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We bring you various leading news from across Africa, on business, economy, market, and politics. Towards A Profitable Africa.

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  • Amazon Bans Police Use of Facial Recognition Tech

    Amazon Bans Police Use of Facial Recognition Tech
    Jun 11 2020
    Technology giant Amazon has banned the police from using its controversial facial recognition software for a year. It comes after civil rights advocates raised concerns about potential racial bias in surveillance technology. IBM also said it would stop offering its facial recognition software for mass surveillance or racial profiling. The decisions follow growing pressure on firms to respond to the death in police custody of George Floyd. Amazon said the suspension of law enforcement use of its Rekognition software was to give US lawmakers the opportunity to enact legislation to regulate how the technology is employed. Amazon in a statement said they have advocated that governments should put in place stronger regulations to govern the ethical use of facial recognition technology, and in recent days, Congress appears ready to take on this challenge. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    3 m
  • South Africa's Business Confidence Hits Record Low

    South Africa's Business Confidence Hits Record Low
    Jun 11 2020
    According to a survey showed on Wednesday, South Africa’s business confidence hit a record low in the second quarter as a coronavirus-led lockdown stalled an economy that was reeling from a recession even before the COVID-19 pandemic. The Rand Merchant Bank (RMB) business confidence index (BCI), compiled by the Bureau for Economic Research, was at 5 points for the second quarter, the lowest level since the first survey in 1975 and down from 18 points for the first quarter. Africa’s most industrialised economy, which entered its second recession in two years in 2019, has been largely shut down since late March, when the government imposed severe restrictions to stem the spread of the novel coronavirus. RMB chief economist Ettienne le Roux said COVID-19 has drastically changed the already-weak economic landscape and perhaps, in some cases, permanently,” He said the country is only beginning to fully appreciate the complexity of the economic impacts of this pandemic. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    3 m
  • South Africa's Rand Falls After Gloomy Fed Outlook

    South Africa's Rand Falls After Gloomy Fed Outlook
    Jun 11 2020
    South Africa’s rand slipped on Thursday, tracking emerging markets as bleak economic projections from the U.S. Federal Reserve rattled investors. At 0635 GMT, the rand traded at 16.7100 per dollar, 1.09% weaker than its previous close and giving up gains made on Wednesday when it touched 16.3210, its strongest since March 16. Executive director at Peregrine Treasury Solutions in Pretoria, Bianca Botes said in a note that the gloomy outlook by the Fed brought over optimistic markets back to reality. Fed policymakers projected the U.S. economy to shrink 6.5% this year and the unemployment rate to be 9.3% at year-end. The projections dented hopes that economies would recover more strongly once coronavirus lockdowns are lifted, driving investors away from riskier currencies. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    3 m
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