World oil demand is set to fall further than previously expected this year, the International Energy Agency said Wednesday, as the impact of the closure of the Strait of Hormuz deepens. The IEA forecast demand will drop by 1.6 million barrels a day in 2026. That’s 510,000 barrels a day more than its last monthly…
OpenAI’s latest announcement introduces “fast mode” for GPT-5.6 Sol. ChatGPT developer OpenAI has cut the cost of its GPT-5.6 artificial intelligence (AI) models by as much as 80% and introduced faster processing for its premium model. This, as competition intensifies among AI providers to make enterprise AI more affordable and scalable. The company announced yesterday…
Ending the military-heavy AUSSOM gives the AU space to develop a political mission focused on long-term stabilisation. After nearly 20 years of operations, the African Union Stabilisation and Support Mission in Somalia (AUSSOM) is no longer tenable. On 1 July, the United States (US) notified the AU that it would not provide funding for the…
Oppo launched in South Africa in September 2020. Chinese smartphone maker Oppo is retrenching employees in South Africa amid a slowdown in global smartphone sales. The company confirmed the job cuts after a source told ITWeb that a total of 13 employees in different roles had been impacted. Oppo did not disclose the number of…
Standard Bank has become the first African-based lender authorised to clear renminbi transactions on the continent, a step that deepens the financial plumbing connecting Africa to China and moves more of their trade off the US dollar. The bank, the largest in Africa by assets, said on Friday it had been jointly authorised with the…
The last 18 months have seen a historic decline in development aid budgets from various donor countries, in a period where many of them are earmarking more funds for rearmament. The biggest waves have been made by the abrupt and massive reduction in American aid. Less than a week after President Donald Trump’s inauguration in…
African governments must avoid replacing one dependency with another while building more accountable, fit-for-purpose security systems. Given slow economic growth, a large youth bulge and destabilising external engagement such as from Russia and the United Arab Emirates (UAE), Africa is set to become more unstable in the next few years. Both the Armed Conflict Location…
The Israeli and Lebanese governments have agreed to renew a ceasefire, both sides said Wednesday, after weeks of deadly fighting between Israel and the militant group Hezbollah in southern Lebanon had imperiled broader negotiations between the U.S. and Iran to end their conflict. The U.S.-brokered deal is contingent on Hezbollah cutting off attacks and evacuating…
From Ebola outbreaks in Central Africa to the complex evacuation of passengers aboard a hantavirus-stricken cruise ship, the UN World Health Organization (WHO) opened its annual assembly on Monday as countries grapple with disease outbreaks, deep funding cuts and growing geopolitical tension. Health ministers and diplomats are in Geneva for the 79th World Health Assembly…
Trade, industry & competition minister Parks Tau has substantially raised the monetary thresholds at which mergers must be notified to the Competition Commission, in a move that a senior competition lawyer has said will accelerate many transactions but risks leaving fast-moving tech and artificial intelligence deals beyond the regulator’s reach. In a notice published in…
