🔅 Zimbabwe’s biggest wheat harvest in history
Megan Markle is Nigerian?
Good morning ☕
In Today’s Issue, DRC’s president will facilitate Chad talks, two million South Sudanese have been displaced by floods, and… Meghan Markle is Nigerian?
Markets
🔺 Nigerian SE: 44,859.78 (+0.16%)
🔺 Johannesburg SE: 66,904.12 (+1.60%)
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🔻 US S&P 500: 3,846.63 (-0.32%)
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*Data accurate as of close of markets across the continent
South Africa: MTN, Africa's largest mobile-phone operator, has ended talks to purchase Telkom, a company partially owned by South Africa's government. Telkom shares lost about a fifth of their market value as a result, and the deal could have raised antitrust concerns.
Global Markets: The sales growth of tech giants Alphabet (Google) and Microsoft have slowed sharply, fuelling fears of a global recession. Alphabet's sales rose by just 6% in the three months to September, while Microsoft's sales rose by 11% - both companies' slowest growth in recent years. The strong US dollar has also hurt American multinationals, making it more expensive to sell products abroad. In recent months, Alphabet has said it was slowing hiring, while Microsoft has cut jobs - many other tech companies have decided to lay off staff or slow the pace of recruitment. Shares in both Alphabet and Microsoft fell sharply in after-hours trading on Tuesday.
AGRICULTURE
Zimbabwe’s biggest wheat harvest in history
What is happening:
Zimbabwe is on the brink of its biggest wheat harvest in history, largely thanks to efforts to overcome food supply problems caused by the war in Ukraine.
However, bushfires and impending rains are threatening crops yet to be harvested.
The country expects to harvest 380,000 tons of wheat, “which is 20,000 more than we require as a country,” Deputy Agriculture Minister Vangelis Haritatos said.
Zimbabwe plans to bump up wheat production to about 420,000 tons next season, giving the country room to keep building its strategic reserve and become an exporter of the grain.
Why it matters :
The war in Ukraine has resulted in global shortages and price hikes of grains, and African countries that import wheat from Russia and Ukraine have been hard hit.
However, Zimbabwe is looking at using its anticipated grain surplus to build “a small strategic reserve” for the first time in its history, which would cushion Zimbabwe against future shocks.
ACROSS THE CONTINENT
Other Headlines
🇳🇬 Meghan Markle, the Duchess of Sussex, has revealed that she is 43% Nigerian. The mother of two made this discovery a couple of years ago when she took a genealogy test. Meghan had previously spoken about being biracial – her mother is African-American and her father is Caucasian – but did not delve deeper into her roots until more recently. In September 2019, Meghan addressed her racial heritage for the first time during her tour of Africa with Prince Harry.
🇨🇩 Democratic Republic of Congo's President Felix Tshisekedi will serve as a facilitator for the political transition process in Chad. The Economic Community of Central African States (CEEAC) held an emergency summit in Kinshasa on Tuesday to discuss the situation after about 50 people were killed in protests last week against military leader Mahamat Idriss Deby. Chad has been in political turmoil since the April 2021 battlefield death of longtime ruler Idriss Deby, after which his son, Mahamat Idriss Deby, took power. Deby has said he will organise elections in 2024, reneging on an initial promise to hand over power after 18 months. Opposition parties and civil society groups have been calling for protests to demand a quicker return to democracy.
🇸🇸 South Sudan says that over 2 million people have been displaced and lost their livelihood due to the heavy flooding that has affected eight out of the ten states in the country. The UN's humanitarian agency has reported that the worst affected states include Northern Bahr El Ghazal, Warrap, Unity and Western Equatoria, with the floods threatening some camps for internally displaced people. According to South Sudanese authorities, food insecurity now affects almost 65% of the population.
AROUND THE WORLD
Adidas cuts ties with rapper Kanye West
What is Happening:
It’s been a tough week for Adidas’ relationship with Kanye West. First, the company was forced to review its partnership with the rapper after he showed a “White Lives Matter” T-shirt design at Paris Fashion Week.
Then, days later, West posted anti-Semitic comments on his Twitter account, prompting Adidas to cut ties with him entirely. The sportswear brand said it does “not tolerate antisemitism and any other sort of hate speech” and that West’s recent comments and actions “violate the company’s values of diversity and inclusion, mutual respect and fairness.”
The decision to cut ties with West is a significant financial blow to Adidas, which said it would take a £217 million loss as a result. The Yeezy brand collaboration with West was one of the most successful in the company’s history, and his products will be pulled from sale immediately.
Why it Matters:
West has also lost several other business partnerships due to his latest comments. Bank JP Morgan and clothing retailer Gap have both ended their relationships with the rapper.
The news of Adidas cutting ties with Ye highlights the power of the public to hold companies accountable for their relationships with controversial figures.
It also shines a spotlight on the issue of hate speech and how brands need to be careful about who they are associated with.
FOOD FOR THOUGHT
Proverb of the Day
“During times of peace in the country, the chief does not carry a shield."
— Ugandan Proverb.