Good morning.
- Fortune has long promoted the importance of having a global mindset. It’s at the heart of the Fortune Global Forum, which will take place this year in New York on November 11-12. Along with my fellow co-chairs Matt Heimer and Clay Chandler, I’m excited to welcome CEOs like AT&T’s John Stankey, Brian Cornell of Target, Tapestry’s Joanne Crevoiserat, Chris Hyams of Indeed and many more. We also have former U.S. Secretary of State Mike Pompeo and former Defense Secretary Leon Panetta, the IMF’s Gita Gopinath, Jing Ulrich of JPMorgan Chase, Tom Brady, and many more. Click here for the agenda and here to request an invite.
When I was at the University of Nairobi, a professor liked to brag that the Luo tribe produced so many intellectuals because they grew up eating fish from Lake Victoria. What seemed funny then now seems poignant as fish stocks have plummeted through overfishing and climate change. The loss of a key protein source can be devastating to not just to people’s health but their culture and their ability to invest in their careers and communities.
There is cause to be optimistic about the growth potential of Africa—from its demographic advantages and entrepreneurial energy to the continent’s natural resources and expanding partnerships. I attended the FII New Africa Summit yesterday in Riyadh, which reflects Saudi Arabia’s ties to the region. Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan said he expects the kingdom’s private-sector investments in Africa to reach $25 billion in the next 10 years.
The question is how to realize that potential in countries that are also vulnerable to climate change, geopolitical risk and food insecurity. It’s great to see expats like Joseph Rehmann, the cofounder and CEO of Kenya’s Victory Farms, succeeding with a sustainable farming model. But I get more excited by social entrepreneurs like Yvette Ishimwe, founder of Iriba Water Group and ENAGUA Group, who talks about empowering Africans to develop their own solutions.
From resource development to the culture boom, there’s money to be made in Africa. Look at leaders like Nigeria’s Tony Elumelu, who is the chairman of the United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation, through which he has empowered over 20,000 entrepreneurs in 54 African countries. Many are developing leapfrog technologies that can be exported worldwide.
Opportunity takes a different form when you’re employed by a company. There, what matters is how your employer contributes to your success and positively shapes your career. One measure is the American Opportunity Index, which rates companies by the economic mobility they create for their people. It is backed by former Starbucks CEO Howard Schultz’s foundation, along with Harvard Business School and the Burning Glass Institute.
Schultz told me this weekend that he believes Starbucks’s success was “best when it was shared.” He was early to offer healthcare to workers who typically had to do without, but also faced criticism for resisting their efforts to unionize. While Starbucks is in the top 100, it gets so-so scores for culture and pay. New CEO Brian Niccol has work to do but holding the company up for scrutiny is one way to reinforce trust.
More news below.
Diane Brady
diane.brady@fortune.com
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TOP NEWS
The 100 Fastest-Growing Companies
Out this morning: Fortune’s annual Fastest-Growing Companies list, which ranks companies based on growth in revenue, profits, and stock returns. The companies featured are worth a combined $6.7 trillion in market capitalization and, on average, delivered an annual 28% return to shareholders over the past three years. That significantly outperformed the S&P 500 index’s 10% annual return to shareholders over the same period.
Citi partners with Alphabet
Citigroup said it’s signing a partnership with Alphabet to move parts of its financial infrastructure to a Google Cloud platform. The bank’s head of global technology infrastructure, Balaji Kumar, told Fortune that this means new AI-powered financial tools will be introduced for customers.
U.K. firms could exit because of budget change
U.K. businesses that collectively generate £2.6 billion ($3.4 billion) in revenue are considering leaving the country in advance of the government’s upcoming budget change, according to The Telegraph. The founders of these companies are particularly worried about a significant increase in the country’s capital gains tax.
Robinhood enters prediction market
Robinhood is the latest platform to join in on the predictions market hype after the trading platform announced on Monday that it would start allowing users to bet on the presidential election. Eligible users will have to be U.S. citizens and have already been approved for a Robinhood Derivatives account.
AROUND THE WATERCOOLER
Even households earning over $150,000 a year are living paycheck to paycheck, Bank of America says by Jane Thier
Philadelphia DA sues Elon Musk for $1 million election sweepstakes — ‘indisputably’ unlawful by Paolo Confino
Boeing plans $19 billion share sale to prevent credit downgrade as strike grinds on by Greg McKenna
Exclusive: Amazon’s top grocery exec departs for Wonder, Marc Lore’s celebrity-chef restaurant startup by Jason Del Rey
Insight Partners has paid out nearly $8 billion this year—but returns for its giant 2021 fund have mostly come up dry by Luisa Beltran
This edition of CEO Daily was curated by Joey Abrams.
