_blank" rel="noreferrer noopener">The Block</a>. Even OpenSea Pro, OpenSea’s no-fee aggregator and direct competitor to Blur which launched in April, has been unable to take market share from Blur, accounting for only 33% of trading volume on NFT aggregators in August (63% of trades happened on Blur), according to data from<a href="https://dune.com/hildobby/nft-aggregators" target="_blank" rel="noreferrer noopener">&nbsp;Dune Analytics</a>.



But the playing field is not level for OpenSea. With no marketplace fee, Blur is living mostly on its $11 million in&nbsp;<a href="https://www.forbes.com/sites/digital-assets/2023/04/13/forget-art-lets-trade-how-a-10-person-startup-came-to-dominate-nft-markets/?sh=227ffacc2680">venture capital funding</a>&nbsp;and a&nbsp;<a href="https://docs.blur.foundation/tokenomics" target="_blank" rel="noreferrer noopener">hefty</a>&nbsp;supply of blur tokens, reward tokens given out to its founding team and traders as rewards for using the platform. While Blur has attempted to grow its customer base with the launch of its lending products (Blend) and more uses for its token, how long its dominance will last will depend on its reliance on its token model, which could make it susceptible to regulatory action.



Ultimately, OpenSea has not only lost market share to Blur, but it is taking a smaller piece of a smaller pie. After peaking at $16 billion in January 2022, NFT trading has plummeted, with only $559 million worth exchanged in August in 3.2 million transactions, a more-than-<a href="https://www.forbes.com/sites/digital-assets/2023/08/03/stan-lee-becomes-nft-superhero-illustrating-a-downward-shift-in-prices/?sh=6de9fb6d5ae5">60% volume decrease</a>&nbsp;from last year, according to industry research firm&nbsp;<a href="https://dappradar.com/blog/blockchain-industry-regains-traction-as-2-million-unique-active-wallets-interact-daily/#Chapter-4" target="_blank" rel="noreferrer noopener">DappRadar</a>. Even then, only 15% of unique active wallets contributed to August’s NFT transactions. In July, only 4% of wallets traded the NFTs.



Few transactions and even fewer users (measured by the number of unique wallets) points to a new normal in NFT trading which is bad news for digital artists: traders rule the market, and most refuse to pay royalties.



Blur’s predecessors, aggregators like X2Y2 and LooksRare which listed NFTs available in various marketplaces, set the standard for royalty-free marketplaces geared toward traders by offering quick no-fee transactions. Others, like Magic Eden, the largest marketplace for NFTs on the Solana blockchain, and Ethereum-based OpenSea, had to respond to draw customers back to their platforms, lowering costs one way or another. Magic Eden took the first step, moving to a royalty-optional model in&nbsp;<a href="https://twitter.com/MagicEden/status/1581101016686399491?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1581101016686399491%7Ctwgr%5E9d190b061a3b95519526e7d4bab1ea7a5ea8bfbb%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2022%2F10%2F15%2Fmagic-eden-moves-to-optional-royalty-model%2F" target="_blank" rel="noreferrer noopener">October</a>&nbsp;as trading declined, preceding OpenSea by two weeks.



<abbr>T</abbr>he royalty policy changes at OpenSea and other marketplaces should send a loud wake up call to Bored Ape Yacht Club maker Yuga Labs. Since it debuted in April 2021, Yuga has received $58 million in royalties from the resales of its Bored Ape collection. Its Mutant Ape Yacht Club and “Otherdeed” collection brought in nearly $100 million more. Chiru Labs, which designed the anime-inspired Azuki collection, and&nbsp;<a href="https://www.forbes.com/sites/mariagraciasantillanalinares/2022/09/13/reddits-ohanian-leads-54-million-doodles-capital-raise/?sh=84266a63bf38">Doodles</a>, purveyor of pastel-forward illustrations are also likely to take big revenue hits.



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<h2 class="wp-block-heading" id="h-top-10-royalty-generating-nft-collections">TOP 10 ROYALTY GENERATING NFT COLLECTIONS</h2>



<h4 class="wp-block-heading" id="h-through-august-2023-profile-picture-collections-have-received-the-most-in-total-royalties-since-launch-garnering-millions-in-fees-from-secondary-trading-but-when-it-comes-to-effective-royalty-rates-metaverse-and-gaming-nfts-with-rates-of-8-to-9-are-the-winners">Through August 2023, profile picture collections have received the most in total royalties since launch, garnering millions in fees from secondary trading. But when it comes to effective royalty rates, metaverse and gaming NFTs, with rates of 8% to 9%, are the winners.</h4>



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



Even prior to OpenSea scrapping royalty payments, 10% royalties were more of a goal than a reality. According to Nansen, the average royalty for the highest earning collections was between 2% and 4%. Top-performing gaming collectibles were earning 5% to 10%.



Though they stand to have the most dollars to lose, some big creators are insulated by the brand recognition they’ve garnered, including shows at traditional&nbsp;<a href="https://www.centrepompidou.fr/en/magazine/article/the-centre-pompidou-in-the-age-of-nfts" target="_blank" rel="noreferrer noopener">museums</a>, and can still claim the big bucks on primary sales. Chiru Labs, for example, raised $38 million ahead of its much-anticipated “Elementals,” although investors ultimately thought that collection of characters with&nbsp;<a href="https://twitter.com/wizardofsoho/status/1673772462289350657?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1673772462289350657%7Ctwgr%5E1f3046daac6098742355f02bd7c2633d1e660522%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F146464%2Fazuki-nft-prices-plummet-collectors-blast-identical-elementals-art" target="_blank" rel="noreferrer noopener">almost identical designs</a>&nbsp;was a flop.



The most dire consequences of the loss of royalties are likely to fall on the smaller creators whose monthly payments have been in the hundreds or low thousands of dollars but who have included the income in their financial planning, according to Calderon.



At the $6.7-million collection Rektguy, the loss of royalties is having tangible results, says co-founder Ovie Faruq. “We&#8217;ve used royalties to pay a moderator, to put-on real-life events, to build different competitions and build our website and community,” he says. “So, when you strip that out, it changes the business model.”



Combined with the evaporating royalties, NFT participants face new U.S. regulatory issues. The Securities and Exchange Commission last month required Los Angeles-based&nbsp;<a href="https://www.forbes.com/sites/digital-assets/2023/08/31/sec-opens-a-new-can-of-worms-with-nft-enforcement-action/?sh=4aba9c3921ab">Impact Theory</a>, a digital media studio which raised $30 million from its NFT sales since 2021, to revise the smart contract underlying its Founders Keys NFTs to&nbsp;<a href="https://www.sec.gov/files/litigation/admin/2023/33-11226.pdf" target="_blank" rel="noreferrer noopener">eliminate</a>&nbsp;any royalty payment the company may receive from future secondary market transactions. The SEC alleges the company sold unregistered crypto securities through its sale. Because Impact collects and profits from the royalties (set at 10%), rather than the digital artist, the SEC contends, its NFTs are securities. This week, the SEC also fined the creators of the Stoner Cats collection&nbsp;<a href="https://www.sec.gov/news/press-release/2023-178" target="_blank" rel="noreferrer noopener">$1 million</a>&nbsp;over the sale of unregistered securities.



Impact Theory’s NFTs offered a number of exclusive opportunities to holders, including discounts and early access to videos and gaming content. To settle charges that it was selling unregistered securities–the first SEC enforcement action against an NFT issuer–Impact Theory also agreed to destroy its remaining supply of the tokens and pay a $6 million fine.



If the SEC is looking at royalty payments as a potential criterion for treating the tokens like securities, NFT studios, collectors and even the marketplaces they’re traded on could be susceptible to the same kinds of enforcement actions the agency has been taking against cryptocurrency companies. The way the Impact Theory NFTs were structured may have made them especially susceptible.



“There&#8217;s a pretty good argument for the artists receiving royalties downstream, based on certain case law,” says James Walker, co-lead of Perkins and Coie’s fintech enforcement and compliance team referring to the way the entertainment industry compensates musicians, actors and screenwriters, for example. “But there’s a stronger argument [that NFTs are securities] when you have a company [like Impact Theory] that isn’t involved in the creation that is getting royalties downstream from certain NFTs issued.&#8221;

Collage of woman falling through the metaverse

Requiem For Royalties: NFT Exchanges Abandon Recurring Compensation For Artists

A new wave of innovation is rising on the African continent, where startups are leveraging AI to address local challenges, fueling sustainable growth, and forging a path for others to follow. The AI industry on the continent is expanding rapidly, with reportedly over 2,400 companies specializing in the industry as of this year.



Spending on AI innovation in Africa and the Middle East is likely to see the fastest growth in AI spending in the world, hitting $3 billion this year and over $6 billion by 2026 per the International Data Corporation (IDC). This innovation is both locally and internationally-driven, with organic AI-based startups across the continent, as well as collaborative initiatives such as Google’s first AI research center in Ghana, launched in 2018.



In the heart of Cameroon, in the capital city of Yaoundé, resides Agrix Tech — a startup committed to aiding smallscale farmers in their battle against plant diseases and pests. These threats, exacerbated by the ongoing climate crisis, pose a critical challenge to agriculture. Agrix Tech&#8217;s innovative solution is a mobile app that empowers farmers to scan their plants&#8217; leaves. Leveraging AI, the app identifies any ailments and suggests appropriate interventions.



What sets Agrix Tech apart is its dedication to inclusivity. The app&#8217;s features are available regardless of location or internet connectivity — crucial for remote farmers. &#8220;The app can work offline as the AI model is embedded into the mobile app,&#8221; states founder and CEO Adamou Nchange Kouotou to FORBES AFRICA. “This allows farmers with no internet connection to still use it. The app can also be set in many local African languages.&#8221; By extending its AI library to other developers, Agrix Tech is broadening the reach of its crop and disease detection capabilities.



In Nairobi, Kenya, is another groundbreaking company making use of AI. Since its inception in 2012, SunCulture has made significant strides in equipping farmers with precision irrigation solutions.



Starting with solar-powered irrigation and pay-as-you-go financing, the company has expanded its reach from Kenya to Ethiopia, Uganda, Zambia, and the Ivory Coast, among others.



“It’s a viable business idea,” says SunCulture CEO Samir Ibrahim.



Approximately 90% of smallholding farms on the continent rely on rainfall for irrigation. As a result, the timing of planting, fertilizing, and harvesting is critically dependent on weather forecasts, which are often too broad or inaccurate. SunCulture&#8217;s solution — a trailblazing amalgamation of technologies called AgOptimized — addresses this issue head-on. The app gathers local soil and weather data, integrates it with meteorological and satellite data, and analyzes it alongside historical trends using AI. The result? Detailed, localized weather forecasts and recommendations on irrigation, fertilizing, and pest control, designed to lower costs and maximize farming yields.



Further south in Johannesburg is an AI startup that aims to meet their bold slogan of ‘AI for Africans, By Africans, Solving African Problems’. Lelapa has crafted an AI-based language- model-as-a-service named Vulavula.



Linguistic diversity is the heartbeat of Africa, and nowhere is this more evident than in South Africa, a country that proudly recognizes 12 official languages. Yet, the digital space often falls short in catering to this richness. That&#8217;s where Vulavula steps in, carving out a unique niche in the landscape of AI applications.



“We tackle the challenges of language diversity through very careful data creation and curation with the help of sociolinguists who understand the nuances of dialects,” says Jade Abbott, Director at Lelapa AI. “Our vision is for Vulavula to be used across education, healthcare, government. 



Children learn maths best when taught in their home language, people die because doctors do not speak the same languages as their patients, and many people can’t participate in government because majority of the resources are available in English or Afrikaans.” 



Vulavula harnesses the power of AI to provide real-time translation and transcription services, enabling businesses to communicate with their customers in their own language seamlessly. 



Ubenwa, a Nigerian-owned AI startup, is making significant strides in the realm of neonatal health. Named after the Igbo term for &#8216;baby&#8217;s cry&#8217;, Ubenwa has developed an AI system that deciphers infants&#8217; cries to detect early signs of neurological issues. It specifically targets birth asphyxia — one of the leading causes of infant mortality in sub-Saharan Africa — by analyzing frequency, pitch, and other key acoustic features in a baby&#8217;s cry. This AI- powered approach provides a low-cost, non-invasive diagnostic tool for early intervention, potentially saving many young lives.



What sets Ubenwa apart is its commitment to accessibility. Their AI solution operates independently of internet connectivity, a pivotal feature ensuring its usability in Africa&#8217;s remote areas. Bymeeting this challenge head-on, Ubenwa exemplifies how AI can be harnessed to tackle region-specific healthcare issues, paving the way for other AI startups to make impactful strides in their domains.



On a broader scale, Ubenwa underscores the transformative potential of AI in healthcare, particularly in settings with limited resources. Their innovative approach is a powerful testament to the potential of AI in Africa, spotlighting the profound societal impact of locally-sourced solutions to local challenges.

Tag: Nigeria

FORBES AFRICA SOCIAL MEDIA