Latest news with #AI-themed
IOL News
19-05-2025
- Business
- IOL News
The Scapegoating of Banxso: How Regulatory Overreach Missed the Bigger Picture
Is Banxso being unfairly targeted by South African regulators while a network of deceptive marketers operates unchecked? Image: IOL / Ron AI In what appears to be a clear case of regulatory tunnel vision, Banxso remains in the crosshairs of South African financial regulators, while an entire ecosystem of deceptive affiliate marketers and trading platforms continues to operate with relative impunity. Instead of tackling the root problem—an unregulated network of third-party marketers exploiting social media and celebrity endorsements to mislead investors—the FSCA has disproportionately targeted one entity: Banxso. Banxso's regulatory ordeal began with the suspension of its licence by the FSCA, triggering costly legal battles and severe reputational damage. Yet, as evidence continues to surface, it becomes increasingly apparent that the marketing tactics at issue are widespread across the sector—not unique to Banxso. Recent investigations have uncovered that Trade FT, operating under FSP number 53871, is linked to Grand Trading Pty Ltd. The individuals behind these entities previously operated under the name Asterix Data and have a well-documented history of rebranding and shifting identities within what's been referred to as the 'Scam Empire' a network that includes Finbok and other flagged entities. Despite their consistent use of deceptive AI-themed advertisements featuring unauthorised images of celebrities like Patrice Motsepe, Elon Musk, and Trevor Noah, these firms have not faced equivalent regulatory scrutiny. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading This raises a critical question: why has Banxso been singled out while others using the same misleading marketing tactics continue to operate freely? 'What we're seeing is a classic case of making an example out of one company while failing to address the systemic issues,' said an industry insider who spoke on condition of anonymity. 'Banxso has become the convenient scapegoat in a situation that clearly involves dozens of market participants.' These celebrity-endorsed AI ads act as a gateway into the broader problem. A single click on one of these ads floods users with unsolicited calls from various South African trading companies—none of which are connected to Banxso. This indicates the involvement of an aggressive affiliate marketing network, which is largely unregulated and responsible for generating deceptive leads across the industry. Importantly, the FSCA's own registry reveals glaring red flags about Trade FT: there are no registered Key Individuals listed for its FSP number. In any other instance, this would typically trigger immediate enforcement action. Yet, despite the entity's lineage and irregularities, it continues to operate, untouched. Meanwhile, Banxso is the only firm in the industry to have voluntarily refunded R14 million to affected consumers in the wake of the scandal—a step no other trading company has taken, despite similar marketing exposures. 'The FSCA has created a false narrative that this is about one bad actor when it's clearly an industry-wide marketing issue,' said a second compliance expert with deep experience in South African financial services. 'Operations like Trade FT continue unabated, using identical tactics. Yet Banxso is being paraded as the poster child for enforcement.' This disparity in enforcement undermines the credibility of the FSCA's regulatory objectives. If the aim is truly to protect consumers, why focus enforcement on a compliant FSP that has shown a willingness to rectify issues, while letting a complex web of non-compliant and identity-shifting entities off the hook? 'There's a fundamental unfairness when one company bears the full regulatory burden while others benefit from the same marketing channels without scrutiny,' added the first industry source. 'If the FSCA truly wants to protect consumers, they need to address the underlying marketing ecosystem rather than targeting individual FSPs.' The situation is especially concerning given how easily these deceptive ads continue to reach South Africans online. Despite the regulatory action against Banxso, the same misleading advertisements are still well and truly thriving in their absence. In response to inquiries about the issue, the FSCA stated: 'In terms of section 251 of the Financial Sector Regulation Act No.9 of 2017 (FSR Act), the FSCA is unable to disclose the details of the investigation relating to Asterix.' This response only deepens concern over the transparency and fairness of the process. The lack of visible enforcement against the real drivers of consumer deception—the affiliate marketers and identity-hopping entities like Trade FT—suggests that the FSCA may be prioritising symbolic enforcement over meaningful consumer protection.
The Star
17-05-2025
- Business
- The Star
Ethiopian PM calls for homegrown AI to propel Africa's dev't
ADDIS ABABA, May 17 (Xinhua) -- Ethiopian Prime Minister Abiy Ahmed has called on African countries to exert concerted efforts in the development of homegrown artificial intelligence (AI) to propel the realization of continental development ambitions. Abiy made the remarks while addressing an AI-themed high-level meeting held Saturday in Addis Ababa, the Ethiopian capital, under the theme "Leveraging AI for Africa's Prosperity and Collaboration." Noting that the African continent is entering a transformative era in its development trajectory, the prime minister said homegrown AI can serve as a catalyst for inclusive prosperity by injecting a pivotal momentum into the achievement of the African Union's 50-year continental development blueprint, Agenda 2063. "Today, we stand on the verge of a new era, one that holds the promise of inclusive prosperity for our continent, driven by homegrown innovations in AI, and holds the potential of accelerating the implementation of the African Union Agenda 2063," Abiy said. He underscored the need for Africa to shape AI on its own terms, saying Ethiopia is investing in AI-related digital infrastructure and skills development, and is working to translate its vision into tangible impact.
Yahoo
07-03-2025
- Politics
- Yahoo
Kamala Harris reveals timetable for making major political decision in deep blue state
Former Vice President Kamala Harris is setting a timetable to make a major decision about her political future. Harris, who lost last November's White House election to now-President Donald Trump, is seriously considering a 2026 bid to succeed term-limited Democratic Gov. Gavin Newsom of California. Additionally, a source in the former vice president's political orbit confirmed to Fox News Digital that Harris has told allies she will decide by the end of summer on whether to launch a gubernatorial campaign. The news was first reported by Politico. There has been plenty of speculation since last year's election regarding Harris, who replaced then-President Joe Biden as the Democratic Party's 2024 presidential nominee last summer after he dropped out of the race amid mounting questions over his physical and mental stamina. Click Here For The Latest Fox News Reporting And Opinion On Former Vice President Kamala Harris The two potential options for Harris are launching a gubernatorial run next year in her home state or seeking the presidency again in 2028. Extremely early polls in the next Democratic Party presidential nomination race — which are heavily reliant on name recognition at this point — indicate that the former vice president holds a significant lead over other potential White House contenders. Read On The Fox News App It is very unlikely she could do both. Running and winning election in 2026 as governor of heavily blue California, the nation's most populous state and home to the world's fifth-largest economy, would likely take a 2028 White House run off the table, allies and political analysts have indicated. Harris served as San Francisco district attorney, California attorney general and represented the Golden State in the U.S. Senate before joining Biden's 2020 ticket and winning election as vice president. Top Trump Ally Teases Bid For California Governor If Harris Runs While no decisions have been made, the former vice president has vowed to remain politically involved. Harris, in a video message to the Democratic National Committee, as it huddled for its winter meeting a month ago, pledged to be with the party "every step of the way." Harris recently spoke at the NAACP Image Awards, as she accepted the organization's Chairman's Award. This weekend, she is headed to Las Vegas — Nevada is an early-voting state in the presidential primary calendar and a key general election battleground — to speak at Human X, which is an AI-themed conference. If Harris decides this summer to launch a gubernatorial campaign, she would likely clear much of the field of Democrats. California Attorney General Rob Bonta said last month he would support Harris if she decides to run and that "she would be field-clearing" if she launched a campaign. Bonta, a former state lawmaker who has served as California attorney general since 2021, said he would run for re-election next year rather than launch a gubernatorial campaign, putting to rest speculation about his next political moves. Leading California Democrat's Prediction About Kamala Harris "Kamala Harris would be a great governor," Bonta said in an interview with Politico. Among the more than half-dozen Democratic Party candidates already running for governor are Lt. Gov. Eleni Kounalakis — a Harris ally — and former Los Angeles Mayor Antonio Villaraigosa. Former Rep. Katie Porter, who unsuccessfully ran for the Democratic Senate nomination last year, has expressed interest in launching a campaign. Additionally, former Health and Human Services Secretary Xavier Becerra, who served in Congress and as California attorney general before joining the Biden administration, is also seen as a potential contender. Many of the current or potential candidates would likely stand aside if Harris entered the race. Trump Supporting California Sheriff Launches 2026 Campaign For Governor Among the Republicans, longtime Trump loyalist Richard Grenell, who is serving as U.S. envoy for special missions in the president's second administration, last month floated a potential bid for California governor if Harris also runs. "If Kamala Harris runs for governor, I believe that she has such baggage and hundreds of millions of dollars in educating the voters of how terrible she is, that it's a new day in California and that the Republican actually has a shot," Grenell said. Meanwhile, Riverside County Sheriff Chad Bianco last month announced his Republican candidacy for governor. Additionally, former Fox News Channel host and conservative commentator Steve Hilton is considering a GOP gubernatorial bid. In California, unlike most other states, the top two finishers in a primary, regardless of party affiliation, advance to the general election. It has been nearly two decades since a Republican won statewide office in California, back to former Gov. Arnold Schwarzenegger's 2006 re-election article source: Kamala Harris reveals timetable for making major political decision in deep blue state
Fox News
07-03-2025
- Politics
- Fox News
Kamala Harris reveals timetable for making major political decision in deep blue state
Former Vice President Kamala Harris is setting a timetable to make a major decision about her political future. Harris, who lost last November's White House election to now-President Donald Trump, is seriously considering a 2026 bid to succeed term-limited Democrat Gov. Gavin Newsom of California. Additionally, a source in the former vice president's political orbit confirmed to Fox News Digital that Harris has told allies she will decide by the end of summer on whether to launch a gubernatorial campaign. The news was first reported by Politico. There has been plenty of speculation since last year's election regarding Harris, who replaced then-President Joe Biden as the Democratic Party's 2024 presidential nominee last summer after he dropped out of the race amid mounting questions over his physical and mental stamina. The two potential options for Harris are launching a gubernatorial run next year in her home state or seeking the presidency again in 2028. Extremely early polls in the next Democratic Party presidential nomination race - which are heavily reliant on name recognition at this point - indicate that the former vice president holds a significant lead over other potential White House contenders. It is very unlikely she could do both. Running and winning election in 2026 as governor of heavily blue California, the nation's most populous state and home to the world's fifth-largest economy, would likely take a 2028 White House run off the table, allies and political analysts have indicated. Harris served as San Francisco district attorney, California attorney general and represented the Golden State in the U.S. Senate before joining Biden's 2020 ticket and winning election as vice president. While no decisions have been made, the former vice president has vowed to remain politically involved. Harris, in a video message to the Democratic National Committee, as it huddled for its winter meeting a month ago, pledged to be with the party "every step of the way." She recently spoke at the NAACP Image Awards, as she accepted the organization's Chairman's Award. This weekend, she is headed to Las Vegas - Nevada is an early-voting state in the presidential primary calendar and a key general election battleground - to speak at Human X, which is an AI-themed conference. If Harris decides this summer to launch a gubernatorial campaign, she would likely clear much of the field of Democrats. California Attorney General Rob Bonta said last month he would support Harris if she decides to run and that "she would be field-clearing" if she launched a campaign. Bonta, a former state lawmaker who has served as California attorney general since 2021, said he would run for re-election next year rather than launch a gubernatorial campaign, putting to rest speculation about his next political moves. "Kamala Harris would be a great governor," Bonta said in an interview with Politico. Among the more than half-dozen Democratic Party candidates already running for governor are Lt. Gov. Eleni Kounalakis - a Harris ally - and former Los Angeles Mayor Antonio Villaraigosa. Former Rep. Katie Porter, who unsuccessfully ran for the Democratic Senate nomination last year, has expressed interest in launching a campaign. Additionally, former Health and Human Services Secretary Xavier Becerra, who served in Congress and as California attorney general before joining the Biden administration, is also seen as a potential contender. Many of the current or potential candidates would likely stand aside if Harris entered the race. Among the Republicans, longtime Trump loyalist Richard Grenell, who is serving as U.S. envoy for special missions in the president's second administration, last month floated a potential bid for California governor if Harris also runs. "If Kamala Harris runs for governor, I believe that she has such baggage and hundreds of millions of dollars in educating the voters of how terrible she is, that it's a new day in California and that the Republican actually has a shot," Grenell said. Meanwhile, Riverside County Sheriff Chad Bianco last month announced his Republican candidacy for governor. Additionally, former Fox News Channel host and conservative commentator Steve Hilton is considering a GOP gubernatorial bid. In California, unlike most other states, the top two finishers in a primary, regardless of party affiliation, advance to the general election. It has been nearly two decades since a Republican won statewide office in California, back to former Gov. Arnold Schwarzenegger's 2006 re-election victory.
Yahoo
04-03-2025
- Business
- Yahoo
Here's Why JD.com (JD) Slid in Q4
Ariel Investments, an investment management company, released its 'Ariel Global Fund' fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. In 2024, global markets surpassed expectations, driven by U.S. tech companies and AI-themed stocks. However, Eurozone challenges, uncertainty over interest rates, and a strengthening U.S. dollar impacted MSCI ACWI and EAFE Indices. Against this backdrop, the Ariel Global fund traded -3.66% lower compared to the -0.99% return of its primary benchmark, the MSCI ACWI Index, and -4.71% return of its secondary benchmark, the MSCI ACWI Value Index. The fund returned +7.14% over the trailing one-year period compared to +17.49% and +10.76% returns for the indexes. Ariel follows a non-consensus approach to identify undervalued, out-of-favor franchises that are misunderstood and mispriced. In addition, please check the fund's top five holdings to know its best picks in 2024. In its fourth quarter 2024 investor letter, Ariel Global Fund emphasized stocks such as Inc. (NASDAQ:JD). Based in the People's Republic of China, Inc. (NASDAQ:JD) is a supply chain-based technology and service provider. The one-month return of Inc. (NASDAQ:JD) was -2.24%, and its shares gained 87.69% of their value over the last 52 weeks. On March 3, 2025, Inc. (NASDAQ:JD) stock closed at $40.24 per share with a market capitalization of $63.199 billion. Ariel Global Fund stated the following regarding Inc. (NASDAQ:JD) in its Q4 2024 investor letter: "China-based E-commerce company, Inc. (NASDAQ:JD) also detracted from performance over the quarter. The stock came under pressure as some investors took profits on solid earnings performance, while others became concerned with the implications tariffs could have on the Chinese economy. In our view, this share price action runs counter to the company's solid business fundamentals. The home appliance trade-in program and popular shopping event, Singles' Day, generated significant consumer spending across various product categories. Additionally, the company's strategic decision to diversify general merchandise product offerings, expand its third-party marketplace business and monetize advertising streams continues to aid the top- and bottom-lines. Despite the near-term noise, we continue to view the company's strategic positioning favorably and like long-term growth prospects." Inc. (NASDAQ:JD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held Inc. (NASDAQ:JD) at the end of the fourth quarter compared to 75 in the third quarter. While we acknowledge the potential of Inc. (NASDAQ:JD) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. In another article, we discussed Inc. (NASDAQ:JD) and shared the list of retail stocks are skyrocketing so far in 2025. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey.
