Business & Tech News Indian Court Case Against OpenAI Gets New Momentum: Reuters have reported that the digital news units of Indian billionaires Gautam Adani and Mukesh Ambani, and other outlets like the Indian Express and the Hindustan Times, have mounted a legal challenge against OpenAI’s improper use of copyright content. This follows an original case brought by local news agency ANI, alleging copyright infringements by the global leading AI company. Now, additional parties such as NDTV and Network18 have filed a motion in a New Delhi court to enable them to join the original lawsuit against the ChatGPT. They believe…
Author: Greg Stewart
SanlamAllianz Re Ltd (SAZ Re), the reinsurance company with a market presence over 45 countries in Africa, has announced that ratings agency, AM Best, has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to the company. The outlook assigned to these credit ratings is stable, reflecting the robust performance and strategic positioning of SAZ Re. Ilyes Hassib, CEO of SanlamAllianz Re, expressed his satisfaction with the ratings: “We are honoured to receive this esteemed recognition from AM Best. The A- (Excellent) rating is a testament to the strength of our balance…
None of the global top ten lowest corporate tax rate nations, occur in Africa, and that may be one of the key reasons Africa is lagging behind in terms of global investment rates. While International corporate income tax rates vary, the average rate of corporate tax sits at around 23.45%. There are extremes, with a few countries such as the Caribbean, offering a 0% rate, while the small African nation of the Union of Comoros has the unwanted reputation of being the nation with the highest corporate tax rate, sitting at an economically suicidal rate of 50%. The interesting factor…
Business & Tech News Mozambique Debt to Income Ration Causes Concern: Mozambique’s external debt-to-GDP ratio has dropped to 66.2% from 72.1% and with multiple delays in the development of its liquefied natural gas fields, has resulted in concerns that it will be some time, before its external debt service can benefit from the expected gas exports. Their international bonds tumbled earlier this week after a news report that the new government in Maputo is weighing a debt restructuring following months of post-election turmoil. The government debt has been on the increase over the past decade, partly due Islamist insurgency in northern Mozambique that…
The Professional Provident Society (PPS), today announced the launch of its new financial division, “glu”. The new glu, a new development in the mutual financial entity, has been developed to extend mutuality-driven benefits to a wider audience across South Africa, than their existing portfolio of graduate professionals. The history of mutual societies in South Africa, goes way back to 1845, when John Fairbairn founded the Mutual Life Assurance Society of the Cape of Good Hope. This company is now known as Old Mutual What is a Mutual Society? In essence, a mutual society is a business that is owned and run…
Microsoft has made a bold commitment to driving AI skill development in South Africa, and believes that with its youthful population, rich diversity, and rapidly growing tech ecosystems, South Africa and Africa are uniquely positioned to innovate and lead in AI-driven solutions. This according to Lillian Barnard, President for Microsoft Africa, this will require the right skills and access to digital technologies like Artificial Intelligence (AI) to meet this opportunity. This is where Microsoft has stepped-up and announced the launch of Microsoft’s AI skilling initiative for South Africa, a programme aimed at empowering one million South Africans with AI digital…
Business & Tech News LinkedIn – Latest in Data Disclosure Court Case LinkedIn is the latest Tech group finding itself on the wrong side of the law by allegedly disclosing the content of private messages on the business focused social media platform. Premium customers maintain that social media platform disclosed their private messages to third parties without permission to train generative artificial intelligence models. According to a proposed class action filed on Tuesday night, on behalf of millions of LinkedIn Premium customers, LinkedIn quietly introduced a privacy setting last August that let users enable or disable the sharing of their…
The final average consumer inflation rate for South Africa for 2024 was released today indicating a 4,4% year average. This is the lowest annual inflation rate in four years. Annual average consumer inflation was at 3.3% for 2020 and at 4,1% in 2019 the only two years in the last ten that were lower than 2024. Q4 CPI – lowest inflation Rate in over 10-years The really great news is that Q4, or the last quarter of 2024 saw a quarter inflation average that is the lowest fourth quarter (Q4) inflation rate in ten years and the lowest overall for…
Technologist and tech change expert, Johnson Idesoh, spoke with Businesstech Africa from Davos in Switzerland, where he is attending the World Economic Forum. Idesoh, an IT engineer by background, is currently the CIO at ABSA group with a working history over three decades that includes; Group CIO at Old Mutual, also at a UK company called Aviva, and worked at pharmaceutical company AstraZeneca. We asked Johnson about his perspective on the current technological shifts and particularly about the drive towards AI adoption and if there is more hype that effect currently and what he perceives to be the biggest area…
Business & Tech News Gold hits Two-Month High: Gold rose further in early trade this morning toward $2,750 per ounce, with a more than 1% gain from the previous session to reach its highest level since early November 2024. The yellow metal has been supported by a relatively softer US dollar and growing demand for the safe-haven asset, as concerns over trade wars lingered following President Trump’s announcement of potential tariff policies. US President Trump, pledged to impose tariffs on the European Union and reiterated his consideration of a 10% tariff on China, following his earlier statement about prospects of…
