Bond Investors Are Rushing to Nigeria – I wrote a bit about Federal Reserve chair Jerome Powell’s 60 Minutes interview earlier this week. Another thing he mentioned in that conversation was that at some point, the US was going to have to deal with the rate at which its debt is growing relative to its growth. You can look at the chart above and see that it’s not sustainable.
Policymakers in Nigeria have been trying to have that conversation for years now, but it’s like the country is in a vicious cycle of finding itself in situations where it needs to seek out more debt to finance its deficit. One hopefully long-term positive that has come out of this pandemic is that the government ended its practice of paying an oil subsidy in order to keep gas affordable. Those subsidies have been so expensive for the government. Imagine in 2011, the government spent $8B. The government’s budget for that year was over $11B. The country has a $27B budget this year, and the subsidy elimination saves the country at least $2B. The problem is that the government anticipates running nearly a $14B deficit.
As the country hopefully emerges from this COVID-19 situation sooner than later, how do the country’s leaders position it to foster really strong growth in order to chip away at the debt the country has taken on?
The Amazon-Berkshire-JPMorgan Health Venture Fails to Disrupt – A month or so ago, I was wondering what happened to the joint venture between JP Morgan, Berkshire Hathaway, and Amazon during this COVID-19 situation. The venture was supposed to change the game for what employer healthcare programs looked like. Well, apparently things weren’t going well. The CEO Atul Gawande resigned his post to focus on the pandemic. While he was at the helm, the company took more incremental steps towards figuring out how to develop a truly innovative employer healthcare program. That’s unfortunate, especially considering the number of people losing their jobs. A reimagined healthcare offering would have been real nice.
In my house right now, there are no other products other than Bevel and Form Beauty, which is also one of our brands. I have a five-year-old son and a nine-month-old son, and I care very deeply about the power of defaults and precedents. Think about a world where my son is growing up exclusively with a beautiful brand that serves his needs.
Creating a world where black folks can exist without having to prove deserve to be served or present is what this work is all about.
An Update on JPMorgan Chase’s Response to COVID-19 – The last section of this letter Jamie Dimon put out caught my eye. He highlights how the pandemic has highlighted the inequalities that already existed in this country. He stresses how we need to “confront the structural obstacles that have inhibited inclusive economic growth for years” as we emerge from this pandemic. Confrontation is uncomfortable. It could get you fired. He says they’ll be putting out their ideas for how to move forward later. I guess my question would be, “What’s one thing you think you need to do that requires a confrontation of how JP Morgan has done business en route to its $278B market cap?
The End of ‘Who Me? For V.P.?’ Politics – This is an interesting piece. The way Stacey Abrams has approached positioning herself for vice president has been both refreshing and weird. I wonder whether you can say too many times that you want the VP job as opposed to working the machine in the background. I hope she isn’t overplaying her cards. I’m a big fan.
What’s next for journalists? – My mind often goes back to Benjamin Franklin when I think about the journalism world and what it’s future could look like. In a lot of ways, Franklin was the original TMZ. He told everybody’s business while writing under a pseudonym. He used another pseudonym to write an incredibly popular almanac. Writing helped Franklin build a nice life for himself. Perhaps there’s a lesson in his approach for today’s media, save the tea spilling.
Fed Chair Jerome Powell’s 60 Minutes interview on economic recovery from the coronavirus pandemic – Federal Reserve chair Jerome Powell gave an interview on 60 Minutes this past Sunday and the conversation was quite interesting. Early in the conversation, when the question of unemployment came up, Chair Powell talked about how heartbreaking it was and then immediately pointed to how African American unemployment had been at its lowest point and how the US economy was benefiting from a tight labor market where there was lots of opportunity. I couldn’t help but notice that the report the Federal Reserve released on the economic health of U.S. households didn’t break out the data by race, though it did account for race in its sampling. I wonder what data the Federal Reserve has seen on the impact this pandemic is having on the black community. It can’t be good.
The other interesting thing was his response to whether we’re entering a second Great Depression. He highlighted how the financial system is strong due to the 10 years of work that has gone into strengthening our financial system. Dodd-Frank and other regulations helped ensure that financial institutions were more sound. It’s refreshing to have a government official acknowledge that the strength of this country doesn’t happen in a vacuum but on a continuum.
Chair Powell’s conversation on the path forward was fascinating as well. His statement on the scale of the tools the Federal Reserve has to keep the economy moving was kind of jaw dropping:
Well, there’s a lot more we can do. We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot. No, there’s really no limit to what we can do with these lending programs that we have. So there’s a lot more we can do to support the economy, and we’re committed to doing everything we can as long as we need to.
Look at the line on Federal Reserve Treasury purchases in the chart above. It’s incredible to consider the Fed can do more.
The last thing that caught my eye was how he stressed the importance of building a more inclusive economy on the other side of this pandemic. Earlier, he said the economy was fine before this pandemic. The reality is that it wasn’t. While unemployment in the black community was decreasing, income inequality was surging. As we come out of this pandemic, we need as many people as possible maximizing their abilities, not just being employed.
Softbank Group Earnings Results – Softbank, the holding company controlled by billionaire Masayoshi Son, reported earnings yesterday morning and they were tough. The company lost nearly $18B from losses in its Softbank Vision Fund 1. Over the past several years, the company invested $88 billion in tech companies like WeWork, Uber, and Doordash. WeWork and Uber, in particular, have not done well due in large part to the behavior of their founders. Son has this vision of building an altruistic future full of artificial intelligence. These losses are forcing him to pump the brakes on pushing towards that vision. The company had been working on raising a second fund, but he announced this morning that they had failed in that effort so will be making future investments off of Softbank’s balance sheet for the time being. Masayoshi Son has been going big since 1995 and this isn’t the first time he’s had blood in the mouth from taking a hit. Let’s see if he’s able to fight his way back from these losses. It would be a shame for Softbank Vision Fund 1 to be known as Softbank Vision Fund Only.
Black doesn’t mean criminal. Conservatives should know that by now. – Imagine a world where the minority and majority leaders in the Senate and House are all black. That would be a healthy thing for this country. Last week there was debate within the black Republican community around Ahmaud Arbery and provocateur Candace Owen trying to smear him. You had Candace trying to paint him as a criminal, insinuating that he deserved death. Darrell Scott, Shermichael Singleton, and others went after her for doing that.
Hopefully, that conversation within the black Republican community continues. This thread of black Republicans who see themselves as free-minded just for being Republican makes no sense, and I’m not really seeing their influence in the party.
Across the political spectrum of where black folks are, we see how important it is for black folks to ensure the way we’re playing this political game is tight. Joe Biden wouldn’t be the Democratic nominee were it not for the black vote, yet black candidates for that job somehow don’t come up in too many conversations. More comfortable names come up like Klobuchar and Warren. Comfortable can’t happen.
COVID-19 and ‘Locust-19’ threaten perfect storm for Africa – African Development Bank president Akinwumi Adesina gave an interview to the Financial Times last week where he talked through the economic impacts of the COVID-19 pandemic across Africa. The bank is estimating that GDP declines countries are seeing total anywhere between $150B-$212B. In order to work its way out of this, President Adesina estimated the continent will need $115B-$154B in financial assistance. The AfDB has a $10B facility to contribute to closing that gap. Further, he pointed out that if G20 countries cancelled debt owed by least developed countries that would free up $130B-$150B across Africa.
He also talked about locust swarms across East Africa. It hasn’t gotten a lot of coverage in U.S. media, but the devastation is real bad. President Adesina worries that 30 million people could be pushed to hunger due to the invasions.
African leaders have their hands full in navigating the COVID-19 pandemic, and several have the added burden of locust swarms. More vim to them navigating this situation well.
China injects US$2.25b into local chip firm – My post on Sunday highlighted how there’s this race going on in the world of chip development. China is putting serious money into quickly ramping up its domestic chip development now that the U.S. is putting restrictions on Huawei’s ability to source from U.S. companies. It’s going to be interesting to see what kind of chips come out of China after this investment and the extent to which they push artificial intelligence development and other technologies.
Over the past several weeks, Robert Smith, the founder and CEO of Vista Equity Partners, has been making the media rounds. He’s been talking about his work ensuring that black small business owners get the funding they need in the next round of stimulus Congress passes.
In the first wave of PPP loan funding that the SBA distributed, a black-owned banks were not integrated with the SBA’s systems, and weren’t able to make sure their customers were able to secure PPP funding. One of Robert’s portfolio companies, Finastra, has been working with black-owned banks to make sure they’re plugged in this time around.
Also, in his media rounds, he’s been calling out the disparity in access black-owned banks and businesses have to the resources they need to survive. Making sure this reality doesn’t slip to the background in policymakers’ thinking.
It’s been encouraging to see him work on this and I’m hopeful more black-owned small businesses benefit as a result. I actually was wondering the other day how he would look in that Treasury Secretary role. Perhaps, something to keep an eye on.
Robert Smith is an example of a black person making big moves that can benefit black folks at scale. Out in Silicon Valley, Kunle Olukotun is doing work that maybe doesn’t directly benefit black folks. Though, it is incredibly inspiring to watch someone push technology into the next generation.
Kunle cofounded SambaNova Systems a few years ago. I’ve written about him before. They’ve raised $450M to develop an entirely new computing system designed for an artificial intelligence world. It’s not entirely clear what this computer system is going to look like, but a chip will be part of the system.
This is important to know because there Is an arms race going on right now between the incumbent chip makers like Nvidia, AMD, Intel, and this new generation of startups that are building new chip technology including SambaNova. They are all pushing towards the new world of artificial intelligence we’re entering.
Last week, Nvidia announced their new graphics processing unit (GPU) architecture called Ampere. I won’t go into details on the technology behind this technology because I’m still trying to make sure that I understand it well. Essentially, a GPU processes tons of calculations and data to power massive computing systems. What is important to know is that this GPU is extremely powerful and the chip it goes on, A100, is massive. This is one of the most powerful chips that has been created to date.
The chip will be used in data centers and for artificial intelligence applications. The U.S. government has already installed some of these chips to use in conducting research on this COVID-10 pandemic to speed up the process of figuring out what’s happening and identifying potential solutions.
This is what Kunle’s SambaNova is up against. I love a good David and Goliath story and this is one. In its fiscal year 2020, Nvidia spent $2.8 billion dollars on research and development. That’s an enormous amount of money. I mentioned earlier that Samba Nova has raised $450M in total. SambaNova has an uphill battle in getting its technology out into the world. If they’re successful, the future looks slightly different for all of us – hopefully, for the better.
So, while I root for Robert Smith as he advocates for black small businesses to get the resources they need to survive through this pandemic, I’m also going to be doing some cheering for Kunle as he shows the world an incredible example of black folks building the future.
Federal Reserve Chair Jerome Powell Remarks on Current Economic Issues – The Federal Reserve chair spoke at an event hosted by the Peterson Institute for International Affairs. Before I get into Jerome Powell’s remarks, it’s worth dwelling a bit on the Peterson Institute. The place is named after Pete G. Petersen, an investor who became a billionaire after The Blackstone Group, the private equity firm he founded with Steve Schwarzman, went public. While a massive windfall, that was not his first taste of professional success. He had been CEO of Lehman, Secretary of Commerce, CEO of other companies, and more long before launching Blackstone. Before he passed away, I remember watching interviews he did and the man was all about fiscal responsibility. Apparently, he was known for that over the course of his career. I wonder what he’d have to say about the money being spent to deal with this pandemic.
Pandemic — the impact COVID-19 is having is hard to wrap my mind around. In his prepared remarks, Jerome Powell said that about 40% of people earning below $40,000 have lost their jobs in the past two months. Sit with that. According to the Brookings Institution, whose building sits across the street from the Peterson Institute, reported that median income for Black households had risen to $41,511 as of 2018. Tomorrow, the Federal Reserve is releasing the rest of the survey results from which they got this data. If they have job losses broken about by race, I venture a guess it will be heartbreaking.
Later in his remarks, Chairman Powell describes how the Federal Reserve has essentially thrown everything tool it has available to address the pandemic. Yet, the Federal Reserve may need to do more. Digest that while processing that a whole lot of vulnerable people still lost their jobs. Like I said, it’s hard to wrap my mind around the impact of this pandemic. When we’re finally able to after this pandemic has passed, we’ve got real work to do to ensure vulnerable folks aren’t this vulnerable anymore.
The African Legal Support Facility holds 11th Governing Council meeting – It’s good to see the African Development Bank continues its effort to support countries in negotiating large, complex transactions. Countries really need the agreements they enter to be rock solid considering the economic situation we’re in and how hard it is to come by money these days.
This Is How Hard It Is to Invest in Black Neighborhoods – This is an excellent excerpt from Andre Perry’s book “Know Your Price: Valuing Black Lives and Property in America’s Black Cities.” It’s worth every word to understand how it’s going to take more than buying the block to change the trajectory of black wealth creation in this country. In my view, unless more black folks are in position to reshape how we determine what is valuable and what’s not, we’re only pushing incremental measures that won’t really work.
China Seen Joining Debt Relief Effort for Poorest Nations – Right now, no one really knows how much countries owe China. If the country follows through on joining other lenders in pausing payments, there could be a good bit more clarity on the scale at which China has lent around the world. Getting clarity on those numbers and term could be scary.
We Are All Government-Sponsored Enterprises Now – This is interesting analysis by Guggenheim’s Chief Investment Officer Scott Minerd where he basically says that we’re potentially heading to a situation where the government will be beholden to ensuring companies and markets have access to credit because of how it’s navigating this pandemic situation. A lot of companies are able to access credit because the Federal Reserve and Treasury have offered to back investment grade companies.
If Minerd’s analysis is right then I imagine we have to have a different kind of conversation around the nature of our private sector. The incentives to build must feel different when the Treasury Department and Federal Reserve are guaranteeing they won’t let you hit the floor. My daughter struggles to ride her back to this day because she knows I won’t let her fall.
Howard Marks on Uncertainty – Howard Marks wrote a really interesting piece on how an investor works through uncertainty. He starts off talking about the importance of forecasting and how investors ideally gain an edge and create profits by being able to forecast what others aren’t yet seeing. In the current pandemic, there’s so many unknowns that it’s nearly impossible to predict the future – like you really can.
Marks spends a good bit of time on the role bias plays in forecasting and how it’s important to be aware of your blind spots. He says he knows his but doesn’t know the word for it. In my mind one of the best things you can do to address your bias is to surround yourself with people and points of views that oppose one another. It’s hard for me to believe no one will put a name to your BS in that kind of environment.
I also appreciate his treatment of intellectual humility and its importance for investors—knowing what you don’t now. In the midst of being clear on what you don’t know, I think this highlights the importance of firming up on your first principles and being clear on what your True North is. I hinted at mine yesterday–finding a way for black people globally to connect with one another socially, politically, and economically.
Here’s to us being able to operate in the uncertain, getting clear on what we don’t know, and pushing for greater intellectual humility.
Also, I imagine people like Marks can’t be too thrilled with Minerd’s forecasts about the Federal Reserve and Treasury. He’s raising $15B to find distressed companies whose debt he can buy. The federal government providing support for investment-grade companies makes things more difficult for him to find attractive opportunities.
19 Industry Associations Pen Letter to Congress Asking for Liability Protections – A group of industry associations representing a range of industries from travel to retail to entertainment wrote a letter to Congress asking for liability protection as they implement federal guidelines for maintaining workplaces that keep employees and customers safe. It’s definitely important that companies don’t face unwarranted litigation, but I can’t help but notice in the letter that they work with all sorts of stakeholders excluding their employees and customers. I’m pretty sure that would have gone a long way in building good will to ensure that everyone’s on the same page in reopening the economy while protecting the interests of stakeholders.
Silicon Valley self-driving car unicorn could be reaching the end of the road – A couple years ago, I was excited to see a black woman take on the CEO role at Zoox, a self-driving car start up The company faces a tough situation because of its high cost structure. Their cars are built from the ground up rather than the retrofits their competitors use. It looks like Zoox is looking in parallel for either a buyer or investors from whom they can raise more money. Hopefully the company finds a reasonable deal that keeps CEO Aicha Evans at the helm. I keep thinking about Julia Collins who left robotic pizza maker Zume not too long after the company raised $375M from Softbank Group.
Facebook is quietly helping to set up a new pro-tech advocacy group to battle Washington – Last year, Mark Zuckerberg called for stronger regulation of the technology sector. I’m curious to see how this new group Facebook is helping to set up will be engaging that conversation. My hope is that the company approaches this new world of tech regulation in good faith. The company’s establishment of an oversight board to address its privacy issues the company has been dealing with the past several years was encouraging. It’d be a shame to see the company engaged in other activity that detracts from that progress.
My Grandmama passed on Saturday. I thought I got all my tears out Saturday, but I’ll be grieving and celebrating her until my spirit feels it’s enough. While showering last night, I saw her smiling face and heard her say, “I’m proud of you, son. It’s going to be alright.” There were some extra water droplets in that shower. The weekend felt strange. Grandmama was on my mind and I was sad. Ahmaud Arbery was on my mind and I was numb. I still tried to make progress on my projects. Outside of cleaning and cooking some acceptable jollof rice, I felt like I was on a treadmill the rest of the weekend. So, I went to bed early last night.
This morning, I woke up thinking about black folks, how we’ve been in a low-grade state of mourning for hundreds of years, and the impact that has had on our productivity. Hundreds of thousands endured nearly 250 years of slavery. Folks lived through failure Reconstruction. Massacres in cities across the country. Jim Crow. Redlining. Prison industrial complex. Impunity for the killing of our people. It’s remarkable that black folks have created so much magic in the midst of this mourning.
What’s the salve?
During Jill Scott and Erykah Badu’s session Saturday, Ms. Scott described her mom as a healer. We’ve been applying salves to our wounds for a long time – healing ourselves. That session between Ms. Scott and Ms. Badu was a prime example.
I don’t think there’s a salve that we haven’t already been applying to ourselves. I do though believe there is more healing waiting for us in black folks in the Diaspora connecting with our cousins in Africa. We’re not alone in our grief. Black folks across Africa have been in a state of low-grade grief as well. Folks are navigating the vestiges of colonialism, including inconsistent leadership, resource extraction, muted voices on the global stage, and more.
It’s exhausting, yet folks across Africa have been applying their own salves for centuries as well. I’m pretty sure they’re similar to the ones we’ve been applying here in the US. We’ve been apart for so long, and have made attempts to connect over the centuries, though they’ve never quite stuck. It’s essential that we figure out how to make the connection stick.
So we saw that the first thing to do was to unite our people, not only unite us internally, but we have to be united with our brothers and sisters abroad. It was for that purpose that I spent five months in the Middle East and Africa during the summer. The trip was very enlightening, inspiring, and fruitful. I didn’t go into any African country, or any country in the Middle East for that matter, and run into any closed door, closed mind, or closed heart. I found a warm reception and an amazingly deep interest and sympathy for the Black man in this country in regards to our struggle for human rights.
Hopefully, this resonates with some and eventually with a lot. If we can connect with our folks in Africa, I believe we’ll find the healing we need to no longer push for the structural changes needed in the US, Latin America, Europe, and wherever else black people are. We’ll restructure them.
What constantly comes to mind when I think about Ahmaud Arbery is Psalms 137:4. It’s how I feel right now.
By the waters of Babylon, there we sat down and wept, when we remembered Zion. On the willows there we hung up our lyres. For there our captors required of us songs, and our tormentors, mirth, saying, “Sing us one of the songs of Zion!” How shall we sing the Lord’s song in a foreign land? If I forget you, O Jerusalem, let my right hand forget its skill! Let my tongue stick to the roof of my mouth, if I do not remember you, if I do not set Jerusalem above my highest joy! Remember, O Lord, against the Edomites the day of Jerusalem, how they said, “Lay it bare, lay it bare, down to its foundations!” O daughter of Babylon, doomed to be destroyed, blessed shall he be who repays you with what you have done to us! Blessed shall he be who takes your little ones and dashes them against the rock!
The grief. The brutality. It’s all there. Ahmaud must get his justice. More than that, we’re going to build a world where black folks aren’t living like this.
What’s Up Next For South LA – Austin Clements, a VC out in Los Angeles, penned this nice piece announcing that he’d be leading early-stage accelerator Grid110‘s expansion to South LA. I love the vision for supporting entrepreneurs in that part of the city as they push to build the future. What’s extra dope is that the operation will be based out of Vector90, the coworking space an incubator Nipsey Hussle and David Gross built. More vim to Austin and the rest of the folks in that ecosystem as they push through the odds to build the future in South LA.
Twitch Pitch Powered by Lightship Capital – Candice Matthews Brackeen and Brian Brackeen are building something special at Lightship Capital. I’ve been following Brian for years and have always been fascinated by the moves he makes. He moves different. From building a facial recognition startup out of Miami, to listing one of the first initial coin offerings I had seen a black person do, to going his latest move – hosting a startup pitch on Twitch’s platform. His past moves have been cool to watch. This will be also.
Bitcoin: Resilience in Crisis – I have kept the whole cryptocurrency wave in the periphery for the most part. I did find myself setting up on Ethereum after finishing Bitcoin Billionaires – a fascinating read. Jalak makes a good point that the volatility the traditional markets are seeing is making folks more apt to take their shot at cryptocurrencies like Bitcoin.
Square Q1 Shareholder Letter – Here’s another case for crypto being something to pay more attention to. For the first time, Square’s Cash App quarterly revenue from Bitcoin totaled $306M surpassed its traditional money revenue of $222M. While that’s definitely a signal to pay attention, there’s still some ways to go before we’re talking about cryptocurrencies surpassing traditional money. PayPal put up $4.62B in revenue in Q1 for some calibration.
COVID-19 Racial Disparities in U.S. Counties – The way COVID-19 is a perfect storm for the systemic issues that make it harder for black people to keep healthy is disturbing. A group of researchers who are in the process of publishing a paper looking at the impact of COVID-19 put out some frustrating data. They weren’t able to get granular data because the race of 78% of individuals with cases of COVID-19 are unknown, as of April 15. Is that normal? To get around that, the researchers looked at COVID-19 cases by county. Essentially, nearly 22 percent of the counties in the US are disproportionally black. Yet, nearly half of COVID-19 cases and 58% of deaths across the country are in these counties. There cannot be a return to normal as we emerge from this. We have to reimagine this society we live in.
U.S. International Trade in Goods and Services, March 2020 – The extent to which trade put on the brakes in March is pretty stark. Exports fell $20B and imports $15.4B. Around $20.7B of the total drop in exports and imports came from travel and transport slowing to a trickle. That’s over half of the decline in exports and imports. This brings more color to why Warren Buffett decided to shed all his airline holdings. It’s going to be really interesting to see what travel looks like coming out of this pandemic. People aren’t going to be traveling for quite some time, and when we do start moving around again, how much of these losses will be reversed?
A Message from Co-Founder and CEO Brian Chesky – This letter from Airbnb’s CEO to employees explaining the company’s pending layoffs is very thoughtful and one to file away in case you may have to layoff employees soon. Notable parts of the letter include his outlining the framework the company used to determine who to layoff, the explanation of the 14-week severance, and the elimination of the one-year to make everyone leaving the company a shareholder for whenever Airbnb goes public. These are hard times that are amplifying who people and what companies really are, sometimes in disappointing ways. It’s nice to see people and companies show what good leadership looks like.
One billion people will live in insufferable heat within 50 years – It was incredibly hot in Accra during the Christmas holiday, something I completed underestimated. Fortunately, my lady packed some extra handkerchiefs for me. According to a set of researchers, parts of the world are going to be experiencing increasingly Sahara-like weather over the next several decades. What impact will this have on migration? Will coastal cities like Lagos and Accra see big influxes of people from the northern parts of their countries? How will they ensure everyone has space to live and get along? Considering how dense these cities are and the rates at which they are already growing, urban planners and policymakers have their work cut out for them in finding new design technologies to create space for folks in such a way that keeps them as cool as possible.
Malaria ‘completely stopped’ by microbe – Researchers in Kenya and the UK have found a microbe that prevents mosquitoes from carrying malaria. This could be a real boon for malaria eradication across Africa if the researchers are able to understand the microbe better and figure out how to propagate it across other parts of the continent. They may find themselves in a race with Alphabet’s Verily which has found its own microbe that sterilizes male mosquitoes and causes pretty rapid mosquito population declines. I guess the question for both of these research teams is, what are we trading for eradicating malaria? It’s definitely exciting to be finding a path forward on ridding ourselves of malaria. We just don’t want to find another disease blocking the way.
Let Africa into the market for COVID-19 diagnostics – John Nkegasong, the head of Africa CDC, outlined a plan of action here for African countries increase their levels of coordination and production to get the diagnostics they need to the ramp-up testing to 10 million in the next four months. Earlier in the piece, he addressed how African countries were getting boxed out of securing the testing materials they need, something I shared concern about a few weeks ago. Dr. Nkegasong’s focus on African countries coordinating their procurement and production of diagnostics is so key to ensuring Africa doesn’t find itself on an island dealing with COVID-19.
It’s Time to Help Africa Fight the Virus – This article shows why it’s so important that African folks control the narrative around Africa. In sharp contrast with Dr. Nkegasong’s piece, this one signs Africa’s death knell as a guaranteed catastrophe.
If the United States, Europe, and others succeed in containing the virus in the coming months, there is no way contagion throughout Africa could be contained there.
It’s not until the second half of the piece where the authors acknowledges that African leaders have moved quickly to address the COVID-19 pandemic. You see how differently this piece reads from the first one above? It hits different when the lion tells its own story. That said, the U.S. and other global powers do have a role to play and supporting African countries efforts to combat the spread of COVID-19 across the continent. That starts with not being an obstacle to African countries navigating this pandemic.
Why IROKO furloughed 28% of our Nigeria team – I always appreciate reading Jason Njoku’s posts because he’s so open about what he’s gone through building IROKO into the on-demand video beast its become over the past decade. To have to furlough well over a quarter of your team while staring down the COVID-19 situation with no sense of when things will improve has to be tough. To hear that you’ve been furloughed is even more tough. More vim to Jason and the folks who got furloughed.
No sunshine — DFC limits transparency when it is needed most – Stephanie Amoako highlights how the U.S.’s new International Development Finance Corporation secured exclusion from sunshine legislation that would require it to maintain a certain level of transparency and the deals it puts together. I’m really hopeful for the impact that the DFC could have in reshaping the USS economic relationship with African countries, prioritizing economic development and adding value to African countries pastoral significant economic growth. It’s concerning that the DFC put Shield itself from the public being able to see what it’s doing with the 60 billion dollars it has to invest. Hopefully Stephanie’s peace Brazos my eyebrows and gets this changed.
What Would You Risk for a Faster Cure? – When I saw that Michael Milken is playing a critical role in pushing vaccine development for COVID-19, I got real nervous. He shaped a good bit of the financial world in the 80s and 90s, and gave a bunch of entrepreneurs the financing they need to build businesses that are still important today. Reginald Lewis became the first black man in the U.S. to buy a billion dollar company with Milken’s help. Ted Turner. John Malone. The list goes on. That said, he went to jail for two years and paid over a billion dollars in fines for a bunch of tax and securities violations. He’s rehabbed his image over the past couple of decades through the Milken Institute and its Global Conference. He got a pardon from the president earlier this year for his past crimes. Finding a vaccine for COVID-19 is definitely an all hands on deck situation, but can he be trusted?