fbpx
Read Watch
Tech

IBM plans to replace 7,800 jobs with AI

by WAYA Staff - May 2, 2023
IBM plans to replace 7,800 jobs with AI
The CEO of IBM, Arvind Krishna

The International Business Machines Corp (IBM.N) CEO, Arvind Krishna, has recently announced that IBM hiring plan will slow down, and about 7,800 jobs could be replaced by Artificial Intelligence (AI) in the coming years.

Krishna told Bloomberg News that 30% of non-customer-facing roles in IBM could be replaced by AI and automations in five years.

Hiring specifically in back-office jobs such as human resources will be suspended or slowed the coming years, Krishna said. AI

Last November, Microsoft launch ed OpenAI’s viral chatbot, ChatGPT, and attracted users and developers all over the world.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.

Recommended stories

Dubai crypto regulator awards 1st broker-dealer MVP operational license

by WAYA Staff - May 1, 2023
Dubai crypto regulator awards 1st broker-dealer MVP operational license

UAE-based BitOasis, a Middle East-focused crypto exchange, has received the first broker-dealer minimum viable product (MPV) operational license from Dubai’s crypto regulator VARA, Reuters reported. BitOasis can now provide broker-dealer services to qualified retail and institutional investors from its headquarters in Dubai under the VARA’s...

Read More

Tunisia’s Drest.tn secures $336,000 from 216 Capital Ventures

by WAYA Staff - May 1, 2023
<strong>Tunisia’s Drest.tn secures $336,000 from 216 Capital Ventures</strong>

Tunisia-based e-commerce platform Drest.tn has raised $336,000 from 216 Capital Ventures, according to media reports. The Tunisian startup, founded in 2020, is specializing in online sales of lifestyle products. The fundraising round, which amounted to US$336,000, will enable Drest.tn to...

Read More

GEM raises investment in Everdome metaverse to US $60m

by WAYA Staff - Apr 30, 2023
GEM raises investment in Everdome metaverse to US $60m

GEM Digital Limited (GEM), a Bahama-based digital assets investment firm, has increased its investment commitment in UAE-based metaverse startup Everdome from $10 million to $60 million.  GEM’s investment, which comes in the form of a further structured token subscription agreement,...

Read More

London-based 42Markets Group raises $10m investment from Convergence Partners

by WAYA Staff - Apr 30, 2023
<strong>London-based </strong><strong>42Markets Group raises $10m</strong><strong> </strong><strong>investment </strong><strong>from </strong><strong>Conv</strong><strong>ergence Partners</strong>

The London-based 42Markets Group, a financial services company, has announced that a new financing investments of US$10 million from Convergence Partners, a venture capital company in financial markets. The South African fintech incubator currently serves investment banks and central banks across Africa, the United Kingdom, the...

Read More

Flyksoft secures US$55,000 Seed round

by WAYA Staff - Apr 19, 2023
<strong>Flyksoft secures US$55,000 Seed round</strong>

UAE-based Flyksoft, a SAAS booking software for salons and spas, has raised US$55,000 in seed funding from angel investors.  Flyksoft’s innovative platform provides an all-in-one solution for managing salon and spa operations.  Flyksoft also plans to launch the first beta version next May and will begin...

Read More

Nigeria’s Autochek acquires majority stake in Egypt’s AutoTager

by WAYA Staff - Apr 19, 2023
<strong>Nigeri</strong><strong>a’s</strong><strong> Autochek acquires majority stake in Egypt’s AutoTager</strong>

Nigeria-based car financing platform Autocheck, has acquired a majority stake in Egypt’s used cars marketplace, AutoTager, to deepen its presence in the North Africa country of Egypt. The acquisition represents Autochek’s entry into Egypt, which is Africa’s second largest economy and...

Read More

UAE property developer DAMAC provides $400m Islamic bond

by WAYA Staff - Apr 19, 2023
UAE property developer DAMAC provides $400m Islamic bond

Dubai-based real estate developer DAMAC sold a three-year $400 million Islamic bond, or sukuk, less than initially expected, with a yield of 7.75%, Reuters reported. The issue followed a series of investor calls and meetings that started last week for a benchmark-sized sale,...

Read More

Dubai’s Network International gets $2.5b takeover proposal

by WAYA Staff - Apr 19, 2023
<strong>Dubai’s</strong><strong> </strong><strong>Network</strong><strong> </strong><strong>International gets $2.5b</strong><strong> </strong><strong>takeover proposal</strong>

Network International, a Dubai-based payments provider, has received a takeover proposal from a consortium of French private equity firm CVC Capital and Francisco Partners at around $2.5 billion.  The proposal values the London Stock Exchange-listed company at around $2.5 billion, according to a Reuters report. The possible cash...

Read More