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Kids Online Safety Act Will Hurt, Not Help, Young People

Published

3 hours ago

October 2, 2024

1.9K

In January 2024, top executives at X (formerly Twitter), Meta (parent company of Facebook and Instagram), Snap, Discord, and TikTok appeared at a Senate hearing to answer questions about protecting children and teens online. In attendance were parents whose children had been harmed by or died as a result of their social media consumption. A climactic moment in the hearing came when Meta CEO Mark Zuckerberg apologized to the parents in the audience.

There is reason to suspect that social media use may be connected in some way to increasing depression and anxiety in young people and adults alike. Indeed, in May 2023, the US Surgeon General issued a health advisory warning that teens who use social media for more than three hours a day put their mental health at risk. But the nature of the connection between social media use and mental illness is murky at best and there is plenty of research that suggests no connection whatsoever.

Moreover, concerned parents and members of Congress have seized on concerns about social media to push an ill-considered piece of internet censorship legislation called the Kids Online Safety Act (KOSA) that will not make children any safer online, but will violate the free speech rights of both young people and adults, and will likely be weaponized against LGBTQ+ youth. As Project Censored has previously reported, legislators have “capitalized on the moral panic surrounding the impact of social media to propose problematic legislation” such as KOSA, resulting in a wave of legislation aimed at protecting children online.

The Kids Online Safety Act
Sponsored by Senators Richard Blumenthal (D-CT) and Marsha Blackburn (R-TN), KOSA was first introduced in 2022 following Facebook whistleblower Frances Haugen’s explosive revelations about the damaging impact of Instagram use on mental health in teens and children. The bill would impose a “duty of care” on websites and apps—principally, social media apps—to “prevent and mitigate” harms to children, such as anxiety, depression, suicidal ideation, drug abuse, and eating disorders, associated with their services.

It would require platforms to take steps to avoid recommending content that might promote mental health disorders to minors and ban advertising of age-restricted services (such as online gambling) and products (alcohol, tobacco) targeted at them. Under the legislation, platforms would have to give minors safeguards they can use to limit communication with others, restrict access to their private information, and protect their geolocation data. KOSA would also mandate that social media platforms provide parents with tools to protect their children’s safety online and require that they be notified if their children are exposed to potentially harmful materials.

In the version of the bill being considered last year, the legislation charged individual state attorneys general with enforcing its “duty of care” provisions, potentially allowing right-wing attorneys general in states like Florida and Texas, who are busy banning books with LGBTQ+ characters and prosecuting abortion providers, to decide what is “harmful to minors.” In response to criticisms from civil libertarians, the bill was revised so that, in its current iteration, the Federal Trade Commission has responsibility for enforcing the “duty of care” provision of the act while individual state attorneys general will be expected to enforce its safeguards for minors, transparency, and reporting requirements.

The legislation enjoys broad, bipartisan support. More than 60 senators, including Senate Majority Leader Chuck Schumer (D-NY), have endorsed the bill. A coalition of nonprofits, children’s advocates, and civic organizations, including the American Psychological Association, the American Academy of Pediatrics, the National Education Association, and the Eating Disorders Coalition, have urged its passage. And President Joe Biden has said he supports the law.

Moreover, polls indicate that huge majorities of American voters approve of government action to mitigate the harms caused by social media and favor most of the key components of the Kids Online Safety Act.

KOSA is a Censorship Bill That Will Undermine Young People’s Privacy
Although certain provisions of the Kids Online Safety Act—such as its prohibition on features of social media platforms designed to encourage compulsive user behavior—might be defensible, at its core the bill represents a massive expansion of government censorship that will cut young people off from legal and, in some cases, potentially life-saving content.

The 2023 version of KOSA rightly alarmed many LGBTQ+ rights advocates, who worried that it would be weaponized against gay, lesbian, queer, and trans youth. They were especially concerned that conservative state attorneys general might exploit the authority given them by the legislation to pressure websites into removing information about gender-affirming care or block young people’s access to LGBTQ+ online communities. Indeed, one of the bill’s main co-sponsors Marsha Blackburn said in a speech that one of the bill’s top priorities is to shield children from “the transgender in this culture.” The conservative Heritage Foundation also celebrated KOSA as a means to guard children “against the harms of sexual and transgender content.”

Though in its current version KOSA will be enforced by the FTC and not state attorneys general, the bill’s “duty of care” will still, likely, lead platforms and websites to prohibit any discussion of subjects that might get them into trouble. Educational content about sex, abortion, contraception, LGBTQ+ identity, depression, eating disorders, suicide, and other sensitive topics will simply disappear from the web or be placed behind age-verification walls. As Evan Greer of Fight for Freedom explains, “The way that this bill would work, it would just suppress all discussion of eating disorders among young people, because at scale, a platform like YouTube or Instagram is not going to be able to make a meaningful determination between, for example, a video that’s harmful in promoting eating disorders, or a video where a young person is just speaking about their experience with an eating disorder.” Being cut off from supportive online communities and information about their gender identities, sexuality, and health will hurt, rather than help, young people, and will be particularly devastating for young people from minoritized and marginalized groups.

Though one concern fueling support for KOSA is that social media companies rampantly violate the privacy of children and teens who use their platforms, the bill will actually encourage platforms and websites to further compromise users’ privacy by pushing them to adopt some sort of “age verification” scheme. While it is true that KOSA does not explicitly require age verification, websites and apps will have no choice but to require users to submit a government-issued identification or undergo biometric screening as a condition for accessing their services. How else will they be able to distinguish adult users from minors and avoid liability? Naturally, age verification will scare many adult users off the platforms that implement it. Moreover, an age verification scheme would eliminate whatever anonymity that users have online, undermining their First Amendment right to anonymous speech.

Lastly, it is worth noting that well-informed critics with expertise on the subject point out that KOSA is one of several bills that threaten the use of end-to-end encryption, which provides privacy protections that benefit all kinds of users, but especially members of marginalized communities.

Alternatives to KOSA
Despite the fact that KOSA appears poised for victory in the Senate, all is not lost. The proposed legislation is opposed by several civil liberties advocates and tech freedom groups, including the Electronic Frontier Foundation, the American Civil Liberties Union, the Woodhull Freedom Foundation, and Fight for the Future.

These groups and other critics of the bill have suggested a number of ways the government could protect the health and safety of young people online without resorting to the sort of censorship and surveillance incentivized by KOSA.

To begin with, the government could implement increased data privacy protections for all internet users. As EFF, among others, has argued, Congress could explicitly prohibit the widespread practice of “surveillance advertising,” which exploits data about users’ online behavior to target them with specially-tailored ads. Indeed, the Biden administration need not wait for Congress to act as the FTC has already created rules to protect children from “surveillance ads” and has the power to eliminate this form of ad tech altogether if it so desires.

In addition, the US could adopt some version of Europe’s General Data Protection Regulation (GDRU), requiring transparency about the data that websites gather about users and giving them a legal right to request any non-newsworthy personal information held by sites or apps be erased. Already five states—California, Colorado, Connecticut, Utah, and Virginia—have adopted GDRU-inspired data privacy laws. A federal law creating a right to control one’s personal data and a “right to erasure” of that data ought to be considered.

Greater transparency about, and systematic auditing of, the algorithms and AI that determine the online experience for both adults and minors would also help address some of the concerns Congress has about online media’s influence over children.

Finally, rather than hoping without evidence that censoring Instagram or TikTok will somehow ameliorate the country’s epidemic levels of depression and anxiety, we ought to instead fully fund public mental health services for all Americans. Even mainstream politicians acknowledge that more funding and resources are needed to address the country’s current mental health crisis. The poorest areas of the country tend to have the highest levels of depression. So, funneling more money for treatment into these high-needs areas should be a top priority.

Despite its bipartisan support, KOSA does a disservice to the young people it ostensibly aims to protect, by violating their First Amendment right to anonymous speech, potentially cutting off their access to perfectly legal content, and undermining important privacy protections that benefit all internet users. The government should impose more regulations on the way big tech companies and social media platforms harvest and use data from children and adults alike. But the sort of censorship proposed by the Kids Online Safety Act is not the answer.

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News

Russians claim key city of Vuhledar in Ukraine’s east

Published

5 mins ago

October 2, 2024

NewsAdmin

Russians claim key city of Vuhledar in Ukraine's east

Russian forces have tried to capture Vuhledar since 2022 – this image is from 1 September

Ukraine's 72nd Brigade/Facebook Sept 1 image of Vuhledar from Ukraine's 72nd Brigade — Russian forces have tried to capture Vuhledar since 2022 – this image is from 1 September

Russian troops have taken complete control of the eastern city of Vuhledar, which Ukrainian forces have been defending since the beginning of Moscow’s full-scale invasion two and a half years ago.

Ukraine’s eastern military command confirmed on Wednesday that they had told the troops still fighting in parts of the Vuhledar to pull back to avoid becoming surrounded.

For more than two years Russia has been trying to take this city in order to advance further north and reach regional transportation hubs such as Kurakhove and Pokrovsk.

Pro-Kremlin military bloggers had posted several videos the day before showing Russian soldiers with flags on rooftops of different buildings in Vuhledar.

Donetsk regional authorities confirmed on Tuesday that Russian troops had almost reached the city centre, and some reports said Ukrainian forces are still hanging on in some districts.

Pro-Kremlin military bloggers have posted images showing Russian flags flying over ruined buildings

Russian social media Pro-Kremlin military bloggers have posted images showing Russian flags flying over ruined buildings — Pro-Kremlin military bloggers have posted images showing Russian flags flying over ruined buildings

The BBC has spoken to two soldiers from the 72nd brigade who managed to leave the city before the final assault and take up new positions in the same area. They claim that their troops have withdrawn from the city.

Over the past few days Ukrainian soldiers had to find their own way out of Vuhledar by foot as it was impossible to evacuate them otherwise, a machine-gunner who wished to remain anonymous said.

Many were wounded and killed by Russian drones and artillery as they tried to leave, another soldier, Roman, says. Many more are still missing.

Moscow has launched numerous attacks to seize the city since the start of the full-scale invasion in February 2022, but they all failed up until now. One of the biggest tank battles took place there last year.

Instead of launching frontal assaults, the Russian army recently switched to its favourite tactic – advancing along the flanks to surround the target. Last month they seized the village of Prechystivka to the west and Vodyane to the east to complete a pincer movement.

Moscow’s enormous advantage in weapons and troops – some soldiers have estimated the ratio of forces as seven to one – enabled them to break through Ukrainian defence lines along the flanks and approach Vuhledar.

It became clear that the city was doomed when the Russians effectively cut off the only remaining lifeline route – the road from Vuhledar to Bohoyavlenka. Russian troops advanced so close that their artillery and kamikaze drones targeted anyone and anything moving on that road.

“We tried to send supplies, organise evacuation of our wounded and dead soldiers but without any success,” Roman said. “We lost a number of vehicles and then had to stop [such operations].”

By Tuesday, about 100 civilians remained in Vuhledar, out of a pre-war population of 14,000, according to Donetsk regional head Vadym Filashkin.

“Thank God, we evacuated all children. Regarding the 107 people who are still there, it’s difficult to reach them and bring them humanitarian aid, drinking water, medicine because an active stage of war is under way.”

Vuhledar’s fate became almost inevitable once Russian forces entered the city

Ukraine 72nd Brigade/Facebook A scene from Vuhledar in August — Vuhledar’s fate became almost inevitable once Russian forces entered the city

The situation became critical when Russian troops entered the city, and Ukrainian units started retreating without waiting for the order to pull out.

“If a withdrawal is not organised, it ends up being chaotic,” the machine-gunner explained. Ukrainian defenders were like Titans trying to stop the Russians, he said. But some groups, he added, had become completely disoriented because of a communication blackout. Their radios were down, and when they came under heavy fire, they had to make quick decisions on their own and often it was to retreat.

Ukrainian defence lines were devastated by Russia’s aviation bombs and thermobaric weapon systems such as its Solntsepek heavy flame-thrower, in addition to drones and multiple rocket launchers.

Facing such an onslaught, withdrawing from certain positions became unavoidable, Roman argued. “You either die or retreat.”

But getting out from a city that had been nearly surrounded was extremely dangerous. During the daytime it became close to a suicide mission.

Ukraine’s troops mostly tried to escape at night, having to cross mine fields via designated paths to avoid the road because it was closely monitored by the Russians.

Until recently, evacuation vehicles had been able to drive in under cover of darkness with their headlights off, Roman explained. But once Russian troops had reached the centre of the city, the only way to escape was on foot.

Those who managed to get out are exhausted and depressed. They are also angry at their commanders for not ordering the retreat earlier, because they argue it was obvious for some time that Ukrainian forces wouldn’t be able to hold the city for long.

“I don’t know why [they didn’t give the order],” the machine-gunner said. “Maybe it’s fear of the military leadership or maybe it was an order from the top [to hold positions] with our blood until the very end.”

Military officials from the 72nd brigade and Ukraine’s operational command in the area refused the BBC’s request to comment.

In their most recent daily briefings, the military’s General Staff kept silent about Vuhledar.

Wednesday morning’s briefing said merely that the “the enemy launched unsuccessful attacks on our positions in Bohoyavlenka’s direction”, without mentioning the situation in Vuhledar at all.

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Business

how UniCredit built its Commerzbank stake

Published

15 mins ago

October 2, 2024

NewsAdmin

Andrea Orcel stunned Germany last week by raising UniCredit’s stake in Commerzbank from 9 per cent to 21 per cent in a manoeuvre that mirrored tactics made notorious in hostile takeover battles more than a decade ago.

When carmaker Porsche and automotive supplier Schaeffler Group came for German blue-chips Volkswagen and Continental in 2008, they built their stakes by stealth. Back then, there was no legal obligation to disclose positions built through derivative instruments that guaranteed access to shares only at a later point in time.

The loophole in EU disclosure rules has since been closed, making large-scale secret stakebuilding impossible.

For Orcel, a former M&A banker and now chief executive of UniCredit, the stricter disclosure rules for financial derivatives presented a different opportunity: UniCredit has been able to disclose a 21 per cent stake in Commerzbank while complying with rules that, for now, block it from owning more than 10 per cent.

“Think what you may but this is just beautifully done,” said one Frankfurt-based banker.

At the core of the trade is an arbitrage between two rule books.

Eurozone laws governing bank ownership and control mean no one can buy more than 10 per cent of a lender without first getting the green light from the European Central Bank.

Approval may be a formality for an EU-based bank such as UniCredit, which had already said it would seek ECB consent after acquiring its first 9 per cent stake. But the process can take months, which allows rivals to build their own positions, hedge funds to snap up shares and a target to buttress its defence.

However, ECB acceptance is only required for UniCredit to take control of voting rights attached to Commerzbank shares. The rules neither stop the Italian bank from gaining economic exposure to the target’s stock beforehand nor ban the signing of contracts now to receive the shares after central bank approval.

Disclosure rules for share ownership in the securities laws enacted after the Porsche and Schaeffler tussles have a different focus: they require an investor to reveal the position when it owns — directly or indirectly through derivatives — an economic interest in 5 per cent of the shares or when they hit higher thresholds, one of which is 20 per cent.

This discrepancy allowed Orcel to reveal a huge jump in UniCredit’s stake in Commerzbank, taking it from a minority investor to leapfrogging the German government as the single biggest shareholder. Its position is also big enough to make it difficult for potential competitors to make a counter-offer for the German bank, should it decide to pursue a takeover.

At the core of the transaction are contracts UniCredit entered with Barclays and Bank of America, according to voting rights disclosures and bankers familiar with the deals.

Both investment banks struck so-called total return swap agreements with UniCredit, in effect committing to replicate the economic performance of Commerzbank’s stock. If the German lender’s shares go up, or the bank pays its dividend, the counterparties will pay the change in value to UniCredit. If the stock goes down, UniCredit must cover the difference.

Barclays and BofA also committed to physically deliver the Commerzbank shares to UniCredit later, should the Italian lender still want them. While the banks have bought a few Commerzbank shares directly, they hedged their trade mostly through put and call options, according to disclosures.

Four people familiar with the deal say the two investment banks will each make €12mn in fees and other income on the trade, which has a notional value of €2.3bn. The income each bank stands to receive could rise to €40mn-€50mn if the contracts are extended beyond 2026 or otherwise modified, they said.

People familiar with UniCredit’s thinking said the fees were “far lower”, without elaborating.

“In itself, a total return swap is not a very complex transaction and relatively simple from a technical point of view,” said former senior Deutsche Bank derivatives trader Pius Sprenger.

But “applying it on such a large scale as in the Commerzbank case required a lot of determination”, said Thomas Schweppe, a former Goldman Sachs M&A banker and founder of Frankfurt-based investor advisory boutique 7Square.

And last week’s 11.5 per cent total return swap was far from the first step in Orcel’s pursuit of Commerzbank.

Preparations to acquire the German bank started back in 2023 when the Italian lender silently built a direct stake of just under 3 per cent, said two people with direct knowledge of the matter, hovering below the first disclosure threshold for direct holdings.

In August 2024, when rumours started to circulate that the German government may soon start selling down its 16.5 per cent stake, UniCredit acquired another 1.7 per cent through a much smaller total return swap, still sitting below the 5 per cent threshold for combined direct and indirect positions.

Then on the night of September 10, the Italian bank bought another 4.5 per cent from the German government when it outbid financial investors in a block trade, clearing the 5 per cent disclosure threshold for the first time and subsequently revealing its 9 per cent position. By September 23, it had converted the initial, smaller total return swap into shares.

On the same day, UniCredit entered two much larger total return swaps, relating to stakes of 5 per cent and 6.53 per cent, that will expire in 2026. A two-year exercise period — much longer than the expected six to 12 months timeframe for obtaining regulatory clearance — shows the Italian bank is “patient”, said one insider.

UniCredit negotiated the derivatives without external advisers, relying on in-house expertise, said people with knowledge of the situation.

UniCredit’s equity and credit sales and trading team is headed by derivatives specialist Salvatore “Chicco” Di Stasi, who joined from UBS last year and previously worked at Goldman Sachs.

“He has something that you don’t [often] find in a large commercial bank, nor in UniCredit . . . He is very, very creative as far as structuring is concerned,” one former colleague said.

Total return swaps can come with risks. During the 2008 financial crisis, large drops in VW and Continental shares left Porsche and Schaeffler Group exposed to huge losses when their derivative stakes lost billions of euros in value.

Orcel has eliminated that risk with another layer of financial engineering, said people familiar with the transaction. He is using a so-called collar to hedge the Commerzbank position against share price declines, while also waiving large parts of the upside.

The structure — consisting of opposing call and put options — in effect locks in last week’s Commerzbank share price.

The careful stakebuilding served to underscore Orcel’s seriousness about gaining control of Commerzbank despite political opposition.

Revealed days after the German government announced it was pausing sales of its remaining stake in Commerzbank in the wake of UniCredit’s initial stakebuilding, one insider said Orcel had used the trade to ask: “Can you hear me now?”

Another banker familiar with the deal said Orcel used the derivatives to “walk the talk”, with the position underpinning his verbal interest in Commerzbank.

Hedging the downside to the Commerzbank trade backs Orcel’s claim he could walk away from his pursuit of the German group, the banker said.

While such an announcement could lead to a steep fall in Commerzbank’s share price, UniCredit’s losses would be limited. Similarly, if a future deal with the German bank did go through, Orcel could take full possession of the underlying 11.5 per cent stake at its mid-September price without having to pay a meaningful takeover premium.

UniCredit’s trades have also made it far harder for potential rivals such as Deutsche Bank, BNP Paribas or ING to build a similar derivatives position in Commerzbank.

While Commerzbank is a highly liquid stock, close to a third of the total market capitalisation is tied up: 12 per cent is owned by the government, and 21 per cent is controlled by UniCredit.

As one German banker said: “For everyone else, mustering a counter bid has become quite a lot harder.”

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Money

Labour wants growth but ‘you need investment’: Parmenion CIO

Published

16 mins ago

October 2, 2024

NewsAdmin

Labour wants growth but 'you need investment’: Parmenion CIO

Following Labour’s general election victory in July 2024, the party has been clear it wishes to kickstart economic growth, but to do that it “needs to encourage more investment”.

This is what Parmenion chief investment officer Peter Dalgliesh told Money Marketing while discussing the upcoming Budget on 30 October.

Chancellor Rachel Reeves background as a supply side economist “means she is always focused on investment”, Dalgliesh said.

Reeves used to be an economist at the Bank of England, where she worked on the central bank’s Japan desk. She also worked for HBOS, a UK banking and insurance company owned by Lloyds Banking Group.

However, in regards to the rumours circulating Labour could raise money through extra wealth taxes, Dalgliesh added: “If you put taxes up on those who can afford to invest, you will score an own goal.”

He is still optimistic looking forward though, due to wage growth and rising property prices.

Dalgliesh also feels the UK is a “pretty resilient country” irrespective of what is announced by Reeves on 30 October.

As a whole, from an investment point of view, he feels the UK is an “interesting market at this point in the cycle”.

He has seen in recent surveys that financial advisers want to increase exposure to the UK. Additionally, the Bank of America releases a quarterly survey that showed institutional managers wish to do the same.

Dalgliesh also touched on the ongoing pensions review launched by Labour, which he hopes will result in the minimum of auto-enrolment to be raised and that UK pension funds will start to invest in “our own market”, the UK.

He said France, Italy, US and Australia all do this, but the UK is an “anomaly”.

Still, Dalgliesh is “sympathetic” for the new government as he believes everyone got a “bit ahead of themselves in our anticipation” following the general election result.

“Let’s see what happens when they take their time.”

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News

Israel could SINK crucial Iranian ‘oil island’ Kharg where ‘90% of regime’s exports flow’ in huge retaliation firestorm

Published

26 mins ago

October 2, 2024

NewsAdmin

Israel could SINK crucial Iranian ‘oil island’ Kharg where ‘90% of regime’s exports flow’ in huge retaliation firestorm

ISRAEL could be plotting to destroy Iran’s most critical oil export hub after vowing to unleash revenge for its 181-missile barrage.

Fears of all-out war are brewing in the Middle East as Israeli PM Benjamin Netanyahu warned the terrorist state had made a “big mistake”.

A view of oil facilities on Kharg island in 2016Credit: Alamy

Iran's Kharg island could be destroyed by Israel — Iran’s Kharg island could be destroyed by IsraelCredit: Visible Earth

Rockets fly in the sky after Iran fired dozens of missilesCredit: Reuters

Israel is now planning a major response to last night’s unprecedented Iranian missile attack – likely to hit Iranian oil plants and air defence system.

A retaliation firestorm may also include targeted assassinations.

Iran’s crucial Kharg island could be one of Israel’s main targets – which up to 95 per cent of the country’s oil export flows.

Sat 25km off Iran’s coast in the Persian Gulf, it was once the world’s largest offshore crude oil terminal.

The CIA previously said the island was responsible for 90 per cent of Iran’s oil exports before it was heavily bombed in the 1980s.

But even now, according to researcher Dr Eli David, up to 95 per cent of the country’s oil circulation goes through the hub.

With crude supplies in the region under threat, oil prices have soared by more than two per cent.

Iran is understood to be producing more than three million barrels a day – putting it at a five year high.

Helima Croft, head of global commodity strategy at RBC Capital Markets, told CNBC: “There has been a lot of complacency about this war.”

She warned traders have mostly dismissed the threat of oil supply disruptions amid boiling tensions.

Israel has a legal right to defend itself against Iran after revenge rocket blitz for the invasion of Lebanon, says expert

Croft added: “We do need to think about a scenario where Iranian oil supplies are at risk.”

Israel could be poised to stage a dramatic retaliation against Iran imminently after Iran’s salvo of missiles barreled towards Tel Aviv, Jerusalem and Haifa last night.

The IDF said that it intercepted “a large number” of the 181 ballistic missiles launched by Iran at Israel, thanks to the country’s cooperation with US and British air forces.

Jordan said that it also intercepted a number of missiles and drones over its airspace.

Iran claimed its missile attack had succeeded in striking 90 per cent of its targets amid scenes of jubilation on the streets of capital Tehran.

But western experts discounted the claims and analysts branded the blitz another embarrassing flop and a 320 missile and drone attack in April was also repelled.

The Middle East is now teetering on the edge of a full blown war.

Tensions were high after Israel assassinated Hezbollah leader Hassan Nasrallah and launched a ground invasion of south Lebanon on Monday night.

Furious Netanyahu last night slammed Iran for making a “big mistake” and threatened “it will pay for it”.

He warned: “There is also a deliberate and murderous hand behind this attack – it comes from Tehran.

“We will stand by the rule we established: whoever attacks us – we will attack him.”

Israel Defence Forces’ Rear Admiral Daniel Hagari branded the multiple strikes “a severe and dangerous escalation” and warned: “There will be consequences.”

Hagari added: “There were a small number of hits in the centre of Israel, and other hits in Southern Israel.

“The majority of the incoming missiles were intercepted by Israel and a defensive coalition led by the United States.

“Our defensive and offensive capabilities are at the highest levels of readiness.

“Our operational plans are ready. We will respond wherever, whenever, and however we choose, in accordance with the directive of the government of Israel.

“Iran and its proxies have been attacking Israel since the 7th of October on 7 fronts. Iran and its proxies seek the destruction of Israel.

“The Israel Defense Forces will continue doing everything necessary to defend the State of Israel and protect the people of Israel.”

Israel's Iron Dome anti-missile system intercepts rockets fired from Iran — Israel’s Iron Dome anti-missile system intercepts rockets fired from IranCredit: Reuters

An Israeli mobile artillery unit fires a shell from northern Israel towards LebanonCredit: AP

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Business

Africa’s Fastest Growing Companies 2025

Published

36 mins ago

October 2, 2024

NewsAdmin

Unlock the Editor’s Digest for free

The FT is seeking entries for its fourth annual list of Africa’s fastest growing companies, which will be published in May 2025.

In partnership with data provider Statista, the FT aims to identify companies with the strongest revenue growth between 2020 and 2023. The ranking will appear in a special report published in a weekday edition of the newspaper and on FT.com, alongside articles by FT correspondents on trends identified in the research.

Entries will highlight, not least, the type of companies that have performed well in spite of the difficulties induced by the Covid pandemic. Our previous rankings indicated the growing body of African businesses achieving a healthy increase in revenues.

Potential candidates for the next list can forward their names via this website. Others will be contacted by Statista.

The deadline for submission of entries is January 31, 2025.

Why should companies participate?

New business opportunities

Inclusion in the ranking is a visible and public acknowledgment of a company’s performance that extends beyond its specific industry and country. It may also generate attention from potential partners, customers and worldwide investors.

Reputation

Corporate growth usually generates demand for new employees. Being featured in the ranking will increase awareness of you as an employer, and of your potential.

Effective media coverage

Reporters will write about standout companies, specific sectors and business trends in Africa. The ranking will be published in a print report in an FT weekday edition and the full rankings will appear online.

Employer branding

Companies included in the list may use the award logo for marketing purposes upon payment of a licence fee. Companies can still publicise the award free of charge if they do not use the official label.

Which companies are eligible?

To be included in the ranking, your company must meet the following criteria:

Revenue of at least $100,000 generated in 2020¹;
Revenue of at least $1.5mn generated in 2023¹;
A independent company (not a subsidiary or branch office of any kind);
Headquartered in an African country.

¹ Countries that do not use the dollar to express revenues should provide average local currency value equivalent over the course of the relevant fiscal year

How do I register?

1. Online registration

Please register with Statista by January 31 2025. Alternatively, download this form and send it to ft-africa@statista.com upon completion.

2. Verification of revenue information

Your revenue data must be verified using this form. The form must be signed in person by a managing director or a member of your executive committee (chief executive or chief financial officer) and emailed to Statista by January 31, 2025 at ft-africa@statista.com.

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Please email ft-africa@statista.com with any additional questions.

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