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A UNESCO report released during Lagos Fashion Week notes Africa’s fashion industry is growing rapidly to meet demand but that inadequate investment still limits its potential ABUJA, Nigeria -- Africa’s fashion industry is growing rapidly to meet local and international demand but inadequate investment limits its potential, UNESCO said Thursday in a report released during Lagos Fashion Week. Currently valued at $15.5 billion worth of exports annually, the earnings from the continent's fashion industry could triple over a decade with the right investment and infrastructure, according to UNESCO Director-General Audrey Azoulay, who launched the organization’s first report on fashion in Africa in Nigeria’s economic hub of Lagos. With a young population of 1.3 billion people set to double by 2050, the continent’s fashion industry has also proven to be both “a powerful lever for the promotion of cultural diversity (and) also a way to empower young people and women,” said Azoulay. Acro...

Not long after California startups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news. "Around 90% of our cash was in SVB," said Sam Franklin, 28, a London-based chief executive whose recruitment firm Otta specializes in tech talent. He ditched weekend "life admin" to figure out how to pay his employees at the end of the month. In Hong Kong, Florian Simmendinger, co-founder and CEO of Hong Kong wearable company Soundbrenner, missed the start of the panic in California over SVB Financial Group last week, but he caught on quickly. "I'm like, what? Are you kidding me? Like, my bank?" he said. "We already couldn't log into our account anymore during the regular Business hours." While the global effects of Silicon Valley Bank's collapse are just emerging, one thing is clear: tech startups, no matter how far apart, are intertwined. Many depend on a single mid-...