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Ukraine’s President Zelensky asks for more US Aid

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In a recent interview with CNN, Ukraine’s president Volodymyr Zelensky appealed to the US for more military and economic assistance, as his country faces increasing pressure from Russia. Zelensky said that Ukraine needs more weapons, equipment, and training from the US to defend its sovereignty and territorial integrity. He also urged the US to increase its financial support for Ukraine’s reforms and anti-corruption efforts, as well as to facilitate its integration into NATO and the European Union.

Zelensky’s request comes amid growing tensions between Ukraine and Russia, which annexed Crimea in 2014 and continues to back separatist rebels in eastern Ukraine. According to Zelensky, Russia has amassed more than 100,000 troops near the border with Ukraine, posing a serious threat of escalation and invasion. He warned that a new war in Europe would have devastating consequences for the whole world and called on the US and its allies to show solidarity with Ukraine.

The US has been a key partner of Ukraine since the 2014 revolution that ousted pro-Russian president Viktor Yanukovych. The US has provided more than $2 billion in security assistance to Ukraine since then, including lethal weapons such as Javelin anti-tank missiles. The US has also imposed sanctions on Russia for its aggression against Ukraine, and supported Ukraine’s diplomatic efforts to end the conflict through the Minsk agreements.

However, Zelensky argued that the current level of US aid is not enough to deter Russia from further aggression. He said that Ukraine needs more advanced weapons, such as air defense systems, anti-ship missiles, and drones, to counter Russia’s military superiority. He also asked the US to increase its economic assistance to Ukraine, which is struggling with a recession and a pandemic. He said that Ukraine needs more funds to implement reforms, fight corruption, and improve its governance and rule of law.

Zelensky also expressed his frustration with the slow pace of Ukraine’s integration into NATO and the EU, which he sees as vital for his country’s security and prosperity. He said that Ukraine has fulfilled all the criteria for joining NATO’s Membership Action Plan (MAP), which is a preparatory stage for full membership.

He urged the US to use its influence to persuade other NATO members, especially Germany and France, to grant Ukraine the MAP status as soon as possible. He also asked the US to support Ukraine’s aspirations to join the EU, and to help it negotiate a free trade agreement with the bloc.

Zelensky said that he hopes to meet with US president Joe Biden soon, and to discuss these issues in person. He said that he appreciates Biden’s support for Ukraine, but that he expects more concrete actions from him. He said that he wants to hear a clear message from Biden that the US stands by Ukraine and will not allow Russia to violate its sovereignty or territorial integrity. He said that he believes that only a strong and united response from the US and its allies can prevent a new war in Europe.

Zelensky said that Ukraine needs more than just words of solidarity from the US and its allies, but also concrete actions that would deter Russia from escalating the conflict in eastern Ukraine and along the border. He specifically mentioned the need for anti-tank missiles, air defense systems, electronic warfare equipment and naval vessels.

He also called for more economic pressure on Russia, such as imposing additional sanctions on its energy sector and blocking its access to international financial institutions. He said that such measures would make Russia pay a high price for its aggression and would force it to negotiate a peaceful resolution of the crisis.

Zelensky also addressed the domestic challenges that his country faces, such as fighting corruption, reforming the judiciary, strengthening democracy and improving the living standards of the people. He said that he is determined to continue his ambitious reform agenda, despite the resistance from some vested interests and political opponents. He said that he needs the backing of the US and the international community to succeed in his efforts to transform Ukraine into a modern and prosperous European state.

OpenAI Assures Commitment to Shielding Its Business Customers From Copyright Issues

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American Artificial Intelligence (AI) organization, OpenAI, has announced its commitment to defend its business clientele from copyright issues that pertain to the use of the company’s apps and services.

This signifies that if legal action is taken against businesses due to the use of OpenAI’s data that involves copyrighted material, the company will assume responsibility for addressing this legal challenge.

As part of a new program, Copyright Shield, OpenAI disclosed that it’ll pay the legal costs incurred by customers, specifically customers using the “generally available” features of OpenAI’s developer platform and ChatGPT Enterprise, the business tier of its AI-powered ChatGPT chatbot, who face lawsuits over IP claims against work generated by an OpenAI tool.

The company wrote,

OpenAI is committed to protecting our customers with built-in copyright safeguards in our systems. Today, we’re going one step further and introducing Copyright Shield—we will now step in and defend our customers, and pay the costs incurred, if you face legal claims around copyright infringement. This applies to generally available features of ChatGPT Enterprise and our developer platform”.

OpenAI’s announcement to shield its business customers using its products is coming after the company launched new models and developer products at its recently held developer conference.

At the conference, the company shared dozens of new additions, improvements and reduced pricing across many parts of its platform.

These include,

  • New GPT-4 Turbo model that is more capable, cheaper and supports a 128K context window.
  • New Assistants API that makes it easier for developers to build their own assistive AI apps that have goals and can call models and tools.
  • New multimodal capabilities in the platform, including vision, image creation (DALL·E 3), and text-to-speech (TTS).

OpenAI’s newly launched GPT-4 Turbo is more capable and has an updated knowledge of world events up to April 2023. It has a 128k context window so it can fit the equivalent of more than 300 pages of text in a single prompt.

The company also optimized its performance so that it can be able to offer GPT-4 Turbo at a 3x cheaper price for input tokens and a 2x cheaper price for output tokens compared to GPT-4.

OpenAI’s rollout of copyright shield is coming following the increased cases of legality of vendors training on data without permission which is being hashed out in courts.

Recently, a bevy of legal action demanding compensation from AI companies has been filed in the U.S. and Europe. The plaintiffs include authors and artists, who have consistently expressed concern about AI stealing their work and producing mediocre derivatives.

This announcement addresses mounting concerns regarding the potential copyright issues associated with generative AI.

It’s no surprise that in a recent survey of Fortune 500 companies by Acrolinx, nearly a third said that intellectual property was their biggest concern about the use of generative AI

OpenAI joins the likes of Microsoft and Google that have announced their commitment to defend and protect users involved in AI copyright accusations. Furthermore, these companies have explicitly stated that their products fall under legal protection.

Abia State Operates More Efficiently Than Most States in the Comparison 

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Many members here have asked for my comments on why the Office of the Governor, Abia State, is spending N5.32 billion when the equivalent in Ebonyi State does only N805 million.  The accusation goes like this: “According to the records, Alex Otti used the sum of N5.32 billion to run the governor’s office from his private residence in Isiala Ngwa in three months while his counterpart in Ebonyi State used the sum of N805 million to run the governor’s office during the period under review.”

My Response:  I write as the co-chair of the Economic Transformation Council and in my personal capacity. This does not represent any position from the Government. We do this as a service to our people and we expect nothing in return.

Now, to the comparison, Ebonyi State uses 35 commissioners and ministries. In Abia State, we suggested to the governor to stay below 20 commissioners/ministries.  But to run things, the state created a Unit within the Governor’s Office to drive the coordination of strategies, project coordinations, project executions, etc, making the government processes more integrated and optimized. That Unit works to ensure things are done. Also, it essentially eliminated more than 15 ministries in Ebonyi State if we have to compare.

Of course, because of that Unit, the expense in the Governor’s Office seems higher but when you check what it eliminated, Abia State has a better cost efficiency. Looking at the data, Ebonyi State has a larger cumulative recurrent expenditure when compared with Abia State.

Abia State expects this administrative consolidation to reduce operating and administrative expenses with the savings channeled into education, healthcare, pensions, etc.

The quarterly reports are here and we ask everyone to go and peruse.  

In summary, I have used Ebonyi State* to integrate the understanding of the media people (Ebonyi has the least Governor’s Office expense), and with that, one can differentiate how Abia State is different from other states, because in this government, we are working for a calculus of opportunity and development. 

*nothing against Ebonyi State, just using it as the media people have focused on its low number. 

Africa-Focused Venture Capital Firm, Novastar Ventures, Has Obtained $80M Capital From Japan’s SBI Holdings

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Fund, money cash dollar

Novastar Ventures, a Pan-African venture capital firm dedicated to financing early and growth-stage businesses in Africa, has secured an $80 million capital injection from Japan’s SBI Holdings.

The capital is the first direct investment from the Tokyo-based financial services company into a VC firm in Africa. Following the deal, SBI Holdings will take a minority stake in Novastar and get a non-executive seat on its board as SBI’s adviser in Africa.

Also, SBI Holdings will help to mobilize matching commitments from Japanese institutional investors to Novastar’s funds. 

Novastar Co-founder and managing partner Steve Beck said that together with SBI holdings, both companies see an opportunity to harness Africa’s development path, which includes business models that leapfrog the future of the African continent.

Also speaking on the $80 million investment in Novastar Ventures, President and CEO of SBI Holdings, Yoshitaka Kitao said,

With its rapid growth, young and tech-savvy population, abundant natural assets, and increasing urbanization, Africa is poised for global leadership on sustainable development. 

We recognize Novastar as the leader in African VC and look forward to building a new, trusted bridge between Japan and Africa for financial and strategic investment, knowledge transfer, and innovation learnings. This partnership will leverage Africa’s megatrends for the mutual benefit of Japanese investors and African businesses”.

The new commitment comes at a time when Novastar is raising its third pool, The Africa People + Planet Fund, which aims to close at over $260 million to invest in the agriculture and climate solutions sector.

Novastar will back startups offering services that enable access-to-market and resilience in the face of climate change for the many clean techs that help decarbonize the growth envisioned for the continent, and climate techs that protect biodiversity, improve soil health, and capture carbon.

Novastar sees value in a partnership with SBI Holdings as it raises its latest fund to back agriculture and climate startups, and plans to co-invest in future deals.

The African-focused VC firm is known for its impact investing approach, where it not only seeks financial returns but also aims to drive positive change and social progress in the regions it operates.

This includes providing funding and support to businesses that are addressing critical challenges in Africa, such as access to quality education and healthcare, financial inclusion, and sustainable agriculture.

Through its investments and commitment to social impact, Novastar Ventures plays a significant role in fostering entrepreneurship, innovation, and economic empowerment in Africa, ultimately contributing to the continent’s long-term prosperity.

Register for Investment and Portfolio Management Program

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Registration for Tekedia Institute Investment and Portfolio Management program continues. The first live  Zoom session comes up on Saturday at 4-6pm WAT. Register today and master the mechanics of investing, from our award winning faculty.

Tekedia Investment and Portfolio Management program is designed to provide learners with hands-on experience in performing investment research, investing capital, and managing a portfolio.  The program runs for 8 weeks and it is  completely virtual. Besides some pre-recorded courseware developed by eminent capital market experts, the program includes live Zoom sessions.