⚖️ McKinsey Africa Fined $122m for Bribery Scheme | 🤖 Grok Now Free for All X Users!

Today’s Menu ☕️

⚖️ McKinsey Africa to Pay $122 Million in Settlement Over Bribery Scheme
🤖 Grok Now Free for All X Users!
🚚 Uber launches “Courier Bakkie” service in South Africa for heavier deliveries
📱TikTok loses legal battle to overturn potential U.S. ban law, faces sale deadline by January 19, 2025
🤖 Elon Musk’s xAI secures $6 billion in latest funding round, aiming to rival OpenAI
💰Seedstars Africa Ventures I achieves $42 million first close to propel early-stage African startups

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⚖️ CONSULTING

McKinsey Africa to Pay $122 Million in Settlement Over Bribery Scheme

McKinsey and Company Africa, a subsidiary of the global consulting firm McKinsey & Company Inc., has agreed to pay over $122 million to settle charges related to a bribery scheme involving government officials in South Africa. The resolution, announced by the U.S. Department of Justice (DOJ), highlights McKinsey Africa’s role in paying bribes to secure lucrative contracts with South Africa’s state-owned enterprises, Transnet SOC Ltd. and Eskom Holdings SOC Ltd., between 2012 and 2016.

This settlement follows a guilty plea by Vikas Sagar, a former senior partner at McKinsey Africa, who admitted to conspiring to violate the Foreign Corrupt Practices Act (FCPA). Sagar’s involvement included using insider access to obtain confidential information from Transnet and Eskom, allowing McKinsey Africa to submit competitive bids for multimillion-dollar consulting projects. These contracts resulted in $85 million in profits for McKinsey and its South African subsidiary, with a portion of fees channeled as bribes to officials at the state entities.……continue reading

🤖 ARTIFICIAL INTELLIGENCE

Unlock Grok: Now Free for All X Users!

Grok, the AI chatbot service, is now available for free to all X users. Previously, access to Grok required a subscription to X Premium, but this is no longer the case. X users can now utilize Grok without any cost, with a limit of 10 free prompts every 2 hours.

This update was reported by The Verge, based on observations from X users who noticed the change. Initially, X had been testing a free version of Grok in select countries, such as New Zealand, as reported by TechCrunch last month.

In addition to the free prompts, users can also generate up to 10 images for free every 2 hours. However, there is a restriction on image analysis, allowing users to analyze only 3 images per day. To analyze more images, users will need to subscribe to a paid plan.……continue reading

🚚 RIDE-HAILING

Uber launches “Courier Bakkie” service in South Africa for heavier deliveries

US ride-hailing firm Uber Technologies has introduced a new service called “Courier Bakkie” in South Africa, designed for the delivery of heavier items weighing up to a ton. South Africa is the first market globally to launch this offering, which, if expanded to other markets, will likely have a different name that does not include the word “bakkie.”

“Johannesburg residents will be the first to access Courier Bakkies, with Cape Town and Durban to follow soon,” Uber announced in a statement on Thursday. “This new service not only broadens the range of options available to users but also provides additional earning opportunities for drivers.”

When users open the Uber app and set a destination, they will now see the Courier Bakkie option under the “rides” interface, the company explained. “The larger utility vehicles will assist small to medium-sized businesses that have frequent delivery needs and limited resources to move assets between branches or deliver heavier items to customers,” Uber added.....……continue reading

📱SOCIAL MEDIA

TikTok loses legal battle to overturn potential U.S. ban law, faces sale deadline by January 19, 2025

TikTok has lost its bid to overturn a law that could lead to the platform being banned in the United States. On Friday, a U.S. appeals court upheld the law, rejecting TikTok’s argument that it was unconstitutional. The judges ruled that the law does not violate the First Amendment, which protects free speech, nor the Fifth Amendment, which guarantees equal protection under the law.

This ruling brings TikTok one step closer to facing a U.S. ban unless its Chinese parent company, ByteDance, agrees to sell the platform to a non-Chinese owner by January 19, 2025. If TikTok is not sold by this deadline, U.S. app stores and internet services could face substantial fines for hosting the app. The legislation does allow President Biden to issue a one-time extension of the deadline.

In response to the ruling, TikTok announced its intention to appeal the decision....……continue reading

🤖 ARTIFICIAL INTELLIGENCE

Elon Musk’s xAI secures $6 billion in latest funding round, aiming to rival OpenAI

Elon Musk’s AI venture, xAI, has made significant headlines by securing an impressive $6 billion in its latest funding round, according to a filing with the U.S. Securities and Exchange Commission on Thursday. The new influx of cash brings xAI’s total funding to $12 billion, building on the $6 billion tranche raised this spring. This substantial funding round highlights Musk’s ambition to directly compete with industry giants like OpenAI, which he co-founded before leaving due to creative differences.

Musk launched xAI seven years after leaving OpenAI, following a fallout with co-founders, including Sam Altman. Musk reportedly wanted OpenAI to develop at a faster pace to keep up with competitors like Google, a direction the company did not pursue. Musk’s reputation for rapidly scaling businesses has helped xAI garner significant attention, despite entering the AI race later than its rivals...…continue reading

💰FUNDING

Seedstars Africa Ventures I achieves $42 million first close to propel early-stage African startups

Seedstars Africa Ventures I, a venture capital fund dedicated to early-stage African startups, has achieved a significant milestone by securing a $42 million first close. This accomplishment was announced at the 2024 Africa Investment Forum in Rabat, highlighting a strong commitment to fostering innovation and job creation across the continent.

The fund’s key investors include the African Development Bank (AfDB), EIB Global supported by the European Union through the ACP Trust Fund, and Boost Africa, among others. The fund focuses on sectors such as climate tech, financial inclusion, and digital innovation.

With $50 million in commitments towards its $80 million target, Seedstars Africa Ventures I aims to create over 10,000 formal jobs and bridge financing gaps in Africa’s underserved startup ecosystem. The fund provides early-stage financing of up to $2 million in seed and Series A rounds, with follow-on investments of up to $5 million. By leading multiple funding rounds, the fund not only unlocks co-investment opportunities but also offers startups operational support....…continue reading

OTHER STORIES

• Moove partners with Waymo to manage U.S. autonomous vehicle fleets...…read more

• Yellow Card seeks regulatory approval from Nigeria’s SEC to strengthen its position in the crypto market…..read more

• Incoming President Donald Trump Appoints David Sacks as New Crypto and AI “Czar”……read more

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