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Professor Eric Hanushek, Rukmini Banerji Awarded 2021 Yidan Prize

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Professor Eric A. Hanushek and Dr Rukmini Banerji have been awarded the 2021 Yidan Prize, the world’s highest education accolade, in recognition of their ground-breaking work addressing a crucial piece of the education puzzle: improving quality of education and outcomes for learners at scale.

Following a rigorous judging process, conducted by an independent judging committee of recognized education experts, Hanushek and Banerji were selected as the recipients of the 2021 Yidan Prize for Education Research and Yidan Prize for Education Development.

They will join nine laureates who have been awarded the Yidan Prize since its inception in 2016, established by the Yidan Prize Foundation – a global philanthropic education foundation that inspires progress and change in education.

Professor Hanushek, a Paul and Jean Hanna Senior Fellow and Professor, Hoover Institution of Stanford University, USA, is awarded the 2021 Yidan Prize for Education Research.

His work focuses on education outcomes and the importance of teaching quality and has transformed both research and policy internationally.

His work helped shape the United Nations Sustainable Development Goal 4 (ensure inclusive and equitable quality education) by reframing targets for learning outcomes and has shown that it’s how much students learn – and not how many years they spend in school – that boosts economies.

“Like no one else, Eric has been able to link the fields of economics and education. From designing better and fairer systems for evaluating teacher performance to linking better learning outcomes to long-run economic and social progress, he has made an amazing range of education policy areas amenable to rigorous economic analysis.” said Mr Andreas Schleicher, head of the Yidan Prize for Education Research judging panel, and director for the OECD’s Directorate of Education and Skills.

With the Yidan Prize funding, Professor Hanushek is planning a research fellow program in Africa, supporting analytical capacity to shape education policies from a local perspective.

Dr Banerji, Chief Executive Officer of the Pratham Education Foundation, India, is awarded the 2021 Yidan Prize for Education Development for her work in improving learning outcomes.

The Annual Status of Education Report (ASER) assessment approach, pioneered by Dr Banerji and her team in India, revealed literacy and numeracy gaps among children who had already spent several years at school , with the model spreading to several African countries as early as 2005 .

To close these gaps, her team’s “Teaching at the Right Level” (TaRL) program works with schools and local communities to provide basic reading and arithmetic skills, ensuring no children are left behind.

This systematic, replicable model reaches millions of children annually in India and is spreading around the globe. The approach is now being implemented in a number of African countries including Côte d’Ivoire, Kenya, Nigeria and Zambia, among others , through partnerships and the TaRL Africa initiative .

As a board member of the TaRL Africa initiative, Dr Banerji is supporting the growth and development of impactful programs on the continent.

“Dr Rukmini Banerji and the Pratham team have a clear mission: ‘Every child in school and learning well’. A reminder that we need to focus on education quality and not just school enrolments.

“The solutions that they have deployed towards this goal have proven to be cost-effective and scalable with a demonstrated potential to impact globally—disruptive education innovation with transformative results”, said Dorothy K. Gordon, head of Yidan Prize for Education Development judging panel, and board member of the UNESCO Institute for Information Technologies in Education.

With the support of the Yidan Prize, Dr Banerji plans to strengthen and expand Pratham’s work with young children so that strong foundations can be built early in a child’s life. Dr Banerji believes this will contribute significantly towards the goal of seeing “every child in school and learning well”.

“The quality and diversity of this year’s nominations reflect the drive and passion around the world to unlock new approaches to education.

“Our nominees are working on projects that span over 130 countries and territories. They are rethinking education systems from top to bottom, tackling inequities and empowering learners,” Dr Koichiro Matsuura, Chairman of the Yidan Prize Judging Committee and the former Director-General of UNESCO commented.

“We are also delighted to welcome five new judges to our panel — adding new perspectives and strengthening the voices of both women and representatives from more diverse regions to discuss big ideas from some of the world’s brightest minds.”

From developing play-based learning centres, to applying neuroscience to help dyslexic children, the Yidan Prize recognizes the people who are already making an impact. Each laureate will be awarded HK$30 million (approximately US$3.9 million), half of which is a project fund – enabling a series of innovative and progressive education projects to scale up and support millions of learners globally.

The 2020 Yidan Prize for Education Research Laureate, Professor Carl Wieman has pioneered the use of new teaching methods in STEM education. Today, his PhET Interactive Simulation model has delivered over 1 billion STEM simulations in 93 languages to date; Last year’s Yidan Prize for Education Development Laureates, Ms Lucy Lake and Ms Angeline Murimirwa of CAMFED, have created a unique model of girls’ education to drive systemic change, with 178,000 young women once excluded from education now leading programs to support another 5 million girls to learn, thrive and lead change.

All Yidan Prize laureates will join the Yidan Council of Luminaries to work collaboratively with distinguished education leaders. The Council works together and speaks with a collective voice to shed light on the importance of restoring and rethinking education with innovative ideas.

Sharing a diversity of expertise and insights, they: have contributed to the UNESCO Futures of Education initiative on how schools can prepare for the future; are working with the Global Mindset Initiative to build a foundation for a growth mindset research to achieve quality education for students globally; have spoken at high-level conferences such as the Asian Development Bank’s International Skills Forum, to discuss the latest education innovations needed for a new normal.

Now in its fifth year, the Yidan Prize has attracted many high-quality nominations, with projects reaching and positively impacting learners globally, representing diverse perspectives, cultures and geographies. Nominations for the 2022 Yidan Prize will be open from 19 October 2021 until March 2022.

Meanwhile, the 2021 laureates will be formally recognized at the Yidan Prize Awards Presentation Ceremony and the Yidan Prize Annual Summit held on 5 December 2021.


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Nestlé Commits to Boosting West Africa Solar Rollout Through Partnership

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Renewable energy firm Daystar Power Group has expanded its installed solar capacity across West Africa through a partnership with Nestlé, bringing total deployments to 6,884 kilowatt-peak (kWp), or nearly 7 megawatts (MW), in what the company describes as one of the largest commercial and industrial solar partnerships in the region.

Four manufacturing facilities across Nestlé sites in Côte d’Ivoire, Ghana and Senegal are now operational, with installations located in Abidjan, Tema and Dakar.

Daystar Power has installed 3,447 kWp across two sites in Abidjan, Côte d’Ivoire. In Ghana, a 2,547 kWp system powers Nestlé’s Tema factory, while in Senegal an 890 kWp installation operates at the Dakar facility.

The company said each system is designed to deliver measurable environmental impact, including reduced greenhouse gas emissions and improved energy resilience.

The installations are tailored to local operational and grid conditions to ensure reliable renewable energy supply while supporting Nestlé’s net-zero ambitions and its commitment to reducing greenhouse gas emissions.

“Nearly 7MW across four Nestlé facilities is a number we are proud of, but what it represents matters more than the figure itself. It means that one of the world’s most demanding manufacturers has tested our model, trusted it, and come back. Our job now is to keep earning that across every market where industry needs energy it can count on,” said Yischai Beinisch, CEO of Daystar Power Group.

Samer Chedid, CEO of Nestlé Central and West Africa Region, said: “This investment reflects our commitment to building a business that not only grows but does so responsibly.

“By advancing solar energy projects in Ghana, Côte d’Ivoire and Senegal, we are embedding sustainability into our growth, reinforcing our role as a force for good, creating long-term value for communities and ensuring that our footprint actively contributes to a cleaner, more resilient future.”


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NCGC, SMEDAN Partner on MSME Financing Support

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The National Credit Guarantee Company Limited (NCGC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a Memorandum of Understanding (MoU) aimed at supporting access to finance for Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

The agreement was signed at the NCGC headquarters in Abuja and outlines areas of cooperation between the two agencies, including financial literacy programmes, credit guarantee support, capacity building, and other initiatives targeted at small businesses.

Speaking at the signing ceremony, NCGC Managing Director and Chief Executive Officer, Dr. Bonaventure Okhaimo, said the partnership is intended to provide a framework for expanding financing opportunities available to MSMEs.

According to him, small and medium-sized enterprises play a significant role in economic activity and employment generation across the country.

Okhaimo said NCGC has facilitated ₦32.78 billion in credit and provided over ₦13.09 billion in guarantees through its partnerships with financial institutions. He added that 1,478 businesses and entrepreneurs have benefited from the financing interventions, with 1,682 jobs reportedly created or sustained.

Also speaking, SMEDAN Director-General, Charles Odii, said the collaboration would enable the agency to connect more small businesses with available financing opportunities, particularly Nano and Micro enterprises that often face challenges accessing credit.

The two organisations said the partnership would also involve stakeholder engagement and awareness campaigns to provide information on financing options and the use of credit guarantees in lending arrangements.

The agreement forms part of ongoing efforts by both agencies to support enterprise development and improve access to financial services for small businesses across the country.

Observers say access to finance remains one of the major constraints facing Nigerian MSMEs, making collaborations between public institutions an important aspect of broader economic development initiatives.

 


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Elon Musk Loses Trillionaire Status as $500Bn Vanishes in Days

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Elon Musk is no longer a trillionaire after a sharp global sell-off in technology stocks wiped an estimated $500bn (£379bn) from his personal fortune.

Elon Musk Loses Trillionaire Status as $500bn Vanishes in Days

Elon Musk

The billionaire entrepreneur Elon Musk had recently become the first individual to reach the trillion-dollar milestone following a record-breaking listing surge for his rocket company SpaceX earlier this month.

However, shares in SpaceX have since fallen by around 30% from their peak, while Tesla was also caught in a broader technology market downturn on Tuesday, June 23.

His net worth now stands at $957.1bn, according to analysis by Bloomberg, while calculations by Forbes suggest his fortune previously peaked at $1.45tn last week.

The drop in Musk’s wealth over the past week exceeds the total fortune of Larry Page, whose estimated net worth stands at just under $297bn.

The decline comes amid two consecutive days of losses on Wall Street, with more than $89bn wiped from Tesla’s market value after its shares fell 5.8% on Tuesday. Chipmaker Nvidia also dropped 4.1% during the same session.

Traders have warned that further volatility may follow after memory-chip producer Micron Technology prepares to release its third-quarter results, amid concerns that artificial intelligence valuations may be overheating.

Investment bank Goldman Sachs cautioned that AI-linked stocks could be vulnerable if there are signs of slowing investment from major tech firms.

Ben McKeown, an investment manager at Dowgate Wealth, said Musk’s fortune remains highly exposed due to its concentration in two major holdings.

He said: “The old adage is, you concentrate to build wealth and diversify to keep it. Musk is the most extreme example of this.

Almost his entire net worth sits in Tesla and SpaceX, which have been extremely volatile, especially SpaceX as the shareholder base starts to be unlocked and becomes free to sell.”

Musk had briefly become the world’s first trillionaire on June 12 following the listing surge of SpaceX, which saw its shares jump as much as 67% in its first three days of trading after an IPO that valued the company at more than $1.8tn.

However, the stock later fell for three consecutive sessions, erasing around $928bn in market value from a peak of $2.9tn to just over $2tn, before a slight recovery.

The scale of his recent wealth decline is now considered the largest on record, surpassing his previous loss in 2022 when his fortune fell by an estimated $165bn amid a slump in Tesla shares.

Another billionaire affected by recent market turbulence is Larry Ellison, whose net worth peaked at around $400bn last September before falling to approximately $210bn following a major sell-off in Oracle shares.


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