General News
Meta Creates New Shares to Help Zuckerberg Pay Possible $11bn Tax Bill
Business | Technology | United States | 25 October 2026
Meta Platforms has reached an agreement with its chief executive, Mark Zuckerberg, that could help him pay a proposed California billionaire wealth tax without sacrificing his control over the technology company.
Meta CEO Mark Zuckerberg is at the centre of a deal addressing potential tax liabilities under California’s proposed wealth levy.
The agreement, disclosed in a regulatory filing this week, follows concerns that Zuckerberg could face a multibillion-dollar tax liability if California voters approve a proposed one-time levy on the wealth of the state’s richest residents.
Under the arrangement, Meta plans to introduce a new class of non-voting Class C shares that Zuckerberg can sell to raise money if the tax becomes law. The agreement also includes a commitment for him to remain a resident of California, or another jurisdiction where Meta maintains its headquarters, for eight years, subject to certain exceptions.
Meta’s headquarters in California, where the company is working to retain its chief executive.
How the proposed tax could affect Zuckerberg
The proposed measure, identified in reports as Proposition 40, would impose a one-time tax of 5% on the net worth of qualifying billionaires residing in California if approved by voters.
Zuckerberg’s estimated wealth of approximately $240 billion means his potential liability could run into billions of dollars. However, the final amount would depend on the measure’s provisions and how his taxable assets are assessed.
Much of Zuckerberg’s wealth is tied to his ownership of Meta, the parent company of Facebook, Instagram and WhatsApp. A substantial sale of his existing voting shares to meet a tax bill could reduce his voting power within the company.
The new share arrangement is designed to provide an alternative source of liquidity while helping him preserve his control over Meta.
ZUCKERBERG SECURES META TAX DEAL
Meta introduces a new share structure
Meta plans to issue the new Class C shares beginning in January 2027 as part of a restructuring that will also give the company additional flexibility for employee compensation, acquisitions and other corporate purposes.
Under the reported agreement, Zuckerberg can immediately sell 20% of the Class C shares allocated to him. Those shares represent approximately 10% of his overall economic stake in Meta, according to Reuters.
Meta’s board has described retaining Zuckerberg’s leadership as important to the company’s future, particularly as it expands its artificial intelligence operations and faces growing competition in the technology industry.
The arrangement therefore addresses both Zuckerberg’s potential personal tax exposure and Meta’s interest in maintaining continuity in its leadership.
California’s proposed wealth tax has prompted debate over public funding, taxation and the potential relocation of wealthy residents.
California’s wealth tax proposal sparks debate
The proposal has drawn opposing views from supporters and critics.
Supporters argue that taxing the wealth of billionaires could generate substantial funding for public services, including healthcare. Opponents have warned that wealthy residents could move elsewhere, potentially affecting investment, business activity and state revenues.
The debate also raises questions about how governments should tax wealth held in company shares, particularly when selling those assets could affect control of major businesses.
Zuckerberg had reportedly considered moving his primary residence outside California if the proposal advanced, prompting negotiations with Meta over the new share arrangement.
What happens next?
The tax proposal is scheduled to go before California voters on November 3, 2026. Until the result is known, the potential liability remains conditional.
Meta’s agreement provides Zuckerberg with a possible way to raise funds should the measure pass, while also committing him to remain in the state under the stated terms.
Conclusion: The agreement highlights the intersection of personal wealth, corporate governance and taxation in the technology sector. Its wider implications will depend on the ballot outcome and how California ultimately applies any approved wealth tax.
General News
US Approves $2.1 Billion Sale of 500 Patriot Missiles to Ukraine
The United States has approved a proposed $2.1 billion sale of 500 Patriot air defence interceptor missiles to Ukraine, marking a significant development in Kyiv’s efforts to strengthen its defences against Russian aerial attacks.
The US State Department announced the approval on October 30, 2026, confirming that the proposed package includes Patriot Advanced Capability-3 Missile Segment Enhancement (PAC-3 MSE) interceptors, spare parts and related logistical support.
US Approves Major Patriot Missile Sale to Ukraine
The purchase is expected to be financed through contributions from Canada, Germany and Norway under a US-supported programme, alongside funding linked to the European Union’s Ukraine Support Loan. US officials said American government funds would not be used to finance the purchase.
Ukraine seeks to strengthen its air defences
The approval comes as Ukraine continues to face Russian missile and drone attacks targeting infrastructure and other locations across the country. Ukrainian President Volodymyr Zelenskyy has repeatedly called for increased supplies of air defence interceptors, warning that shortages could weaken the country’s ability to protect its population and critical facilities.
Zelenskyy Seeks Stronger Air Defences for Ukraine
Patriot systems are an important part of Ukraine’s air defence network, particularly in countering certain ballistic missile threats. However, the effectiveness of the planned purchase will depend on when the missiles become available and how quickly they can be delivered and integrated into existing operations.
Approval does not mean immediate delivery
Although Washington has approved the proposed sale, the announcement does not establish a confirmed delivery date for all 500 missiles. The package also involves further procurement arrangements, and the missiles remain part of a wider international effort to meet Ukraine’s defence requirements.
The approval follows public complaints from Zelenskyy that Ukraine had been waiting for weeks for authorisation concerning critical missile supplies. The development highlights the continuing importance of US decisions and European financial support to Ukraine’s military needs.
European Allies Back Ukraine’s $2.1 Billion Missile Purchase
European allies take on the financial burden
The arrangement reflects a continued role for European partners in financing US-made military equipment for Ukraine. Canada, Germany and Norway are expected to contribute through the JUMPSTART programme, with additional support linked to EU-backed financing.
Lockheed Martin has been identified as the principal contractor for the proposed sale. The transaction is intended to strengthen Ukraine’s integrated air and missile defence capabilities, although the timing of deliveries remains a key unanswered question.
Ukraine Seeks Greater Protection Against Russian Missile Attacks
What happens next?
Attention will now turn to the implementation of the approved sale, including contract arrangements, production capacity and delivery schedules. Ukraine’s immediate defence needs will continue to be shaped by the intensity of Russian attacks and the availability of interceptor missiles from its international partners.
The approval represents a major financial commitment to Ukraine’s air defence, but its practical impact will depend on how quickly the planned supplies can reach the country.
General News
CAF Reverses AFCON Four-Year Plan, Restores Traditional Two-Year Format
The Confederation of African Football (CAF) has reversed its earlier decision to stage the Africa Cup of Nations (AFCON) every four years, confirming that the continent’s flagship national team competition will return to its traditional two-year cycle.
The decision was unanimously approved by CAF’s Executive Committee on Thursday, October 29, 2026, marking a significant shift in the governing body’s long-term competition strategy.
CAF President Dr Patrice Motsepe confirmed the development in an official statement, explaining that the organisation had reconsidered its previous arrangement following concerns about the proposed Africa Nations League.
The four-year AFCON format was announced in December 2025 as part of a broader restructuring of African football competitions. Under that arrangement, the proposed Africa Nations League was expected to become the continent’s major biennial national team competition.
However, CAF has now acknowledged that the new competition would require several years before generating sufficient financial resources to support football development and strengthen the organisation’s competitions.
Motsepe said the reversal was intended to protect the interests of African football, the continent’s 54 member associations and African players representing clubs outside the continent.
Africa Nations League plans influence decision
The proposed Africa Nations League was initially designed to provide a major continental competition every two years while allowing AFCON to move to a four-year schedule.
CAF’s latest assessment, however, indicated that the proposed league would take considerable time to deliver the financial and developmental benefits originally anticipated.
The governing body therefore opted to restore AFCON’s biennial format rather than wait several years for the new competition to become financially sustainable.
The decision also reflects CAF’s intention to maintain the commercial and developmental importance of its flagship tournament.
AFCON 2027 remains on schedule
Despite the changes, the next Africa Cup of Nations will proceed in 2027, with Kenya, Tanzania and Uganda serving as joint hosts.
According to Motsepe, subsequent editions are scheduled for 2028, 2031 and 2033.
There will be no AFCON tournament in 2030 because of the FIFA World Cup scheduled for that year. CAF says its scheduling arrangement will avoid holding the final stages of its national team competitions during the World Cup year.
What the decision means for African football
The return to a two-year AFCON cycle means national teams, players, supporters, sponsors and football associations can continue to anticipate the continent’s biggest international football tournament at more frequent intervals.
For African football associations, the decision also preserves AFCON’s importance as a major source of competition exposure, commercial opportunities and international recognition.
Motsepe further described the tournament as an important platform for celebrating Africa’s diverse cultures and bringing together people from the continent, the African diaspora and beyond.
With the revised arrangement now confirmed, attention will turn to preparations for the 2027 tournament in East Africa and the implementation of CAF’s updated competition calendar.
The reversal brings an end to the proposed four-year AFCON arrangement, restoring the competition’s traditional biennial identity while CAF continues to assess its wider football development plans.
General News
Namibia’s President Challenges Africa to Take Charge of Its Economic Future
Namibia’s President has urged African countries to make better use of their natural resources and youthful population to strengthen the continent’s influence in global affairs.
The call highlights the importance of economic self-reliance, investment in human capital and stronger cooperation among African nations as the continent seeks a greater role in shaping the global economy.
Africa is home to significant deposits of minerals, oil, gas and other natural resources that are increasingly important to global industries, particularly in the energy transition, technology and manufacturing sectors.
However, the challenge for many African countries remains how to translate these resources into long-term economic benefits through local processing, industrial development, job creation and improved infrastructure.
The President’s remarks also draw attention to Africa’s youthful population, which represents an important source of innovation, entrepreneurship and economic growth.
With millions of young Africans entering the labour market, investment in education, technical training, digital skills and business opportunities will be essential to harnessing this demographic potential.
The call further reinforces discussions about Africa’s position in international negotiations, trade partnerships and global economic decision-making.
African countries have increasingly advocated for greater value addition to their natural resources rather than relying heavily on the export of unprocessed commodities.
The President’s message places emphasis on the need for African nations to work together, strengthen their economies and build the capacity to participate more meaningfully in global affairs.
Key Details of the President’s Remarks
The comments were made by Namibian President Netumbo Nandi-Ndaitwah during an interview on Diplomatic Affairs with Harriet Nartey on Joy Prime, aired on Ghanaian television.
She called for:
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Stronger implementation of the African Continental Free Trade Area (AfCFTA).
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Increased trade among African countries.
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Greater African control over economic priorities and trade negotiations.
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Better use of the continent’s natural resources and population as sources of economic strength.
- Trade policies that reflect Africa’s interests rather than depending entirely on externally developed frameworks.
Business
Absa Expands Beyond Africa With First Gulf Office in Dubai
JOHANNESBURG, South Africa – South African financial services group Absa has opened its first office in the Gulf region, establishing a presence in Dubai as it seeks to strengthen business, trade and investment connections between Africa and the Middle East.
The new office is located in the Dubai International Financial Centre (DIFC), one of the region’s major financial hubs. The expansion is expected to bring Absa closer to businesses, institutional investors and financial organisations across the Gulf Cooperation Council (GCC), while creating additional opportunities for international investors interested in African markets.
Unlike a conventional banking branch, the Dubai office will not provide lending directly from its own balance sheet. Instead, it will serve as a strategic connection point, linking Gulf-based companies and investors with Absa’s banking operations across 16 African markets.
The office operates under a Category 4 licence issued by the Dubai Financial Services Authority, which became effective on 15 July 2026. The authorisation allows the branch to arrange investment transactions, provide financial product advice and arrange or advise on credit facilities for eligible clients.
Growing economic relationship between Africa and the Gulf
Absa’s expansion comes at a time when commercial relations between the United Arab Emirates and African economies are gaining momentum.
Non-oil trade between the UAE and Africa reached approximately $158 billion in 2025, compared with around $112 billion in 2024, according to UAE government figures cited in Reuters reporting.
Dubai continues to attract international financial institutions seeking access to global markets.
The growing relationship presents opportunities in several industries, including infrastructure, energy, logistics, agriculture and fast-moving consumer goods. These sectors are attracting interest from Gulf-based sovereign wealth funds, asset managers and other institutional investors looking to expand their investments across Africa.
Absa’s senior executive officer for its Dubai branch, Clinton Clarke, indicated that the office would help the bank engage more directly with investors and businesses interested in African opportunities.
The bank intends to use its understanding of African markets and its existing corporate banking relationships to help Gulf-based organisations navigate different commercial environments across the continent.
Absa joins other South African banks in Dubai
Absa’s arrival adds another major South African financial institution to Dubai’s growing international banking community.
It joins other South African banking groups, including Investec, Standard Bank and Nedbank, which have also established offices in the city.
The Dubai International Financial Centre will host Absa’s first Gulf office.
The move reflects the importance of Dubai as a financial gateway connecting businesses and investors across the Middle East, Africa and Asia.
However, the expansion also comes against a backdrop of geopolitical uncertainty in the Middle East. Absa representatives have acknowledged the risks but maintain that Dubai remains an attractive location for engaging regional clients and supporting cross-border business.
What the expansion means for Africa
Absa’s Dubai office could strengthen access to international capital for African businesses seeking investment partners, financing advice and opportunities to enter new markets.
For Gulf investors, the presence provides a closer connection to African business networks and sector expertise, potentially making it easier to assess commercial opportunities across different countries.
The longer-term success of the initiative will depend on the volume of business it attracts, the investment transactions it supports and the strength of relationships established between African and Gulf-based organisations.
For Absa, the opening represents a significant step in expanding its international reach while maintaining Africa as the centre of its banking operations.
General News
Hundreds Flee Russian-Occupied Ukrainian City as Rare Ceasefire Opens Escape Route
Hundreds of civilians have been evacuated from the Russian-occupied Ukrainian city of Oleshky following an unusual humanitarian ceasefire that has temporarily allowed residents to escape months of worsening living conditions.
The evacuation, which began on Friday, October 30, 2026, marks a rare moment of cooperation between Ukrainian and Russian representatives since Moscow launched its full-scale invasion of Ukraine in February 2022.
The operation involved 25 buses and nine ambulances, which transported residents away from the heavily affected town in Ukraine’s southern Kherson region. Humanitarian supplies, including food and medicine, were also delivered to people who remain in the city.
Temporary ceasefire creates evacuation opportunity
The humanitarian arrangement reportedly followed diplomatic efforts involving US First Lady Melania Trump, with Pope Leo also playing a role in calls for a humanitarian truce.
The ceasefire, which covers parts of the Kherson frontline region, allowed roads around Oleshky to be cleared of landmines, creating a temporary passage for civilian transportation and humanitarian assistance.
Residents wishing to leave were given the opportunity to board buses and travel towards safer locations. Some evacuees were heading towards Ukrainian-controlled territory, while others could choose to settle in Russia.
Those returning to Ukraine faced a complicated journey through southern Russia and Belarus before reaching Ukrainian-controlled territory.
Months of hardship leave residents struggling
Oleshky has experienced severe humanitarian difficulties since coming under Russian occupation during the early stages of the war.
The city, which had a pre-war population of approximately 24,000, is now estimated to have around 2,000 residents remaining.
Many have endured prolonged shortages of food, medicine, electricity, gas and running water. Continued military activity and dangerous roads have also made access to essential supplies increasingly difficult.
Some residents, particularly elderly people, have reportedly struggled to leave because of family responsibilities, concerns about their destination and reluctance to abandon their homes and animals.
Authorities have indicated that people who choose to remain will receive humanitarian assistance, including essential supplies and medical support.
Unusual cooperation between Ukraine and Russia
The evacuation brought together Ukrainian Human Rights Ombudsman Dmytro Lubinets and his Russian counterpart, Yana Lantratova, who participated in the humanitarian operation.
Their cooperation has attracted attention because direct collaboration between representatives of the two countries remains extremely limited amid the ongoing conflict.
Ukrainian officials have described the operation as an important opportunity to save civilian lives, although the arrangement has also raised concerns among some Ukrainians about Russia’s intentions.
There are fears that humanitarian arrangements could be exploited for military or political advantage.
Concerns remain despite the temporary truce
Despite the successful evacuation arrangements, the ceasefire does not represent a broader peace agreement between Moscow and Kyiv.
Military hostilities have continued in other parts of Ukraine, with attacks on infrastructure and civilian areas reported outside the designated humanitarian zone.
The temporary arrangement is expected to remain in effect until Sunday, November 1, providing a limited window for evacuation and humanitarian assistance.
For residents who have spent months trapped amid shortages and insecurity, the operation offers a rare opportunity to reach safety. However, the future of those remaining in Oleshky remains uncertain.
The evacuation also raises wider questions about whether similar humanitarian arrangements could be negotiated for other communities affected by the war.
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