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Spotify to cut on 1,500 jobs in Q3, in an effort to control costs
Swedish music-streaming giant Spotify has announced a workforce reduction of 17%, equivalent to about 1,500 jobs, in an effort to control costs. CEO Daniel Ek described the decision as "difficult" and necessary due to a "dramatic" slowdown in economic growth. With approximately 9,000 employees, Ek emphasized the need for "substantial action to rightsize our costs"
Gold Skyrockets to All-Time High
Gold reached a new record today as optimism grew regarding the Federal Reserve's potential interest rate cuts in the new year. Despite Jerome Powell's efforts to temper expectations, traders showed confidence in rate cuts. However, equity markets faced challenges in building on Wall Street's positive lead, with focus shifting to upcoming US jobs figures at
Nigeria Outlines Fiscal Strategy: President Tinubu Aims to Reduce Budget Deficit, Navigate Economic Reforms, and Sustain Fiscal Discipline
President Bola Tinubu has revealed Nigeria's fiscal plan for the coming year, targeting a reduction in the budget deficit to approximately 3.9% of the GDP, down from this year's 6.1%. The president's ambitious reforms include the removal of the fuel subsidy and the elimination of foreign exchange controls, both contributing factors to the country's recent
Semigration Sparks Real Estate Boom in Cape Town's Southern Suburbs
Since the resurgence of semigration in 2021, the Southern Suburbs' real estate market has witnessed sustained activity, driven by increasing demand. Claude McKirby, Co-Principal for Lew Geffen Sotheby’s International Realty in the Southern Suburbs and False Bay, notes a significant reduction in the time properties spend on the market and a narrowing gap between asking
Big fuel price cut from next week
The Central Energy Fund's latest projections for December 2023 hint at a drop in fuel prices. If current market conditions hold, petrol 93 octane users might see a decrease of 98 cents, and those opting for 95 octane could enjoy a slide of 99 cents. If these projections come to pass, 95-grade petrol prices could
Elon Musk’s Tesla Cybertruck is officially ready for delivery
Tesla is on the verge of commencing deliveries for its long-anticipated Cybertruck electric pickup after overcoming production challenges as said by CEO Elon Musk. The Cybertruck, Tesla's first new model in almost four years, holds significant importance for the company's reputation as an innovator in the electric vehicle (EV) space. Musk acknowledged that the unique
New Zero Trust Data Resilience Model Introduced by IT Security and Data Protection Experts
The leader in Data Protection and Ransomware Recovery, Veeam Software has introduced Zero Trust Data Resilience (ZTDR), which is a model that is meant to help organizations reduce the risk of growing data security threats and improve their overall resilience. The ZTDR applies Zero Trust principles to backup and recovery as an extension to the
Kia Sonet teased in India for the first time
Prepare yourselves as Kia, the automotive company, is on the brink of revealing the facelifted Kia Sonet. The initial teaser has just been released on Kia India's YouTube page, causing ripples in the tech community. Scheduled for its grand debut on December 14th, this automotive masterpiece is undergoing a technological transformation that promises to captivate
Time is of the essence – what businesses still need to understand about ransomware attacks
Ransomware has been a focal point in cybersecurity discussions in recent years. Despite its prevalence, a significant number of individuals and organizations lack a comprehensive understanding of the intricate unfolding of these attacks. Contrary to the misconception of instantaneous breaches through a single malicious link leading to an immediate lockdown, ransomware attacks often have a
Sungrow Empowers South African Homes to Rise Above Load Shedding Challenges
In a game-changing move tailored for the unique energy landscape of South Africa, Sungrow introduces smart energy solutions that resonate with the daily experiences of households grappling with load shedding. Real-life stories from South African users highlight the tangible impact of Sungrow's residential solution on overcoming the hurdles of power disruptions. Championing Energy Independence in
The benefits of ERPs inside a blockchain
Enterprise Resource Planning (ERPs) serves as a vital tool for businesses, enabling them to efficiently manage and integrate key components of their operations to enhance overall processes. In contrast, blockchain technology focuses on establishing cryptographic encryption, validating, and disseminating secure and immutable records or data through a digital ledger. In this system, information is collectively
Spar attributes losses to SAP
Spar Group attributes a R1.6-billion loss in turnover and a R720-million profit hit to a troubled SAP implementation in its KwaZulu-Natal region. The project, initiated in October 2022, faced go-live and integration issues, leading to operational disruptions. Spar took corrective actions, including servicing stores from other centers, but only fully resumed KZN operations in August
MTN has launched “Super Data” prepaid bundles
The telecommunications company, MTN South Africa has officially started rolling out three new prepaid bundles with large data allocations at much more affordable price points. The company mentioned that the new price plan for the Super Data is a result of overwhelming customer demand for bigger data bundles. “The Super Data bundle price plans offer
Huawei Building Bridges for Business Growth in the Middle East and Africa Region for Global Partners
The HDC.Together HUAWEI MEA Ecosystem Summit, held in Dubai, showcased a seamless fusion of collaboration and innovation. The first day of the exclusive event was hosted on the 27th of November at the illustrious Dubai Opera, and brought together Huawei Ecosystem partners from China and across the Middle East and Africa. Building bridges for future
‘We can’t afford to wait’ – Shoprite Group invests heavily in fighting climate change
The Shoprite Group has almost doubled the amount of renewable energy used in its operations to 103 234MWh (FY 2022: 54 138 MWh) over the past year. It has achieved this by increasing the amount of renewable energy bought from landlords and other suppliers by 91%. “We have also reduced electricity consumption by 161 million
Amazon now has AI image generator for businesses
Amazon.com Inc. is venturing into the competitive field of generative artificial intelligence, unveiling the Titan Image Generator tool at its re:Invent conference. AWS, the company's cloud services arm, showcased various images of iguanas created by the tool, which is now available in preview. While AWS dominates in computing power and data storage, it faces competition
OpenAI Leadership Changes
OpenAI’s CEO, Sam Altman has revealed that Microsoft will be taking a non-voting, observer position on OpenAI’s board recently. What the observer position means is that Microsoft’s representative can attend OpenAI’s board meetings and access confidential information, but it does not have voting rights on matters including electing or choosing directors. OpenAI recently underwent significant
Naspers' H1 2023 Results
Naspers' interim results for the six months ended 30 September 2023 show a decrease in trading losses and a 35% growth in bottom-line profit, reaching $3.34 billion. The company attributes the positive performance to its classifieds, food delivery, payments, and fintech segments, with consolidated revenue exceeding $3 billion. Notably, gains from the partial disposal of
Coal still has a place in our energy mix
South Africa’s loadshedding crisis continues to underline the importance of a stable electricity supply to keep the economy moving. At least for now, the controversial term “baseload” in this country indicates electricity generation from coal and, to a lesser extent, some nuclear. Peak demand has always been met by our pumped-storage schemes that store and
ADvTECH to roll out cutting edge tech platform to schools in rest of Africa
JSE-listed ADvTECH, Africa’s largest private education provider, has announced the rollout of its custom tech learning platform to its schools in the rest of Africa next year, following its success in South Africa. ADvLEARN, a customised platform developed for ADvTECH, was rolled out across South African schools in January 2023 and provides personalised learning paths